To provide for the adjustment or modification by the Secretary of Agriculture of loans for critical rural utility service providers, and for other purposes.
Actions Overview (1)
Date
Actions Overview
07/02/2020
Introduced in House
07/02/2020 Introduced in House
All Actions (5)
Date
All Actions
09/03/2020
Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit. Action By: Committee on Agriculture
07/02/2020
Referred to the Committee on Agriculture, and in addition to the Committees on Energy and Commerce, and the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. Action By: House of Representatives
07/02/2020
Referred to the Committee on Agriculture, and in addition to the Committees on Energy and Commerce, and the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. Action By: House of Representatives
07/02/2020
Referred to the Committee on Agriculture, and in addition to the Committees on Energy and Commerce, and the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. Action By: House of Representatives
07/02/2020
Introduced in House Action By: House of Representatives
09/03/2020 Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
07/02/2020 Referred to the Committee on Agriculture, and in addition to the Committees on Energy and Commerce, and the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
07/02/2020 Referred to the Committee on Agriculture, and in addition to the Committees on Energy and Commerce, and the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
07/02/2020 Referred to the Committee on Agriculture, and in addition to the Committees on Energy and Commerce, and the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.
Committee / Subcommittee
Date
Activity
Related Documents
House Agriculture
07/02/2020
Referred to
House Agriculture Subcommittee on Commodity Exchanges, Energy, and Credit
This bill allows rural utility service providers to submit to the Department of Agriculture (USDA) a request to adjust the interest rate or modify the terms of certain loans. The request shall include a report summarizing how the adjustment or modification will assist the borrower in providing critical utility services to a rural community.
Specifically, on receipt of a request, USDA must
adjust the interest rate on the loan to match certain interest rates in effect when the bill is enacted for obligations of comparable maturity to the term remaining on the loan (or a higher rate requested by the borrower), and
make modifications to the loan terms as necessary to address changes in the financial position of the borrower due to the COVID-19 (i.e., coronavirus disease 2019) public health emergency and to promote the financial sustainability of the borrower.
In carrying out the adjustments or modifications, USDA shall not impose or collect any fee from, or impose any penalty on, a borrower.
The bill also provides funding to implement the adjustments and modifications.
All Summaries (1)
Shown Here: Introduced in House (07/02/2020)
Flexible Financing for Rural America Act of 2020
This bill allows rural utility service providers to submit to the Department of Agriculture (USDA) a request to adjust the interest rate or modify the terms of certain loans. The request shall include a report summarizing how the adjustment or modification will assist the borrower in providing critical utility services to a rural community.
Specifically, on receipt of a request, USDA must
adjust the interest rate on the loan to match certain interest rates in effect when the bill is enacted for obligations of comparable maturity to the term remaining on the loan (or a higher rate requested by the borrower), and
make modifications to the loan terms as necessary to address changes in the financial position of the borrower due to the COVID-19 (i.e., coronavirus disease 2019) public health emergency and to promote the financial sustainability of the borrower.
In carrying out the adjustments or modifications, USDA shall not impose or collect any fee from, or impose any penalty on, a borrower.
The bill also provides funding to implement the adjustments and modifications.