Sec. 1. Payroll loan facility for small financial institutions
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The Secretary of the Treasury shall establish a payroll loan facility which shall make loans to small financial institutions and which shall, to the maximum extent practicable, provide equivalent benefits and assistance that are provided by the Paycheck Protection Program. The Secretary of the Treasury shall establish a loan forgiveness program with respect to loans made under subsection (a), that shall, to the maximum extent practicable, have the same requirements as the loan forgiveness program established under section 1106 of the CARES Act ( 15 U.S.C. 9005 ).
In this section: The term community development financial institution has the meaning given that term under section 103 of the Riegle Community Development and Regulatory Improvement Act of 1994 ( 12 U.S.C. 4702 ). The term small financial institution means an institution that— is a community development financial institution, minority depository institution, or rural bank; and has consolidated assets of less than $700,000,000. The term insured credit union has the meaning given that term under section 101 of the Federal Credit Union Act.
The term insured depository institution has the meaning given that term under section 3 of the Federal Deposit Insurance Act. The term minority depository institution has the meaning given that term under section 308(b) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 ( 12 U.S.C. 1463 note). The term Paycheck Protection Program means section 7(a)(36) of the Small Business Act ( 15 U.S.C. 636(a)(36) ). With respect to an area, the term rural has the meaning given that term under section 1026.35(b)(iv)(A) of title 12, Code of Federal Regulations.
The term rural bank means an insured credit union or insured depository institution located in a rural area. There is appropriated, out of amounts in the Treasury not otherwise appropriated, $25,000,000,000 to the Secretary of the Treasury to carry out this subsection.
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Sec. 1
Payroll loan facility for small financial institutions
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