To amend the CARES Act to add requirements for the Main Street Lending Program related to non-profit organizations, small businesses, minority depository institutions, and community development financial institutions, and for other purposes.

Referred to the House Committee on Financial Services.

Congressional Research Service

Official summary

Version 00 · Introduced in House · May 15, 2020

This bill expands existing COVID-19 (i.e., coronavirus disease 2019) economic aid programs to include nonprofit organizations and institutions of higher education. Specifically, the Federal Reserve Board must make these organizations eligible for the Main Street Lending Program, which is currently available to small- and mid-sized businesses.

The board must create low-cost loan options for nonprofit organizations, as well offer loan forgiveness to certain nonprofit organizations that predominately serve low-income communities.

The Main Street Lending Program must offer loans that do not have a minimum loan size and includes the ability to defer payments without capitalization of interest to small businesses, nonprofits, and institutions of higher education. The board must authorize community development financial institutions to be eligible lenders.

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People & committees

Who introduced it

Rep. Beatty, Joyce [D-OH-3] · D–OH

Committees

Financial Services Committee

0 cosponsorship records, including any withdrawals

Legislative record

Actions

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May 15, 2020
Referred to the House Committee on Financial Services.
May 15, 2020
Introduced in House
May 15, 2020
Introduced in House

Primary sources

Bill text & related measures

Text links open the official source. We currently store references to these documents.

Introduced in House · May 15, 2020 Formatted Text PDF Formatted XML

Related bills identified by Congress.gov

No related bills are listed in this snapshot. This does not establish whether the proposal has appeared in earlier Congresses.

Source last updated: Apr 7, 2025. Consult Congress.gov for the current record.

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Neutral evidence review

Objective

Analyze H.R.6892 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.

View full prompt & sources

Discuss H.R.6892, 116th Congress: To amend the CARES Act to add requirements for the Main Street Lending Program related to non-profit organizations, small businesses, minority depository institutions, and community development financial institutions, and for other purposes.

Official record: https://www.congress.gov/bill/116th-congress/house-bill/6892

Text version to examine: Introduced in House · 2020-05-15.

Official full text: https://www.congress.gov/116/bills/hr6892/BILLS-116hr6892ih.htm

Imported record last updated by the source: 2025-04-07T15:08:13Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Analyze H.R.6892 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.

Fairness and public impact

Progressive lens

Examine H.R.6892 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.

View full prompt & sources

Discuss H.R.6892, 116th Congress: To amend the CARES Act to add requirements for the Main Street Lending Program related to non-profit organizations, small businesses, minority depository institutions, and community development financial institutions, and for other purposes.

Official record: https://www.congress.gov/bill/116th-congress/house-bill/6892

Text version to examine: Introduced in House · 2020-05-15.

Official full text: https://www.congress.gov/116/bills/hr6892/BILLS-116hr6892ih.htm

Imported record last updated by the source: 2025-04-07T15:08:13Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine H.R.6892 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.

Institutions and government scope

Conservative lens

Examine H.R.6892 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.

View full prompt & sources

Discuss H.R.6892, 116th Congress: To amend the CARES Act to add requirements for the Main Street Lending Program related to non-profit organizations, small businesses, minority depository institutions, and community development financial institutions, and for other purposes.

Official record: https://www.congress.gov/bill/116th-congress/house-bill/6892

Text version to examine: Introduced in House · 2020-05-15.

Official full text: https://www.congress.gov/116/bills/hr6892/BILLS-116hr6892ih.htm

Imported record last updated by the source: 2025-04-07T15:08:13Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine H.R.6892 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.

Individual rights and government power

Liberty lens

Examine H.R.6892 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.

View full prompt & sources

Discuss H.R.6892, 116th Congress: To amend the CARES Act to add requirements for the Main Street Lending Program related to non-profit organizations, small businesses, minority depository institutions, and community development financial institutions, and for other purposes.

Official record: https://www.congress.gov/bill/116th-congress/house-bill/6892

Text version to examine: Introduced in House · 2020-05-15.

Official full text: https://www.congress.gov/116/bills/hr6892/BILLS-116hr6892ih.htm

Imported record last updated by the source: 2025-04-07T15:08:13Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine H.R.6892 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.