Emergency Coronavirus Relief Act of 2020

116TH CONGRESS
2D SESSION

S. ___

To provide emergency relief to American workers, families,
and small businesses impacted by the COVID-19 pandemic.

IN THE SENATE OF THE UNITED STATES

_____ introduced the following bill; which was read
twice and referred to the Committee on _____

A BILL

To provide emergency relief to American workers, families, and small businesses impacted by the COVID-19 pandemic.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

(a) SHORT TITLE. — This Act may be cited as the "Emergency Coronavirus Relief Act of 2020".

(b) TABLE OF CONTENTS. — The table of contents is as follows:

Sec. 1. Short title; table of contents.

TITLE I — EMERGENCY ASSISTANCE FOR AMERICAN WORKERS AND SMALL BUSINESSES

Subtitle A — Paycheck Protection Program and Other Small Business Support

Sec. 1101. Short title.

Sec. 1102. Small business recovery.

* * *

TITLE III — EMERGENCY ASSISTANCE FOR A STRONG ECONOMIC RECOVERY

Subtitle A — Transportation

* * *

Sec. 3011. Assistance for providers of transportation services affected by COVID–19.

* * *

Subtitle E — CDFI/MDI Community Lenders

* * *

TITLE IV — EMERGENCY ASSISTANCE FOR AMERICAN FAMILIES AND STUDENTS

* * *

Subtitle B — Rental Assistance

Sec. 4101. Coronavirus Relief Fund payments for rental assistance.

* * *

TITLE V — EMERGENCY ASSISTANCE FOR EDUCATIONAL INSTITUTIONS AND CONNECTIVITY

* * *

Subtitle B — K-12 and Higher Education

* * *

TITLE I — EMERGENCY ASSISTANCE FOR AMERICAN WORKERS AND SMALL BUSINESSES

Subtitle A — Paycheck Protection Program and Other Small Business Support

SEC. 1101. SHORT TITLE.

This title may be cited as the "Continuing the Paycheck Protection Program Act".

SEC. 1102. SMALL BUSINESS RECOVERY.

(a) DEFINITIONS. — In this section:

(1) ADMINISTRATION; ADMINISTRATOR. — The terms "Administration" and "Administrator" mean the Small Business Administration and the Administrator thereof, respectively.

(2) SMALL BUSINESS CONCERN. — The term "small business concern" has the meaning given the term in section 3 of the Small Business Act (15 U.S.C. 632).

(b) EMERGENCY RULEMAKING AUTHORITY. — Not later than 30 days after the date of enactment of this Act, the Administrator shall issue regulations to carry out this section and the amendments made by this section without regard to the notice requirements under section 553(b) of title 5, United States Code.

(c) ADDITIONAL ELIGIBLE EXPENSES. —

(1) ALLOWABLE USE OF PPP LOAN. — Section 7(a)(36)(F)(i) of the Small Business Act (15 U.S.C. 636(a)(36)(F)(i)) is amended —

(A) in subclause (VI), by striking "and" at the end;

(B) in subclause (VII), by striking the period at the end and inserting a semicolon; and

(C) by adding at the end the following:

"(VIII) covered operations expenditures, as defined in section 1106(a) of the CARES Act (15 U.S.C. 9005(a));

"(IX) covered property damage costs, as defined in such section 1106(a);

"(X) covered supplier costs, as defined in such section 1106(a); and

"(XI) covered worker protection expenditures, as defined in such section 1106(a).".

(2) LOAN FORGIVENESS. — Section 1106 of the CARES Act (15 U.S.C. 9005) is amended —

(A) in subsection (a) —

(i) by redesignating paragraphs (6), (7), and (8) as paragraphs (10), (11), and (12), respectively;

(ii) by redesignating paragraph (5) as paragraph (8);

(iii) by redesignating paragraph (4) as paragraph (6);

(iv) by redesignating paragraph (3) as paragraph (4);

(v) by inserting after paragraph (2) the following:

"(3) the term 'covered operations expenditure' means a payment for any business software or cloud computing service that facilitates business operations, product or service delivery, the processing, payment, or tracking of payroll expenses, human resources, sales and billing functions, or accounting or tracking of supplies, inventory, records and expenses;";

(vi) by inserting after paragraph (4), as so redesignated, the following:

"(5) the term 'covered property damage cost' means a cost related to property damage and vandalism or looting due to public disturbances that occurred during 2020 that was not covered by insurance or other compensation;";

(vii) by inserting after paragraph (6), as so redesignated, the following:

"(5) the term 'covered supplier cost' means an expenditure made by an entity to a supplier of goods pursuant to a contract, order, or purchase order in effect before the date of disbursement of the covered loan for the supply of goods that are essential to the operations of the entity at the time at which the expenditure is made;";

(viii) by inserting after paragraph (8), as so redesignated, the following:

"(9) the term 'covered worker protection expenditure' —

"(A) means an operating or a capital expenditure that is required to facilitate the adaptation of the business activities of an entity to comply with requirements established or guidance issued by the Department of Health and Human Services, the Centers for Disease Control, or the Occupational Safety and Health Administration during the period beginning on March 1, 2020 and ending on the date on which the national emergency declared by the President under the National Emergencies Act (50 U.S.C. 1601 et seq.) with respect to the Coronavirus Disease 2019 (COVID–19) expires related to the maintenance of standards for sanitation, social distancing, or any other worker or customer safety requirement related to COVID–19;

"(B) may include —

"(i) the purchase, maintenance, or renovation of assets that create or expand —

"(I) a drive-through window facility;

"(II) an indoor, outdoor, or combined air or air pressure ventilation or filtration system;

"(III) a physical barrier such as a sneeze guard;

"(IV) an indoor, outdoor, or combined commercial real property;

"(V) an onsite or offsite health screening capability; or

"(VI) other assets relating to the compliance with the requirements or guidance described in subparagraph (A), as determined by the Administrator in consultation with the Secretary of Health and Human Services and the Secretary of Labor; and

"(ii) the purchase of —

"(I) covered materials described in section 328.103(a) of title 44, Code of Federal Regulations, or any successor regulation;

"(II) particulate filtering facepiece respirators approved by the National Institute for Occupational Safety and Health, including those approved only for emergency use authorization; or

"(III) other kinds of personal protective equipment, as determined by the Administrator in consultation with the Secretary of Health and Human Services and the Secretary of Labor; and

"(C) does not include residential real property or intangible property;"; and

(ix) in paragraph (11), as so redesignated —

(I) in subparagraph (C), by striking "and" at the end;

(II) in subparagraph (D), by striking "and" at the end; and

(III) by adding at the end the following:

"(E) covered operations expenditures;

"(F) covered property damage costs; "(G) covered supplier costs; and

"(H) covered worker protection expenditures; and";

(B) in subsection (b), by adding at the end the following:

"(5) Any covered operations expenditure. "(6) Any covered property damage cost. "(7) Any covered supplier cost.

"(8) Any covered worker protection expenditure.";

(C) in subsection (d)(8), by inserting "any payment on any covered operations expenditure, any payment on any covered property damage cost, any payment on any covered supplier cost, any payment on any covered worker protection expenditure," after "rent obligation,"; and

(D) in subsection (e) —

(i) in paragraph (2), by inserting "payments on covered operations expenditures, payments on covered property damage costs, payments on covered supplier costs, payments on covered worker protection expenditures," after "lease obligations,"; and

(ii) in paragraph (3)(B), by inserting "make payments on covered operations expenditures, make payments on covered property damage costs, make payments on covered supplier costs, make payments on covered worker protection expenditures," after "rent obligation,".

(3) CLARIFICATION OF TREATMENT OF BUSINESS EXPENSES. — Subsection (i) of section 1106 of the CARES Act (15 U.S.C. 9005) is amended —

(A) by striking "1986, any amount" and inserting "1986 —

"(1) any amount";

(B) by striking the period at the end and inserting "; and"; and

(C) by adding at the end the following: "(2) no deduction shall be denied or reduced, no tax attribute shall be reduced, and no basis increase shall be denied, by reason of the exclusion from gross income provided by paragraph (1).".

(4) APPLICABILITY. — The amendments made by paragraphs (1) and (2) of this subsection shall only apply with respect to a loan for which forgiveness is provided under section 1106 of the CARES Act (15 U.S.C. 9005), as amended by this section, after the date of enactment of this Act.

(d) LENDER SAFE HARBOR. — Subsection (h) of section 1106 of the CARES Act (15 U.S.C. 9005) is amended to read as follows:

"(h) HOLD HARMLESS. —

"(1) IN GENERAL. — A lender may rely on all certifications and documentation submitted by an applicant or eligible recipient pursuant to any requirement in statute regarding covered loans, or rules or guidance promulgated to carry out any action relating to covered loans, from an applicant or eligible recipient attesting that the applicant or eligible recipient has accurately verified all documentation provided to the lender.

"(2) NO ENFORCEMENT ACTION. — With respect to a lender that relies on the certifications and documentation described in paragraph (1) relating to a covered loan —

"(A) no enforcement or other action may be taken against the lender relating to loan origination, forgiveness, or guarantee of the covered loan based on such reliance, including claims under —

"(i) the Small Business Act (15 U.S.C. 631 et seq.);

"(ii) sections 3729 through 3733 of title 31, United States Code (commonly known as the 'False Claims Act');

"(iii) the Financial Institutions Reform, Recovery, and Enforcement Act (Public Law 101–73);

"(iv) section 21 of the Federal Deposit Insurance Act (12 U.S.C. 1829b), chapter 2 of title I of Public Law 91–508 (12 U.S.C. 1951 et seq.), and subchapter II of chapter 53 of title 31, United States Code (collectively known as the 'Bank Secrecy Act'); or

"(v) any other Federal, State, or other criminal or civil law or regulation; and

"(B) the lender shall not be subject to any penalties relating to loan origination, forgiveness, or guarantee of the covered loan based on such reliance.".

(e) SELECTION OF COVERED PERIOD FOR FORGIVENESS. —

(1) IN GENERAL. — Section 1106 of the CARES Act (15 U.S.C. 9005) is amended —

(A) by amending paragraph (4) of subsection (a), as so redesignated by subsection (c) of this section, to read as follows:

"(4) the term 'covered period' means the period —

"(A) beginning on the date of the origination of a covered loan; and

"(B) ending on a date selected by the eligible recipient of the covered loan that occurs during the period —

"(i) beginning on the date that is 8 weeks after such date of origination; and

"(ii) ending on the date that is 24 weeks after such date of origination;";

(B) in subsection (d) —

(i) in paragraph (5)(B) —

(I) in clause (i)(II), by striking "December 31, 2020" and inserting "September 30, 2021"; and

(II) in clause (ii)(II), by striking "December 31, 2020" and inserting "September 30, 2021"; and

(ii) in paragraph (7) —

(I) in the matter preceding subparagraph (A), by striking "December 31, 2020" and inserting "September 30, 2021";

(II) in subparagraph (A)(ii), by striking "December 31, 2020" and inserting "September 30, 2021"; and

(III) in subparagraph (B), by striking "December 31, 2020" and inserting "September 30, 2021"; and

(C) by striking subsection (l).

(2) APPLICABILITY. — The amendments made by this subsection shall only apply with respect to a loan for which forgiveness is provided under section 1106 of the CARES Act (15 U.S.C. 9005), as amended by this section, after the date of enactment of this Act.

(f) SIMPLIFIED APPLICATION. — Section 1106 of the CARES Act (15 U.S.C. 9005), as amended by subsection

(e) of this section, is amended —

(1) in subsection (e), in the matter preceding paragraph (1), by striking "An eligible" and inserting "Except as provided in subsection (l), an eligible";

(2) in subsection (f), by inserting "or the information required under subsection (l), as applicable" after "subsection (e)"; and

(3) by adding at the end the following: "(l) SIMPLIFIED APPLICATION. —

"(1) COVERED LOANS UP TO $150,000. —

"(A) IN GENERAL. — Notwithstanding subsection (e), with respect to a covered loan made to an eligible recipient that is not more than $150,000, the covered loan amount shall be forgiven under this section if the eligible recipient submits to the lender a one-page online or paper form, to be established by the Administrator not later than 7 days after the date of enactment of the Continuing the Paycheck Protection Program Act, that attests that the eligible recipient complied with the requirements under section 7(a)(36) of the Small Business Act (15 U.S.C. 636(a)(36)).

"(B) HOLD HARMLESS. — With respect to a lender that relies on an attestation submitted by an eligible recipient under subparagraph (A), no enforcement action may be taken against the lender for any falsehoods contained in the attestation.

"(C) DEMOGRAPHIC INFORMATION. — The online or paper form established by the Administrator under subparagraph (A) shall include a means by which an eligible recipient may, at the discretion of the eligible recipient, submit demographic information of the owner of the eligible recipient, including the sex, race, ethnicity, and veteran status of the owner.

"(2) COVERED LOANS BETWEEN $150,000 AND $2,000,000. —

"(A) IN GENERAL. — Notwithstanding subsection (e), with respect to a covered loan made to an eligible recipient that is more than $150,000 and not more than $2,000,000 —

"(i) the eligible recipient seeking loan forgiveness under this section —

"(I) is not required to submit the supporting documentation described in paragraph (1) or (2) of subsection

(e) or the certification described in subsection (e)(3)(A);

"(II) shall retain —

"(aa) all employment records relevant to the application for loan forgiveness for the 4-year period following submission of the application; and

"(bb) all other supporting documentation relevant to the application for loan forgiveness for the 3-year period following submission of the application; and "(III) may complete and submit any form related to borrower demographic information;

"(ii) review by the lender of an application submitted by the eligible recipient for loan forgiveness under this section shall be limited to whether the lender received a complete application, with all fields completed, initialed, or signed, as applicable; and

"(iii) the lender shall —

"(I) accept the application submitted by the eligible recipient for loan forgiveness under this section; and

"(II) submit the application to the Administrator.

"(B) AUDIT. — The Administrator may —

"(i) review and audit covered loans described in subparagraph (A); and

"(ii) in the case of fraud, ineligibility, or other material noncompliance with applicable loan or loan forgiveness requirements, modify —

"(I) the amount of a covered loan described in subparagraph (A); or

"(II) the loan forgiveness amount with respect to a covered loan described in subparagraph (A).

"(3) AUDIT PLAN. —

"(A) IN GENERAL. — Not later than 30 days after the date of enactment of the Continuing the Paycheck Protection Program Act, the Administrator shall submit to the Committee on Small Business and Entrepreneurship of the Senate and the Committee on Small Business of the House of Representatives an audit plan that details —

"(i) the policies and procedures of the Administrator for conducting reviews and audits of covered loans; and

"(ii) the metrics that the Administrator shall use to determine which covered loans will be audited for each category of covered loans described in paragraphs (1) and (2).

"(B) REPORTS. — Not later than 30 days after the date on which the Administrator submits the audit plan required under subparagraph (A), and each month thereafter, the Administrator shall submit to the Committee on Small Business and Entrepreneurship of the Senate and the Committee on Small Business of the House of Representatives a report on the review and audit activities of the Administrator under this subsection, which shall include —

"(i) the number of active reviews and audits;

"(ii) the number of reviews and audits that have been ongoing for more than 60 days; and

"(iii) any substantial changes made to the audit plan submitted under subparagraph (A).

"(m) ENFORCEMENT ACTION AGAINST BORROWERS FOR COVERED LOANS UP TO $150,000. —

"(1) IN GENERAL. — The Administrator may only pursue an enforcement action or penalty relating to loan origination, forgiveness, or guarantee of a covered loan against the recipient of a covered loan of not more than $150,000 that is eligible to receive a covered loan under the requirements under section 7(a)(36) of the Small Business Act (15 U.S.C. 636(a)(36)) if the recipient —

"(A) commits fraud; or

"(B) expends covered loan proceeds on expenses that are not allowable under section 7(a)(36)(F) of the Small Business Act (15 U.S.C. 636(a)(36)(F)).

"(2) USE FOR ORDINARY AND NECESSARY BUSINESS EXPENSES. — For purposes of an enforcement action or penalty relating to the expenditure of the proceeds on a covered loan that is not more than $150,000 for the other allowable uses of a loan under section 7(a) of the Small Business Act (15 U.S.C. 636(a)) that are not specified in subclauses

(I) through (XI) of paragraph (36)(F), as authorized under the matter preceding subclause (I) in such paragraph (36)(F), the Administrator may apply the standards and procedures that the Administrator would apply with respect to a loan under another paragraph of such section 7(a).

"(3) ENFORCEMENT AND PENALTIES FOR INELIGIBLE RECIPIENTS. — Nothing in this subsection shall be construed to limit the authority of the Administrator to pursue an enforcement action or penalty with respect to the recipient of a covered loan that was not eligible to receive a covered loan under the requirements under section 7(a)(36) of the Small Business Act (15 U.S.C. 636(a)(36)).".

(g) GROUP INSURANCE PAYMENTS AS PAYROLL COSTS. — Section 7(a)(36)(A)(viii)(I)(aa)(EE) of the Small Business Act (15 U.S.C. 636(a)(36)(A)(viii)(I)(aa)(EE)) is amended by inserting "and other group insurance" before "benefits".

(h) DEMOGRAPHIC INFORMATION. — Not later than 5 days after the date of enactment of this Act, the Administrator shall issue an updated loan origination application for initial covered loans under paragraph (36) of section 7(a) of the Small Business Act (15 U.S.C. 636(a)), as amended by this Act, and issue a loan origination application for second draw loans under paragraph (37) of such section, as added by this Act, to include a means by which an applicant may, at the discretion of the applicant, submit demographic information, including the sex, race, ethnicity, and veteran status of the owner of the applicant.

