3.0.0 7671 2023-01-11T13:45:54Z 2023-01-11T13:45:54Z House HR 2020-07-20 116 [Congressional Record Volume 166, Number 127 (Monday, July 20, 2020)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. VELA:H.R. 7671.Congress has the power to enact this legislation pursuantto the following:Article 1, Section 8, Clause 18: The Congress shall havePower To make all Laws which shall be necessary and properfor carrying into Execution the forgoing Powers, and allother Powers vested by this Constitution in the Government ofthe United States, or in any Department or Officer thereof.[Page H3587]]]> hsba00 Financial Services Committee House Standing Referred to 2020-07-20T13:00:10Z 2020-07-20 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2020-07-20 Introduced in House IntroReferral Intro-H 9 Library of Congress 2020-07-20 Introduced in House IntroReferral 1000 9 Library of Congress V000132 Rep. Vela, Filemon [D-TX-34] Filemon Vela D TX 34 N G000589 Rep. Gooden, Lance [R-TX-5] Lance Gooden R TX 5 2020-07-20 True L000557 Rep. Larson, John B. [D-CT-1] JOHN LARSON D CT B. 1 2020-09-11 False N000179 Rep. Napolitano, Grace F. [D-CA-32] GRACE NAPOLITANO D CA F. 32 2020-09-11 False Commerce Accounting and auditing Administrative remedies Business expenses Business records Cardiovascular and respiratory health Civil actions and liability Congressional operations and organization Congressional oversight Department of the Treasury Disaster relief and insurance Economic performance and conditions Emergency medical services and trauma care Employee benefits and pensions Executive agency funding and structure Federal officials Government information and archives Government lending and loan guarantees Government studies and investigations Health care costs and insurance Health care coverage and access Infectious and parasitic diseases Minority and disadvantaged businesses Small business Wages and earnings Women in business Worker safety and health Commerce 00 2020-07-20 Introduced in House 2020-08-25T15:18:13Z Small Business Comeback Act

This bill establishes a recovery compensation program whereby the Department of the Treasury shall authorize specified payments to certain small businesses to support their recovery from the COVID-19 (i.e., coronavirus disease 2019) pandemic.

Treasury must appoint a Special Administrator to oversee the recovery compensation program, and the administrator must develop an application form that is simple to file and audit that applicants shall use when seeking recovery compensation. The maximum amount of recovery compensation an applicant may receive shall be the lesser of their average payment for total monthly expenses or $50 million.

Among other requirements, an eligible entity must (1) be in an impaired sector as defined by the administrator; (2) have significant operations in, and a majority of its employees based in, the United States; and (3) continue to pay salaries or wages to employees who tested positive for COVID-19 or were exposed to COVID-19 in the workplace. Allowable uses of recovery compensation include (1) payroll costs; (2) costs related to the continuation of group health care benefits; (3) insurance premiums; (4) paycheck protection loan and economic injury disaster loan repayment obligations; and (5) federal, state, and local tax obligations.

The bill also establishes the Special Inspector General for COVID-19 Recovery Funds, who shall conduct, supervise, and coordinate audits and investigations of the payment of recovery compensation. The bill further establishes the Congressional Oversight Board, which shall oversee the implementation of the recovery compensation program.

]]> Small Business Comeback Act Display Title Small Business Comeback Act Official Title as Introduced To provide for the establishment of a COVID-19 Small Business Recovery Fund, and for other purposes. Introduced in House IH Short Title(s) as Introduced Small Business Comeback Act Introduced in House IH Introduced in House 2020-07-20T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116hr7671ih/xml/BILLS-116hr7671ih.xml 2020-07-20 Referred to the House Committee on Financial Services. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.