Bank loan obtained by the candidate committee
Candidate committees must report bank loans as receipts. Both original loans and payments to reduce principal must be reported on Schedule C for each reporting period until a loan is repaid. A committee that obtains a loan from a bank must also file Schedule C-1 with the first report due after incurring the new loan and each time the terms of the loan are restructured.
The committee must also mail a paper copy of the Schedule C-1, signed by the treasurer and an officer of the lending institution, and a paper copy of the loan agreement signed by an officer of the lending institution that certifies the information provided by the committee is accurate and complies with FEC rules. These documents can be mailed to the Federal Election Commission at the applicable address:
- U.S. Postal Service:
Federal Election Commission
1050 First Street, NE
Washington, DC 20463 - Delivery services:
(For example, FedEx, UPS or DHL)
Federal Election Commission
1050 First Street, NE
Washington, DC 20002
Reporting on the candidate forms
House and Senate committees report bank loans obtained by the committee on Form 3, Line 13(b). The committee must itemize the loan, regardless of the amount.
For example, Martha Washington for Congress obtains a $20,000 loan from the bank.
The committee reports receiving a bank loan for $20,000. The entry on Line 13(b) itemizes the bank’s information, the loan amount, the date the loan was made and the loan’s election designation.
When the committee discloses receiving the loan, it will need to disclose the loan’s details on Schedule C. Schedule C will be filed continuously for each reporting period until the loan is paid off and will show the loan’s original amount, the terms between the bank and the committee, payments made, and the outstanding balance at the close of the reporting period.
Schedule C shows details about the loan, including the loan terms between the bank and the committee. The date the loan was incurred is disclosed along with a due date and interest rate.
The committee must also file a Schedule C-1 to disclose the terms between the committee and the bank or lending institution with the first report due after a new loan has been established. A new Schedule C-1 must also be filed with the report each time the terms of the loan are restructured.
Schedule C-1 shows loan terms between the committee and the bank. This means the loan's due date and interest rate reported on Schedule C-1 should be the same as what is reported on Schedule C and the paper copy of the loan agreement.
Learn more about reporting other forms of candidate support:
Reporting with FECFile
Go to the Loans, Debts and Obligations tab. Click on the “Edit” menu and choose “New.” Then, select “Loan Received (other than from Candidate) [13(b)].” Click the “Schedule C-1” button to enter information about the loan and the terms between the committee and the bank.
