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116-hr-6789116th Congress
Access to Credit for Small Businesses Impacted by the COVID–19 Crisis Act of 2020
Sponsored By: Representative Sherman, Brad [D-CA-32]
Unknown
Summary
Access to Credit for Small Businesses Impacted by the COVID-19 Crisis Act of 2020 This bill eases certain restrictions on credit unions regarding liquidity and lending. The bill extends waivers applicable to National Credit Union Administration Central Liquidity Facility membership and credit-extension restrictions through December 31, 2021. These waivers currently expire on December 31, 2020. (The National Credit Union Administration Central Liquidity Facility serves as a lender to credit unions that are experiencing certain liquidity shortfalls.) The bill also temporarily provides credit unions with an exception to limits on outstanding member business loans. Specifically, a loan does not count towards this limit if (1) it is used for recovery from the COVID-19 (i.e., coronavirus disease 2019) emergency, (2) it is made by an insured credit union that has received a specified soundness rating, (3) it is made during a specified time period, and (4) it does not threaten the safety and soundness of the insured credit union.
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Bill Overview
No Economic Impacts Identified for this Bill
Sponsors & CoSponsors
Sponsor
Sherman, Brad [D-CA-32]
CA • D
Cosponsors
Rep. Fitzpatrick, Brian K. [R-PA-1]
PA • R
Sponsored 5/8/2020
Rep. Waters, Maxine [D-CA-43]
CA • D
Sponsored 5/8/2020
Rep. Bonamici, Suzanne [D-OR-1]
OR • D
Sponsored 5/8/2020
Rep. Gonzalez, Vicente [D-TX-34]
TX • D
Sponsored 5/8/2020
Del. Norton, Eleanor Holmes [D-DC-At Large]
DC • D
Sponsored 5/8/2020
Rep. Neguse, Joe [D-CO-2]
CO • D
Sponsored 5/8/2020
Rep. Correa, J. Luis [D-CA-46]
CA • D
Sponsored 5/8/2020
Rep. Lowenthal, Alan S. [D-CA-47]
CA • D
Sponsored 5/8/2020
Rep. Van Drew, Jefferson [R-NJ-2]
NJ • R
Sponsored 5/8/2020
Rep. Trone, David J. [D-MD-6]
MD • D
Sponsored 5/8/2020
WM. CLAY
MO • D
Sponsored 7/27/2020
Rep. Schrader, Kurt [D-OR-5]
OR • D
Sponsored 7/27/2020
Rep. Blumenauer, Earl [D-OR-3]
OR • D
Sponsored 7/27/2020
Rep. Hayes, Jahana [D-CT-5]
CT • D
Sponsored 7/27/2020
Rep. Kuster, Ann M. [D-NH-2]
NH • D
Sponsored 7/27/2020
Rep. Bass, Karen [D-CA-37]
CA • D
Sponsored 9/22/2020
Rep. Chu, Judy [D-CA-28]
CA • D
Sponsored 9/22/2020
Sen. Slotkin, Elissa [D-MI]
MI • D
Sponsored 10/16/2020
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov