To require the Secretary of the Treasury to implement a program that provides financial assistance to sports facilities, museums, and community theaters, and for other purposes.
This bill requires the Department of the Treasury to implement a program to provide financing of at least $1 billion for loans related to losses incurred as a result of COVID-19 (i.e., coronavirus disease 2019) to certain community-owned or private businesses that have contractual obligations for making lease, rent, or bond payments for publicly owned sports facilities, museums, and community theaters. Terms for such loans shall include (1) a 15-year term, (2) no requirement to provide collateral or a guaranty, and (3) a maximum loan amount of $25 million. An applicant for such a loan must make a good faith certification that, among other things, (1) the loan request is necessary to support the recipient's ongoing operations; and (2) the recipient will use the loan for purposes directly connected to contracted services, including performances and sporting events.
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Timeline
Introduced in House
Referred to the House Committee on Financial Services.
Introduced in House
Referred to the House Committee on Financial Services.
Commerce
Business investment and capitalCardiovascular and respiratory healthEconomic performance and conditionsEmergency medical services and trauma careGovernment lending and loan guaranteesInfectious and parasitic diseasesMuseums, exhibitions, cultural centersPerforming artsSmall businessSports and recreation facilities
To require the Secretary of the Treasury to implement a program that provides financial assistance to sports facilities, museums, and community theaters, and for other purposes.
USA116th CongressHR-7023| House
| Updated: 5/27/2020
This bill requires the Department of the Treasury to implement a program to provide financing of at least $1 billion for loans related to losses incurred as a result of COVID-19 (i.e., coronavirus disease 2019) to certain community-owned or private businesses that have contractual obligations for making lease, rent, or bond payments for publicly owned sports facilities, museums, and community theaters. Terms for such loans shall include (1) a 15-year term, (2) no requirement to provide collateral or a guaranty, and (3) a maximum loan amount of $25 million. An applicant for such a loan must make a good faith certification that, among other things, (1) the loan request is necessary to support the recipient's ongoing operations; and (2) the recipient will use the loan for purposes directly connected to contracted services, including performances and sporting events.
Business investment and capitalCardiovascular and respiratory healthEconomic performance and conditionsEmergency medical services and trauma careGovernment lending and loan guaranteesInfectious and parasitic diseasesMuseums, exhibitions, cultural centersPerforming artsSmall businessSports and recreation facilities