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116TH CONGRESS
2D SESSION
H. R. 6817
To establish a payroll loan facility for small financial institutions affected
by COVID–19, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
MAY 12, 2020
Mr. GREEN of Texas (for himself, Mr. CLEAVER, and Mr. DAVID SCOTT of
Georgia) introduced the following bill; which was referred to the Com-
mittee on Financial Services
A BILL
To establish a payroll loan facility for small financial
institutions affected by COVID–19, and for other purposes.
Be it enacted by the Senate and House of Representa-
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tives of the United States of America in Congress assembled,
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SECTION 1. PAYROLL LOAN FACILITY FOR SMALL FINAN-
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CIAL INSTITUTIONS.
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(a) IN GENERAL.—The Secretary of the Treasury
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shall establish a payroll loan facility which shall make
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loans to small financial institutions and which shall, to the
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maximum extent practicable, provide equivalent benefits
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and assistance that are provided by the Paycheck Protec-
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tion Program.
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(b) LOAN FORGIVENESS.—The Secretary of the
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Treasury shall establish a loan forgiveness program with
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respect to loans made under subsection (a), that shall, to
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the maximum extent practicable, have the same require-
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ments as the loan forgiveness program established under
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section 1106 of the CARES Act (15 U.S.C. 9005).
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(c) DEFINITIONS.—In this section:
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(1) COMMUNITY DEVELOPMENT FINANCIAL IN-
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STITUTION.—The term ‘‘community development fi-
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nancial institution’’ has the meaning given that term
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under section 103 of the Riegle Community Develop-
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ment and Regulatory Improvement Act of 1994 (12
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U.S.C. 4702).
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(2) SMALL FINANCIAL INSTITUTION.—The term
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‘‘small financial institution’’ means an institution
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that—
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(A) is a community development financial
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institution, minority depository institution, or
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rural bank; and
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(B) has consolidated assets of less than
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$700,000,000.
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(3) INSURED CREDIT UNION.—The term ‘‘in-
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sured credit union’’ has the meaning given that term
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under section 101 of the Federal Credit Union Act.
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(4) INSURED DEPOSITORY INSTITUTION.—The
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term ‘‘insured depository institution’’ has the mean-
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ing given that term under section 3 of the Federal
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Deposit Insurance Act.
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(5) MINORITY DEPOSITORY INSTITUTION.—The
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term ‘‘minority depository institution’’ has the
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meaning given that term under section 308(b) of the
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Financial Institutions Reform, Recovery, and En-
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forcement Act of 1989 (12 U.S.C. 1463 note).
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(6) PAYCHECK
PROTECTION
PROGRAM.—The
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term ‘‘Paycheck Protection Program’’ means section
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7(a)(36) of the Small Business Act (15 U.S.C.
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636(a)(36)).
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(7) RURAL.—With respect to an area, the term
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‘‘rural’’ has the meaning given that term under sec-
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tion 1026.35(b)(iv)(A) of title 12, Code of Federal
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Regulations.
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(8) RURAL
BANK.—The term ‘‘rural bank’’
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means an insured credit union or insured depository
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institution located in a rural area.
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(d) DIRECT APPROPRIATION
FOR
THE PAYROLL
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LOAN FACILITY.—There is appropriated, out of amounts
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in
the
Treasury
not
otherwise
appropriated,
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$25,000,000,000 to the Secretary of the Treasury to carry
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out this subsection.
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Æ
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