[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 3554 Introduced in Senate (IS)]

<DOC>






116th CONGRESS
  2d Session
                                S. 3554

To provide assistance to small businesses impacted by COVID-19, and for 
                            other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 20, 2020

 Mr. Cardin (for himself, Ms. Cantwell, Mrs. Shaheen, Mr. Markey, Mr. 
Booker, Mr. Coons, Ms. Hirono, Ms. Duckworth, and Ms. Rosen) introduced 
the following bill; which was read twice and referred to the Committee 
                 on Small Business and Entrepreneurship

_______________________________________________________________________

                                 A BILL


 
To provide assistance to small businesses impacted by COVID-19, and for 
                            other purposes.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``COVID-19 Recovery by Enhancing Loan, 
Investment, and Education Funds for Small Businesses Act of 2020'' or 
the ``COVID-19 RELIEF for Small Businesses Act of 2020''.

SEC. 2. FINDINGS.

    Congress finds that--
            (1) the 30,700,000 small businesses in the United States 
        employ more than 47 percent of the private workforce;
            (2) small business supply chain firms account for almost 
        1,000,000 small businesses and about 10,000,000 jobs, playing a 
        key role in the United States supply chain by providing goods 
        and services to large corporations and Federal, State, and 
        local government agencies;
            (3) the economic disruptions related to COVID-19 in the 
        United States are unlike any that we have seen in the past 
        couple of decades;
            (4) as a result of the global pandemic caused by COVID-19, 
        many small businesses in the United States have suffered 
        because--
                    (A) their supply chains have been disrupted;
                    (B) their establishments are experiencing decreased 
                foot traffic and sales; and
                    (C) their employees who have contracted the virus 
                will need paid time off to avoid infecting others;
            (5) small business owners affected by COVID-19 are finding 
        it difficult or impossible to--
                    (A) make loan payments on existing debts;
                    (B) pay their employees;
                    (C) pay their vendors;
                    (D) purchase materials, supplies, or inventory;
                    (E) pay their rent, mortgage, or other operating 
                expenses; or
                    (F) secure financing for their business;
            (6) a significant number of small businesses will not 
        qualify for loans under the existing disaster loan program of 
        the Administration;
            (7) the absence of resources for vulnerable small 
        businesses that cannot access programs of the Administration 
        will undoubtedly leave many of them to fail; and
            (8) a new source of Federal support is necessary to help 
        businesses that have no other place to turn.

SEC. 3. PURPOSE.

    The purpose of this Act is to mitigate economic injury to small 
business concerns and stabilize the United States economy by 
strengthening the loan, investment, procurement assistance, and 
management education programs of the Administration and by establishing 
a new grant program at the Administration for the small business 
concerns hardest hit by COVID-19.

SEC. 4. DEFINITIONS.

    In this Act--
            (1) the term ``Administration'' and ``Administrator'' mean 
        the Small Business Administration and the Administrator 
        thereof; and
            (2) the term ``small business concern'' has the meaning 
        given the term in section 3 of the Small Business Act (15 
        U.S.C. 632).

SEC. 5. ECONOMIC INJURY GRANTS FOR SMALL BUSINESS CONCERNS.

    (a) Purpose.--The purpose of this section is to--
            (1) make grants available to small business concerns 
        affected by COVID-19 that lack access to credit through the 
        existing disaster loan program of the Administration; and
            (2) ensure resources are available for vulnerable small 
        business concerns that are unlikely to survive without a new 
        source of Federal support.
    (b) Definition of Eligible Small Business Concern.--The term 
``eligible small business concern'' means a small business concern 
that--
            (1) meets the applicable size standard established under 
        section 3 of the Small Business Act (15 U.S.C. 632);
            (2) has not less than 2 employees and not more than 50 
        employees;
            (3) due to the effects of COVID-19, suffered--
                    (A) a loss of revenue in 1 month greater than 50 
                percent as compared to the same month in the previous 
                year; or
                    (B) in the case of a business concern that has been 
                in operation for not less than 4 months, a loss of 
                revenue in 1 month greater than 50 percent as compared 
                to the average of the 3 previous months;
            (4) can demonstrate an inability to pay obligations or stay 
        up-to-date on accounts or payroll; and
            (5) submitted an application for a loan under section 
        7(b)(2) of the Small Business Act (15 U.S.C. 636(b)(2)) and was 
        denied assistance under such section because the small business 
        concern is unable to repay the loan.
    (c) Grants.--The Administration shall provide assistance to 
eligible small business concerns, private nonprofit organizations, and 
small agricultural cooperatives that have suffered a substantial 
economic injury, directly or indirectly, as a result of COVID-19.
    (d) Awarding of Grants and Updates.--The Administration shall--
            (1) award grants under this section as expeditiously as 
        possible; and
            (2) on a monthly basis until the date on which the 
        authority under this section terminates, update the Committee 
        on Small Business and Entrepreneurship and the Committee on 
        Appropriations of the Senate and the Committee on Small 
        Business and the Committee on Appropriations of the House of 
        Representatives on--
                    (A) the number of grants awarded under this 
                section; and
                    (B) the geographic distribution of the grants by 
                State and county.
    (e) Amount of Grant.--
            (1) In general.--Except as provided in paragraph (2), a 
        grant provided under this section shall be in an amount that is 
        not more than $50,000.
            (2) Increased grant amount.--The Administrator may make a 
        grant under this section of not more than $100,000 if the 
        Administrator demonstrates that doing so is necessary to assist 
        eligible small business concerns, private nonprofit 
        organizations, and small agricultural cooperatives that the 
        Administrator determines are vital to their local economies.
            (3) Single award.--No eligible small business concern, 
        private nonprofit organization, or small agricultural 
        cooperative may receive or directly benefit from more than 1 
        award made under this section.
    (f) Use of Funds.--An eligible small business concern, private 
nonprofit organization, or small agricultural cooperative that receives 
a grant under this section may use the grant funds to address the 
effects of COVID-19 through any of the permissible uses of funds under 
section 7(b)(2) of the Small Business Act (15 U.S.C. 636(b)(2)).
    (g) Application.--
            (1) In general.--An eligible small business concern, 
        private nonprofit organization, or small agricultural 
        cooperative desiring a grant under this section shall submit to 
        the Administration an application at such time, in such manner, 
        and containing such information as the Administration may 
        require.
            (2) Priority.--The Administrator shall--
                    (A) establish selection criteria to ensure that 
                eligible small business concerns, private nonprofit 
                organizations, and small agricultural cooperatives that 
                are hardest hit by the effects of COVID-19 receive 
                priority in the event that funding is not sufficient to 
                provide grants to all that submit applications under 
                paragraph (1);
                    (B) identify industry sectors for prioritization 
                that have suffered uniquely and disproportionately from 
                COVID-19; and
                    (C) give priority to an applicant proposing to use 
                grant funds for--
                            (i) providing paid sick leave to employees 
                        unable to work due to the direct effects of 
                        COVID-19;
                            (ii) maintaining payroll to retain 
                        employees during business disruptions or 
                        substantial slowdowns;
                            (iii) making rent and mortgage payments; or
                            (iv) repaying obligations that cannot be 
                        met due to revenue losses.
    (h) Procedures.--The Administrator shall establish procedures to 
discourage and prevent waste, fraud, and abuse by applicants and 
recipients of grants under this section.
    (i) Penalties for Fraud and Misapplication of Funds.--Any applicant 
or recipient of a grant provided under this section shall be subject to 
all applicable provisions of Federal law, including section 1001 of 
title 18, United States Code, and the provisions of section 123.9 of 
title 13, Code of Federal Regulations, or any successor regulation, 
relating to the misapplication of loan proceeds shall apply to grants 
provided under this section to the same extent as if those grants were 
loans provided under section 7(b)(2) of the Small Business Act (15 
U.S.C. 636(b)(2)).
    (j) Inspector General Audit.--Not later than 180 days after the 
date on which the Administrator begins to provide assistance under this 
section, the Inspector General of the Administration shall--
            (1) conduct an audit of grants made under this section, 
        which shall identify any discrepancies or irregularities in the 
        grants; and
            (2) submit to the Committee on Small Business and 
        Entrepreneurship and the Committee on Appropriations of the 
        Senate and the Committee on Small Business and the Committee on 
        Appropriations of the House of Representatives a copy of the 
        audit conducted under paragraph (1).
    (k) Authorization of Appropriations.--There is authorized to be 
appropriated to the Administration $10,000,000,000 to carry out this 
section.
    (l) Termination.--The authority to carry out grants under this 
section shall terminate on September 30, 2021.

SEC. 6. ECONOMIC INJURY DISASTER LOANS.

    (a) Purpose.--The purpose of this section is to ensure that owners 
of small business concerns have access to additional necessary funding 
to cover continuity-of-operation and risk mitigation improvements.
    (b) Definition of Eligible Small Business Concern.--In this 
section, the term ``eligible small business concern'' means a small 
business concern that--
            (1) meets the applicable size standard established under 
        section 3 of the Small Business Act (15 U.S.C. 632); and
            (2) is receiving assistance under section 7(b)(2) of the 
        Small Business Act (15 U.S.C. 636(b)(2)) related to COVID-19.
    (c) Additional Amounts.--The Administrator may increase by 20 
percent the amount received by an eligible small business concern under 
section 7(b)(2) of the Small Business Act (15 U.S.C. 636(b)(2)) to 
cover continuity-of-operation and risk mitigation improvements, 
including telework capability, offsite record keeping, redundancy, the 
administrative costs of establishing paid sick leave, and presenteeism 
prevention.
    (d) Expediting Small Economic Injury Disaster Loans.--With respect 
to a loan made under section 7(b)(2) of the Small Business Act (15 
U.S.C. 636(b)(2)) in response to COVID-19, if the loan does not exceed 
$350,000, the Administration may--
            (1) approve an applicant based solely on the credit score 
        of the applicant, and in this circumstance, shall not require 
        an applicant to submit a tax return or a tax return transcript; 
        or
            (2) use other appropriate methods to determine an 
        applicant's ability to repay.
    (e) Emergencies Involving Federal Primary Responsibility Qualifying 
for Small Business Administration Assistance.--Section 7(b)(2) of the 
Small Business Act (15 U.S.C. 636(b)(2)) is amended--
            (1) in subparagraph (A), by striking ``or'' at the end;
            (2) in subparagraph (B), by striking ``or'' at the end;
            (3) in subparagraph (C), by striking ``or'' at the end;
            (4) by redesignating subparagraph (D) as subparagraph (E);
            (5) by inserting after subparagraph (C) the following:
                    ``(D) an emergency involving Federal primary 
                responsibility determined to exist by the President 
                under the section 501(b) of the Robert T. Stafford 
                Disaster Relief and Emergency Assistance Act (42 U.S.C. 
                5191(b)); or'';
            (6) in subparagraph (E), as so redesignated--
                    (A) by striking ``or (C)'' and inserting ``(C), or 
                (D)'';
                    (B) by striking ``disaster declaration'' each place 
                it appears and inserting ``disaster or emergency 
                declaration'';
                    (C) by striking ``disaster has occurred'' and 
                inserting ``disaster or emergency has occurred'';
                    (D) by striking ``such disaster'' and inserting 
                ``such disaster or emergency''; and
                    (E) by striking ``disaster stricken'' and inserting 
                ``disaster- or emergency-stricken''; and
            (7) in the flush matter following subparagraph (E), by 
        striking the period at the end and inserting the following: ``: 
        Provided further, That for purposes of subparagraph (D), the 
        Administrator shall deem that such an emergency affects each 
        State or subdivision thereof (including counties), and that 
        each State or subdivision has sufficient economic damage to 
        small business concerns to qualify for assistance under this 
        paragraph and the Administrator shall accept applications for 
        such assistance immediately.''.

SEC. 7. WAIVERS ON PRINCIPAL AND INTEREST FOR 7(A), 504, AND 
              MICROLOANS.

