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Bill > S3774
US S3774
US S3774A bill to amend the CARES Act to establish a Community Capital Investment Program, and for other purposes.
summary
Introduced
05/20/2020
05/20/2020
In Committee
05/20/2020
05/20/2020
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
A bill to amend the CARES Act to establish a Community Capital Investment Program, and for other purposes. This bill establishes the Community Capital Investment Program to provide capital investments and interest-free loans to community development financial institutions, minority depository institutions, and certain small credit unions and banks to support low-income borrowers.
AI Summary
This bill establishes the Community Capital Investment Program to provide capital investments and interest-free loans to community development financial institutions, minority depository institutions, and certain small credit unions and banks. The goal is to support low-income borrowers, small businesses, and minority-owned businesses, especially in underserved communities. The program will offer direct capital investments and interest-free loans with 5-year terms and no required payments for at least the first 180 days. The dividend or interest rate on the investments will not exceed 1% for the first 3 years and 3% thereafter.
Committee Categories
Housing and Urban Affairs
Sponsors (1)
Last Action
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (on 05/20/2020)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/senate-bill/3774/all-info |
| BillText | https://www.congress.gov/116/bills/s3774/BILLS-116s3774is.pdf |
| Bill | https://www.congress.gov/116/bills/s3774/BILLS-116s3774is.pdf.pdf |
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