S.4174 - Postal Service Emergency Assistance Act116th Congress (2019-2020)
|Sponsor:||Sen. Collins, Susan M. [R-ME] (Introduced 07/02/2020)|
|Committees:||Senate - Homeland Security and Governmental Affairs|
|Latest Action:||07/02/2020 Read twice and referred to the Committee on Homeland Security and Governmental Affairs. (Sponsor introductory remarks on measure: CR S4226-4227) (All Actions)|
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Summary: S.4174 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in Senate (07/02/2020)
Postal Service Emergency Assistance Act
This bill provides emergency funding for the U.S. Postal Service (USPS). Specifically, it establishes and makes appropriations to a Postal Service COVID-19 Emergency Fund from which the Department of the Treasury shall transfer up to $25 billion certified by the USPS as necessary to cover lost revenue or operational expenses resulting from the COVID-19 (i.e., coronavirus disease 2019) pandemic.
Treasury shall lend the USPS, under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, up to $10 billion at the request of the USPS subject to the terms and conditions of the note purchase agreement between the USPS and the Federal Financing Bank in effect on September 29, 2018.
The USPS shall, in coordination with its Board of Governors, develop a plan to ensure the long-term solvency of the USPS.