HR 4340 · 111th Congress · Finance and Financial Sector

Main Street Survival Act

Introduced 2009-12-16· Sponsored by Rep. Davis, Artur [D-AL-7]· House

Bill Progress

Introduced
2
Committee
3
House Vote
4
Senate
5
Enacted
Latest: Referred to the House Committee on Financial Services.(2009-12-16)

Plain Language Summary

[AI summary unavailable — showing source text] 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.…

Summarized by Claude AI · Non-partisan · For informational purposes only