HR 4340 · 111th Congress · Finance and Financial Sector
Main Street Survival Act
Bill Progress
✓
Introduced2
Committee3
House Vote4
Senate5
EnactedLatest: 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