(i) PAYCHECK PROTECTION PROGRAM SECOND DRAW LOANS. — Section 7(a) of the Small Business Act (15 U.S.C. 636(a)) is amended by adding at the end the following:

"(37) PAYCHECK PROTECTION PROGRAM SECOND DRAW LOANS. —

"(A) DEFINITIONS. — In this paragraph —

"(i) the terms 'community financial institutions', 'credit union', 'eligible selfemployed individual', 'insured depository institution', 'nonprofit organization', 'payroll costs', 'seasonal employer', and 'veterans organization' have the meanings given those terms in paragraph (36), except that 'eligible entity' shall be substituted for 'eligible recipient' each place it appears in the definitions of those terms;

"(ii) the term 'covered loan' means a loan made under this paragraph;

"(iii) the terms 'covered mortgage obligation', 'covered operating expenditure', 'covered property damage cost', 'covered rent obligation', 'covered supplier cost', 'covered utility payment', and 'covered worker protection expenditure' have the meanings given those terms in section 1106(a) of the CARES Act (15 U.S.C. 9005(a));

"(iv) the term 'covered period' means the period beginning on the date of the origination of a covered loan and ending on March 31, 2021;

"(v) the term 'eligible entity' —

"(I) means any business concern, nonprofit organization, veterans organization, Tribal business concern, eligible self-employed individual, sole proprietor, independent contractor, or small agricultural cooperative that attests that it has used or will use on or before the expected date of the disbursement of the covered loan under this paragraph, the full amount of the loan received under paragraph (36) and that —

"(aa)(AA) with respect to a business concern, would qualify as a small business concern by the annual receipts size standard (if applicable) established by section 121.201 of title 13, Code of Federal Regulations, or any successor regulation; or

"(BB) if the entity does not qualify as a small business concern, meets the alternative size standard established under section 3(a)(5);

"(bb) employs not more than 300 employees; and

"(cc)(AA) except as provided in subitems (BB), (CC), and (DD), had gross receipts during the first, second, third, or, only with respect to an application submitted on or after January 1, 2021, fourth quarter in 2020, that demonstrate not less than a 30 percent reduction from the gross receipts of the entity during the same quarter in 2019;

"(BB) if the entity was not in business during the first or second quarter of 2019, but was in business during the third and fourth quarter of 2019, had gross receipts during the first, second, or third quarter of 2020 that demonstrate not less than a 30 percent reduction from the gross receipts of the entity during the third or fourth quarter of 2019;

"(CC) if the entity was not in business during the first, second, or third quarter of 2019, but was in business during the fourth quarter of 2019, had gross receipts during the first, second, or third quarter of 2020 that demonstrate not less than a 30 percent reduction from the gross receipts of the entity during the fourth quarter of 2019; or

"(DD) if the entity was not in business during 2019, but was in operation on February 15, 2020, had gross receipts during the second or third quarter of 2020 that demonstrate not less than a 30 percent reduction from the gross receipts of the entity during the first quarter of 2020; "(II) includes an organization described in subparagraph (D)(vii) of paragraph (36) that is eligible to receive a loan under that paragraph and that meets the requirements described in items (aa) and (cc) of subclause (I); and

"(III) does not include —

"(aa) an issuer, the securities of which are listed on an exchange registered a national securities exchange under section 6 of the Securities Exchange Act of 1934 (15 U.S.C. 78f);

"(bb) any entity that —

"(AA) is a type of business concern described in subsection (b), (c), (d), (e), (f), (h), (l) (m), (p), (q), (r), or (s) of section 120.110 of title 13, Code of Federal Regulations, or any successor regulation;

"(BB) is a type of business concern described in section 120.110(g) of title 13, Code of Federal Regulations, or any successor regulation, except as otherwise provided in the interim final rule of the Administration entitled 'Business Loan Program Temporary Changes; Paycheck Protection Program — Additional Eligibility Criteria and Requirements for Certain Pledges of Loans' (85 Fed. Reg. 21747 (April 20, 2020));

"(CC) is a type of business concern described in section 120.110(i) of title 13, Code of Federal Regulations, or any successor regulation, except if the business concern is an organization described in paragraph (36)(D)(vii);

"(DD) is a type of business concern described in section 120.110(j) of title 13, Code of Federal Regulations, or any successor regulation, except as otherwise provided in the interim final rules of the Administration entitled 'Business Loan Program Temporary Changes; Paycheck Protection Program — Eligibility of Certain Electric Cooperatives' (85 Fed. Reg. 29847 (May 19, 2020)) and 'Business Loan Program Temporary Changes; Paycheck Protection Program — Eligibility of Certain Telephone Cooperatives' (85 Fed. Reg. 35550 (June 11, 2020)) or any other guidance or rule issued or that may be issued by the Administrator;

"(EE) is a type of business concern described in section 120.110(n) of title 13, Code of Federal Regulations, or any successor regulation, except as otherwise provided in the interim final rule of the Administration entitled 'Business Loan Program Temporary Changes; Paycheck Protection Program — Additional Eligibility Revisions to First Interim Final Rule' (85 Fed. Reg. 38301 (June 26, 2020)) or any other guidance or rule issued or that may be issued by the Administrator;

"(FF) is a type of business concern described in section 120.110(o) of title 13, Code of Federal Regulations, or any successor regulation, except as otherwise provided in any guidance or rule issued or that may be issued by the Administrator; or

"(GG) is an entity that would be described in the subsections listed in subitems (AA) through (FF) if the entity were a business concern; or

"(HH) is assigned, or was approved for a loan under paragraph (36) with, a North American Industry Classification System code beginning with 52;

"(cc) any business concern or entity primarily engaged in political or lobbying activities, which shall include any entity that is organized for research or for engaging in advocacy in areas such as public policy or political strategy or otherwise describes itself as a think tank in any public documents;

"(dd) any business concern or entity —

"(AA) for which an entity created in or organized under the laws of the People's Republic of China or the Special Administrative Region of Hong Kong, or that has significant operations in the People's Republic of China or the Special Administrative Region of Hong Kong, owns or holds, directly or indirectly, not less than 20 percent of the economic interest of the business concern or entity, including as equity shares or a capital or profit interest in a limited liability company or partnership; or

"(BB) that retains, as a member of the board of directors of the business concern, a person who is a resident of the People's Republic of China; or

"(ee) any person required to submit a registration statement under section 2 of the Foreign Agents Registration Act of 1938 (22 U.S.C. 612);

"(vi) the terms 'exchange', 'issuer', and 'security' have the meanings given those terms in section 3(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)); and

"(vii) the term 'Tribal business concern' means a Tribal business concern described in section 31(b)(2)(C).

"(B) LOANS. — Except as otherwise provided in this paragraph, the Administrator may guarantee covered loans to eligible entities under the same terms, conditions, and processes as a loan made under paragraph (36).

"(C) MAXIMUM LOAN AMOUNT. —

"(i) IN GENERAL. — Except as otherwise provided in this subparagraph, the maximum amount of a covered loan made to an eligible entity is the lesser of —

"(I) the product obtained by multiplying —

"(aa) at the election of the eligible entity, the average total monthly payment for payroll costs incurred or paid by the eligible entity during —

"(AA) the 1-year period before the date on which the loan is made; or

"(BB) calendar year 2019; by

"(bb) 2.5; or

"(II) $2,000,000.

"(ii) SEASONAL EMPLOYERS. — The maximum amount of a covered loan made to an eligible entity that is a seasonal employer is the lesser of —

"(I) the product obtained by multiplying —

"(aa) at the election of the eligible entity, the average total monthly payments for payroll costs incurred or paid by the eligible entity for a 12-week period beginning February 15, 2019, or March 1, 2019, and ending June 30, 2019, or at the election of the eligible recipient, any consecutive 12-week period during the period beginning on February 15, 2020 and ending on December 31, 2020; by

"(bb) 2.5; or

"(II) $2,000,000.

"(iii) NEW ENTITIES. — The maximum amount of a covered loan made to an eligible entity that did not exist during the 1year period preceding February 15, 2020 is the lesser of —

"(I) the product obtained by multiplying —

"(aa) the quotient obtained by dividing —

"(AA) the sum of the total monthly payments by the eligible entity for payroll costs paid or incurred by the eligible entity as of the date on which the eligible entity applies for the covered loan; by

"(BB) the number of months in which those payroll costs were paid or incurred; by

"(bb) 2.5; or

"(II) $2,000,000.

"(iv) LIMITATIONS FOR BUSINESS CONCERNS WITH MORE THAN 1 PHYSICAL LOCATION. — With respect to an eligible entity with more than 1 physical location —

"(I) the total amount of all covered loans shall be not more than $2,000,000; and

"(II) in applying this paragraph, the Administrator shall substitute 'not more than 300 employees per physical location' for the term 'not more than 500 employees per physical location' in paragraph (36)(D)(iii).

"(v) LOAN NUMBER LIMITATION. — An eligible entity may only receive 1 covered loan.

"(vi) 90 DAY RULE FOR MAXIMUM LOAN AMOUNT FOR INITIAL AND SECOND DRAW PPP LOANS. — The maximum aggregate loan amount of loans guaranteed under this paragraph or paragraph (36) of this subsection that are approved for an eligible entity (including any affiliates) within 90 days of approval of another loan under this paragraph or paragraph (36) of this subsection for the eligible entity (including any affiliates) shall not exceed $10,000,000.

"(D) EXCEPTION FROM CERTAIN CERTIFICATION REQUIREMENTS. — An eligible entity applying for a covered loan shall not be required to make the certification described in clause (i) or (iv) of paragraph (36)(G).

"(E) FEE WAIVER. — With respect to a covered loan —

"(i) in lieu of the fee otherwise applicable under paragraph (23)(A), the Administrator shall collect no fee; and

"(ii) in lieu of the fee otherwise applicable under paragraph (18)(A), the Administrator shall collect no fee.

"(F) ELIGIBLE CHURCHES AND RELIGIOUS ORGANIZATIONS. —

"(i) SENSE OF CONGRESS. — It is the sense of Congress that the interim final rule of the Administration entitled 'Business Loan Program Temporary Changes; Paycheck Protection Program' (85 Fed. Reg. 20817 (April 15, 2020)) properly clarified the eligibility of churches and religious organizations for loans made under paragraph (36).

"(ii) APPLICABILITY OF PROHIBITION. — The prohibition on eligibility established by section 120.110(k) of title 13, Code of Federal Regulations, or any successor regulation, shall not apply to a covered loan.

"(G) GROSS RECEIPTS FOR NONPROFIT AND VETERANS ORGANIZATIONS. — For purposes of calculating gross receipts under subparagraph (A)(v)(I)(cc) for an eligible entity that is a nonprofit organization, a veterans organization, or an organization described in subparagraph (A)(v)(II), gross receipts —

"(i) shall include proceeds from program services, fundraising events, federated campaigns, gifts, donor-advised funds, and funds from similar sources; and

"(ii) shall not include —

"(I) Federal grants (excluding any loan forgiveness on loans received under paragraph (36) or this paragraph);

"(II) revenues from a supporting organization;

"(III) grants from private foundations that are disbursed over the course of more than 1 calendar year;

"(IV) any contribution of property other than money, stocks, bonds, and other securities, provided that the non-cash contribution is not sold by the organization in a transaction unrelated to the tax-exempt purpose of the organization; or

"(V) any loan proceeds from a loan made under paragraph (36).

"(H) LOAN FORGIVENESS. —

"(i) IN GENERAL. — Except as otherwise provided in this subparagraph, an eligible entity shall be eligible for forgiveness of indebtedness on a covered loan in the same manner as an eligible recipient with respect to a loan made under paragraph (36), as described in section 1106 of the CARES Act (15 U.S.C. 9005).

"(ii) FORGIVENESS AMOUNT. — An eligible entity shall be eligible for forgiveness of indebtedness on a covered loan in an amount equal to the sum of the following costs incurred or expenditures made during the covered period:

"(I) Payroll costs.

"(II) Any payment of interest on any covered mortgage obligation (which shall not include any prepayment of or payment of principal on a covered mortgage obligation).

"(III) Any covered operations expenditure.

"(IV) Any covered property damage cost.

"(V) Any payment on any covered rent obligation.

"(VI) Any covered utility payment.

"(VII) Any covered supplier cost. "(VIII) Any covered worker protection expenditure.

"(iii) LIMITATION ON FORGIVENESS FOR ALL ELIGIBLE ENTITIES. — The forgiveness amount under this subparagraph shall be equal to the lesser of —

"(I) the amount described in clause (ii); and

"(II) the amount equal to the quotient obtained by dividing —

"(aa) the amount of the covered loan used for payroll costs during the covered period; and

"(bb) 0.60.

"(I) LENDER ELIGIBILITY. — Except as otherwise provided in this paragraph, a lender approved to make loans under paragraph (36) may make covered loans under the same terms and conditions as in paragraph (36).

"(J) REIMBURSEMENT FOR LOAN PROCESSING AND SERVICING. — The Administrator shall reimburse a lender authorized to make a covered loan in an amount that is —

"(i) 3 percent of the principal amount of the financing of the covered loan up to $350,000; and

"(ii) 1 percent of the principal amount of the financing of the covered loan above $350,000, if applicable.

"(K) SET ASIDE FOR SMALL ENTITIES. —

"(i) IN GENERAL. — Not less than $25,000,000,000 of the total amount of covered loans guaranteed by the Administrator shall be made to eligible entities with not more than 10 employees as of February 15, 2020.

"(ii) WEEKLY ESTIMATES. — The Administrator and the Secretary of the Treasury shall jointly submit to Congress a weekly estimate of the number and amounts of covered loans made to eligible entities described in clause (i).

"(L) SET ASIDE FOR COMMUNITY FINANCIAL INSTITUTIONS, SMALL INSURED DEPOSITORY INSTITUTIONS, CREDIT UNIONS, AND FARM CREDIT SYSTEM INSTITUTIONS. —

"(i) IN GENERAL. — Not less than $10,000,000,000 of the total amount of covered loans guaranteed by the Administrator shall be made by —

"(I) community financial institutions;

"(II) insured depository institutions with consolidated assets of less than $10,000,000,000;

"(III) credit unions with consolidated assets of less than $10,000,000,000; and

"(IV) institutions of the Farm Credit System chartered under the Farm Credit Act of 1971 (12 U.S.C. 2001 et seq.) with consolidated assets of less than $10,000,000,000 (not including the Federal Agricultural Mortgage Corporation).

"(ii) WEEKLY ESTIMATES. — The Administrator and the Secretary of the Treasury shall jointly submit to Congress a weekly estimate of the number and amounts of covered loans made by lenders described in clause (i).

"(M) PUBLICATION OF GUIDANCE. — Not later than 10 days after the date of enactment of this paragraph, the Administrator shall issue guidance addressing barriers to accessing capital for minority, underserved, veteran, and women-owned business concerns for the purpose of ensuring equitable access to covered loans.

"(N) STANDARD OPERATING PROCEDURE. — The Administrator shall, to the maximum extent practicable, allow a lender approved to make covered loans to use existing program guidance and standard operating procedures for loans made under this subsection.

"(O) PROHIBITION ON USE OF PROCEEDS FOR LOBBYING ACTIVITIES. — None of the proceeds of a covered loan may be used for —

"(i) lobbying activities, as defined in section 3 of the Lobbying Disclosure Act of 1995 (2 U.S.C. 1602);

"(ii) lobbying expenditures related to a State or local election; or

"(iii) expenditures designed to influence the enactment of legislation, appropriations, regulation, administrative action, or Executive order proposed or pending before Congress or any State government, State legislature, or local legislature or legislative body.

"(P) SUPPLEMENTAL COVERED LOANS. — A covered loan under this paragraph may only be made to an eligible entity that —

"(i) has received a loan under paragraph (36); and

"(ii) on or before the expected date on which the covered loan under this paragraph is disbursed to the eligible entity, has used, or will use, the full amount of the loan received under paragraph (36).".

(j) CONTINUED ACCESS TO THE PAYCHECK PROTECTION PROGRAM. —

(1) IN GENERAL. — Section 7(a)(36)(E)(ii) of the Small Business Act (15 U.S.C. 636(a)(36)(E)(ii)) is amended by striking "$10,000,000" and inserting "$2,000,000".

(2) APPLICABILITY OF MAXIMUM LOAN AMOUNT CALCULATION. —

(A) DEFINITIONS. — In this paragraph, the terms "covered loan" and "eligible recipient" have the meanings given those terms in section 7(a)(36) of the Small Business Act (15 U.S.C. 636(a)(36)).

(B) APPLICABILITY. — The amendment made by paragraph (1) shall apply only with respect to a covered loan applied for by an eligible recipient on or after the date of enactment of this Act.

(k) INCREASED ABILITY FOR PAYCHECK PROTECTION PROGRAM BORROWERS TO REQUEST AN INCREASE IN LOAN AMOUNT DUE TO UPDATED REGULATIONS. —

(1) DEFINITIONS. — In this subsection, the terms "covered loan" and "eligible recipient" have the meanings given those terms in section 7(a)(36) of the Small Business Act (15 U.S.C. 636(a)(36)).

(2) INCREASED AMOUNT. — Notwithstanding the interim final rule issued by the Administration entitled "Business Loan Program Temporary Changes; Paycheck Protection Program — Loan Increases" (85 Fed. Reg. 29842 (May 19, 2020)), an eligible recipient of a covered loan that is eligible for an increased covered loan amount as a result of any interim final rule that allows for covered loan increases may submit a request for an increase in the covered loan amount even if —

(A) the initial covered loan amount has been fully disbursed; or

(B) the lender of the initial covered loan has submitted to the Administration a Form 1502 report related to the covered loan.

(l) CALCULATION OF MAXIMUM LOAN AMOUNT FOR FARMERS AND RANCHERS UNDER THE PAYCHECK PROTECTION PROGRAM. —

(1) IN GENERAL. — Section 7(a)(36) of the Small Business Act (15 U.S.C. 636(a)(36)), as amended by subsection (j) of this section, is amended —

(A) in subparagraph (E), in the matter preceding clause (i), by striking "During" and inserting "Except as provided in subparagraph (T), during"; and

(B) by adding at the end the following:

"(T) CALCULATION OF MAXIMUM LOAN AMOUNT FOR FARMERS AND RANCHERS. —

"(i) DEFINITION. — In this subparagraph, the term 'covered recipient' means an eligible recipient that —

"(I) operates as a sole proprietorship or as an independent contractor, or is an eligible self-employed individual;

"(II) reports farm income or expenses on a Schedule F (or any equivalent successor schedule); and

"(III) was in business during the period beginning on February 15, 2019 and ending on June 30, 2019.

"(ii) NO EMPLOYEES. — With respect to covered recipient without employees, the maximum covered loan amount shall be the lesser of —

"(I) the sum of —

"(aa) the product obtained by multiplying —

"(AA) the gross income of the covered recipient in 2019, as reported on a Schedule F (or any equivalent successor schedule), that is not more than $100,000, divided by 12; and

"(BB) 2.5; and

"(bb) the outstanding amount of a loan under subsection (b)(2) that was made during the period beginning on January 31, 2020 and ending on April 3, 2020 that the borrower intends to refinance under the covered loan, not including any amount of any advance under the loan that is not required to be repaid; or

"(II) $2,000,000.

"(iii) WITH EMPLOYEES. — With respect to a covered recipient with employees, the maximum covered loan amount shall be calculated using the formula described in subparagraph (E), except that the gross income of the covered recipient described in clause (ii)(I)(aa)(AA) of this subparagraph, as divided by 12, shall be added to the sum calculated under subparagraph (E)(i)(I).

"(iv) RECALCULATION. — A lender that made a covered loan to a covered recipient before the date of enactment of this subparagraph may, at the request of the covered recipient —

"(I) recalculate the maximum loan amount applicable to that covered loan based on the formula described in clause (ii) or (iii), as applicable, if doing so would result in a larger covered loan amount; and

"(II) provide the covered recipient with additional covered loan amounts based on that recalculation.".

(m) FARM CREDIT SYSTEM INSTITUTIONS. —

(1) DEFINITION OF FARM CREDIT SYSTEM INSTITUTION. — In this subsection, the term "Farm Credit System institution" —

(A) means an institution of the Farm Credit System chartered under the Farm Credit Act of 1971 (12 U.S.C. 2001 et seq.); and

(B) does not include the Federal Agricultural Mortgage Corporation.

(2) FACILITATION OF PARTICIPATION IN PPP AND SECOND DRAW LOANS. —

(A) APPLICABLE RULES. — Solely with respect to loans under paragraphs (36) and (37) of section 7(a) of the Small Business Act (15 U.S.C. 636(a)), Farm Credit Administration regulations and guidance issued as of July 14, 2020, and compliance with such regulations and guidance, shall be deemed functionally equivalent to requirements referenced in section 3(a)(iii)(II) of the interim final rule of the Administration entitled "Business Loan Program Temporary Changes; Paycheck Protection Program" (85 Fed. Reg. 20811 (April 15, 2020)) or any similar requirement referenced in that interim final rule in implementing such paragraph (37).

(B) APPLICABILITY OF CERTAIN LOAN REQUIREMENTS. — For purposes of making loans under paragraph (36) or (37) of section 7(a) of the Small Business Act (15 U.S.C. 636(a)) or forgiving those loans in accordance with section 1106 of the CARES Act (15 U.S.C. 9005) and subparagraph (H) of such paragraph (37), sections 4.13, 4.14, and 4.14A of the Farm Credit Act of 1971 (12 U.S.C. 2199, 2202, 2202a) (including regulations issued under those sections) shall not apply.

(C) RISK WEIGHT. —

(i) IN GENERAL. — With respect to the application of Farm Credit Administration capital requirements, a loan described in clause (ii) —

(I) shall receive a risk weight of zero percent; and

(II) shall not be included in the calculation of any applicable leverage ratio or other applicable capital ratio or calculation.

