Plain English summary not yet available
The full original text is available below. Check back soon as we process this bill.
I
116TH CONGRESS
2D SESSION
H. R. 6679
To amend the CARES Act to authorize the financing of inventory of American
manufactured products by financial institutions, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
MAY 1, 2020
Mr. KELLY of Mississippi introduced the following bill; which was referred to
the Committee on Financial Services
A BILL
To amend the CARES Act to authorize the financing of
inventory of American manufactured products by finan-
cial institutions, 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. AUTHORIZING THE FINANCING OF INVENTORY
3
OF AMERICAN MANUFACTURED PRODUCTS
4
BY FINANCIAL INSTITUTIONS.
5
(a) IN GENERAL.—Title II of the Coronavirus Aid,
6
Relief, and Economic Security Act of 2020 (15 U.S.C.
7
9071 et seq.) is amended—
8
(1) by inserting after section 9071 the following
9
section:
10
VerDate Sep 11 2014
19:27 May 08, 2020
Jkt 099200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6201
E:\BILLS\H6679.IH
H6679
pamtmann on DSKBC07HB2PROD with BILLS
2
•HR 6679 IH
‘‘SEC. 9072. AUTHORIZING THE FINANCING OF INVENTORY
1
OF AMERICAN MANUFACTURED PRODUCTS
2
BY FINANCIAL INSTITUTIONS.
3
‘‘(a) IN GENERAL.—
4
‘‘(1) Notwithstanding any other provision of
5
law, to preserve American manufacturers and their
6
supply chain, the Secretary of the Treasury shall
7
provide financial assistance that shall exclusively be
8
used for the financing of finished products manufac-
9
tured in the United States after 21 March 2020 by
10
businesses of—
11
‘‘(A) less than 2,000 employees;
12
‘‘(B) which financing shall not be in excess
13
of 110 percent of sales of the finished product
14
based off the 12 months of sales prior to 21
15
March 2020; and
16
‘‘(C) which financing of American manu-
17
factured products that were produced in re-
18
sponse to COVID–19 pursuant to section 564
19
of the Federal Food, Drug, and Cosmetic Act
20
(21 U.S.C. 201 et seq.) shall not be counted in
21
the calculation of sales of the finished product
22
in the 12 months of sales prior to 21 March
23
2020.’’.
24
Æ
VerDate Sep 11 2014
19:27 May 08, 2020
Jkt 099200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6301
E:\BILLS\H6679.IH
H6679
pamtmann on DSKBC07HB2PROD with BILLS