HR 7452
Relief for Rural Development Borrowers Act
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- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
The Relief for Rural Development Borrowers Act aims to provide financial relief to borrowers of certain USDA rural development loans impacted by the COVID-19 pandemic. The Secretary of Agriculture will pay the principal, interest, and fees on covered loans for a six-month period, either for loans made before or after the bill’s enactment. It also includes provisions to encourage lenders to maintain reserves and offers flexibility in loan maturity extensions and site visits during the pandemic.
Sponsors
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Primary sponsor
Abby Finkenauer
Cosponsors
Abigail Davis Spanberger
Alcee L. Hastings
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