(ii) LOANS DESCRIBED. — A loan referred to in clause (i) is —

(I) a loan made by a Farm Credit Bank described in section 1.2(a) of the Farm Credit Act of 1971 (12 U.S.C. 2002(a)) to a Federal Land Bank Association, a Production Credit Association, or an agricultural credit association described in that section to make loans under paragraph (36) or (37) of section 7(a) of the Small Business Act (15 U.S.C. 636(a)) or forgive those loans in accordance with section 1106 of the CARES Act (15 U.S.C. 9005) and subparagraph (H) of such paragraph (37); or

(II) a loan made by a Federal Land Bank Association, a Production Credit Association, an agricultural credit association, or the bank for cooperatives described in section 1.2(a) of the Farm Credit Act of 1971 (12 U.S.C. 2002(a)) under paragraph (36) or (37) of section 7(a) of the Small Business Act (15 U.S.C. 636(a)).

(D) RESERVATION OF LOAN GUARANTEES. — Section 7(a)(36)(S) of the Small Business Act (15 U.S.C. 636(a)(36)(S)) is amended —

(i) in clause (i) —

(I) in subclause (I), by striking "and" at the end;

(II) in subclause (II), by striking the period at the end and inserting "; and"; and

(III) by adding at the end the following:

"(III) institutions of the Farm Credit System chartered under the Farm Credit Act of 1971 (12 U.S.C. 2001 et seq.) with consolidated assets of not less than $10,000,000,000 and less than $50,000,000,000."; and

(ii) in clause (ii) —

(I) in subclause (II), by striking "and" at the end;

(II) in subclause (III), by striking the period at the end and inserting "; and"; and

(III) by adding at the end the following:

"(IV) institutions of the Farm Credit System chartered under the Farm Credit Act of 1971 (12 U.S.C. 2001 et seq.) with consolidated assets of less than $10,000,000,000.".

(n) DEFINITION OF SEASONAL EMPLOYER. —

(1) PPP LOANS. — Section 7(a)(36)(A) of the Small Business Act (15 U.S.C. 636(a)(36)(A)) is amended —

(A) in clause (xi), by striking "and" at the end;

(B) in clause (xii), by striking the period at the end and inserting "; and"; and

(C) by adding at the end the following: "(xiii) the term 'seasonal employer' means an eligible recipient that —

"(I) does not operate for more than 7 months in any calendar year; or

"(II) during the preceding calendar year, had gross receipts for any 6 months of that year that were not more than 33.33 percent of the gross receipts of the employer for the other 6 months of that year.".

(2) LOAN FORGIVENESS. — Paragraph (12) of section 1106(a) of the CARES Act (15 U.S.C. 9005(a)), as so redesignated by subsection (c)(2) of this section, is amended to read as follows:

"(12) the terms 'payroll costs' and 'seasonal employer' have the meanings given those terms in section 7(a)(36) of the Small Business Act (15 U.S.C. 636(a)(36)).".

(o) ELIGIBILITY OF 501(C)(6) ORGANIZATIONS FOR LOANS UNDER THE PAYCHECK PROTECTION PROGRAM. — Section 7(a)(36)(D) of the Small Business Act (15 U.S.C. 636(a)(36)(D)) is amended —

(1) in clause (v), by inserting "or whether an organization described in clause (vii) employs not more than 150 employees," after "clause (i)(I),";

(2) in clause (vi), by inserting ", an organization described in clause (vii)," after "nonprofit organization"; and

(3) by adding at the end the following:

"(vii) ELIGIBILITY FOR CERTAIN 501(C)(6) ORGANIZATIONS. —

"(I) IN GENERAL. — Except as provided in subclause (II), any organization that is described in section 501(c)(6) of the Internal Revenue Code and that is exempt from taxation under section 501(a) of such Code (excluding professional sports leagues and organizations with the purpose of promoting or participating in a political campaign or other activity) shall be eligible to receive a covered loan if —

"(aa) the organization does not receive more than 10 percent of its receipts from lobbying activities;

"(bb) the lobbying activities of the organization do not comprise more than 10 percent of the total activities of the organization; and

"(cc) the organization employs not more than 150 employees.

"(II) DESTINATION MARKETING ORGANIZATIONS. — Notwithstanding subclause (I), during the covered period, any destination marketing organization shall be eligible to receive a covered loan if —

"(aa) the destination marketing organization does not receive more than 10 percent of its receipts from lobbying activities;

"(bb) the lobbying activities of the destination marketing organization do not comprise more than 10 percent of the total activities of the organization;

"(cc) the destination marketing organization employs not more than 150 employees; and

"(dd) the destination marketing organization —

"(AA) is described in section 501(c) of the Internal Revenue Code and is exempt from taxation under section 501(a) of such Code; or

"(BB) is a quasi-governmental entity or is a political subdivision of a State or local government, including any instrumentality of those entities.".

(p) PROHIBITION ON USE OF LOAN PROCEEDS FOR LOBBYING ACTIVITIES. — Section 7(a)(36)(F) of the Small Business Act (15 U.S.C. 636(a)(36)(F)) is amended by adding at the end the following:

"(vi) PROHIBITION. — None of the proceeds of a covered loan may be used for —

"(I) lobbying activities, as defined in section 3 of the Lobbying Disclosure Act of 1995 (2 U.S.C. 1602);

"(II) lobbying expenditures related to a State or local election; or

"(III) expenditures designed to influence the enactment of legislation, appropriations, regulation, administrative action, or Executive order proposed or pending before Congress or any State government, State legislature, or local legislature or legislative body.".

(q) EFFECTIVE DATE; APPLICABILITY. — The amendments made to paragraph (36) of section 7(a) of the Small Business Act (15 U.S.C. 636(a)) and title I of the CARES Act (Public Law 116–136) under this section shall be effective as if included in the CARES Act and shall apply to any loan made pursuant to section 7(a)(36) of the Small Business Act (15 U.S.C. 636(a)(36)).

(r) BANKRUPTCY PROVISIONS. —

(1) IN GENERAL. — Section 364 of title 11, United States Code, is amended by adding at the end the following:

"(g)(1) The court, after notice and a hearing, may authorize a debtor in possession or a trustee that is authorized to operate the business of the debtor under section 1183, 1184, 1203, 1204, or 1304 of this title to obtain a loan under paragraph (36) or (37) of section 7(a) of the Small Business Act (15 U.S.C. 636(a)), and such loan shall be treated as a debt to the extent the loan is not forgiven in accordance with section 1106 of the CARES Act (15 U.S.C. 9005) or subparagraph (H) of such paragraph (37), as applicable, with priority equal to a claim of the kind specified in subsection (c)(1) of this section.

"(2) The trustee may incur debt described in paragraph (1) notwithstanding any provision in a contract, prior order authorizing the trustee to incur debt under this section, prior order authorizing the trustee to use cash collateral under section 363, or applicable law that prohibits the debtor from incurring additional debt.

"(3) The court shall hold a hearing within 7 days after the filing and service of the motion to obtain a loan described in paragraph (1). Notwithstanding the Federal Rules of Bankruptcy Procedure, at such hearing, the court may grant relief on a final basis.".

(2) ALLOWANCE OF ADMINISTRATIVE EXPENSES. — Section 503(b) of title 11, United States Code, is amended —

(A) in paragraph (8)(B), by striking "and" at the end;

(B) in paragraph (9), by striking the period at the end and inserting "; and"; and

(C) by adding at the end the following:

"(10) any debt incurred under section 364(g)(1) of this title.".

(3) CONFIRMATION OF PLAN FOR REORGANIZATION. — Section 1191 of title 11, United States Code, is amended by adding at the end the following:

"(f) SPECIAL PROVISION RELATED TO COVID–19 PANDEMIC. — Notwithstanding section 1129(a)(9)(A) of this title and subsection (e) of this section, a plan that provides for payment of a claim of a kind specified in section 503(b)(10) of this title may be confirmed under subsection (b) of this section if the plan proposes to make payments on account of such claim when due under the terms of the loan giving rise to such claim.".

(4) CONFIRMATION OF PLAN FOR FAMILY FARMERS AND FISHERMEN. — Section 1225 of title 11, United States Code, is amended by adding at the end the following:

"(d) Notwithstanding section 1222(a)(2) of this title and subsection (b)(1) of this section, a plan that provides for payment of a claim of a kind specified in section 503(b)(10) of this title may be confirmed if the plan proposes to make payments on account of such claim when due under the terms of the loan giving rise to such claim.".

(5) CONFIRMATION OF PLAN FOR INDIVIDUALS. — Section 1325 of title 11, United States Code, is amended by adding at the end the following:

"(d) Notwithstanding section 1322(a)(2) of this title and subsection (b)(1) of this section, a plan that provides for payment of a claim of a kind specified in section 503(b)(10) of this title may be confirmed if the plan proposes to make payments on account of such claim when due under the terms of the loan giving rise to such claim.".

(6) EFFECTIVE DATE; SUNSET. —

(A) EFFECTIVE DATE. — The amendments made by paragraphs (1) through (5) shall —

(i) take effect on the date on which the Administrator submits to the Director of the Executive Office for United States Trustees a written determination that, subject to satisfying any other eligibility requirements, any debtor in possession or trustee that is authorized to operate the business of the debtor under section 1183, 1184, 1203, 1204, or 1304 of title 11, United States Code, would be eligible for a loan under paragraphs (36) and (37) of section 7(a) of the Small Business Act (15 U.S.C. 636(a)); and

(ii) apply to any case pending on or commenced on or after the date described in clause (i).

(B) SUNSET. —

(i) IN GENERAL. — If the amendments made by this subsection take effect under subparagraph (A), effective on the date that is 2 years after the date of enactment of this Act —

(I) section 364 of title 11, United States Code, is amended by striking subsection (g);

(II) section 503(b) of title 11, United States Code, is amended —

(aa) in paragraph (8)(B), by adding "and" at the end;

(bb) in paragraph (9), by striking "; and" at the end and inserting a period; and

(cc) by striking paragraph (10);

(III) section 1191 of title 11, United States Code, is amended by striking subsection (f);

(IV) section 1225 of title 11, United States Code, is amended by striking subsection (d); and

(V) section 1325 of title 11, United States Code, is amended by striking subsection (d).

(ii) APPLICABILITY. — Notwithstanding the amendments made by clause (i) of this subparagraph, if the amendments made by paragraphs (1), (2), (3), (4), and (5) take effect under subparagraph (A) of this paragraph, such amendments shall apply to any case under title 11, United States Code, commenced before the date that is 2 years after the date of enactment of this Act.

(s) OVERSIGHT. —

(1) COMPLIANCE WITH OVERSIGHT REQUIREMENTS. —

(A) IN GENERAL. — Except as provided in subparagraph (B), on and after the date of enactment of this Act, the Administrator shall comply with any data or information requests or inquiries made by the Comptroller General of the United States not later than 15 days (or such later date as the Comptroller General may specify) after receiving the request or inquiry.

(B) EXCEPTION. — If the Administrator is unable to comply with a request or inquiry described in subparagraph (A) before the applicable date described in that subparagraph, the Administrator shall, before such applicable date, submit to the Committee on Small Business and Entrepreneurship of the Senate and the Committee on Small Business of the House of Representatives a notification that includes a detailed justification for the inability of the Administrator to comply with the request or inquiry.

(2) TESTIMONY. — Not later than the date that is 30 days after the date of enactment of this Act, and every quarter thereafter until the date that is 2 years after the date of enactment of this Act, the Administrator and the Secretary of the Treasury shall testify before the Committee on Small Business and Entrepreneurship of the Senate and the Committee on Small Business of the House of Representatives regarding implementation of this section and the amendments made by this section.

(t) CONFLICTS OF INTEREST. —

(1) DEFINITIONS. — In this subsection:

(A) CONTROLLING INTEREST. — The term "controlling interest" means owning, controlling, or holding not less than 20 percent, by vote or value, of the outstanding amount of any class of equity interest in an entity.

(B) COVERED ENTITY. —

(i) DEFINITION. — The term "covered entity" means an entity in which a covered individual directly or indirectly holds a controlling interest.

(ii) TREATMENT OF SECURITIES. — For the purpose of determining whether an entity is a covered entity, the securities owned, controlled, or held by 2 or more individuals who are related as described in subparagraph (C)(ii) shall be aggregated.

(C) COVERED INDIVIDUAL. — The term "covered individual" means —

(i) the President, the Vice President, the head of an Executive department, or a Member of Congress; and

(ii) the spouse, child, son-in-law, or daughter-in-law, as determined under applicable common law, of an individual described in clause (i).

(D) EXECUTIVE DEPARTMENT. — The term "Executive department" has the meaning given the term in section 101 of title 5, United States Code.

(E) MEMBER OF CONGRESS. — The term "Member of Congress" means a Member of the Senate or House of Representatives, a Delegate to the House of Representatives, and the Resident Commissioner from Puerto Rico.

(F) EQUITY INTEREST. — The term "equity interest" means —

(i) a share in an entity, without regard to whether the share is —

(I) transferable; or

(II) classified as stock or anything similar;

(ii) a capital or profit interest in a limited liability company or partnership; or

(iii) a warrant or right, other than a right to convert, to purchase, sell, or subscribe to a share or interest described in clause (i) or (ii), respectively.

(2) REQUIREMENT. — The principal executive officer and the principal financial officer, or individuals performing similar functions, of an entity seeking to enter a transaction made under paragraph (36) or (37) of section 7(a) of the Small Business Act (15 U.S.C. 636(a)), as added and amended by this section, shall, before that transaction is approved, disclose to the Administrator whether the entity is a covered entity.

(3) APPLICABILITY. — The requirement under paragraph (2) —

(A) shall apply with respect to any transaction made under paragraph (36) or (37) of section 7(a) of the Small Business Act (15 U.S.C. 636(a)), as added and amended by this section, on or after the date of enactment of this Act; and

(B) shall not apply with respect to —

(i) any transaction described in subparagraph (A) that was made before the date of enactment of this Act; or

(ii) forgiveness under section 1106 of the CARES Act (15 U.S.C. 9005) or any other provision of law of any loan associated with any transaction described in subparagraph (A) that was made before the date of enactment of this Act.

(u) COMMITMENT AUTHORITY AND APPROPRIATIONS. —

(1) COMMITMENT AUTHORITY. — Section 1102(b) of the CARES Act (Public Law 116–136) is amended —

(A) in paragraph (1) —

(i) in the paragraph heading, by inserting "AND SECOND DRAW" after "PPP";

(ii) by striking "August 8, 2020" and inserting "March 31, 2021";

(iii) by striking "paragraph (36)" and inserting "paragraphs (36) and (37)"; and

(iv) by striking "$659,000,000,000" and inserting "$779,640,000,000"; and

(B) by amending paragraph (2) to read as follows:

"(2) OTHER 7(A) LOANS. — During fiscal year 2020, the amount authorized for commitments for section 7(a) of the Small Business Act (15 U.S.C. 636(a)) under the heading 'Small Business Administration — Business Loans Program Account' in the Financial Services and General Government Appropriations Act, 2020 (division C of Public Law 116–193) shall apply with respect to any commitments under such section 7(a) other than under paragraphs (36) and (37) of such section 7(a).".

(2) DIRECT APPROPRIATIONS. —

(A) NEW DIRECT APPROPRIATIONS FOR PPP LOANS, SECOND DRAW LOANS, AND THE MBDA. — There is appropriated, out of amounts in the Treasury not otherwise appropriated, for the fiscal year ending September 30, 2021, for additional amounts —

(i) to remain available until September 30, 2021 —

(I) $267,500,000,000 under the heading "Small Business Administration — Business Loans Program Account, CARES Act" for the cost of guaranteed loans as authorized under paragraph (36) and (37) of section 7(a) of the Small Business Act (15 U.S.C. 636(a)), as amended and added by this Act;

(II) $50,000,000 under the heading "Small Business Administration — Salaries and Expenses" for the cost of carrying out reviews and audits of loans under subsections (l) and (m) of section 1106 of the CARES Act (15 U.S.C. 9005), as added by this Act;

(III) $13,500,000,000 under the heading "Small Business Administration — Emergency EIDL Grants" for the cost of emergency economic injury disaster loan grants authorized under section 1110 of the CARES Act (15 U.S.C. 9009), as amended by this section;

(IV) $3,000,000,000 for the cost of carrying out subsections (x) and (y) of this section, the cost of guaranteed loans as authorized by paragraphs (1) through (35) of section 7(a) of the Small Business Act (15 U.S.C. 636(a)), and the amendments made by subsection (mm)(2) of this section; and

(V) $6,000,000,000 under the heading "SMALL BUSINESS ADMINISTRATION — BUSINESS LOANS PROGRAM ACCOUNT, CARES ACT" for carrying out section 1112 of the CARES Act (15 U.S.C. 9011), as amended by this section; and

(ii) to remain available through March 31, 2021 —

(I) $10,000,000 under the heading "Department of Commerce — Minority Business Development Agency" for minority business centers of the Minority Business Development Agency to provide technical assistance to small business concerns; and

(II) $8,500,000 for technical assistance grants and to provide direct loans under section 7(m) of the Small Business Act (15 U.S.C. 636(m)).

(B) AVAILABILITY OF AMOUNTS APPROPRIATED FOR THE OFFICE OF INSPECTOR GENERAL. — Section 1107(a)(3) of the CARES Act (15 U.S.C. 9006(a)(3)) is amended by striking "September 20, 2024" and inserting "expended".

(3) RESCISSION. — Of the unobligated balances in the appropriations account under the heading "Small Business Administration — Business Loans Program Account, CARES Act" as of the day before the date of enactment of this Act, effective on the date of enactment of this Act $138,000,000,000 shall be rescinded and deposited into the general fund of the Treasury.

(4) EMERGENCY DESIGNATION. —

(A) IN GENERAL. — The amounts provided under this subsection are designated as an emergency requirement pursuant to section 4(g) of the Statutory Pay-As-You-Go Act of 2010 (2 U.S.C. 933(g)).

(B) DESIGNATION IN SENATE. — In the Senate, this subsection is designated as an emergency requirement pursuant to section 4112(a) of H. Con. Res. 71 (115th Congress), the concurrent resolution on the budget for fiscal year 2018.

(v) GRANTS FOR SHUTTERED VENUE OPERATORS. —

(1) DEFINITIONS. — In this subsection:

(A) ELIGIBLE PERSON OR ENTITY. —

(i) IN GENERAL. — The term "eligible person or entity" means a live venue operator or promoter or theatrical producer, an independent motion picture theatre operator, a museum operator, or a talent representative that meets the following requirements:

(I) The live venue operator or promoter or theatrical producer, the independent motion picture theatre operator, the museum operator, or the talent representative was fully operational as a live venue operator or promoter or theatrical producer, an independent motion picture theatre operator, a museum operator, or a talent representative, respectively, on February 29, 2020.

(II) As of the date of the grant under this subsection —

(aa) the live venue operator or promoter or theatrical producer is organizing, promoting, producing, managing, or hosting future live events described in subparagraph (D)(i)(I);

(bb) the independent motion picture theatre operator is open or intends to reopen for the primary purpose of public exhibition of motion pictures; or

(cc) the talent representative is representing or managing artists and entertainers.

(III) The venues at which the live venue operator or promoter or theatrical producer promotes, produces, manages, or hosts events described in subparagraph (D)(i)(I) or the artists and entertainers represented or managed by the talent representative perform have the following characteristics:

(aa) A defined performance and audience space.

(bb) Mixing equipment, a public address system, and a lighting rig.

(cc) Engages 1 or more individuals to carry out not less than 2 of the following roles:

(AA) A sound engineer.

(BB) A booker.

(CC) A promoter.

(DD) A stage manager.

(EE) Security personnel.

(FF) A box office manager.

(dd) There is a paid ticket or cover charge to attend most performances and artists are paid fairly and do not play for free or solely for tips, except for fundraisers or similar charitable events.

(ee) For a venue owned or operated by a nonprofit entity that produces free events, the events are produced and managed by paid employees, not by volunteers.

