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S. 4075 · 116th Congress

Reinvigorating Lending for the Future Act

Law · 116-192 · Oct 30, 2020
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IntroducedPassed one chamberPassed both chambersBecame law (gold)Resolution agreed to (full, dark)Failed or vetoed (gray)

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Became law without a recorded vote. It passed by voice vote or unanimous consent, which don't record how each member voted.

9 cosponsors · 6 D, 3 R

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

  1. Senate Introduced Jun 25, 2020
  2. Senate Passed Aug 6, 2020
  3. House Passed Oct 1, 2020
  4. President To the President Oct 20, 2020
  5. President Signed Oct 30, 2020
  6. Law Oct 30, 2020

This bill reduces reporting requirements for recipients of Revolving Loan Fund grants, which provide funds to capitalize lending programs for businesses that cannot obtain traditional bank financing.

What it does: CRS summary · Public Law · Oct 30, 2020

Reinvigorating Lending for the Future Act or the RLF Act

This bill reduces reporting requirements for recipients of Revolving Loan Fund grants, which provide funds to capitalize lending programs for businesses that cannot obtain traditional bank financing.

Specifically, upon request by a qualifying grantee, the Economic Development Administration (EDA) must release any federal interest in a grant—thereby relieving the grantee of associated federal reporting requirements—if the request is made at least seven years after the final disbursement of the original grant. Currently, the EDA may release the federal interest in a grant beginning 20 years after the grant was awarded.

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

About this bill and sources

Official title: RLF Act

Latest action (Oct 30, 2020): Became Public Law No: 116-192.

Policy area: Commerce · Origin: Senate · Introduced: Jun 25, 2020

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

  1. Senate Introduced Jun 25, 2020
  2. Senate Passed Aug 6, 2020
  3. House Passed Oct 1, 2020
  4. President To the President Oct 20, 2020
  5. President Signed Oct 30, 2020
  6. Law Oct 30, 2020

No recorded floor vote found.