,,ii  #aafth ,,congress  #b;d ,session  
,s4 #dfee  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,september #bb1
 #bjbj ,mr4 ,perdue introduced the      
following bill2 which was read twice and
 referred to the ,committee on ,banking1
 ,housing1 and ,urban ,affairs  ,a      
,,bill  ,to make improvements to the    
,main ,street ,lending ,program1 and for
 other purposes4  #a4 ,short title ,this
 ,act may be cited as the ,main ,street 
,lending ,improvement ,act of #bjbj4    
#b4 ,main ,street ,lending ,program  7a7
 ,sense of ,congress ,it is the sense of
 ,congress that--  7#a7 the ,main       
,street ,lending ,program should serve  
as a bad bank to hold nonperforming and 
illiquid loans during the economic shock
 triggered by the ,,covid-#ai pandemic2 
7#b7 the ,department of the ,treasury   
and the ,board of ,governors of the     
,federal ,reserve ,system have served as
 strong guardians of taxpayer monies and
 strived above and beyond their mandates
 in launching the ,main ,street ,lending

 ,program2  7#c7 as of the date of      
enactment of this ,act1 the ,main       
,street ,lending ,program has not       
operated as envisioned by ,congress2    
7#d7 with bankruptcies hitting record   
highs not seen since the #bjji financial
 crisis1 the ,main ,street ,lending     
,program should serve as a vital        
lifeline to stave off a catastrophic    
wave of bankruptcies by small- and      
medium-sized enterprises2  7#e7 earnings
 before interest1 taxes1 depreciation1  
and amortization is not a generally     
accepted accounting principal           
measurement and its calculations can    
vary from one company to the next2  7#f7
 the prominence of earnings before      
interest1 taxes1 depreciation1 and      
amortization only emerged in the advent 
of the leveraged buyout in the #aihjs2  
and  7#g7 there are many companies      
outside of the earnings before interest1
 taxes1 depreciation1 and amortization  
leverage test that can still present    
themselves as growing concerns in a     

non-,,covid economy4  7b7 ,alternative  
asset test ,it is the sense of ,congress
 that1 in carrying out the ,main ,street
 ,lending ,program1 the ,department of  
the ,treasury and the ,board of         
,governors of the ,federal ,reserve     
,system should consider--  7#a7 using   
earnings or cash flow metrics as a      
metric for eligibility in the facilities
 of that ,program2 and  7#b7 providing  
alternative tests for borrowers because 
earnings before interest1 taxes1        
depreciation1 and amortization--  7,a7  
is not a one size fits all equation2    
7,b7 ignores the cost of assets and     
working capital2 and  7,c7 fails to     
appropriately measure the ability of an 
entity to generate cash as opposed to an
 operating cash flow test4  7c7 ,boston 
,fed ,helpline ,the ,federal ,reserve   
,bank of ,boston shall1 with respect to 
the operation of the ,main ,street      
,lending ,program--  7#a7 create a      
lender helpline to address              
lender-specific questions2 and  7#b7    

consider additional guidance and        
information with the focus aimed at     
addressing the concerns of small and    
mid-size financial institutions4  7d7   
,exemptions for loans under #e1jjj1jjj  
,with respect to any loan1 the amount of
 which is less than #e1jjj1jjj1 a       
financial institution may collect       
interest on the entirety of the loan if 
a participation in the loan is sold to  
the special purpose vehicle under the   
,main ,street ,lending ,program4  7e7   
,streamline ,main ,street ,lender       
,participation ,program ,with respect to
 the ,main ,street ,lending ,program1   
for financial institutions with less    
than #be1jjj1jjj1jjj in assets--  7#a7  
the ,department of the ,treasury and the
 ,board of ,governors of the ,federal   
,reserve ,system will strive to reduce  
borrower reporting burdens by limiting  
any reporting requirement to at most    
once a quarter and reduce the amount of 
data points they are required to submit2
  7#b7 the ,federal ,reserve ,bank of   

,boston shall verify that the financial 
institution meets both the asset test   
and is a well capitalized institution   
under the ,federal ,deposit ,insurance  
,act 7#ab ,u4,s4,c4 #ahaa et seq47 and  
the ,federal ,credit ,union ,act 7#ab   
,u4,s4,c4 #agea et seq472  7#c7 the     
special purpose vehicle under the       
,program shall purchase #ii percent of  
the interest in a loan participation    
originated by the financial institution 
under the ,program2  7#d7 mortgage debt 
shall not be included in the earnings   
before interest1 taxes1 depreciation1   
and amortization leverage test2  7#e7   
the financial institution shall collect 
interest on the entirety of a loan1 a   
participation in which is sold under the
 ,program2 and  7#f7 the ,federal       
,reserve ,bank of ,boston shall         
provide--  7,a7 automatic preapproval   
for institutions under the ,program for 
loans up to #e1jjj1jjj2 and  7,b7 that--
  7i7 the special purpose vehicle under 
the ,program shall wire #ii percent of  

the participation amount to preapproved 
lenders upon the lender's uploading of a
 borrower's name1 ,w-#i1 amount1 type of
 ,main ,street ,loan1 and certification 
of lender's receipt of signed loan      
documents2  7ii7 additional borrower and
 loan information and uploading of      
closing documents in the special purpose
 vehicle portal may occur within #e     
business days of funding2 and  7iii7 a  
borrower may only receive a loan        
originated pursuant to the terms of this
 subsection once4