H.R. 4340 · 111th Congress

Main Street Survival Act

Stage
In committee
Introduced
2009-12-16
Latest action
2009-12-16 · Introduced in House

Summary

Main Street Survival Act - Expresses the sense of Congress that the President should encourage financial institutions that have received federal financial support to maintain historic levels of lending to small and medium-sized businesses.

Instructs the Secretary of the Treasury to establish a three-year Main Street Revolving Loan Fund Program to provide temporary loans to businesses with less than 1,000 full-time equivalent employees.

Establishes in the Treasury a revolving loan fund to implement the Program.

Permits a business to use a Main Street revolving loan to finance the cost of certain operations, but prohibits the use of it to expand its operations significantly. Limits the term of such a loan to nine months, and the maximum total amount of loans to a particular business in any fiscal year to $1 million.