United States HR 6331: To require the Board of Governors of the Federal Reserve System to establish a credit facility to provide loans to small businesses, including small family farms, during the COVID-19 emergency.

Bill Text

I
116TH CONGRESS
2D SESSION H. R. 6331
To require the Board of Governors of the Federal Reserve System to establish
a credit facility to provide loans to small businesses, including small
family farms, during the COVID–19 emergency.
IN THE HOUSE OF REPRESENTATIVES
MARCH 23, 2020
Mrs. BEATTY introduced the following bill; which was referred to the
Committee on Financial Services
A BILL
To require the Board of Governors of the Federal Reserve
System to establish a credit facility to provide loans
to small businesses, including small family farms, during
the COVID–19 emergency.
Be it enacted by the Senate and House of Representa-1
tives of the United States of America in Congress assembled, 2
SECTION 1. SMALL BUSINESS CREDIT FACILITY. 3
(a) ESTABLISHMENT.—The Board of Governors of 4
the Federal Reserve System shall establish a credit facility 5
to provide loans to small businesses during the COVID– 6
19 emergency. 7
(b) DEFINITIONS.—In this section: 8
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•HR 6331 IH
(1) COVID–19 EMERGENCY.—The term 1
‘‘COVID–19 emergency’’ means the period that be-2
gins upon the date of the enactment of this Act and 3
ends on the date of the termination by the Federal 4
Emergency Management Agency of the emergency 5
declared on March 13, 2020, by the President under 6
the Robert T. Stafford Disaster Relief and Emer-7
gency Assistance Act (42 U.S.C. 4121 et seq.) relat-8
ing to the Coronavirus Disease 2019 (COVID–19) 9
pandemic. 10
(2) SMALL BUSINESS.—The term ‘‘small busi-11
ness’’ means— 12
(A) a small business concern (as defined 13
under section 3 of the Small Business Act (15 14
U.S.C. 632); 15
(B) a family farm; and 16
(C) an independent contractor. 17
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