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S.4075 - RLF Act116th Congress (2019-2020) |

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Sponsor: Sen. Capito, Shelley Moore [R-WV] (Introduced 06/25/2020)
Committees: Senate - Environment and Public Works
Latest Action: 10/30/2020 Became Public Law No: 116-192. (TXT | PDF)  (All Actions)

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This bill has the status Became Law

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  1. Introduced
  2. Passed Senate
  3. Passed House
  4. To President
  5. Became Law

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Summary: S.4075 — 116th Congress (2019-2020)All Information (Except Text)

Bill summaries are authored by CRS.

Shown Here:
Public Law No: 116-192 (10/30/2020)

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.