(ff) Performances are marketed through listings in printed or electronic publications, on websites, by mass email, or on social media.

(IV) The motion picture theatre or motion picture theatres operated by the independent motion picture theatre operator have the following characteristics:

(aa) At least 1 auditorium that includes a motion picture screen and fixed audience seating.

(bb) A projection booth or space containing not less than 1 motion picture projector.

(cc) A paid ticket charge to attend exhibitions of motion pictures.

(dd) Motion picture exhibitions are marketed through showtime listings in printed or electronic publications, on websites, by mass mail, or on social media.

(V) The live venue operator or promoter or theatrical producer, the independent motion picture theatre operator, the museum operator, or the talent representative does not have, or is not majority owned or controlled by an entity with, more than 1 of the following characteristics:

(aa) Being an issuer, the securities of which are listed on a national securities exchange.

(bb) Owning or operating venues, motion picture theatres, museums, talent agencies, or talent management companies with offices in more than 1 country.

(cc) Owning or operating venues or motion picture theatres in more than 10 States.

(dd) Employing more than 500 employees, determined on a full-time equivalent basis in accordance with clause (ii).

(ee) Receiving more than 10 percent of gross revenue from Federal funding.

(ii) CALCULATION OF FULL-TIME EMPLOYEES. — For purposes of determining the number of full-time equivalent employees under clause (i)(V)(dd) —

(I) any employee working not fewer than 30 hours per week shall be considered a full-time employee;

(II) any employee working not fewer than 10 hours and fewer than 30 hours per week shall be counted as one-half of a full-time employee;

(III) with respect to an independent motion picture theatre operator, an employee of any business entity of the independent motion picture theatre operator that would be considered an affiliate under the affiliation rules of the Administration shall be considered an employee of the independent motion picture theatre operator;

(IV) with respect to a museum operator, an employee of any business entity of the museum operator that would be considered an affiliate under the affiliation rules of the Administration shall be considered an employee of the museum operator;

(iii) TREATMENT OF BUSINESS ENTITIES. — Each business entity of an eligible person or entity which also meets the requirements under clause (i) shall, except as provided in clause (ii) of this subparagraph and paragraph (3)(C)(ii), be treated by the Administrator as an independent, non-affiliated entity for the purposes of this subsection.

(B) EXCHANGE; ISSUER; SECURITY. — The terms "exchange", "issuer", and "security" have the meanings given such terms in section 3(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)).

(C) INDEPENDENT MOTION PICTURE THEATRE OPERATOR. — The term "independent motion picture theatre operator" means an individual or entity that —

(i) as the principal business activity of the individual or entity, owns or operates at least 1 place of public accommodation for the purpose of motion picture exhibition for a fee; and

(ii) includes an individual or entity described in clause (i) that —

(I) operates for profit or as a nonprofit;

(II) is government-owned; or

(III) is a corporation, limited liability company, or partnership or operated as a sole proprietorship.

(D) LIVE VENUE OPERATOR OR PROMOTER OR THEATRICAL PRODUCER. — The term "live venue operator or promoter or theatrical producer" —

(i) means —

(I) an individual or entity —

(aa) that, as a principal business activity, organizes, promotes, produces, manages, or hosts live concerts, comedy shows, theatrical productions, or other events by performing artists for which —

(AA) a cover charge through ticketing or a front door entrance fee is applied; and

(BB) performers are paid in an amount that is based on a percentage of sales, a guarantee (in writing or standard contract), or another mutually beneficial formal agreement; and

(bb) for which not less than 70 percent of the earned revenue of the individual or entity is generated through, to the extent related to a live event described in item (aa), cover charges or ticket sales, production fees or production reimbursements, nonprofit educational activities, or the sale of event beverages, food, or merchandise; or

(II) an individual or entity that, as a principal business activity, makes available for purchase by the public an average of not less than 60 days before the date of the event tickets to events —

(aa) described in subclause (I)(aa); and

(bb) for which performers are paid in an amount that is based on a percentage of sales, a guarantee (in writing or standard contract), or another mutually beneficial formal agreement; and

(ii) includes an individual or entity described in clause (i) that —

(I) operates for profit or as a nonprofit;

(II) is government-owned; or

(III) is a corporation, limited liability company, or partnership or operated as a sole proprietorship.

(E) MUSEUM. — The term "museum" has the meaning given that term in section 273 of the Museum and Library Services Act (20 U.S.C. 9172).

(F) MUSEUM OPERATOR. — The term "museum operator" means an entity that operates 1 or more museums and that, as of December 31, 2019, had an endowment of not more than $75,000,000.

(G) NATIONAL SECURITIES EXCHANGE. — The term "national securities exchange" means an exchange registered as a national securities exchange under section 6 of the Securities Exchange Act of 1934 (15 U.S.C. 78f).

(H) SEASONAL EMPLOYER. — The term "seasonal employer" has the meaning give that term in section 7(a)(36)(A) of the Small Business Act (15 U.S.C. 636(a)(36)(A)), as amended by this Act.

(I) STATE. — The term "State" means —

(i) a State;

(ii) the District of Columbia;

(iii) the Commonwealth of Puerto Rico; and

(iv) any other territory or possession of the United States.

(J) TALENT REPRESENTATIVE. — The term "talent representative" —

(i) means an agent or manager that —

(I) as not less than 70 percent of the operations of the agent or manager, is engaged in representing or managing artists and entertainers;

(II) books or represents musicians, comedians, actors, or similar performing artists primarily at live events in venues or at festivals; and

(III) represents performers described in subclause (II) that are paid in an amount that is based on the number of tickets sold, or a similar basis; and

(ii) includes an agent or manager described in clause (i) that —

(I) operates for profit or as a nonprofit;

(II) is government-owned; or

(III) is a corporation, limited liability company, or partnership or operated as a sole proprietorship.

(2) AUTHORITY. —

(A) INITIAL GRANTS. —

(i) IN GENERAL. — The Administrator may make initial grants to an eligible person or entity in accordance with this subsection.

(ii) PRIORITY. —

(I) DEFINITION. — In this clause, the term "highest revenue consecutive 12-week period in 2019", with respect to an eligible person or entity, means the consecutive 12-week period during 2019 during which the eligible person or entity had the greatest amount of revenue of any consecutive 12-week period during 2019.

(II) FIRST PRIORITY IN AWARDING GRANTS. — During the initial 14day period during which the Administrator awards grants under this subsection, the Administrator shall only award grants to an eligible person or entity —

(aa) with revenue, during the calendar quarter during which this Act is enacted, that is not more than 10 percent of the revenue of the eligible person or entity during the corresponding calendar quarter during 2019, due to the COVID–19 pandemic; or

(bb) for a seasonal employer, with revenue, during the consecutive 12-week period during 2020 that corresponds to the 12-week period of the highest revenue consecutive 12-week period in 2019 for the eligible person or entity, that was not more than 10 percent of the revenue during such the highest revenue consecutive 12-week period in 2019, due to the COVID–19 pandemic.

(III) SECOND PRIORITY IN AWARDING GRANTS. — During the 14day period immediately following the 14-day period described in subclause (II), the Administrator shall only award grants to an eligible person or entity —

(aa) with revenue, during the calendar quarter during which this Act is enacted, that is not more than 30 percent of the revenue of the eligible person or entity during the corresponding calendar quarter during 2019, due to the COVID–19 pandemic; or

(bb) for a seasonal employer, with revenue, during the consecutive 12-week period during 2020 that corresponds to the 12-week period of the highest revenue consecutive 12-week period in 2019 for the eligible person or entity, that was not more than 30 percent of the revenue during such the highest revenue consecutive 12-week period in 2019, due to the COVID–19 pandemic.

(B) SUPPLEMENTAL GRANTS. — The Administrator may make a supplemental grant in accordance with this subsection to an eligible person or entity that receives a grant under subparagraph (A) if, as of December 31, 2020, the revenues of the eligible person or entity for the most recent calendar quarter are not more than 20 percent of the revenues of the eligible person or entity for the corresponding calendar quarter during 2019 due to the COVID–19 pandemic.

(C) CERTIFICATION. — An eligible person or entity applying for a grant under this subsection that is an eligible business described in the matter preceding subclause (I) of section 4003(c)(3)(D)(i) of the CARES Act (15 U.S.C. 9042(c)(3)(D)(i)), shall make a good-faith certification described in subclauses (IX) and (X) of such section.

(3) AMOUNT. —

(A) INITIAL GRANTS. — A grant under paragraph (2)(A) shall be in the amount equal to the lesser of —

(i)(I) for an eligible person or entity that began operations on or before January 1, 2019, the lesser of —

(aa) the amount equal to 45 percent of the gross earned revenue of the eligible person or entity during 2019; or

(bb) the amount equal to 85 percent of the operating expenses of the eligible person or entity that would be an eligible use of a grant under this subsection under paragraph (4) during, at the election of the borrower, 2018 or 2019; or

(II) for an eligible person or entity that began operations after January 1, 2019, the amount equal to the product obtained by multiplying —

(aa) the lesser of —

(AA) the amount equal to 45 percent of the average monthly gross earned revenue for each full month during which the entity was in operation during 2019; or

(BB) the amount equal to 85 percent of the average monthly operating expenses of the eligible person or entity that would be an eligible use of a grant under this subsection under paragraph (4) during each full month during which the entity was in operation during 2019; by

(bb) 6; or

(ii) the difference between —

(I) $10,000,000; and

(II) the total amount of loans received by the eligible person or entity under paragraph (36) or (37) of section 7(a) of the Small Business Act (15 U.S.C. 636(a)), as amended by this Act, on the date of the grant under paragraph (2)(A).

(B) SUPPLEMENTAL GRANTS. — A grant under paragraph (2)(B) shall be in the amount equal to the lesser of —

(i) 50 percent of the grant received by the eligible person or entity under paragraph (2)(A); or

(ii) the difference between —

(I) $2,000,000; and

(II) the total amount of loans received by the eligible person or entity under paragraph (36) or (37) of section 7(a) of the Small Business Act (15 U.S.C. 636(a)), as amended by this Act, on the date of the grant under paragraph (2)(B).

(C) OVERALL MAXIMUMS. —

(i) IN GENERAL. — The total amount of grants received under subparagraphs (A) and (B) of paragraph (2) by an eligible person or entity shall be not more than $10,000,000.

(ii) APPLICATION OF AFFILIATION RULES. — The total amount of grants received under subparagraphs (A) and (B) of paragraph (2) by all business entities of an eligible person or entity that would be considered affiliates under the affiliation rules of the Administration shall be not more than $10,000,000.

(4) USE OF FUNDS. —

(A) TIMING. —

(i) EXPENSES INCURRED. —

(I) IN GENERAL. — Except as provided in subclause (II), amounts received under a grant under this subsection may be used for costs incurred during the period beginning on March 1, 2020, and ending on December 31, 2021.

(II) EXTENSION FOR SUPPLEMENTAL GRANTS. — If an eligible person or entity receives a grant under paragraph (2)(B), amounts received under either grant under this subsection may be used for costs incurred during the period beginning on March 1, 2020, and ending on June 30, 2022.

(ii) EXPENDITURE. —

(I) IN GENERAL. — Except as provided in subclause (II), an eligible person or entity shall return to the Administrator any amounts received under a grant under this subsection that are not expended on or before the date that is 1 year after the date of disbursement of the grant.

(II) EXTENSION FOR SUPPLEMENTAL GRANTS. — If an eligible person or entity receives a grant under paragraph (2)(B), the eligible person or entity shall return to the Administrator any amounts received under either grant under this subsection that are not expended on or before the date that is 18 months after the date of disbursement to the eligible person or entity of the grant under paragraph (2)(A).

(B) ALLOWABLE EXPENSES. — An eligible person or entity may use amounts received under a grant under this subsection for expenses incurred in the ordinary course of business for —

(i) an allowable use of the proceeds of a loan under paragraph (36) of section 7(a) of the Small Business Act (15 U.S.C. 636), as amended by this Act;

(ii) advertising, production transportation, and capital expenditures related to producing a theatrical production, concert, or comedy show;

(iii) scheduled mortgage principle and interest payments on mortgages entered into as of February 15, 2020;

(iv) scheduled principal and interest payments on debt entered into as of February 15, 2020;

(v) maintenance expenses; or

(vi) administrative costs.

(C) PROHIBITED EXPENSES. — An eligible person or entity may not use amounts received under a grant under this section —

(i) to purchase real estate;

(ii) for payments of interest or principal on loans originated after February 15, 2020;

(iii) to invest or re-lend funds;

(iv) for contributions or expenditures to, or on behalf of, any political party, party committee, or candidate for elective office;

(v) to prepay interest or principal on any mortgage or debt instrument;

(vi) to pay any expense that is not an allowable expense described in subparagraph (B) or

(vii) for any other use as may be prohibited by the Administrator.

(5) FUNDING. — Of the unobligated balances in the appropriations account under the heading "Small Business Administration — Business Loans Program Account, CARES Act" as of the day before the date of enactment of this Act, $10,000,000,000 shall be available to the Administrator to carry out this subsection, of which the Administrator may use not more than $25,000,000 for administrative expenses. Amounts made available under this paragraph shall remain available until September 30, 2021.

(6) LIMIT ON AMOUNT OF PPP LOANS FOR RECIPIENTS OF GRANTS. — Section 7(a)(36) of the Small Business Act (15 U.S.C. 636(a)(36)), as amended by subsection (l) of this section, is amended by adding at the end the following:

"(U) LIMIT ON LOANS TO RECIPIENTS OF GRANTS FOR SHUTTERED VENUE OPERATORS. —

"(i) IN GENERAL. — The Administrator may not guarantee a loan under this paragraph or paragraph (37) in an amount that would cause the amount described in clause (ii) with respect to the recipient of the loan to exceed $10,000,000.

"(ii) MAXIMUM. — The amount described in this clause is the sum of —

"(I) the amount of the loans made to the recipient that are guaranteed under this paragraph;

"(II) the amount of the loans made to the recipient that are guaranteed under paragraph (37); and

"(III) the amount of the grants made to the recipient under section 2(u) of the Continuing the Paycheck Protection Program Act.".

(w) EXTENSION OF THE DEBT RELIEF PROGRAM. —

(1) IN GENERAL. — Section 1112 of the CARES Act (15 U.S.C. 9011) is amended —

(A) in subsection (c) —

(i) in paragraph (1) —

(I) in the matter preceding subparagraph (A), by inserting ", without regard to the date on which the covered loan is fully disbursed and subject to availability of funds" after "status";

(II) by amending subparagraphs (A) and (B) to read as follows:

"(A) with respect to a covered loan approved by the Administration before the date of enactment of this Act and not on deferment —

"(i) except as provided in clauses (ii) and (iii), for the 6-month period beginning with the next payment due on the covered loan after the covered loan is fully disbursed;

"(ii) for the 11-month period beginning with the next payment due on the covered loan after the covered loan is fully disbursed, with respect to a covered loan that —

"(I) is described in subsection (a)(1)(B) or is a loan guaranteed by the Administration under section 7(a) of the Small Business Act (15 U.S.C. 636(a)) other than a loan described in clause (i) or (ii) of subsection (a)(1)(A); and

"(II) is made to a borrower operating primarily in an industry other than an industry that is assigned a North American Industry Classification System code described in item (aa) or (bb) of clause (iii)(II); and

"(iii) for the 18-month period beginning with the next payment due on the covered loan after the covered loan is fully disbursed, with respect to —

"(I) a covered loan described in paragraph (1)(A)(i) or paragraph (2) of subsection (a); or

"(II) any covered loan made to a borrower operating primarily in an industry that is assigned —

"(aa) a North American Industry Classification System code beginning with 61, 71, 72, or 487; or

"(bb) the North American Industry Classification System Code 485510, 511110, 515112, or 515120;

"(B) with respect to a covered loan approved by the Administration before the date of enactment of this Act and on deferment —

"(i) except as provided in clauses (ii) and (iii), for the 6-month period beginning with the next payment due on the covered loan after the deferment period and after the covered loan is fully disbursed;

"(ii) for the 11-month period beginning with the next payment due on the covered loan after the deferment period and after the covered loan is fully disbursed, with respect to a covered loan described in subclause (I) or (II) of subparagraph (A)(ii); and

"(iii) for the 18-month period beginning with the next payment due on the covered loan after the deferment period and after the covered loan is fully disbursed, with respect to a covered loan described in subclause (I) or (II) of subparagraph (A)(iii); and"; and

(III) in subparagraph (C) —

(aa) by striking "covered loan made" and inserting "covered loan approved by the Administration";

(bb) by striking "6 months after" and inserting "18 months after";

(cc) by inserting "(or, for a covered loan made by an intermediary to a small business concern using loans or grants received under section 7(m) of the Small Business Act (15 U.S.C. 636(m)) or guaranteed by the Administration under the Community Advantage Pilot Program of the Administration, for the 12month period)" after "6-month period"; and

(dd) by inserting "after the covered loan is fully disbursed" after "due on the covered loan"; and

(ii) by adding at the end the following:

"(4) ADDITIONAL PROVISIONS FOR NEW LOANS. — With respect to a loan described in paragraph (1)(C) —

"(A) the Administrator may further extend the 18-month period described in paragraph (1)(C) if there are sufficient funds to continue those payments; and

"(B) during the underwriting process, a lender of such a loan may consider the payments under this section as part of a comprehensive review to determine the ability to repay over the entire period of maturity of the loan.

"(5) ELIGIBILITY. — Eligibility for a covered loan to receive such payments of principal, interest, and any associated fees under this subsection shall be based on the date on which the covered loan is approved by the Administration.

"(6) AUTHORITY TO REVISE EXTENSIONS. —

"(A) IN GENERAL. — As part of preparing the reports under subsection (i)(5) that are required to be submitted not later than January 15, 2021, and not later than June 15, 2021, the Administrator shall conduct an evaluation of whether amounts made available to make payments under this subsection are sufficient to make the payments for the period described in paragraph (1).

"(B) PLAN. — If the Administrator determines under subparagraph (A) that the amounts made available to make payments under this subsection are insufficient, the Administrator shall —

"(i) develop a plan to proportionally reduce the number of months provided for each period described in paragraph (1), while ensuring all amounts made available to make payments under this subsection are fully expended; and

"(ii) before taking action under the plan developed under clause (i), include in the applicable report under subsection (i)(5) the plan and the data that informs the plan.

"(7) RULE OF CONSTRUCTION. — Nothing in this subsection shall preclude a borrower from receiving full payments of principal, interest, and any associated fees as authorized by subsection.";

(B) by redesignating subsection (f) as subsection (k); and

(C) by inserting after subsection (e) the following:

"(f) ELIGIBILITY FOR NEW LOANS. — For each individual lending program under this section, the Administrator may establish a minimum loan maturity period, taking into consideration the normal underwriting requirements for each such program, with the goal of preventing abuse under the program.

"(g) LIMITATION ON ASSISTANCE. — A borrower may not receive assistance under subsection (c) for more than 1 covered loan of the borrower described in paragraph (1)(C) of that subsection.

"(h) TAXABILITY. — For purposes of the Internal Revenue Code of 1986 —

"(1) any payment made under subsection (c) shall be treated as paid by the person on whose behalf such payment is made,

"(2) no amount shall be included in the gross income of the borrower by reason of a payment made under subsection (c), and

"(3) no deduction shall be denied or reduced, no tax attribute shall be reduced, and no basis increase shall be denied, by reason of the exclusion from gross income provided by paragraph (2).

"(i) REPORTING AND OUTREACH. —

"(1) UPDATED INFORMATION. —

"(A) IN GENERAL. — Not later than 7 days after the date of enactment of the Continuing the Paycheck Protection Program Act, the Administrator shall make publicly available information regarding the modifications to the assistance provided under this section under the amendments made by such Act.

