3.0.0 4655 2023-01-11T13:44:43Z 2023-01-11T13:44:43Z Senate S 2020-09-22 116 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2020-09-22T22:54:19Z 2020-09-22 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2020-09-22 Introduced in Senate IntroReferral 10000 9 Library of Congress P000612 Sen. Perdue, David [R-GA] David Perdue R GA Alfred N Finance and Financial Sector Accounting and auditing Bank accounts, deposits, capital Bankruptcy Corporate finance and management Credit and credit markets Department of the Treasury Federal Reserve System Government lending and loan guarantees Housing finance and home ownership Interest, dividends, interest rates Small business Finance and Financial Sector 00 2020-09-22 Introduced in Senate 2020-12-11T14:55:27Z 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.

]]> Main Street Lending Improvement Act of 2020 Display Title Main Street Lending Improvement Act of 2020 Short Title(s) as Introduced Main Street Lending Improvement Act of 2020 Introduced in Senate IS Official Title as Introduced A bill to make improvements to the Main Street Lending Program, and for other purposes. Introduced in Senate IS Introduced in Senate 2020-09-22T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116s4655is/xml/BILLS-116s4655is.xml 2020-09-22 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.