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Code · BILL · 116th Congress · H.R. 6379 (Introduced in House) — Making emergency supplemental appropriations for the fiscal year ending September 30, 2020, and for other purposes. · Sec. 190008

Sec. 190008. United States Treasury Program Management Authority

659 words·~3 min read·/bill/116/hr/6379/ih/section-190008·

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The Department of the Treasury, in consultation with the Administration, the Farm Credit Administration, and the other Federal financial regulatory agencies (as defined in section 313(r) of title 31, United States Code), shall establish criteria for insured depository institutions (as defined in section 3 of the Federal Deposit Insurance Act ( 12 U.S.C. 1813 )), institutions of the Farm Credit System chartered under the Farm Credit Act of 1971 ( 12 U.S.C. 2001 et seq.), and other lenders that do not already participate in lending under programs of the Administration, to participate in the small business interruption loans program to provide loans under this section until the date on which the national emergency declared by the President under the National Emergencies Act ( 50 U.S.C. 1601 et seq.) with respect to the Coronavirus Disease 2019 (COVID–19) expires.
An insured depository institution (as defined in section 3 of the Federal Deposit Insurance Act ( 12 U.S.C. 1813 )), institution of the Farm Credit System chartered under the Farm Credit Act of 1971 ( 12 U.S.C. 2001 et seq.), or other lender may only participate in the program established under this section if participation does not affect the safety and soundness of the institution or lender. The Secretary of the Treasury, in consultation with the Administrator, shall issue regulations and guidance in order to direct additional lenders under this section and establish terms and conditions for small business interruption loans under this section, including terms concerning compensation, underwriting standards, interest rates, and maturity.
The terms and conditions established under paragraph
(1)shall provide for the following: A rate of interest that does not exceed the maximum permissible rate of interest available on a loan of comparable maturity under paragraph
(36)of section 7(a) of the Small Business Act ( 15 U.S.C. 636(a) ), as added by section 190002(a)(2) of this division. Terms and conditions that, to the maximum extent practicable, are the same as the terms and conditions required under the following provisions of paragraph
(36)of section 7(a) of the Small Business Act ( 15 U.S.C. 636(a) ), as added by section 190002(a) of this division: Subparagraph (D), pertaining to borrower eligibility. Subparagraph (E), pertaining to the maximum loan amount. Subparagraph (F)(i), pertaining to allowable uses of program loans. Subparagraph (H), pertaining to fee waivers. Subparagraph (N), pertaining to loan deferment. A guarantee percentage that, to the maximum extent practicable, is the same as the guarantee percentage required under subparagraph
(F)of section 7(a)(2) of the Small Business Act ( 15 U.S.C. 636(a)(2) ), as added by section 190002 of this division. Loan forgiveness under terms and conditions that, to the maximum extent practicable, are the same as the terms and conditions for loan forgiveness under section 190005 of this division. The Secretary of the Treasury may issue regulations and guidance as may be necessary to carry out the purposes of this section. As a condition of receiving a loan under this section, a borrower shall certify under terms acceptable to the Secretary of the Treasury that the borrower— does not have an application pending for a loan under section 7(a) of the Small Business Act ( 15 U.S.C. 636(a) ); and has not received such a loan during the period beginning on February 15, 2020 and ending on December 31, 2020. Under the infrastructure of the Department of the Treasury and with guidance from the Secretary of the Treasury, the Administrator shall administer the program established under this section, including the making and purchasing of guarantees on loans under the program, until the date on which the national emergency declared by the President under the National Emergencies Act ( 50 U.S.C. 1601 et seq.) with respect to the Coronavirus Disease 2019 (COVID–19) expires. A loan under this section shall be deemed to be a loan under the Small Business Act ( 15 U.S.C. 631 et seq.) for purposes of section 16 of such Act ( 15 U.S.C. 645 ).
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Sec. 190008
United States Treasury Program Management Authority
U.S.C.§ 1813
U.S.C.§ 2001
U.S.C.§ 1601
U.S.C.§ 636
U.S.C.§ 631
U.S.C.§ 645
Cites 6Cited by 0 across 0 sources
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