Summary: S.4655 — 116th Congress (2019-2020)All Information (Except Text)

There is one summary for S.4655. Bill summaries are authored by CRS.

Shown Here:
Introduced in Senate (09/22/2020)

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.