H.R. 7388 · 116th Congress
Reinvigorating Lending for the Future Act
- Stage
- In committee
- Sponsor
- Collin Peterson
- Introduced
- 2020-06-26
- Latest action
- 2020-06-29 · Referred to the Subcommittee on Economic Development, Public Buildings, and Emergency Management.
Summary
Reinvigorating Lending for the Future Act or the RLF Act
This bill reduces reporting requirements for recipients of Revolving Loan Fund grants, which provide funds to capitalize lending programs for businesses that cannot obtain traditional bank financing.
Specifically, upon request by a qualifying grantee, the Economic Development Administration (EDA) must release any federal interest in a grant—thereby relieving the grantee of associated federal reporting requirements—if the request is made at least seven years after the final disbursement of the original grant. Currently, the EDA may release the federal interest in a grant beginning 20 years after the grant was awarded.