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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.
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Additional Information
Print number: 118_HR_414
Sponsor: Rep. Finstad, Brad [R-MN-1]
Process start date: 2023-01-20
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OFFICIAL LEGAL TITLE

Investing in Rural Manufacturing Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_414.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-01-20.

What are the main provisions?

Key points include:

  • 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.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Finstad, Brad [R-MN-1].

What is the latest detailed status?

The latest detailed status is: Introduced in House

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-30.

CATEGORIES

Economy Public Investments Labor