    (a) Definition of Covered Loan.--In this section, the term 
``covered loan'' means a loan that is--
            (1) guaranteed by the Administration under--
                    (A) section 7(a) of the Small Business Act (15 
                U.S.C. 636(a)), including a loan made under the 
                Community Advantage Pilot Program of the 
                Administration, the Export Express Program under 
                paragraph (34) of such section 7(a), the Export Working 
                Capital Program under paragraph (14) of such section 
                7(a), or the International Trade Loan Program under 
                paragraph (16) of such section 7(a); or
                    (B) title V of the Small Business Investment Act of 
                1958 (15 U.S.C. 695 et seq.); or
            (2) made by an intermediary to a small business concern (as 
        defined in section 3 of the Small Business Act (15 U.S.C. 632)) 
        using loans or grants received under section 7(m) of the Small 
        Business Act (15 U.S.C. 636(m)).
    (b) Sense of Congress.--It is the sense of Congress that--
            (1) all borrowers are adversely affected by COVID-19;
            (2) relief payments by the Administration are appropriate 
        for all borrowers; and
            (3) the Administration should encourage lenders to extend 
        the maturity of covered loans so as to avoid any increase in 
        debt payments by borrowers at the end of the deferral period.
    (c) Interest Payments.--
            (1) In general.--The Administrator shall pay the principal, 
        interest, and any associated fees that are owed on a covered 
        loan--
                    (A) with respect to a covered loan made before the 
                date of enactment of this Act, for the 6-month period 
                beginning with the next payment due on the covered 
                loan; and
                    (B) 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 such date 
                of enactment, for the 6-month period beginning with the 
                first payment due on the covered loan.
            (2) Timing of payment.--The Administrator shall begin 
        making payments under paragraph (1) on a covered loan not later 
        than 30 days after the date on which the first such payment is 
        due.
            (3) Application of payment.--Any payment made by the 
        Administrator under paragraph (1) shall be applied to the 
        covered loan such that the borrower is relieved of the 
        obligation to pay that amount.
    (d) Other Requirements.--The Administrator shall--
            (1) 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 Administrator under subsection 
        (c);
            (2) waive statutory limits on covered loan durations for 
        any lender that offers a deferral and extends the maturity of 
        covered loan products during the 1-year period following the 
        date of enactment of this Act; and
            (3) extend site visit requirements to 60 days for covered 
        loan defaults and 90 days for nonpayment 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.
    (e) Rule of Construction.--Nothing in this section may be construed 
to limit the authority of the Administrator to make payments pursuant 
to subsection (c) with respect to a covered loan solely because the 
covered loan has been sold in the secondary market.
    (f) Authorization of Appropriations.--There is authorized to be 
appropriated to the Administrator $16,800,000,000 to carry out this 
section.

SEC. 8. TEMPORARY FEE REDUCTIONS.

    (a) Purpose.--The purpose of the section is to waive borrower and 
lender fees on loans, including a permanent fix to waive fees for 
veterans and their spouses.
    (b) Administrative Fee Waiver.--
            (1) In general.--During the period beginning on the date of 
        enactment of this Act and ending on September 30, 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--
                    (A) 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
                    (B) in lieu of the fee otherwise applicable under 
                section 7(a)(18)(A) of the Small Business Act (15 
                U.S.C. 636(a)(18)(A)), collect no fee or reduce fees to 
                the maximum extent possible.
            (2) 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 paragraph 
        (1), the Administrator shall--
                    (A) 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
                    (B) 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)).
    (c) Exception to Guarantee Fee Waiver for Veterans.--Section 
7(a)(31)(G) of the Small Business Act (15 U.S.C. 636(a)(31)(G)) is 
amended--
            (1) by striking clause (ii); and
            (2) by redesignating clause (iii) as clause (ii).
    (d) Temporary Fee Elimination for the 504 Loan Program.--
            (1) In general.--During the period beginning on the date of 
        enactment of this Act and ending on September 30, 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--
                    (A) 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
                    (B) 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 thereto, collect no fee.
            (2) Reimbursement for waived fees.--
                    (A) 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 
                paragraph (1)(B).
                    (B) Amount.--The payment to a development company 
                under subparagraph (A) 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 paragraph (1)(B).

