Flexible Financing for Rural America Act of 2020

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Never voted on. It didn't reach a floor vote before the 116th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.

R HartzlerSponsor

126 cosponsors · 62 D, 64 R

R McMorris Rodgers JN

1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.

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.

What it does: CRS summary · Introduced in House · Jul 2, 2020

Flexible Financing for Rural America Act of 2020

Specifically, on receipt of a request, USDA must

adjust the interest rate on the loan to match certain interest rates in effect when the bill is enacted 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 (i.e., coronavirus disease 2019) public health emergency and to promote the financial sustainability of the borrower.

In carrying out the adjustments or modifications, USDA 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.

Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov

About this bill and sources

Official title: Flexible Financing for Rural America Act of 2020

Latest action (Sep 3, 2020): Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.

Policy area: Agriculture and Food · Origin: House · Introduced: Jul 2, 2020

Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)

No recorded floor vote found.