[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 4152 Introduced in Senate (IS)]

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116th CONGRESS
  2d Session
                                S. 4152

   To provide for the adjustment or modification by the Secretary of 
Agriculture of loans for critical rural utility service providers, and 
                          for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                              July 2, 2020

   Mr. Hoeven (for himself, Mr. Boozman, Ms. Smith, and Ms. Sinema) 
introduced the following bill; which was read twice and referred to the 
           Committee on Agriculture, Nutrition, and Forestry

_______________________________________________________________________

                                 A BILL


 
   To provide for the adjustment or modification by the Secretary of 
Agriculture of loans for critical rural utility service providers, and 
                          for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Flexible Financing for Rural America 
Act of 2020''.

SEC. 2. LOAN ADJUSTMENTS FOR CRITICAL RURAL UTILITY SERVICE PROVIDERS.

    (a) In General.--Not later than 180 days after the date of 
enactment of this Act, the borrower of a qualified loan described in 
subsection (b) may submit to the Secretary of Agriculture (referred to 
in this section as the ``Secretary'') a request to adjust the interest 
rate or modify any other term of the qualified loan, which shall 
include a report summarizing how the adjustment or modification will 
assist the borrower in providing critical utility services to a rural 
community.
    (b) Qualified Loan Described.--A qualified loan referred to in 
subsection (a) is a loan made or guaranteed on or before the date of 
enactment of this Act under--
            (1) section 4, 201, 305, 306, or 601 of the Rural 
        Electrification Act of 1936 (7 U.S.C. 904, 922, 935, 936, 
        950bb); or
            (2) the program carried out under the matter under the 
        heading ``distance learning, telemedicine, and broadband 
        program'' in title I of division A of the American Recovery and 
        Reinvestment Act of 2009 (Public Law 111-5; 123 Stat. 118) 
        (commonly known as the ``Broadband Initiatives Program'').
    (c) Adjustment of Interest Rate; Modification of Loan Terms.--
            (1) In general.--On receipt of a request made under 
        subsection (a) with respect to a loan, the Secretary--
                    (A) in the case of a request for an interest rate 
                adjustment, shall adjust the interest rate on the loan 
                to the cost of funds to the Department of the Treasury, 
                as of the date of enactment of this Act, for 
                obligations of comparable maturity to the term 
                remaining on the outstanding balance of the loan or 
                other such higher rate as the borrower may request; and
                    (B) in the case of a request for a modification to 
                a loan term other than the adjustment described in 
                subparagraph (A), may use the authorities provided in 
                sections 2, 201, 306C and 703 of the Rural 
                Electrification Act of 1936 (7 U.S.C. 902, 922, 936c, 
                950cc-2) and section 331(b)(4) of the Consolidated Farm 
                and Rural Development Act (7 U.S.C. 1981(b)(4)) to make 
                such other modifications to the loan terms that the 
                Secretary determines are necessary--
                            (i) to address changes in the financial 
                        position of the borrower due to the public 
                        health emergency declared by the Secretary of 
                        Health and Human Services under section 319 of 
                        the Public Health Service Act (42 U.S.C. 247d) 
                        on January 31, 2020, with respect to COVID-19; 
                        and
                            (ii) to promote the financial 
                        sustainability of the borrower.
            (2) Effective date.--An adjustment or modification under 
        subparagraph (A) or (B), respectively, of paragraph (1) shall 
        apply beginning on the first day after the close of the period 
        with respect to which the first payment due on the loan after 
        the date of the request applies.
    (d) No Fees or Penalties.--In carrying out this section, the 
Secretary shall not impose or collect any fee from, or impose any 
penalty on, a borrower.
    (e) Notice.--Not later than 30 days after the date of enactment of 
this Act, the Secretary shall publish in the Federal Register a notice 
of the benefits available to borrowers under this section.
    (f) Appropriation.--
            (1) In general.--Out of any amounts in the Treasury not 
        otherwise appropriated, there are appropriated to the 
        Secretary--
                    (A) such sums as are necessary to carry out 
                subsection (c)(1)(A); and
                    (B) $300,000,000 to carry out subsection (c)(1)(B).
            (2) Availability.--The amounts appropriated by paragraph 
        (1) shall remain available through December 31, 2021.
            (3) Emergency designation.--
                    (A) In general.--The amounts provided by this Act 
                are designated as an emergency requirement pursuant to 
                section 4(g) of the Statutory Pay-As-You-Go Act of 2010 
                (2 U.S.C. 933(g)).
                    (B) Designation in senate.--In the Senate, this Act 
                is designated as an emergency requirement pursuant to 
                section 4112(a) of H. Con. Res. 71 (115th Congress), 
                the concurrent resolution on the budget for fiscal year 
                2018.
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