1. Short title This Act may be cited as the Flexible Financing for Rural America Act of 2020 . 2. Loan adjustments for critical rural utility service providers (a) In general Not later than 180 days after the date of enactment of this Act, the borrower of a qualified loan described in subsection (b) may submit to the Secretary of Agriculture (referred to in this section as the Secretary ) a request to adjust the interest rate or modify any other term of the qualified loan, which shall include a report summarizing how the loan adjustment would assist the borrower in providing critical utility services to rural communities. (b) Qualified loan described A qualified loan referred to in subsection (a) is a loan made or guaranteed on or before the date of enactment of this Act under— (1) section 4, 201, 305, 306, or 601 of the Rural Electrification Act of 1936 ( 7 U.S.C. 904 , 922, 935, 936, 950bb); or (2) the program carried out under the matter under the heading Distance Learning, Telemedicine, and Broadband Program in title I of division A of the American Recovery and Reinvestment Act of 2009 ( Public Law 111–5 ; 123 Stat. 118) (commonly known as the Broadband Initiatives Program ). (c) Adjustment of interest rate; modification of loan terms (1) In general On receipt of a request made under subsection (a) with respect to a loan, the Secretary— (A) in the case of a request for an interest rate adjustment, shall adjust the interest rate on the loan to the cost of funds to the Department of the Treasury, as of the date of enactment of this Act, for obligations of comparable maturity to the term remaining on the outstanding balance of the loan or other such higher rate as the borrower may request