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Rural Equal Aid Act

Introduced: January 28, 2021 See on congress.gov

Everywhere this bill has been 3 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Feb 24, 2021

Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.

Jan 28, 2021

Referred to the House Committee on Agriculture.

Jan 28, 2021

Introduced in House

Plain-English summary Congressional Research Service

Rural Equal Aid Act

This bill requires the Department of Agriculture (USDA) to pay the principal, interest, and any associated fees owed on loans made under certain rural development loan programs for a nine-month period.

A single monthly payment of principal, interest, and associated fees with respect to a loan in the last three months of the nine-month period must not exceed $9,000.

USDA must also encourage the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and state bank regulators to not require lenders to increase their reserves on account of receiving such payments made by USDA. USDA must waive statutory limits on maximum loan maturities for certain loan durations where the lender provides a deferral and extends the maturity of such loans and, when necessary to provide more time because of difficulties during the COVID-19 (i.e., coronavirus disease 2019) pandemic, extend lender site visit requirements.

What's happening now February 24, 2021

Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.

Committees of jurisdiction 2