HR 7483
116th Congress
House
Agriculture and Food
Agricultural prices, subsidies, credit
Cardiovascular and respiratory health
Electric power generation and transmission
Emergency medical services and trauma care
Government lending and loan guarantees
Infectious and parasitic diseases
Interest, dividends, interest rates
Internet and video services
Internet, web applications, social media
Public utilities and utility rates
Rural conditions and development
Telephone and wireless communication
Flexible Financing for Rural America Act of 2020
Introduced: July 2, 2020
See on congress.gov
Everywhere this bill has been
3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Sep 3, 2020
Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
Jul 2, 2020
Referred to the Committee on Agriculture, and in addition to the Committees on Energy and Commerce, and the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Jul 2, 2020
Introduced in House
Plain-English summary
Flexible Financing for Rural America Act of 2020
This bill allows rural utility service providers to submit to the Department of Agriculture (USDA) a request to adjust the interest rate or modify the terms of certain loans. The request shall include a report summarizing how the adjustment or modification will assist the borrower in providing critical utility services to a rural community.
Specifically, on receipt of a request, USDA must
- adjust the interest rate on the loan to match certain interest rates in effect when the bill is enacted for obligations of comparable maturity to the term remaining on the loan (or a higher rate requested by the borrower), and
- make modifications to the loan terms as necessary to address changes in the financial position of the borrower due to the COVID-19 (i.e., coronavirus disease 2019) public health emergency and to promote the financial sustainability of the borrower.
In carrying out the adjustments or modifications, USDA shall not impose or collect any fee from, or impose any penalty on, a borrower.
The bill also provides funding to implement the adjustments and modifications.
What's happening now
Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.