S 4430
116th Congress
Senate
Finance and Financial Sector
Alaska Natives and Hawaiians
Banking and financial institutions regulation
Business investment and capital
Cardiovascular and respiratory health
Disaster relief and insurance
Emergency medical services and trauma care
Financial crises and stabilization
Government trust funds
Housing and community development funding
Indian social and development programs
Infectious and parasitic diseases
Minority and disadvantaged businesses
Poverty and welfare assistance
Small business
Unemployment
CDFI Crisis Fund Act
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Aug 4, 2020
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Aug 4, 2020
Introduced in Senate
Plain-English summary
CDFI Crisis Fund Act
This bill establishes the CDFI National Crisis Fund. The fund is authorized to make grants to community development financial institutions (CDFIs) providing financial products as emergency assistance to small businesses and low-income populations in certain circumstances. Furthermore, the fund is triggered by
- certain emergency declarations, including the COVID-19 (i.e., coronavirus disease 2019) emergency period;
- certain disaster declarations;
- a specified increase in a statewide unemployment rate; or
- a specified increase in the nationwide unemployment rate.
Specified amounts in the fund are set aside for grants to Native and minority CDFIs.
The Government Accountability Office must report on the impact of the fund and provide recommendations.
What's happening now
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Committees of jurisdiction
1