,,ii  #aaf? ,,congress  #b;d ,session   
,s4 #dfee  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,septemb] #bb1 #bjbj   
,mr4 ,p]due introduc$ ! foll[+ bill2 :i*
 0 read twice & ref]r$ to ! ,committee  
on ,bank+1 ,h\s+1 & ,urban ,affairs  ,a 
,,bill  ,to make improvem5ts to ! ,ma9  
,/reet ,l5d+ ,program1 & = o!r purposes4
  #a4 ,%ort title ,?is ,act may be cit$ 
z ! ,ma9 ,/reet ,l5d+ ,improvem5t ,act (
 #bjbj4  #b4 ,ma9 ,/reet ,l5d+ ,program 
7a7 ,s5se ( ,congress ,x is ! s5se (    
,congress t--  7#a7 ! ,ma9 ,/reet ,l5d+ 
,program %\ld s]ve z a bad bank to hold 
nonp]=m+ & illiquid loans dur+ !        
economic %ock trigg]$ by ! ,,covid-#ai  
p&emic2  7#b7 ! ,dep>tm5t ( ! ,treasury 
& ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve
 ,sy/em h s]v$ z /rong gu>dians (       
taxpay] monies & /riv$ above & beyond _!
 m&ates 9 laun*+ ! ,ma9 ,/reet ,l5d+    
,program2  7#c7 z ( ! date ( enactm5t ( 
?is ,act1 ! ,ma9 ,/reet ,l5d+ ,program  
has n op]at$ z envision$ by ,congress2  
7#d7 ) bankruptcies hitt+ record highs n

 se5 s9ce ! #bjji f9ancial crisis1 !    
,ma9 ,/reet ,l5d+ ,program %\ld s]ve z a
 vital lifel9e to /ave (f a cata/rophic 
wave ( bankruptcies by small- &         
m$ium-siz$ ent]prises2  7#e7 e>n+s be=e 
int]e/1 taxes1 depreciation1 &          
amortization is n a g5]ally accept$     
acc\nt+ pr9cipal measurem5t & its       
calculations c v>y f "o company to !    
next2  7#f7 ! prom95ce ( e>n+s be=e     
int]e/1 taxes1 depreciation1 &          
amortization only em]g$ 9 ! adv5t ( !   
lev]ag$ buy\t 9 ! #aihjs2 &  7#g7 !re   
are _m companies outside ( ! e>n+s be=e 
int]e/1 taxes1 depreciation1 &          
amortization lev]age te/ t c /ill pres5t
 !mselves z gr[+ conc]ns 9 a non-,,covid
 economy4  7b7 ,alt]native asset te/ ,x 
is ! s5se ( ,congress t1 9 c>ry+ out !  
,ma9 ,/reet ,l5d+ ,program1 ! ,dep>tm5t 
( ! ,treasury & ! ,bo>d ( ,gov]nors ( ! 
,f$]al ,res]ve ,sy/em %\ld consid]--    
7#a7 us+ e>n+s or ca% fl[ metrics z a   
metric = eligibility 9 ! facilities ( t 
,program2 &  7#b7 provid+ alt]native    

te/s = borr[]s because e>n+s be=e       
int]e/1 taxes1 depreciation1 &          
amortization--  7,a7 is n a "o size fits
 all equation2  7,b7 ignores ! co/ (    
assets & work+ capital2 &  7,c7 fails to
 appropriately measure ! ability ( an   
entity to g5]ate ca% z oppos$ to an     
op]at+ ca% fl[ te/4  7c7 ,bo/on ,f$     
,helpl9e ,! ,f$]al ,res]ve ,bank (      
,bo/on %all1 ) respect to ! op]ation ( !
 ,ma9 ,/reet ,l5d+ ,program--  7#a7     
create a l5d] helpl9e to address        
l5d]-specific que/ions2 &  7#b7 consid] 
additional guidance & in=mation ) !     
focus aim$ at address+ ! conc]ns ( small
 & mid-size f9ancial in/itutions4  7d7  
,exemptions = loans "u #e1jjj1jjj ,)    
respect to any loan1 ! am\nt ( :i* is   
less ?an #e1jjj1jjj1 a f9ancial         
in/itution may collect int]e/ on !      
entirety ( ! loan if a p>ticipation 9 ! 
loan is sold to ! special purpose       
vehicle "u ! ,ma9 ,/reet ,l5d+ ,program4
  7e7 ,/reaml9e ,ma9 ,/reet ,l5d]       
,p>ticipation ,program ,) respect to !  

,ma9 ,/reet ,l5d+ ,program1 = f9ancial  
in/itutions ) less ?an #be1jjj1jjj1jjj 9
 assets--  7#a7 ! ,dep>tm5t ( !         
,treasury & ! ,bo>d ( ,gov]nors ( !     
,f$]al ,res]ve ,sy/em w /rive to r$uce  
borr[] report+ burd5s by limit+ any     
report+ requirem5t to at mo/ once a     
qu>t] & r$uce ! am\nt ( data po9ts !y   
are requir$ to submit2  7#b7 ! ,f$]al   
,res]ve ,bank ( ,bo/on %all v]ify t !   
f9ancial in/itution meets bo? ! asset   
te/ & is a well capitaliz$ in/itution "u
 ! ,f$]al ,deposit ,insurance ,act 7#ab 
,u4,s4,c4 #ahaa et seq47 & ! ,f$]al     
,cr$it ,union ,act 7#ab ,u4,s4,c4 #agea 
et seq472  7#c7 ! special purpose       
vehicle "u ! ,program %all pur*ase #ii  
p]c5t ( ! int]e/ 9 a loan p>ticipation  
orig9at$ by ! f9ancial in/itution "u !  
,program2  7#d7 mortgage debt %all n be 
includ$ 9 ! e>n+s be=e int]e/1 taxes1   
depreciation1 & amortization lev]age    
te/2  7#e7 ! f9ancial in/itution %all   
collect int]e/ on ! entirety ( a loan1 a
 p>ticipation 9 :i* is sold "u !        

,program2 &  7#f7 ! ,f$]al ,res]ve ,bank
 ( ,bo/on %all provide--  7,a7 automatic
 preapproval = in/itutions "u ! ,program
 = loans up to #e1jjj1jjj2 &  7,b7 t--  
7i7 ! special purpose vehicle "u !      
,program %all wire #ii p]c5t ( !        
p>ticipation am\nt to preapprov$ l5d]s  
^u ! l5d]'s upload+ ( a borr[]'s "n1    
,w-#i1 am\nt1 type ( ,ma9 ,/reet ,loan1 
& c]tification ( l5d]'s receipt ( sign$ 
loan docum5ts2  7ii7 additional borr[] &
 loan in=mation & upload+ ( clos+       
docum5ts 9 ! special purpose vehicle    
portal may occur )9 #e bus9ess days (   
fund+2 &  7iii7 a borr[] may only       
receive a loan orig9at$ pursuant to !   
t]ms ( ?is subsection once4