S. 4655 · 116th Congress
Main Street Lending Improvement 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
PerdueSponsorNo cosponsors.
This bill revises the Main Street Lending Program, a Federal Reserve lending facility established to provide COVID-19 (i.e., coronavirus disease 2019) related business loans.
What it does: CRS summary · Introduced in Senate · Sep 22, 2020
Main Street Lending Improvement Act of 2020
This bill revises the Main Street Lending Program, a Federal Reserve lending facility established to provide COVID-19 (i.e., coronavirus disease 2019) related business loans. Specifically, the bill (1) allows financial institutions to collect interest on the entirety of certain smaller loans if a participation in the loan is sold to the special purpose vehicle established under the program, and (2) requires the Federal Reserve Bank of Boston to establish a help line to address lender-specific questions.
The special purpose vehicle must purchase 99% of the interest in a loan participation originated by certain financial institutions. Additionally, certain financial institutions must receive automatic preapproval for loans under the program.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Main Street Lending Improvement Act of 2020
Latest action (Sep 22, 2020): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Sep 22, 2020
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.