Access to Credit for Small Businesses Impacted by the COVID–19 Crisis Act of 2020
Latest action · May 8, 2020 Referred to the House Committee on Financial Services.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedMay 8, 2020
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
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.
Cosponsors 18
Members who signed on, in the order they did. Signatures ran from May 8, 2020 to Oct 16, 2020; 10 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-CA | Alan S. Lowenthal | Original | May 8, 2020 |
| R-PA | Brian K. Fitzpatrick | Original | May 8, 2020 |
| D-MD | David J. Trone | Original | May 8, 2020 |
| D-DC | Eleanor Holmes Norton | Original | May 8, 2020 |
| D-CA | J. Luis Correa | Original | May 8, 2020 |
| D-NJ | Jefferson Van Drew | Original | May 8, 2020 |
| D-CO | Joe Neguse | Original | May 8, 2020 |
| D-CA | Maxine Waters | Original | May 8, 2020 |
| D-OR | Suzanne Bonamici | Original | May 8, 2020 |
| D-TX | Vicente Gonzalez | Original | May 8, 2020 |
| D-NH | Ann M. Kuster | Jul 27, 2020 | |
| D-OR | Earl Blumenauer | Jul 27, 2020 | |
| D-CT | Jahana Hayes | Jul 27, 2020 | |
| D-OR | Kurt Schrader | Jul 27, 2020 | |
| D-MO | Wm. Lacy Clay | Jul 27, 2020 | |
| D-CA | Judy Chu | Sep 22, 2020 | |
| D-CA | Karen Bass | Sep 22, 2020 | |
| D-MI | Elissa Slotkin | Oct 16, 2020 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred May 8, 2020 |
Actions 2
Everything that happened, newest first.
- May 8, 2020Introduced in House
- May 8, 2020Referred to the House Committee on Financial Services.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Constitutional authority
The sponsor’s statement, as printed in the Congressional Record, vol. 166, no. 87, May 8, 2020, page H1987.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 3676 | Access to Credit for Small Businesses Impacted by the COVID–19 Crisis Act of 2020 | Identical bill | May 11, 2020 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To extend certain temporary credit union provisions enacted under the CARES Act, to include an exception for disaster area member business loans made by insured credit unions, and for other purposes.
- Short Title(s) as Introduced
- Access to Credit for Small Businesses Impacted by the COVID–19 Crisis Act of 2020
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
- Administrative law and regulatory procedures
- Bank accounts, deposits, capital
- Cardiovascular and respiratory health
- Credit and credit markets
- Disaster relief and insurance
- Emergency medical services and trauma care
- Finance and Financial Sector
- Infectious and parasitic diseases
- National Credit Union Administration
- Small business
Text 1
Each version as it was printed, newest first.
- May 8, 2020Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
