United States · Bill · S
S. 4655 (116th)
Main Street Lending Improvement Act of 2020
Introduced
22 September 2020
Last action
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Status
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Sponsors
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Subjects
Discovery layer
Source updated
14 January 2025
Summary
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.
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Votes
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Versions
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Documents
3 official files
Introduced in Senate (text)
Introduced in Senate · EN · 22 September 2020
Introduced in Senate (PDF)
Introduced in Senate · EN · 22 September 2020
Introduced in Senate
summary · EN · 22 September 2020
Sponsors
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Sources
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- Official source: https://www.congress.gov/bill/116th-congress/senate-bill/4655
- Open data entity: https://api.congress.gov/v3/bill/116/s/4655