Forgivable Loans for Rural Manufacturers to Boost Critical Infrastructure Jobs.
This law establishes a new government-guaranteed loan program for manufacturing businesses in rural areas that produce goods essential for critical infrastructure sectors. The primary goal is job creation; companies can have up to 50% of the loan forgiven if they meet at least 75% of their stated job creation targets within five years. This aims to strengthen rural economies, offering residents new employment opportunities and financial stability.
Key points
Rural manufacturing businesses can apply for loans to develop or expand sites, with the potential for partial debt forgiveness.
Loan forgiveness (up to 50%) depends on meeting at least 75% of the planned new job creation goals within 5 years.
The program focuses exclusively on manufacturing goods vital to critical infrastructure sectors (e.g., energy, transportation, water).
$2 billion is authorized for the program, partially funded by rescinding unobligated balances from previous CARES Act loan programs.
Status:
Expired
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