"(B) GUIDANCE. — Not later than 14 days after the date of enactment of the Continuing the Paycheck Protection Program Act, the Administrator shall issue guidance on implementing the modifications to the assistance provided under this section under the amendments made by such Act.

"(2) PUBLICATION OF LIST. — Not later than 14 days after the date of enactment of the Continuing the Paycheck Protection Program Act, the Administrator shall transmit to each lender of a covered loan a list of each borrower of a covered loan that includes the North American Industry Classification System code assigned to the borrower, based on the records of the Administration, to assist the lenders in identifying which borrowers qualify for an extension of payments under subsection (c).

"(3) EDUCATION AND OUTREACH. — The Administrator shall provide education, outreach, and communication to lenders, borrowers, district offices, and resource partners of the Administration in order to ensure full and proper compliance with this section, encourage broad participation with respect to covered loans that have not yet been approved by the Administrator, and help lenders transition borrowers from subsidy payments under this section directly to a deferral when suitable for the borrower.

"(4) NOTIFICATION. — Not later than 30 days after the date of enactment of the Continuing the Paycheck Protection Program Act, the Administrator shall mail a letter to each borrower of a covered loan that includes —

"(A) an overview of assistance provided under this section;

"(B) the rights of the borrower to receive that assistance;

"(C) how to seek recourse with the Administrator or the lender of the covered loan if the borrower has not received that assistance; and

"(D) the rights of the borrower to request a loan deferral from a lender, and guidance on how to do successfully transition directly to a loan deferral once subsidy payments under this section are concluded.

"(5) MONTHLY REPORTING. — Not later than the 15th day of each month beginning after the date of enactment of the Continuing the Paycheck Protection Program Act, the Administrator shall submit to Congress a report on assistance provided under this section, which shall include —

"(A) monthly and cumulative data on payments made under this section as of the date of the report, including a breakdown by —

"(i) the number of participating borrowers;

"(ii) the volume of payments made for each type of covered loan; and

"(iii) the volume of payments made for covered loans made before the date of enactment of this Act and loans made after such date of enactment;

"(B) the names of any lenders of covered loans that have not submitted information on the covered loans to the Administrator during the preceding month; and

"(C) an update on the education and outreach activities of the Administration carried out under paragraph (3).".

(2) EFFECTIVE DATE. — The amendments made by paragraph (1) shall apply as if included in the enactment of section 1112 of the CARES Act (15 U.S.C. 9011).

(x) MODIFICATIONS TO 7(a) LOAN PROGRAMS. —

(1) 7(a) LOAN GUARANTEES. —

(A) IN GENERAL. — Section 7(a)(2)(A) of the Small Business Act (15 U.S.C. 636(a)(2)(A)) is amended by striking "), such participation by the Administration shall be equal to" and all that follows through the period at the end and inserting "or the Community Advantage Pilot Program of the Administration), such participation by the Administration shall be equal to 90 percent of the balance of the financing outstanding at the time of disbursement of the loan.".

(B) PROSPECTIVE REPEAL. — Effective March 31, 2021, section 7(a)(2)(A) of the Small Business Act (15 U.S.C. 636(a)(2)(A)), as amended by subparagraph (A), is amended to read as follows:

"(A) IN GENERAL. — Except as provided in subparagraphs (B), (D), (E), and (F), in an agreement to participate in a loan on a deferred basis under this subsection (including a loan made under the Preferred Lenders Program), such participation by the Administration shall be equal to —

"(i) 75 percent of the balance of the financing outstanding at the time of disbursement of the loan, if such balance exceeds $150,000; or

"(ii) 85 percent of the balance of the financing outstanding at the time of disbursement of the loan, if such balance is less than or equal to $150,000.".

(2) EXPRESS LOANS. —

(A) LOAN AMOUNT. — Section 1102(c)(2) of the CARES Act (Public Law 116–36; 15 U.S.C. 636 note) is amended to read as follows: "(2) PROSPECTIVE REPEAL. — Effective on March 31, 2021, section 7(a)(31)(D) of the Small Business Act (15 U.S.C. 636(a)(31)(D)) is amended —

"(A) by striking '$1,000,000' and inserting '$500,000'; and

"(B) by striking '$500,000' and inserting '$350,000'.".

(B) GUARANTEE RATES. —

(i) TEMPORARY MODIFICATION. — Section 7(a)(31)(A)(iv) of the Small Business Act (15 U.S.C. 636(a)(31)(A)(iv)) is amended by striking "with a guaranty rate of not more than 50 percent." and inserting the following: "with a guarantee rate —

"(I) for a loan in an amount less than or equal to $350,000, of not more than 75 percent; and

"(II) for a loan in an amount greater than $350,000, of not more than 50 percent.".

(ii) PROSPECTIVE REPEAL. — Effective March 31, 2021, section 7(a)(31)(A)(iv) of the Small Business Act (15 U.S.C. 636(a)(31)(iv)), as amended by clause (i), is amended by striking "guarantee rate" and all that follows through the period at the end and inserting "guarantee rate of not more than 50 percent.".

(3) INCREASE IN LOAN LIMITS. —

(A) IN GENERAL. — Section 7(a)(3) of the Small Business Act (15 U.S.C. 636(a)(3)) is amended —

(i) in subparagraph (A) —

(I) by striking "$3,750,000" and inserting "$9,000,000"; and

(II) by striking "$5,000,000" and inserting "$10,000,000"; and

(ii) in subparagraph (B) —

(I) by striking "$4,500,000" and inserting "$9,000,000"; and

(II) by striking "$5,000,000" and inserting "$10,000,000".

(B) PROSPECTIVE REPEAL. — Effective 1 year after the date of enactment of this Act, section 7(a)(3) of the Small Business Act (15 U.S.C. 636(a)(3)) is amended —

(i) in subparagraph (A) —

(I) by striking "$9,000,000" and inserting "$3,750,000"; and

(II) by striking "$10,000,000" and inserting "$5,000,000"; and

(ii) in subparagraph (B) —

(I) by striking "$9,000,000" and inserting "$4,500,000"; and

(II) by striking "$10,000,000" and inserting "$5,000,000".

(y) TEMPORARY FEE REDUCTIONS. —

(1) ADMINISTRATIVE FEE WAIVER. —

(A) IN GENERAL. — During the period beginning on the date of enactment of this Act and ending on March 31, 2021, and to the extent that the cost of such elimination or reduction of fees is offset by appropriations, with respect to each loan guaranteed under section 7(a) of the Small Business Act (15 U.S.C. 636(a)) (including a recipient of assistance under the Community Advantage Pilot Program of the Administration) for which an application is approved or pending approval on or after the date of enactment of this Act, the Administrator shall —

(i) in lieu of the fee otherwise applicable under section 7(a)(23)(A) of the Small Business Act (15 U.S.C. 636(a)(23)(A)), collect no fee or reduce fees to the maximum extent possible; and

(ii) in lieu of the fee otherwise applicable under section 7(a)(18)(A) of the Small Business Act (15 U.S.C. 36(a)(18)(A)), collect no fee or reduce fees to the maximum extent possible.

(B) APPLICATION OF FEE ELIMINATIONS OR REDUCTIONS. — To the extent that amounts are made available to the Administrator for the purpose of fee eliminations or reductions under subparagraph (A), the Administrator shall —

(i) first use any amounts provided to eliminate or reduce fees paid by small business borrowers under clauses (i) through (iii) of section 7(a)(18)(A) of the Small Business Act (15 U.S.C. 636(a)(18)(A)), to the maximum extent possible; and

(ii) then use any amounts provided to eliminate or reduce fees under 7(a)(23)(A) of the Small Business Act (15 U.S.C. 636(a)(23)(A)).

(2) TEMPORARY FEE ELIMINATION FOR THE 504 LOAN PROGRAM. —

(A) IN GENERAL. — During the period beginning on the date of enactment of this Act and ending on March 31, 2021, and to the extent the cost of such elimination in fees is offset by appropriations, with respect to each project or loan guaranteed by the Administrator pursuant to title V of the Small Business Investment Act of 1958 (15 U.S.C. 695 et seq.) for which an application is approved or pending approval on or after the date of enactment of this Act —

(i) the Administrator shall, in lieu of the fee otherwise applicable under section 503(d)(2) of the Small Business Investment Act of 1958 (15 U.S.C. 697(d)(2)), collect no fee; and

(ii) a development company shall, in lieu of the processing fee under section 120.971(a)(1) of title 13, Code of Federal Regulations (relating to fees paid by borrowers), or any successor regulation, collect no fee.

(B) REIMBURSEMENT FOR WAIVED FEES. —

(i) IN GENERAL. — To the extent that the cost of such payments is offset by appropriations, the Administrator shall reimburse each development company that does not collect a processing fee pursuant to subparagraph (A)(ii).

(ii) AMOUNT. — The payment to a development company under clause (i) shall be in an amount equal to 1.5 percent of the net debenture proceeds for which the development company does not collect a processing fee pursuant to subparagraph (A)(ii).

(z) RECOVERY ASSISTANCE UNDER THE MICROLOAN PROGRAM. —

(1) LOANS TO INTERMEDIARIES. —

(A) IN GENERAL. — Section 7(m) of the Small Business Act (15 U.S.C. 636(m)) is amended —

(i) in paragraph (3)(C) —

(I) by striking "and $6,000,000" and inserting "$10,000,000 (in the aggregate)"; and

(II) by inserting before the period at the end the following: ", and $4,500,000 in any of those remaining years";

(ii) in paragraph (4) —

(I) in subparagraph (A), by striking "subparagraph (C)" each place that term appears and inserting "subparagraphs (C) and (G)";

(II) in subparagraph (C), by amending clause (i) to read as follows:

"(i) IN GENERAL. — In addition to grants made under subparagraph (A) or (G), each intermediary shall be eligible to receive a grant equal to 5 percent of the total outstanding balance of loans made to the intermediary under this subsection if —

"(I) the intermediary provides not less than 25 percent of its loans to small business concerns located in or owned by 1 or more residents of an economically distressed area; or

"(II) the intermediary has a portfolio of loans made under this subsection —

"(aa) that averages not more than $10,000 during the period of the intermediary's participation in the program; or

"(bb) of which not less than 25 percent is serving rural areas during the period of the intermediary's participation in the program."; and

(III) by adding at the end the following:

"(G) GRANT AMOUNTS BASED ON APPROPRIATIONS. — In any fiscal year in which the amount appropriated to make grants under subparagraph (A) is sufficient to provide to each intermediary that receives a loan under paragraph (1)(B)(i) a grant of not less than 25 percent of the total outstanding balance of loans made to the intermediary under this subsection, the Administration shall make a grant under subparagraph (A) to each intermediary of not less than 25 percent and not more than 30 percent of that total outstanding balance for the intermediary.";

(iii) by striking paragraph (7) and inserting the following:

"(7) PROGRAM FUNDING FOR MICROLOANS. — Under the program authorized by this subsection, the Administration may fund, on a competitive basis, not more than 300 intermediaries."; and

(iv) in paragraph (11) —

(I) in subparagraph (C)(ii), by striking all after the semicolon and inserting "and"; and

(II) by striking all after subparagraph (C), and inserting the following:

"(D) the term 'economically distressed area', as used in paragraph (4), means a county or equivalent division of local government of a State in which the small business concern is located, in which, according to the most recent data available from the Bureau of the Census, Department of Commerce, not less than 40 percent of residents have an annual income that is at or below the poverty level.".

(B) PROSPECTIVE AMENDMENT. — Effective on March, 2021, section 7(m)(3)(C) of the Small Business Act (15 U.S.C. 636(m)(3)(C)), as amended by subparagraph (A)(i), is amended —

(i) by striking "$10,000,000" and by inserting "$7,000,000"; and

(ii) by striking "$4,500,000" and inserting "$3,000,000".

(2) TEMPORARY WAIVER OF TECHNICAL ASSISTANCE GRANTS MATCHING REQUIREMENTS AND FLEXIBILITY ON PREAND POST-LOAN ASSISTANCE. — During the period beginning on the date of enactment of this Act and ending on March 31, 2021, the Administration shall waive —

(A) the requirement to contribute non-Federal funds under section 7(m)(4)(B) of the Small Business Act (15 U.S.C. 636(m)(4)(B)); and

(B) the limitation on amounts allowed to be expended to provide information and technical assistance under clause (i) of section 7(m)(4)(E) of the Small Business Act (15 U.S.C. 636(m)(4)(E)) and enter into thirdparty contracts to provide technical assistance under clause (ii) of such section 7(m)(4)(E).

(3) TEMPORARY DURATION OF LOANS TO BORROWERS. —

(A) IN GENERAL. — During the period beginning on the date of enactment of this Act and ending on March 31, 2021, the duration of a loan made by an eligible intermediary under section 7(m) of the Small Business Act (15 U.S.C. 636(m)) —

(i) to an existing borrower may be extended to not more than 8 years; and

(ii) to a new borrower may be not more than 8 years.

(B) REVERSION. — On and after April 1, 2021, the duration of a loan made by an eligible intermediary to a borrower under section 7(m) of the Small Business Act (15 U.S.C. 636(m)) shall be 7 years or such other amount established by the Administrator.

(4) FUNDING. — Section 20 of the Small Business Act (15 U.S.C. 631 note) is amended by adding at the end the following:

"(h) MICROLOAN PROGRAM. — For each of fiscal years 2021 through 2025, the Administration is authorized to make —

"(1) $80,000,000 in technical assistance grants, as provided in section 7(m); and

"(2) $110,000,000 in direct loans, as provided in section 7(m).".

(5) AUTHORIZATION OF APPROPRIATIONS. — In addition to amounts provided under the Consolidated Appropriations Act, 2020 (Public Law 116–93) for the program established under section 7(m) of the Small Business Act (15 U.S.C. 636(m)) and amounts provided for fiscal year 2021 for that program, there is authorized to be appropriated for fiscal year 2021, to remain available until expended —

(A) $50,000,000 to provide technical assistance grants under such section 7(m); and

(B) $7,000,000 to provide direct loans under such section 7(m).

(aa) REPEAL OF EIDL ADVANCE DEDUCTION. — Section 1110(e)(6) of the CARES Act (15 U.S.C. 9009(e)(6)) is repealed.

(bb) DOCUMENTATION REQUIRED FOR CERTAIN ELIGIBLE RECIPIENTS. — Section 7(a)(36)(D)(ii)(II) of the Small Business Act (15 U.S.C. 636(a)(36)(D)(ii)(II)) is amended by striking "as is necessary" and all that follows through the period at the end and inserting "as determined necessary by the Administrator and the Secretary, to establish the applicant as eligible.".

(cc) ELECTION OF 12-WEEK PERIOD BY SEASONAL EMPLOYERS. — Section 7(a)(36)(E)(i)(I)(aa)(AA) of the Small Business Act (15 U.S.C. 636(a)(36)(E)(i)(I)(aa)(AA)) is amended by striking ", in the case of an applicant" and all that follows through "June 30, 2019" and inserting the following: "an applicant that is a seasonal employer shall use the average total monthly payments for payroll for any 12-week period selected by the seasonal employer between February 15, 2019, and December 31, 2019".

(dd) INCLUSION OF CERTAIN REFINANCING IN NON-RECOURSE REQUIREMENTS. — Section 7(a)(36)(F)(v) of the Small Business Act (15 U.S.C. 636(a)(36)(F)(v)) is amended by striking "clause (i)" and inserting "clause (i) or (iv)".

(ee) CREDIT ELSEWHERE REQUIREMENTS. — Section 7(a)(36)(I) of the Small Business Act (15 U.S.C. 636(a)(36)(I)) is amended to read as follows:

"(I) CREDIT ELSEWHERE. — The requirement that a small business concern is unable to obtain credit elsewhere (as defined in section 3(h)) —

"(i) shall not apply to —

"(I) a covered loan approved by the Administrator before the date of enactment of the Continuing the Paycheck Protection Program Act; or

"(II) a covered loan made to —

"(aa) a nonprofit organization;

"(bb) an entity described in subparagraph (D)(vii); or

"(cc) an eligible recipient that is a housing corporation (as defined in section 216(b) of the Internal Revenue Code of 1986); and

"(ii) for covered loans that are approved by the Administrator on or after the date of the enactment of the Continuing the Paycheck Protection Program Act, shall only apply to a covered loan in an amount greater than $350,000 made to an eligible recipient that is not described in clause (i)(II).".

(ff) PROHIBITION ON RECEIVING DUPLICATIVE AMOUNTS FOR PAYROLL COSTS. —

(1) PAYCHECK PROTECTION PROGRAM. — Section 7(a)(36)(G) of the Small Business Act (15 U.S.C. 636(a)(36)(G)) is amended —

(A) in the subparagraph heading, by striking "BORROWER REQUIREMENTS" and all that follows through "eligible recipient applying" and inserting "BORROWER CERTIFICATION REQUIREMENTS. — An eligible recipient applying";

(B) by redesignating subclauses (I) through (IV) as clauses (i) through (iv), respectively, and adjusting the margins accordingly; and

(C) in clause (iv), as so redesignated —

(i) by striking "December 31, 2020" and inserting "June 30, 2020"; and

(ii) by striking "the same purpose and" and inserting "payments for payroll costs incurred during such period".

(2) TREASURY PROGRAM. — Section 1109(f) of the CARES Act (15 U.S.C. 9008(f)) is amended —

(A) in paragraph (1), by striking "for the same purpose" and inserting "for payments for payroll costs (as defined in section 7(a)(36)(A) of the Small Business Act (15 U.S.C. 636(a)(36)(A))"; and

(B) in paragraph (2), by striking "December 31, 2020" and inserting "June 30, 2020".

(gg) APPLICATION OF CERTAIN TERMS THROUGH LIFE OF COVERED LOAN. — Section 7(a)(36) of the Small Business Act (15 U.S.C. 636(a)(36)) is amended —

(1) in subparagraph (H), in the matter preceding clause (i), by striking "During the covered period, with" and inserting "With";

(2) in subparagraph (J), in the matter preceding clause (i), by striking "During the covered period, with" and inserting "With"; and

(3) in subparagraph (M) —

(A) in clause (ii), in the matter preceding subclause (I), by striking "During the covered period, the" and inserting "The"; and

(B) in clause (iii), by striking "During the covered period, with" and inserting "With".

(hh) INTEREST CALCULATION ON COVERED LOANS. — Section 7(a)(36)(L) of the Small Business Act (15 U.S.C. 636(a)(36)(L)) is amended by inserting ", calculated on a non-compounding, non-adjustable basis" after "4 percent".

(ii) REIMBURSEMENT FOR PROCESSING. — Section 7(a)(36)(P) of the Small Business Act (15 U.S.C. 636(a)(36)(P)) is amended —

(1) in clause (ii), by adding at the end the following: "Such fees shall be paid by the eligible recipient and may not be paid out of the proceeds of a covered loan. A lender shall only be responsible for paying fees to an agent for services for which the lender directly contracts with the agent."; and

(2) by amending clause (iii) to read as follows: "(iii) TIMING. — A reimbursement described in clause (i) shall be made not later than 5 days after the reported disbursement of the covered loan and may not be required to be repaid by a lender unless the lender is found guilty of an act of fraud in connection with the covered loan.".

(jj) DUPLICATION REQUIREMENTS FOR ECONOMIC INJURY DISASTER LOAN RECIPIENTS. — Section 7(a)(36)(Q) of the Small Business Act (15 U.S.C. 636(a)(36)(Q)) is amended by striking "during the period beginning on January 31, 2020, and ending on the date on which covered loans are made available".

(kk) REAPPLICATION FOR AND MODIFICATION TO PAYCHECK PROTECTION PROGRAM. —

(1) DEFINITIONS. — In this subsection, the terms "covered loan" and "eligible recipient" have the meanings given those terms in 7(a)(36)(A) of the Small Business Act (15 U.S.C. 636(a)(36)(A)).

