H.R. 1471 · 117th Congress
Access to Credit for Small Businesses Impacted by the COVID–19 Crisis Act of 2021
- Stage
- In committee
- Sponsor
- Brad Sherman
- Introduced
- 2021-03-01
- Latest action
- 2021-03-01 · Introduced in House
Summary
Access to Credit for Small Businesses Impacted by the COVID-19 Crisis Act of 2021
This bill 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.