To amend the CARES Act to establish a loan program to provide liquidity to eligible lenders for the purpose of providing loans under the Paycheck Protection Program, and for other purposes.

I 116TH CONGRESS 2D SESSION H. R. 6476 To amend the CARES Act to establish a loan program to provide liquidity to eligible lenders for the purpose of providing loans under the Paycheck Protection Program, and for other purposes. IN THE HOUSE OF REPRESENTATIVES APRIL 10, 2020 Mr. GREEN of Texas introduced the following bill; which was referred to the Committee on Small Business, and in addition to the Committee on Fi- nancial Services, 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 A BILL To amend the CARES Act to establish a loan program to provide liquidity to eligible lenders for the purpose of providing loans under the Paycheck Protection Pro- gram, and for other purposes. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. LOANS TO PROVIDE LIQUIDITY TO THE PAY- 3 CHECK PROTECTION PROGRAM. 4 Section 1102 of the CARES Act (Public Law 116– 5 136) is amended by adding at the end the following: 6 VerDate Sep 11 2014 02:49 Apr 18, 2020 Jkt 099200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H6476.IH H6476 kjohnson on DSK79L0C42PROD with BILLS 2 •HR 6476 IH ‘‘(f) LOANS TO PROVIDE LIQUIDITY TO THE PAY- 1 CHECK PROTECTION PROGRAM.— 2 ‘‘(1) IN GENERAL.—The Secretary of the 3 Treasury shall carry out a loan program to provide 4 loans or a series of loans to eligible lenders in order 5 to allow those lenders to extend covered loans under 6 the Paycheck Protection Program. The Secretary is 7 authorized to utilize the Federal Reserve System or 8 other Federal agencies in carrying out this para- 9 graph. 10 ‘‘(2) AMOUNT OF LOANS.—The amount of a 11 loan provided under paragraph (1) shall be equal to 12 the amount the eligible lender estimates will be re- 13 quired for the lender to extend covered loans under 14 the Paycheck Protection Program for succeeding 15 15 days. 16 ‘‘(3) SEGREGATION OF LOAN FUNDS.—An eligi- 17 ble lender receiving a loan under this section shall 18 keep the loan amounts in a separate account from 19 other operating accounts of the lender. 20 ‘‘(4) FUNDING.—There is appropriated, out of 21 amounts in the Treasury not otherwise appropriated, 22 $10,000,000,000 to the Secretary of the Treasury to 23 carry out this subsection. 24 ‘‘(5) DEFINITIONS.—In this subsection: 25 VerDate Sep 11 2014 02:49 Apr 18, 2020 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H6476.IH H6476 kjohnson on DSK79L0C42PROD with BILLS 3 •HR 6476 IH ‘‘(A) COMMUNITY DEVELOPMENT FINAN- 1 CIAL INSTITUTION.—The term ‘community de- 2 velopment financial institution’ has the meaning 3 given that term under section 103 of the Riegle 4 Community Development and Regulatory Im- 5 provement Act of 1994 (12 U.S.C. 4702). 6 ‘‘(B) ELIGIBLE LENDERS.—The term ‘eli- 7 gible lenders’ means community development fi- 8 nancial institutions, small minority depository 9 institutions, and rural banks. 10 ‘‘(C) INSURED CREDIT UNION.—The term 11 ‘insured credit union’ has the meaning given 12 that term under section 101 of the Federal 13 Credit Union Act. 14 ‘‘(D) INSURED DEPOSITORY INSTITU- 15 TION.—The term ‘insured depository institu- 16 tion’ has the meaning given that term under 17 section 3 of the Federal Deposit Insurance Act. 18 ‘‘(E) PAYCHECK PROTECTION PROGRAM.— 19 The term ‘Paycheck Protection Program’ 20 means section 7(a)(36) of the Small Business 21 Act (15 U.S.C. 636(a)(36)). 22 ‘‘(F) RURAL.—With respect to an area, 23 the term ‘rural’ has the meaning given that 24 VerDate Sep 11 2014 02:49 Apr 18, 2020 Jkt 099200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H6476.IH H6476 kjohnson on DSK79L0C42PROD with BILLS 4 •HR 6476 IH term under section 1026.35(b)(iv)(A) of title 1 12, Code of Federal Regulations. 2 ‘‘(G) RURAL BANK.—The term ‘rural 3 bank’ means an insured credit union or insured 4 depository institution located in a rural area. 5 ‘‘(H) SMALL MINORITY DEPOSITORY INSTI- 6 TUTION.—The term ‘small minority depository 7 institution’ means an institution that— 8 ‘‘(i) is a minority depository institu- 9 tion, as defined under section 308(b) of 10 the Financial Institutions Reform, Recov- 11 ery, and Enforcement Act of 1989 (12 12 U.S.C. 1463 note); and 13 ‘‘(ii) has consolidated assets of less 14 than $250,000,000.’’. 15 Æ VerDate Sep 11 2014 02:49 Apr 18, 2020 Jkt 099200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6301 E:\BILLS\H6476.IH H6476 kjohnson on DSK79L0C42PROD with BILLS