(2) RULES OR GUIDANCE. — Not later than 7 days after the date of enactment of this Act, the Administrator shall issue rules or guidance to ensure that an eligible recipient of a covered loan that returns amounts disbursed under the covered loan or does not accept the full amount of the covered loan for which the eligible recipient was approved —

(A) in the case of an eligible recipient that returned all or part of a covered loan, the eligible recipient may reapply for a covered loan for an amount equal to the difference between the amount retained and the maximum amount applicable; and

(B) in the case of an eligible recipient that did not accept the full amount of a covered loan, the eligible recipient may request a modification to increase the amount of the covered loan to the maximum amount applicable, subject to the requirements of section 7(a)(36) of the Small Business Act (15 U.S.C. 636(a)(36)).

(ll) SUBSIDY FOR CERTAIN RURAL DEVELOPMENT LOAN PAYMENTS. —

(1) DEFINITION OF COVERED LOAN. — In this subsection, the term "covered loan" means —

(A) a community facilities guaranteed loan under section 306(a) of the Consolidated Farm and Rural Development Act (7 U.S.C. 1926(a));

(B) a business and industry guaranteed loan under section 310B(g) of that Act (7 U.S.C. 1932(g));

(C) a loan that is made by an intermediary lender to an ultimate recipient using a loan received under section 1323 of the Food Security Act of 1985 (7 U.S.C. 1932 note; Public Law 99–198); and

(D) a loan that is made by a microenterprise development organization to a microentrepreneur under section 379E of the Consolidated Farm and Rural Development Act (7 U.S.C. 2008s).

(2) PRINCIPAL AND INTEREST PAYMENTS. —

(A) IN GENERAL. — The Secretary of Agriculture (referred to in this subsection as the "Secretary") shall pay the principal, interest, and any associated fees that are owed on a covered loan in a regular servicing status —

(i) with respect to a covered loan made before the date of enactment of this Act and not on deferment, for the 6-month period beginning with the next payment due on the covered loan;

(ii) with respect to a covered loan made before the date of enactment of this Act and on deferment, for the 6-month period beginning with the next payment due on the covered loan after the deferment period; and

(iii) with respect to a covered loan made during the period beginning on the date of enactment of this Act and ending on the date that is 6 months after that date of enactment, for the 6-month period beginning with the first payment due on the covered loan.

(B) TIMING OF PAYMENT. — The Secretary shall begin making payments under subparagraph (A) on a covered loan not later than 30 days after the date on which the first payment described in that subparagraph is due.

(C) APPLICATION OF PAYMENT. — Any payment made by the Secretary under subparagraph (A) shall be applied to the covered loan such that the borrower is relieved of the obligation to pay that amount.

(3) OTHER REQUIREMENTS. — The Secretary shall —

(A) communicate and coordinate with the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and State bank regulators to encourage those entities to not require lenders to increase their reserves on account of receiving payments made by the Secretary under paragraph (2);

(B) waive statutory limits on maximum loan maturities for any covered loan durations where the lender provides a deferral and extends the maturity of covered loans during the 1-year period following the date of enactment of this Act; and

(C) when necessary to provide more time because of the potential of higher volumes, travel restrictions, and the inability to access some properties during the COVID–19 pandemic, extend lender site visit requirements to —

(i) not more than 60 days (which may be extended at the discretion of the Secretary) after the occurrence of an adverse event, other than a payment default, causing a loan to be classified as in liquidation; and

(ii) not more than 90 days after a payment default.

(4) EFFECT. — Nothing in this subsection limits the authority of the Secretary to make payments pursuant to paragraph (2) with respect to a covered loan solely because the covered loan has been sold in the secondary market.

(5) AUTHORIZATION OF APPROPRIATIONS. — There are authorized to be appropriated to the Secretary such sums as are necessary to carry out this subsection.

(mm) MAXIMUM LOAN AMOUNT FOR 504 LOANS. —

(1) INCREASE IN LOAN LIMITS. —

(A) IN GENERAL. — Section 502(2)(A) of the Small Business Investment Act of 1958 (15 U.S.C. 696(2)(A)) is amended —

(i) in clause (i), by striking "$5,000,000" and inserting "$10,000,000";

(ii) in clause (ii), by striking "$5,000,000" and inserting "$10,000,000";

(iii) in clause (iii), by striking "$5,500,000" and inserting "$10,000,000";

(iv) in clause (iv), by striking "$5,500,000" and inserting "$10,000,000"; and

(v) in clause (v), by striking "$5,500,000" and inserting "$10,000,000".

(B) PROSPECTIVE REPEAL. — Effective 1 year after the date of enactment of this Act, section 502(2)(A) of the Small Business Investment Act of 1958 (15 U.S.C. 696(2)(A)) is amended —

(i) in clause (i), by striking "$10,000,000" and inserting "$5,000,000";

(ii) in clause (ii), by striking "$10,000,000" and inserting "$5,000,000";

(iii) in clause (iii), by striking "$10,000,000" and inserting "$6,500,000";

(iv) in clause (iv), by striking "$10,000,000" and inserting "$5,500,000"; and

(v) in clause (v), by striking "$10,000,000" and inserting "$5,500,000".

(2) LOW-INTEREST REFINANCING UNDER THE LOCAL DEVELOPMENT BUSINESS LOAN PROGRAM. —

(A) REPEAL. — Section 521(a) of title V of division E of the Consolidated Appropriations Act, 2016 (15 U.S.C. 696 note) is repealed.

(B) REFINANCING. — Section 502(7) of the Small Business Investment Act of 1958 (15 U.S.C. 696(7)) is amended —

(i) in subparagraph (B), in the matter preceding clause (i), by striking "50" and inserting "100"; and

(ii) by adding at the end the following:

"(C) REFINANCING NOT INVOLVING EXPANSIONS. —

"(i) DEFINITIONS. — In this subparagraph —

'(I) the term 'borrower' means a small business concern that submits an application to a development company for financing under this subparagraph;

"(II) the term 'eligible fixed asset' means tangible property relating to which the Administrator may provide financing under this section; and

"(III) the term 'qualified debt' means indebtedness —

"(aa) that was incurred not less than 6 months before the date of the application for assistance under this subparagraph;

"(bb) that is a commercial loan;

"(cc) the proceeds of which were used to acquire an eligible fixed asset;

"(dd) that was incurred for the benefit of the small business concern; and

"(ee) that is collateralized by eligible fixed assets.

"(ii) AUTHORITY. — A project that does not involve the expansion of a small business concern may include the refinancing of qualified debt if —

"(I) the amount of the financing is not more than 90 percent of the value of the collateral for the financing, except that, if the appraised value of the eligible fixed assets serving as collateral for the financing is less than the amount equal to 125 percent of the amount of the financing, the borrower may provide additional cash or other collateral to eliminate any deficiency;

"(II) the borrower has been in operation for all of the 2-year period ending on the date the loan application is submitted; and

"(III) for a financing for which the Administrator determines there will be an additional cost attributable to the refinancing of the qualified debt, the borrower agrees to pay a fee in an amount equal to the anticipated additional cost.

"(iii) FINANCING FOR BUSINESS EXPENSES. —

"(I) FINANCING FOR BUSINESS EXPENSES. — The Administrator may provide financing to a borrower that receives financing that includes a refinancing of qualified debt under clause (ii), in addition to the refinancing under clause (ii), to be used solely for the payment of business expenses.

"(II) APPLICATION FOR FINANCING. — An application for financing under subclause (I) shall include —

"(aa) a specific description of the expenses for which the additional financing is requested; and

"(bb) an itemization of the amount of each expense.

"(III) CONDITION ON ADDITIONAL FINANCING. — A borrower may not use any part of the financing under this clause for non-business purposes.

"(iv) LOANS BASED ON JOBS. —

"(I) JOB CREATION AND RETENTION GOALS. —

"(aa) IN GENERAL. — The Administrator may provide financing under this subparagraph for a borrower that meets the job creation goals under subsection (d) or (e) of section 501.

"(bb) ALTERNATE JOB RETENTION GOAL. — The Administrator may provide financing under this subparagraph to a borrower that does not meet the goals described in item (aa) in an amount that is not more than the product obtained by multiplying the number of employees of the borrower by $75,000.

"(II) NUMBER OF EMPLOYEES. — For purposes of subclause (I), the number of employees of a borrower is equal to the sum of —

"(aa) the number of fulltime employees of the borrower on the date on which the borrower applies for a loan under this subparagraph; and

"(bb) the product obtained by multiplying —

"(AA) the number of part-time employees of the borrower on the date on which the borrower applies for a loan under this subparagraph, by

"(BB) the quotient obtained by dividing the average number of hours each part time employee of the borrower works each week by 40.

"(v) TOTAL AMOUNT OF LOANS. — The Administrator may provide not more than a total of $7,500,000,000 of financing under this subparagraph for each fiscal year.".

(3) EXPRESS LOAN AUTHORITY FOR ACCREDITED LENDERS. —

(A) IN GENERAL. — Section 507 of the Small Business Investment Act of 1958 (15 U.S.C. 697d) is amended by striking subsection (e) and inserting the following:

"(e) EXPRESS LOAN AUTHORITY. — A local development company designated as an accredited lender in accordance with subsection (b) —

"(1) may —

"(A) approve, authorize, close, and service covered loans that are funded with proceeds of a debenture issued by the company; and

"(B) authorize the guarantee of a debenture described in subparagraph (A); and

"(2) with respect to a covered loan, shall be subject to final approval as to eligibility of any guarantee by the Administration pursuant to section 503(a), but such final approval shall not include review of decisions by the lender involving creditworthiness, loan closing, or compliance with legal requirements imposed by law or regulation.

"(f) DEFINITIONS. — In this section —

"(1) the term 'accredited lender certified company' means a certified development company that meets the requirements under subsection (b), including a certified development company that the Administration has designated as an accredited lender under that subsection;

"(2) the term 'covered loan' —

"(A) means a loan made under section 502 in an amount that is not more than $500,000; and

"(B) does not include a loan made to a borrower that is a franchise that, or is in an industry that, has a high rate of default, as annually determined by the Administrator; and

"(3) the term 'qualified State or local development company' has the meaning given the term in section 503(e).".

(B) PROSPECTIVE REPEAL. — Effective on September 30, 2023, section 507 of the Small Business Investment Act of 1958 (15 U.S.C. 697d), as amended by subparagraph (A), is amended by striking subsections (e) and (f) and inserting the following:

"(e) DEFINITION. — In this section, the term 'qualified State or local development company' has the meaning given the term in section 503(e).".

(4) REFINANCING SENIOR PROJECT DEBT. — During the 1-year period beginning on the date of enactment of this Act, a development company described in title V of the Small Business Investment Act of 1958 (15 U.S.C. 695 et seq.) is authorized to allow the refinancing of a senior loan on an existing project in an amount that, when combined with the outstanding balance on the development company loan, is not more than 90 percent of the total loan to value. Proceeds of such refinancing can be used to support business operating expenses.

(nn) EXTENSION OF PARTICIPATION IN 8(a) PROGRAM. —

(1) IN GENERAL. — The Administrator shall ensure that a small business concern participating in the program established under section 8(a) of the Small Business Act (15 U.S.C. 637(a)) on or before September 9, 2020, may elect to extend such participation by a period of 1 year, regardless of whether the small business concern previously elected to suspend participation in the program pursuant to guidance of the Administrator.

(2) EMERGENCY RULEMAKING AUTHORITY. — Not later than 15 days after the date of enactment of this Act, the Administrator shall issue regulations to carry out this subsection without regard to the notice requirements under section 553(b) of title 5, United States Code.

(oo) TARGETED EIDL ADVANCE FOR SMALL BUSINESS CONTINUITY, ADAPTATION, AND RESILIENCY. —

(1) DEFINITIONS. — In this subsection:

(A) AGRICULTURAL ENTERPRISE. — The term "agricultural enterprise" has the meaning given the term in section 18(b) of the Small Business Act (15 U.S.C. 647(b)).

(B) COVERED ENTITY. — The term "covered entity" —

(i) means any entity that, during the covered period, is eligible for a loan made under section 7(b)(2) of the Small Business Act (15 U.S.C. 636(b)(2)) (as expanded under section 1110(b) of the CARES Act (15 U.S.C. 9009(b))), if that entity —

(I) has not more than 25 employees; and

(II) has suffered an economic loss of not less than 30 percent; and

(III) except with respect to an entity included under section 123.300(c) of title 13, Code of Federal Regulations, or any successor regulation, does not include an agricultural enterprise.

(C) COVERED PERIOD. — The term "covered period" means the period beginning on the date of enactment of this Act and ending on December 31, 2021.

(D) ECONOMIC LOSS. — The term "economic loss" means, with respect to a covered entity —

(i) the amount by which the gross receipts of the covered entity declined during an 8-week period between March 2, 2020, and December 31, 2021, relative to a comparable 8-week period immediately preceding March 2, 2020, or during 2019; or

(ii) if the covered entity is a seasonal business concern, such other amount determined appropriate by the Administrator.

(E) ECONOMICALLY DISADVANTAGED INDIVIDUAL. — The term "economically disadvantaged individual" means an economically disadvantaged individual under section 124.104 of title 13, Code of Federal Regulations, or any successor regulation.

(F) LOW-INCOME COMMUNITY. — The term "low-income community" has the meaning given the term in section 45D(e) of the Internal Revenue Code of 1986.

(G) SOCIALLY DISADVANTAGED INDIVIDUAL. — The term "socially disadvantaged individual" means a socially disadvantaged individual under section 124.103 of title 13, Code of Federal Regulations, or any successor regulation.

(2) PROCEDURE. — During the covered period, a covered entity that applies for a loan under section 7(b)(2) of the Small Business Act (15 U.S.C. 636(b)(2)) may request that the Administrator provide funding for the purposes described in paragraph (6).

(3) VERIFICATION. —

(A) IN GENERAL. — With respect to each request submitted by an entity under paragraph (2), the Administrator shall —

(i) not later than 14 days after the date on which the Administrator receives the request, verify whether the entity is a covered entity; and

(ii) if the Administrator, under clause (i), verifies that the entity is a covered entity (and subject to paragraph (7)), disburse the funding requested by the covered entity not later than 7 days after the date on which the Administrator completes the verification.

(4) ORDER OF PROCESSING. — Subject to paragraph (8), the Administrator shall process and approve requests submitted under paragraph (2) in the order the Administrator receives the requests.

(5) AMOUNT OF FUNDING. —

(A) IN GENERAL. — The amount of funding provided to a covered entity that submits a request under paragraph (2) shall be in an amount that is the lesser of —

(i) the amount of working capital needed by the covered entity for the 180day period beginning on the date on which the covered entity would receive the funding, as determined by the Administrator using a methodology that is identical to the methodology used by the Administrator to determine working capital needs with respect to an application for a loan submitted under section 7(b)(2) of the Small Business Act (15 U.S.C. 636(b)(2)); or

(ii) $50,000.

(B) ENTITLEMENT TO FULL AMOUNT. — A covered entity that receives funding pursuant to a request submitted under paragraph (2) shall be entitled to receive the full amount of that funding, as determined under subparagraph (A), without regard to —

(i) if the applicable loan for which the covered entity has applied under section 7(b)(2) of the Small Business Act (15 U.S.C. 636(b)(2)) is approved, the amount of the loan;

(ii) whether the covered entity accepts the offer of the Administrator with respect to an approved loan described in clause (i); or

(iii) whether the covered entity has previously received —

(I) any amounts under section 1110(e) of the CARES Act (15 U.S.C. 9009(e)); or

(II) a loan under section 7(a)(36) of the Small Business Act (15 U.S.C. 636(a)(36)).

(6) USE OF FUNDS. — A covered entity that receives funding under this subsection —

(A) may use the funding —

(i) for any purpose for which a loan received under section 7(b)(2) of the Small Business Act (15 U.S.C. 636(b)(2)) may be used;

(ii) for working capital needs, including investments to implement adaptive changes or resiliency strategies to help the covered entity maintain business continuity during the COVID–19 pandemic; or

(iii) to repay any unpaid amount of —

(I) a loan received under subsection (a)(36) or (b)(2) of section 7 of the Small Business Act (15 U.S.C. 636); or

(II) mortgage interest; and

(B) may not use the funding to pay any loan debt, except as provided in subparagraph (A)(iii).

(7) APPLICABILITY. — In addition to any other restriction imposed under this subsection, any eligibility restriction applicable to a loan made under section 7(b)(2) of the Small Business Act (15 U.S.C. 636(b)(2)), including any restriction under section 123.300 or 123.301 of title 13, Code of Federal Regulations, or any successor regulation, shall apply with respect to funding provided under this subsection.

(8) PRIORITY. — During the 56-day period beginning on the date of enactment of this Act, the Administrator may approve a request for funding under this subsection only if the request is submitted by —

(A) a covered entity located in a low-income community;

(B) a covered entity owned or controlled by a veteran or a member of the Armed Forces; or

(C) a covered entity owned or controlled by an economically disadvantaged individual or a socially disadvantaged individual.

(9) ADMINISTRATION. — In carrying out this subsection, the Administrator may rely on loan officers and other personnel of the Office of Disaster Assistance of the Administration and other resources of the Administration, including contractors of the Administration.

(10) RETROACTIVE EFFECT. — Any covered entity that, during the period beginning on February 15, 2020, and ending on the day before the date of enactment of this Act, applied for a loan under section 7(b)(2) of the Small Business Act (15 U.S.C. 636(b)(2)) may submit to the Administrator a request under paragraph (2) with respect to that loan.

(11) AUTHORIZATION OF APPROPRIATIONS. — There are authorized to be appropriated to the Administrator $25,000,000,000 to carry out this subsection —

(A) which shall remain available through December 31, 2021; and

(B) of which $25,000,000 is authorized to be appropriated to the Inspector General of the Administration to prevent waste, fraud, and abuse with respect to funding provided under this subsection.

(pp) EMERGENCY EIDL GRANTS. — Section 1110 of the CARES Act (15 U.S.C. 9009) is amended —

(1) in subsection (a)(1), by striking "December 31, 2020" and inserting "December 31, 2021";

(2) in subsection (d), by striking paragraphs (1) and (2) and inserting the following:

"(1) approve an applicant —

"(A) based solely on the credit score of the applicant; or

"(B) by using alternative appropriate methods to determine an applicant's ability to repay; and

"(2) use information from the Department of the Treasury to confirm that —

"(A) an applicant is eligible to receive such a loan; or

"(B) the information contained in an application for such a loan is accurate."; and

(3) in subsection (e)(8), by striking "December 31, 2020" and inserting "December 31, 2021".

