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Flexible Financing for Rural America Act of 2021

Introduced: March 25, 2021 Introduced by: Smith, Tina Democratic · Minnesota See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Mar 25, 2021

Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.

Mar 25, 2021

Introduced in Senate

Plain-English summary Congressional Research Service

Flexible Financing for Rural America Act of 2021

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 or the Department of the Treasury (in the case of a loan owned by the Federal Financing Bank) must

adjust the interest rate on the loan to match certain interest rates 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 public health emergency and to promote the financial sustainability of the borrower.

In carrying out the adjustments or modifications, USDA or Treasury 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 and for the liquidation of residual intragovernmental amounts owed by the Federal Financing Bank in connection with certain loans.

What's happening now March 25, 2021

Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.

Committees of jurisdiction 1