(qq) ELIGIBILITY OF CERTAIN NEWS ORGANIZATIONS. — Section 7(a)(36)(D) of the Small Business Act (15 U.S.C. 636(a)(36)(D)), as amended by subsection (o) of this section, is amended by adding at the end the following:

"(viii) ELIGIBILITY OF CERTAIN NEWS ORGANIZATIONS. — A business concern or other organization —

"(I) that —

"(aa) was not eligible to receive a covered loan the day before the date of enactment of this clause, is assigned a North American Industry Classification System code beginning with 511110, 515112, or 515120, and an individual physical location of the business concern at the time of disbursal does not exceed the size standard established by the Administrator for the applicable code shall be eligible to receive a covered loan for expenses associated with an individual physical location of that business concern to support the continued provision of local news, information, content, or emergency information; or

"(bb) was not eligible to receive a covered loan the day before the date of enactment of this clause, has a trade or business that falls under a North American Industry Classification System code beginning with 5151 as a public broadcast entity (as defined in section 397(11) of the Communications Act of 1934 (47 U.S.C. 397(11)), and is a nonprofit organization or another organization otherwise subject to section 511(a)(2) of the Internal Revenue Code of 1986, shall be eligible to receive a covered loan for expenses to support the continued provision of local news, information, content, or emergency information by such entity;

"(II) that was not eligible to receive a covered loan the day before the date of enactment of this subclause, is assigned a North American Industry Classification System code of 519130, is identified as a Internet-only news publisher or Internet-only periodical publisher, and is engaged in the collection and distribution of local or regional and national news and information shall be eligible to receive a covered loan for expenses to support the continued provision of news, information, content, or emergency information; or

"(III) shall, notwithstanding subclauses (I) and (II), be eligible to receive a covered loan with respect to an individual physical location if —

"(aa) the individual physical location —

"(AA) is assigned a North American Industry Classification System code beginning with 511110, 515112, or 515120;

"(BB) has a trade or business that falls under a North American Industry Classification System code beginning with 5151 as a public broadcast entity (as defined in section 397(11) of the Communications Act of 1934 (47 U.S.C. 397(11)) and is a nonprofit organization or another organization otherwise subject to section 511(a)(2) of the Internal Revenue Code of 1986; or

"(CC) is identified as an Internet-only news publisher or Internet-only periodical publisher and assigned a North American Industry Classification System code of 519130;

"(bb) is not an entity described in paragraph (37)(A)(v)(III)(aa); and

"(cc) at the time of disbursal, the individual physical location —

"(AA) does not exceed the size standard established by the Administrator for the applicable code;

"(BB) has not more than 200 employees, operates under a sole proprietorship or as an independent contractor, or is an eligible self-employed individual; and "(CC) has reduced gross revenues that meet the requirements described in paragraph (37)(A)(v)(I)(cc) or has net profits, determined on an earnings before

* * *

TITLE III — EMERGENCY ASSISTANCE FOR A STRONG ECONOMIC RECOVERY

* * *

Subtitle A — Transportation

* * *

SEC. 3011. ASSISTANCE FOR PROVIDERS OF TRANSPORTATION SERVICES AFFECTED BY COVID–19.

(a) SHORT TITLE. — This section may be cited as the "Coronavirus Economic Relief for Transportation Services Act".

(b) DEFINITIONS. — In this section:

(1) COVERED PERIOD. — The term "covered period", with respect to a provider of transportation services, means the period —

(A) beginning on the date of enactment of this Act; and

(B) ending on the later of —

(i) March 31, 2021; and

(ii) the date on which all funds provided to the provider of transportation services under subsection (d) are expended.

(2) COVID–19. — The term "COVID–19" means the Coronavirus Disease 2019.

(3) PAYROLL COSTS. —

(A) IN GENERAL. — The term "payroll costs" means —

(i) any payment to an employee of compensation in the form of —

(I) salary, wage, commission, or similar compensation;

(II) payment of a cash tip or an equivalent;

(III) payment for vacation, parental, family, medical, or sick leave;

(IV) allowance for dismissal or separation;

(V) payment required for the provision of group health care or other group insurance benefits, including insurance premiums;

(VI) payment of a retirement benefit;

(VII) payment of a State or local tax assessed on the compensation of employees; or

(VIII) paid administrative leave; and

(ii) any payment of compensation to, or income of, a sole proprietor or independent contractor —

(I) that is —

(aa) a wage;

(bb) a commission;

(cc) income;

(dd) net earnings from selfemployment; or

(ee) similar compensation; and

(II) in an amount equal to not more than $100,000 during 1 calendar year, as prorated for the covered period.

(B) EXCLUSIONS. — The term "payroll costs" does not include —

(i) any compensation of an individual employee in excess of an annual salary of $100,000, as prorated for the covered period;

(ii) any tax imposed or withheld under chapter 21, 22, or 24 of the Internal Revenue Code of 1986 during the covered period;

(iii) any compensation of an employee whose principal place of residence is outside the United States;

(iv) any qualified sick leave wages for which a credit is allowed under section 7001 of the Families First Coronavirus Response Act (26 U.S.C. 3111 note; Public Law 116–127);

(v) any qualified family leave wages for which a credit is allowed under section 7003 of that Act (26 U.S.C. 3111 note; Public Law 116–127); or

(vi) any bonus, raise in excess of inflation, or other form of additional employee compensation.

(4) PROVIDER OF TRANSPORTATION SERVICES. — The term "provider of transportation services" means an entity that —

(A) is established or organized —

(i) in the United States; or

(ii) pursuant to Federal law;

(B) has significant operations, and a majority of employees based, in the United States;

(C) was in operation on March 1, 2020; and

(D) is the operator of —

(i) a vessel of the United States (as defined in section 116 of title 46, United States Code) that is —

(I) a passenger vessel (as defined in section 2101 of that title) carrying fewer than 2,400 passengers;

(II) a small passenger vessel (as defined in section 2101 of that title); or

(III) a vessel providing pilotage services and regulated by a State in accordance with chapter 85 of that title;

(ii) a company providing transportation services using a bus characterized by an elevated passenger deck located over a baggage compartment (commonly known as an "over-the-road bus"), including local and intercity fixed-route service, commuter service, and charter or tour service (including tour or excursion service that includes features in addition to bus transportation, such as meals, lodging, admission to points of interest or special attractions, or the services of a guide);

(iii) a company providing transportation services using a school bus (as defined in section 571.3 of title 49, Code of Federal Regulations (or successor regulations)); or

(iv) any other passenger transportation service company subject to regulation by the Department of Transportation as the Secretary, in consultation with the Secretary of Transportation, determines to be appropriate.

(5) SECRETARY. — The term "Secretary" means the Secretary of the Treasury.

(c) FUNDING. —

(1) IN GENERAL. — Out of any funds in the Treasury not otherwise appropriated, there are appropriated to provide grants, loans, and loan guarantees to eligible providers of transportation services under this section, $8,000,000,000 for fiscal year 2021.

(2) EMERGENCY DESIGNATION. —

(A) IN GENERAL. — The amounts provided by this subsection are designated as an emergency requirement pursuant to section 4(g) of the Statutory Pay-As-You-Go Act of 2010 (2 U.S.C. 933(g)).

(B) DESIGNATION IN SENATE. — In the Senate, this section is designated as an emergency requirement pursuant to section 4112(a) of H. Con. Res. 71 (115th Congress), the concurrent resolution on the budget for fiscal year 2018.

(d) PROVISION OF ASSISTANCE. —

(1) IN GENERAL. — The Secretary, in consultation with the Secretary of Transportation, shall use the amounts made available under subsection (c) to provide grants, loans, and loan guarantees to eligible providers of transportation services described in paragraph (2) that have experienced a significant revenue loss as a direct or indirect result of COVID– 19.

(2) DESCRIPTION OF ELIGIBLE PROVIDERS OF TRANSPORTATION SERVICES. —

(A) IN GENERAL. — An eligible provider of transportation services referred to in paragraph (1) is —

(i) a provider of transportation services that, on March 1, 2020 —

(I) had 500 or fewer full-time or part-time employees; and

(II) was not a subsidiary of, or controlled by, another entity with a combined total full-time workforce of more than 500 full-time or part-time employees; or

(ii) a provider of transportation services that —

(I) on March 1, 2020, had more than 500 full-time or part-time employees; and

(II) except as provided in subparagraph (B), has not received assistance under paragraph (1), (2), or (3) of section 4003(b), or subtitle B of title IV, of the Coronavirus Aid, Relief, and Economic Security Act (Public Law 116–136; 134 Stat. 281).

(B) SCOPE OF ELIGIBILITY FOR CERTAIN COMPANIES. —

(i) IN GENERAL. — A provider of transportation services that has entered into or maintains a contract or agreement described in clause (ii) shall not be determined to be ineligible for assistance under this subsection on the basis of the requirement described in subparagraph (A)(ii)(II).

(ii) CONTRACT OR AGREEMENT DESCRIBED. — A contract or agreement referred to in clause (i) is a contract or agreement for transportation services that is supported by a public entity using funds received under subtitle B of title IV of the Coronavirus Aid, Relief, and Economic Security Act (Public Law 116–136; 134 Stat. 281).

(iii) ADJUSTMENT OF ASSISTANCE. — The Secretary may reduce the amount of assistance available under this subsection to a provider of transportation services described in clause (i) based on the amount of funds provided under this section or subtitle B of title IV of the Coronavirus Aid, Relief, and Economic Security Act (Public Law 116–136; 134 Stat. 281) that have supported a contract described in clause (ii) to which the provider of transportation services is a party.

(3) AMOUNT. —

(A) FACTORS FOR CONSIDERATION. — In determining the amount of assistance to be provided to an eligible provider of transportation services under this subsection, the Secretary shall take into consideration information provided by the provider of transportation services, including —

(i) the amount of debt owed by the provider of transportation services on major equipment, if any;

(ii) other sources of Federal assistance provided to the provider of transportation services, if any; and

(iii) such other information as the Secretary may require.

(B) LIMITATIONS. —

(i) AWARD. — The Secretary shall ensure that the amount of assistance provided to a provider of transportation services under this subsection, when combined with any other Federal assistance provided in response to COVID–19 under the Coronavirus Aid, Relief, and Economic Security Act (Public Law 116–136; 134 Stat. 281), the Paycheck Protection Program and Health Care Enhancement Act (Public Law 116–139; 134 Stat. 620), or any other provision of law, does not exceed the total amount of revenue earned by the provider of transportation services during calendar year 2019.

(ii) CERTIFICATION. — A provider of transportation services seeking assistance under this subsection shall submit to the Secretary —

(I) documentation describing the total amount of revenue earned by the provider of transportation services during calendar year 2019; and

(II) a certification that the amount of assistance sought under this subsection, when combined with any other Federal assistance described in clause (i), does not exceed the tota amount of revenue earned by the provider of transportation services during calendar year 2019.

(4) TYPE OF ASSISTANCE. — The Secretary shall ensure that not less than 50 percent of the amounts made available under subsection (c) are used to provide grants.

(5) EQUAL ACCESS. — The Secretary shall ensure equal access to the assistance provided under this section to eligible providers of transportation services that are small, minority-owned, and women-owned businesses.

(6) CONDITIONS OF RECEIPT. — As a condition of receipt of assistance under this subsection, the Secretary shall require that a provider of transportation services shall agree —

(A) subject to paragraph (7), to commence using the funds —

(i) on a priority basis and to the extent available, to maintain through the applicable covered period, expenditures on payroll costs for all employees as of the date of enactment of this Act, after making any adjustments required for —

(I) retirement; or

(II) voluntary employee separation

(ii) to avoid imposing, during the covered period —

(I) any involuntary furlough; or

(II) any reduction in pay rates or benefits for nonexecutive employees; and

(iii) to recall or rehire any employees laid off, furloughed, or terminated because of reduced service as a result of COVID– 19 or the effects of COVID–19, to the extent warranted by increased service levels;

(B) to expend all funds received, in accordance with subparagraph (A), by not later than 1 year after the date of receipt of the funds; and

(C)(i) to examine the anticipated expenditure of the funds by the provider of transportation services for the purposes described in subparagraph (A) not less frequently than once every 90 days after the date of receipt of the funds; and

(ii) to return promptly to the Secretary any portion of those funds that the provider of transportation services anticipates will not be expended by the deadline described in subparagraph (B).

(7) RAMP-UP PERIOD. — The requirement described in paragraph (6)(A) shall not apply to a provider of transportation services until the later of —

(A) the date that is 30 days after the date of receipt of the funds; and

(B) the date that is 90 days after the date of enactment of this Act.

(8) ADDITIONAL CONDITIONS OF CERTAIN RECEIPTS. —

(A) PRIORITIZATION OF PAYROLL COSTS. — As a condition of receipt of a grant, or any forgivable proceeds of a loan, under this subsection, the Secretary shall require that, except as provided in subparagraph (B), a provider of transportation services shall agree to use an amount equal to not less than 60 percent of the funds on payroll costs of the provider of transportation services.

(B) EXCEPTION. — Subparagraph (A) shall not apply to a provider of transportation services if the Secretary determines that, after making any adjustments required for retirement or voluntary employee separation —

(i) each nonseasonal employee on the payroll of the provider of transportation services on January 1, 2020 —

(I) if laid off, furloughed, or terminated by the provider of transportation services as described in paragraph (6)(A)(iii), is rehired, or has been offered rehire, by the provider of transportation services; and

(II) if rehired under clause (i) or subject to a reduction in salary before the date of receipt by the provider of transportation services of assistance under this subsection, receives not less than 100 percent of the previous salary of the employee;

(ii) the provider of transportation services —

(I) is staffed at a level of fulltime equivalent, seasonal employees, on a monthly basis, that is greater than or equivalent to the level at which the provider of transportation services was staffed with full-time equivalent, seasonal employees on a monthly basis during calendar year 2019;

(II) is offering priority in rehiring to seasonal employees that were laid off, furloughed, terminated, or not offered rehire in calendar year 2020, as the provider of transportation services achieves staffing at the level described in subclause (I); and

(III) offers any seasonal employee rehired under subclause (II) or subject to a reduction in salary before the date of receipt by the provider of transportation services of assistance under this subsection not less than 100 percent of the previous salary of the employee; and

(iii) the provider of transportation services will fully cover, through the applicable covered period, all payroll costs associated with the staffing requirements described in clauses (i) and (ii).

(9) FORMS; TERMS AND CONDITIONS. —

(A) IN GENERAL. — A grant, loan, or loan guarantee provided under this section shall be in such form, subject to such terms and conditions, and contain such covenants, representations, warranties, and requirements (including requirements for audits) as the Secretary determines to be appropriate in accordance with this section.

(B) RATE. — Any loan provided under this section shall be at a rate determined by the Secretary, based on the risk and the current average yield on outstanding marketable obligations of the United States of comparable maturity.

(e) ELIGIBLE ACTIVITIES. —

(1) IN GENERAL. — Subject to the priority described in subsection (d)(6)(A), a provider of transportation services shall use assistance provided under subsection (d) only for —

(A) the payment of payroll costs;

(B) the acquisition of services, equipment, including personal protective equipment, and other measures needed to protect workers and customers from COVID–19;

(C) continued operations and maintenance during the applicable covered period of existing capital equipment and facilities —

(i) including rent, leases, insurance, and interest on debt service; but

(ii) not including any prepayment of, or payment of principal on, a debt obligation, except for any principal on a debt obligation accrued by the provider of transportation services as a direct result of an effort to maintain the expenditures of the provider of transportation services on payroll costs throughout the COVID–19 pandemic; or

(D) the compensation of returning employees for lost pay and benefits during the COVID–19 pandemic, subject to paragraph (3).

(2) ELIGIBILITY. — The use of assistance provided under subsection (d) for the compensation of returning employees under paragraph (1)(D) shall be counted toward the required amount of grants or forgivable proceeds of loans to be used on payroll costs under subsection (d)(6)(A).

(3) COMPENSATION OF RETURNING EMPLOYEES. — Notwithstanding any other provision of law, any compensation provided to a returning employee under paragraph (1)(D) —

(A) shall be offset by —

(i) any amounts received by the employee from the provider of transportation services as a result of the layoff, furlough, or termination of the employee or any failure to hire the employee for seasonal employment during calendar year 2020, including —

(I) furlough pay;

(II) severance pay; or

(III) separation pay; and

(ii) any amounts the employee received from unemployment insurance; and

(B) shall not —

(i) be considered to be an overpayment for purposes of unemployment insurance; or

(ii) be subject to any recovery effort by a State agency.

* * *

Subtitle E — CDFI/MDI Community Lenders

* * *

SEC. 3405. EMERGENCY SUPPORT FOR CDFIS AND COMMUNITIES RESPONDING TO THE COVID–19 PANDEMIC.

(a) APPROPRIATIONS. — Of the amounts made available to the Secretary of the Treasury under this Act, $2,000,000,000 shall be made available to the Fund to carry out this section.

(b) SET ASIDES. — Of the amounts made available under subsection (a), the following amounts shall be set aside:

(1) Up to $1,000,000,000, to remain available until September 30, 2021, to support, prepare for, and respond to the economic impact of the coronavirus, provided that the Fund shall —

(A) provide grants funded under this paragraph using a formula that takes into account criteria such as certification status, financial and compliance performance, portfolio and balance sheet strength, a diversity of CDFI business model types, and program capacity, of which not less than $25,000,000 may be for grants to benefit Native American, Native Hawaiian, and Alaska Native communities; and

(B) make funds available under this paragraph not later than 60 days after the date of enactment of this Act.

(2) Up to $1,000,000,000, to remain available until expended, to provide grants to CDFIs to respond to the economic impact of the COVID-19 pandemic —

(A) to expand lending, grant making, or investment activity in lowor moderate-income minority communities and to minorities that have significant unmet capital or financial services needs;

(B) using criteria such as certification status, financial and compliance performance, portfolio and balance sheet strength, a diversity of CDFI business model types, status as a minority lending institution, and program capacity, as well as experience making loans and investments to those areas and populations identified in this paragraph; and

(C) of which up to $800,000,000, to remain available until expended, shall be for providing financial assistance, technical assistance, awards, training and outreach programs to recipients that are minority lending institutions.

(c) ADMINISTRATIVE EXPENSES. — Funds appropriated pursuant to the authorization under subsection (a) may be used for administrative expenses, including administration of Fund programs and the New Markets Tax Credit Program under section 45D of the Internal Revenue Code of 1986.

(d) DEFINITIONS. — In this section:

(1) CDFI. — The term "CDFI" means a community development financial institution, as defined in section 103 of the Community Development Banking and Financial Institutions Act of 1994 (12 U.S.C. 4702).

(2) FUND. — The term "Fund" means the Community Development Financial Institutions Fund established under section 104(a) of the Community Development Banking and Financial Institutions Act of 1994 (12 U.S.C. 4703(a)).

(3) MINORITY. — The term "minority" means any Black American, Hispanic American, Asian American, Native American, Native Alaskan, Native Hawaiian, or Pacific Islander.

(4) MINORITY LENDING INSTITUTION. — The term "minority lending institution" means a CDFI —

(A) with respect to which a majority of both the number and dollar volume of arm'slength, on-balance sheet Financial Products of the CDFI are directed at minorities or majority minority census tracts or equivalents; and

(B) that is a minority depository institution, as defined in section 308(b) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 1463 note), or otherwise considered to be a minority depository institution by the appropriate Federal banking agency, as defined in section 3 of the Federal Deposit Insurance Act(12 U.S.C. 1813), or by the National Credit Union Administration, as applicable; or

(C) meets standards for accountability to minority populations as determined by the Administrator

(5) MINORITY LENDING INSTITUTION. — The term "minority lending institution" means a CDFI —

(A) with respect to which a majority of the total number of loans and a majority of the value of investments of the CDFI are directed at minorities and other targeted populations;

(B) that is a minority depository institution, as defined in section 308(b) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 1463 note), or otherwise considered to be a minority depository institution by the appropriate Federal banking agency, as defined in section 3 of the Federal Deposit Insurance Act(12 U.S.C. 1813), or by the National Credit Union Administration, as applicable; or

(C) that is 51 percent owned by 1 or more socially and economically disadvantaged individuals.

* * *

TITLE IV — EMERGENCY ASSISTANCE FOR AMERICAN FAMILIES AND STUDENTS

* * *

Subtitle B — Rental Assistance

SEC. 4101. CORONAVIRUS RELIEF FUND PAYMENTS FOR RENTAL ASSISTANCE.

(a) IN GENERAL. — Title VI of the Social Security Act (42 U.S.C. 801 et seq.) is amended by adding at the end the following:

"SEC. 602. CORONAVIRUS RELIEF FUND PAYMENTS FOR RENTAL ASSISTANCE.

"(a) APPROPRIATION. —

"(1) IN GENERAL. — Out of any money in the Treasury of the United States not otherwise appropriated, there are appropriated for making payments to eligible grantees under this section, $25,000,000,000 for the period of fiscal years 2021 through 2022.

"(2) RESERVATION OF FUNDS FOR THE DISTRICT OF COLUMBIA, THE TERRITORIES, AND TRIBAL COMMUNITIES. — Of the amount appropriated under paragraph (1), the Secretary shall reserve —

"(A) $500,000,000 of such amount for making payments under this section to the District of Columbia, the Commonwealth of Puerto Rico, the United States Virgin Islands, Guam, the Commonwealth of the Northern Mariana Islands, and American Samoa; and

"(B) $800,000,000 of such amount for making payments under this section to eligible grantees described in subparagraphs (C) and (D) of subsection (h)(2).

"(b) PAYMENTS FOR RENTAL ASSISTANCE. —

"(1) IN GENERAL. — The amount appropriated under paragraph (1) of subsection (a) that remains after the application of paragraph (2) of such subsection shall be allotted and paid to eligible grantees described in subparagraphs (A) and (B) of subsection (h)(2) in the same manner as the amount appropriated under subsection (a)(1) of section 601 is allotted and paid to States and units of local government under subsections (b) and (c) of such section, and shall be subject to the same requirements, except that —

"(A) the deadline for payments under section 601(b)(1) shall, for purposes of payments under this section, be deemed to be not later than 15 days after the date of enactment of this section;

"(B) section 601(c)(2)(A) shall be applied by substituting '$200,000,000' for '$1,250,000,000';

"(C) section 601(d) shall not apply to such payments; and

"(D) section 601(e) shall be applied —

"(i) by substituting 'under section 602' for 'under this section'; and

"(ii) by substituting 'section 602' for 'subsection (d)'.

"(2) ALLOCATION AND PAYMENTS TO TRIBAL COMMUNITIES. —

"(A) IN GENERAL. — From the amount reserved under subsection (a)(2)(B), the Secretary shall —

"(i) pay the amount equal to 0.3 percent of such amount to the Department of Hawaiian Home Lands; and

"(ii) subject to subparagraph (B), from the remainder of such amount, allocate and pay to each Indian tribe (or, if applicable, the tribally designated housing entity of an Indian tribe) that was eligible for a grant under title I of the Native American Housing Assistance and Self-Determination Act of 1996 (NAHASDA) (25 U.S.C. 4111 et seq.) for fiscal year 2020 an amount that bears the same proportion to the such remainder as the amount each such Indian tribe (or entity) was eligible to receive for such fiscal year from the amount appropriated under paragraph (1) under the heading 'NATIVE AMERICAN PROGRAMS' under the heading 'PUBLIC AND INDIAN HOUSING' of title II of division H of the Further Consolidated Appropriations Act, 2020 (Public Law 116–94) to carry out the Native American Housing Block Grants program bears to the amount appropriated under such paragraph for such fiscal year, provided the Secretary shall be authorized to allocate, in an equitable manner as determined by the Secretary, and pay any Indian tribe that opted out of receiving a grant allocation under the Native American Housing Block Grants program formula in fiscal year 2020, including by establishing a minimum amount of payments to such Indian tribe, provided such Indian tribe notifies the Secretary not later than 15 days after the date of enactment of this section that it intends to receive allocations and payments under this section.

"(B) PRO RATA ADJUSTMENT; DISTRIBUTION OF DECLINED FUNDS. —

"(i) PRO RATA ADJUSTMENTS. — The Secretary shall make pro rata reductions in the amounts of the allocations determined under clause (ii) of subparagraph (A) for entities described in such clause as necessary to ensure that the total amount of payments made pursuant to such clause does not exceed the remainder amount described in such clause.

"(ii) DISTRIBUTION OF DECLINED FUNDS. — If the Secretary determines as of 15 days after the date of enactment of this section that an entity described in clause (ii) of subparagraph (A) has declined to receive its allocation under such clause then, not later than 20 days after such date, the Secretary shall redistribute, on a pro rata basis, such allocation among the other entities described in such clause that have not declined to receive their allocations.

"(c) USE OF FUNDS. —

"(1) IN GENERAL. — Except as provided in subsection (d), an eligible grantee shall use the funds provided from a payment made under this section to provide financial assistance and housing stability services to eligible households.

"(2) FINANCIAL ASSISTANCE. —

"(A) IN GENERAL. — Not less than 90 percent of the funds received by an eligible grantee from a payment made under this section shall be used to provide financial assistance to eligible households, including the payment of rent, rental arrears, utilities and home energy costs, utilities and home energy arrears, and other expenses related to housing for a period not to exceed 18 months.

"(B) DISTRIBUTION OF FINANCIAL ASSISTANCE. —

"(i) PAYMENTS. — With respect to financial assistance for rent and rental arrears and utilities and home energy costs and utility and home energy arrears provided to an eligible household from a payment made under this section, an eligible grantee shall make payments to a lessor or utility or home energy provider on behalf of the eligible household, except that, if the lessor or utility or home energy provider does not agree to accept such payment from the grantee after outreach to the lessor or utility or home energy provider by the grantee, the grantee may make such payments directly to the eligible household for the purpose of making payments to the lessor or utility or home energy provider.

"(ii) DOCUMENTATION. — For any payments made by an eligible grantee to a lessor or utility or home energy provider on behalf of an eligible household, the eligible grantee shall provide documentation of such payments to such household.

"(3) HOUSING STABILITY SERVICES. — Not more than 10 percent of the funds received by an eligible grantee from a payment made under this section may be used to provide housing stability services to eligible households, including —

"(A) case management services, including community resources to negotiate and resolve non-financial, non-legal issues to keep individuals and families housed;

"(B) services to connect eligible households to other public supports, including long-term housing assistance;

"(C) referrals to other services for behavioral, emotional, and mental health issues, domestic violence, child welfare issues, employment, substance abuse treatment, or other services;

"(D) rehousing services; and

"(E) eviction prevention services.

"(4) PRIORITIZATION OF HOUSEHOLDS. — In providing financial assistance and housing stability services to eligible households from a payment made under this section, an eligible grantee shall prioritize providing such assistance and services to eligible households with incomes that do not exceed 50 percent of the area median income for the household.

"(5) ADMINISTRATIVE COSTS. —

"(A) IN GENERAL. — Not more than 10 percent of the amount paid to an eligible grantee under this section may be used for administrative costs attributable to providing financial assistance and housing stability services under paragraphs (2) and (3), respectively, including for data collection and reporting requirements related to such funds.

"(B) NO OTHER ADMINISTRATIVE COSTS. — Amounts paid under this section shall not be used for any administrative costs other than to the extent allowed under subparagraph (A).

"(d) UNUSED FUNDS. — An eligible grantee may use any funds from a payment made under this section that are unobligated on October 1, 2022, for purposes other than those specified in subsection (c) provided that —

"(1) such other purposes are affordable housing purposes serving very low-income families or extremely low-income families (as such terms are defined in section 3(b) of the United States Housing Act of 1937 (42 U.S.C. 1437a(b))); and

"(2) prior to such date, the grantee —

"(A) submits to the Secretary, and the Secretary approves, a plan describing the proposed use of such funds; and

"(B) demonstrates to the Secretary's satisfaction that it has engaged in a good faith effort to implement an emergency rental assistance program designed to address the needs of eligible households within the jurisdiction.

"(e) AVAILABILITY. — Funds provided to an eligible grantee under a payment made under this section shall remain available through September 30, 2022, unless the grantee has a plan for unused funds approved under subsection (d), in which case the funds shall remain available through the date approved by the Secretary with respect to such plan.

"(f) APPLICATION FOR ASSISTANCE BY LANDLORDS AND OWNERS. —

"(1) IN GENERAL. — Subject to paragraph (2), nothing in this section shall preclude a landlord or owner of a residential dwelling from —

"(A) assisting a renter of such dwelling in applying for assistance from a payment made under this section; or

"(B) applying for such assistance on behalf of a renter of such dwelling.

"(2) REQUIREMENTS FOR APPLICATIONS SUBMITTED ON BEHALF OF TENANTS. — If a landlord or owner of a residential dwelling submits an application for assistance from a payment made under this section on behalf of a renter of such dwelling —

"(A) the tenant shall be required to cosign such application;

"(B) documentation of such application shall be provided to the tenant by the landlord; and

"(C) any payments received by the landlord from a payment made under this section shall be used to satisfy the tenant's rental obligations to the owner.

"(g) REPORTING REQUIREMENTS. —

"(1) IN GENERAL. — For each calendar quarter during the period that begins on the date of enactment of this section and ends on December 31, 2022, the Secretary, in consultation with the Secretary of Housing and Urban Development, shall provide at least 1 public report regarding the use of funds made available under this section during such quarter. Such reports shall be provided not less frequently than quarterly and each such report shall include, with respect to each eligible grantee under this section, both for the past quarter and over the period for which such funds are available —

"(A) the amounts of funds allocated to each eligible grantee;

"(B) the amount of funds disbursed to each eligible grantee;

"(C) the number of eligible households that receive assistance from such payments;

"(D) the acceptance rate of applicants for assistance;

"(E) the type or types of assistance provided to each eligible household;

"(F) the average amount of funding provided per eligible household receiving assistance and per type of assistance provided;

"(G) for each type of assistance provided, the average number of monthly rental, utility, or home energy payments that were covered by the funding amount that a household received, as applicable; and

"(H) the outcome, as determined by the Secretary, for the eligible household at end of the assistance period.

"(2) DISAGGREGATION. — Each report under this subsection shall disaggregate the information relating to households provided under subparagraphs (C) through (H) of paragraph (1) by —

"(A) household ZIP Code;

"(B) household income level, with such information disaggregated for households with income that —

"(i) does not exceed 30 percent of the area median income for the household;

"(ii) exceeds 30 percent but does not exceed 50 percent of the area median income for the household; and

"(iii) exceeds 50 percent but does not exceed 80 percent of area median income for the household; and

"(C) the gender, race, and ethnicity of the primary applicant for assistance in such households.

"(3) PRIVACY REQUIREMENTS. —

"(A) IN GENERAL. — Each eligible grantee that receives a payment under this section shall establish data privacy and security requirements for the information described in paragraph (1) that —

"(i) include appropriate measures to ensure that the privacy of the individuals and households is protected;

"(ii) provide that the information, including any personally identifiable information, is collected and used only for the purpose of submitting reports under paragraph (1); and

"(iii) provide confidentiality protections for data collected about any individuals who are survivors of intimate partner violence, sexual assault, or stalking.

"(B) STATISTICAL RESEARCH. —

"(i) IN GENERAL. — The Secretary —

"(I) may provide full and unredacted information provided under subparagraphs (C) through (H) of paragraph (1) for statistical research purposes in accordance with existing law; and

"(II) may collect and make available for statistical research, at the census tract level, information collected under subparagraph (A).

"(ii) APPLICATION OF PRIVACY REQUIREMENTS. — A recipient of information under clause (i) shall establish for such information the data privacy and security requirements described in subparagraph (A).

"(4) NONAPPLICATION OF THE PAPERWORK REDUCTION ACT. — Subchapter I of chapter 35 of title 44, United States Code, shall not apply to the collection of information for the reporting or research requirements specified in this subsection.

"(h) DEFINITIONS. — In this section:

"(1) AREA MEDIAN INCOME. — The term 'area median income' means, with respect to a household, the median income for the area in which the household is located, as determined by the Secretary of Housing and Urban Development.

"(2) ELIGIBLE GRANTEE. — The term 'eligible grantee' means any of the following:

"(A) A State (as defined in section 601(g)(4)).

"(B) A unit of local government (as defined in paragraph (5)).

"(C) An Indian tribe or its tribally designated housing entity (as such terms are defined in section 4 of the Native American Housing Assistance and Self-Determination Act of 1996 (25 U.S.C. 4103)) that was eligible to receive a grant under title I of such Act (25 U.S.C. 4111 et seq.) for fiscal year 2020 from the amount appropriated under paragraph (1) under the heading 'NATIVE AMERICAN PROGRAMS' under the heading 'PUBLIC AND INDIAN HOUSING' of title II of division H of the Further Consolidated Appropriations Act, 2020 (Public Law 116–94) to carry out the Native American Housing Block Grants program.

"(D) The Department of Hawaiian Homelands.

"(3) ELIGIBLE HOUSEHOLD. —

"(A) IN GENERAL. — The term 'eligible household' means a household of 1 or more individuals who are obligated to pay rent on a residential dwelling and with respect to which the eligible grantee involved determines —

"(i) that 1 or more individuals within the household has qualified for unemployment benefits or has experienced a reduction in household income, incurred significant costs, or experienced other financial hardship due to or during the novel coronavirus disease (COVID–19) outbreak;

"(ii) that 1 or more individuals within the household can demonstrate a risk of experiencing homelessness or housing instability, which may include —

"(I) a past due utility, home energy, or rent notice or eviction notice;

"(II) unsafe or unhealthy living conditions; or

"(III) any other evidence of such risk, as determined by the eligible grantee involved; and

"(iii) the household has a household income that is not more than 80 percent of the area median income for the household.

"(B) EXCEPTION. — To the extent feasible, an eligible grantee shall ensure that any rental assistance provided to an eligible household pursuant to funds made available under this section is not duplicative of any other Federally funded rental assistance provided to such household.

"(C) INCOME DETERMINATION. — In determining the income of a household for purposes of determining such household's eligibility for, and amount of, assistance from a payment made under this section (including for purposes of subsection (c)(4)), the eligible grantee involved shall only consider monthly income that the household is receiving at the time of application for such assistance, and shall not consider any income terminated prior to such application.

"(4) SECRETARY. — The term 'Secretary' means the Secretary of the Treasury.

"(5) UNIT OF LOCAL GOVERNMENT. — The term 'unit of local government' has the meaning given such term in paragraph (2) of section 601(g), except that, in applying such term for purposes of this section, such paragraph shall be applied by substituting '200,000' for '500,000'.".

(b) APPLICATION OF INSPECTOR GENERAL OVERSIGHT AND RECOUPMENT AUTHORITIES. — Section 601(f) of the Social Security Act (42 U.S.C. 801(f)) is amended —

(1) in paragraph (1), by inserting "and section 602" after "under this section"; and

(2) in paragraph (2) —

(A) by inserting "or section 602" after "subsection (d)"; and

(B) by inserting "or section" after "such subsection".

(c) TREATMENT OF ASSISTANCE. —

(1) RENTAL ASSISTANCE TO BE DISREGARDED FOR PURPOSES OF ALL FEDERAL AND FEDERALLY ASSISTED PROGRAMS. — Assistance provided to a household from a payment made under section 602 of the Social Security Act, as added by subsection (a), shall not be regarded as income and shall not be regarded as a resource for purposes of determining the eligibility of the household or any member of the household for benefits or assistance, or the amount or extent of benefits or assistance, under any Federal program or under any State or local program financed in whole or in part with Federal funds.

(2) EXCLUSION OF RENTAL ASSISTANCE FROM INCOME FOR PURPOSES OF FEDERAL TAXATION. — For purposes of the Internal Revenue Code of 1986, any assistance provided to a household from a payment made under section 602 of the Social Security Act, as added by subsection (a), shall not be included in the gross income of any member of the household.

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TITLE V — EMERGENCY ASSISTANCE FOR EDUCATIONAL INSTITUTIONS AND CONNECTIVITY

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HIGHER EDUCATION EMERGENCY RELIEF FUND

SEC. 5104. (a) IN GENERAL. — From funds reserved under section 5101(b)(3) of this subtitle, the Secretary shall allocate amounts as follows:

(1) 85 percent to each institution of higher education described in section 101 or section 102(c) of the Higher Education Act of 1965 to prevent, prepare for, and respond to coronavirus, by apportioning —

(A) an amount equal to 37.5 percent according to the relative share of full-time equivalent enrollment of students who were Federal Pell Grant recipients who were not exclusively enrolled in distance education courses prior to a qualifying emergency;

(B) an amount equal to 37.5 percent according to the relative share of the total number of students who were Federal Pell Grant recipients who were not exclusively enrolled in distance education courses prior to a qualifying emergency;

(C) an amount equal to 12.5 percent according to the relative share of full-time equivalent enrollment of students who were not Federal Pell Grant recipients who were not exclusively enrolled in distance education courses prior to a qualifying emergency; and

(D) an amount equal to 12.5 percent according to the relative share of the total number of students who were not Federal Pell Grant recipients who were not exclusively enrolled in distance education courses prior to a qualifying emergency.

(2) 10 percent for additional awards under parts A and B of title III, parts A and B of title V, and subpart 4 of part A of title VII of the Higher Education Act of 1965 to address needs directly related to coronavirus, that shall be in addition to awards made under paragraph (1), and allocated by the Secretary proportionally to such programs based on the relative share of funding appropriated to such programs in the Further Consolidated Appropriations Act, 2020 (Public Law 116–94; 113 Stat. 2593) and which may be used to defray expenses (including lost revenue, reimbursement for expenses already incurred, technology costs associated with distance education, faculty and staff trainings, and payroll) incurred by institutions of higher education and for grants to students for any component of the student's cost of attendance, including food, housing, course materials, technology, health care, and child care, with any such students receiving such grants determined solely by the institution.

(3) 5 percent for grants under part B of title VII of the Higher Education Act of 1965 for institutions of higher education that the Secretary determines through an application process not less than 90 days have the greatest unmet needs related to coronavirus, which may be used to defray expenses (including lost revenue, reimbursement for expenses already incurred, technology costs associated with a transition to distance education, faculty and staff trainings, and payroll) incurred by institutions of higher education and for grants to students for any component of the student's cost of attendance, such as food, housing, course materials, technology, health care, and child care, with any such students receiving such grants determined solely by the institution.

(b) DISTRIBUTION. — The funds made available to each institution under subsection (a)(1) shall be distributed by the Secretary using the same systems as the Secretary otherwise distributes funding to each institution under title IV of the Higher Education Act of 1965.

(c) USES OF FUNDS. —

(1) IN GENERAL. — Except as otherwise specified in subsection (a), an institution of higher education receiving funds under this section —

(A) shall use not less than 50 percent of such funds to provide financial aid grants to students (including students exclusively enrolled in distance education), which may be used for any component of the student's cost of attendance or for emergency costs that arise due to coronavirus, such as food, housing, course materials, technology, health care, or child care with any such students receiving such grants determined solely by the institution; and

(B) may use funds received to defray expenses associated with coronavirus (including lost revenue, reimbursement for expenses already incurred, technology costs associated with a transition to distance education, faculty and staff trainings, and payroll).

(2) UNSPENT CARES FUNDS. — Notwithstanding any other provision of law, any funds provided to an institution of higher education under section 18004 of the Coronavirus Aid, Relief, and Economic Security Act (20 U.S.C. 3401 note) that are not spent by the date of enactment of this Act shall be expended in accordance with paragraph (1).

(d) SPECIAL PROVISIONS. —

(1) A Historically Black College and University or a Minority-Serving Institution may use prior awards provided under titles III, V, and VII of the Higher Education Act of 1965 to prevent, prepare for, and respond to coronavirus.

(2) No funds received by an institution of higher education under this section shall be used to fund contractors for the provision of pre-enrollment recruitment activities, endowments, or capital outlays associated with facilities related to athletics, sectarian instruction, or religious worship.

(3) An institution of higher education that was required to remit payment to the Internal Revenue Service for the excise tax based on investment income of private colleges and universities under section 4968 of the Internal Revenue Code of 1986 for tax year 2019 or 2020 shall have their allocation under this section reduced by 50 percent and may only use funds for activities described in subsection (c)(1). This paragraph shall not apply to an institution of higher education designated by the Secretary as an eligible institution under section 448 of the Higher Education Act of 1965 (20 U.S.C. 1087–58).

(e) REALLOCATION. — Any funds allocated to an institution of higher education under this section on the basis of a formula described in paragraph (1) or (2) of subsection (a) but for which an institution does not apply for funding not later than 60 days after the date of the publication of the notice inviting applications, shall be reallocated in accordance with the formula described in such subsection to eligible institutions that had submitted an application by such date.

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