SEC. 9. GUARANTEE AMOUNTS.

    (a) Purpose.--The purpose of this section is to increase loan 
guarantee amounts in order to mitigate risk for lenders and keep credit 
flowing, including an emphasis on underserved borrowers.
    (b) 7(a) Loan Guarantees.--
            (1) 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.''.
            (2) Termination.--Effective September 30, 2021, section 
        7(a)(2)(A) of the Small Business Act (15 U.S.C. 636(a)(2)(A)), 
        as amended by paragraph (1), is amended to read as follows:
                    ``(A) In general.--Except as provided in 
                subparagraphs (B), (D), and (E), 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.''.
    (c) Express Loan Guarantee Amounts and Loan Size Increases.--
            (1) Temporary modification.--Section 7(a)(31) of the Small 
        Business Act (15 U.S.C. 636(a)(31)) is amended--
                    (A) in subparagraph (A)(iv), 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 90 percent; and
                                    ``(II) for a loan in an amount 
                                greater than $350,000, of not more than 
                                75 percent.''; and
                    (B) in subparagraph (D), by striking ``$350,000'' 
                and inserting ``$1,000,000''.
            (2) Increase in availability.--Effective September 30, 
        2021, section 7(a)(31) of the Small Business Act (15 U.S.C. 
        636(a)(31)), as amended by paragraph (1), is amended--
                    (A) in subparagraph (A)(iv), by striking 
                ``guarantee rate'' and all that follows through the 
                period at the end and inserting ``guarantee rate of not 
                more than 50 percent.''; and
                    (B) in subparagraph (D), by striking ``$1,000,000'' 
                and inserting ``$500,000''.

SEC. 10. MAXIMUM LOAN AMOUNT AND PROGRAM LEVELS FOR 7(A) LOANS.

    (a) Purpose.--The purpose of this section is to temporarily 
increase the maximum loan size in order to expand the reach of this 
long-term capital.
    (b) Maximum Loan Amount.--During the period beginning on the date 
of enactment of this Act and ending on September 30, 2021, with respect 
to any loan guaranteed under section 7(a) of the Small Business Act (15 
U.S.C. 636(a)) for which an application is approved or pending approval 
on or after the date of enactment of this Act, the maximum loan amount 
shall be $10,000,000.
    (c) Program Levels.--During each of fiscal years 2020 and 2021, 
commitments for general business loans authorized under section 7(a) of 
the Small Business Act (15 U.S.C. 636(a)) shall not exceed 
$80,000,000,000.

SEC. 11. MAXIMUM LOAN AMOUNT FOR 504 LOANS.

    (a) Purpose.--The purpose of this section is to make refinancing of 
fixed assets more flexible for small business concerns seeking 
immediate financing and relief from the COVID-19 crisis.
    (b) Temporary Increase.--During the period beginning on the date of 
enactment of this Act and ending on September 30, 2021, 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, the maximum loan amount shall be 
$10,000,000.
    (c) Permanent Increase for Small Manufacturers.--Effective on 
October 1, 2021, section 502(2)(A)(iii) of the Small Business 
Investment Act of 1958 (15 U.S.C. 696(2)(A)(iii)) is amended by 
striking ``$5,500,000'' and inserting ``$10,000,000''.

SEC. 12. LEVERAGING 504 LOANS FOR REFINANCING AND COMMUNITY DEVELOPMENT 
              LENDING.

    (a) Purpose.--The purpose of this section is to make refinancing 
loans under title V of the Small Business Investment Act of 1958 (15 
U.S.C. 695 et seq.) more flexible so that lenders can more effectively 
and efficiently respond to the needs of small business concerns seeking 
immediate financing and relief from the economic impacts of COVID-19.
    (b) Low-Interest Refinancing Under the Local Development Business 
Loan Program.--
            (1) In general.--Section 502(7) of the Small Business 
        Investment Act of 1958 (15 U.S.C. 696(7)) is amended 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--

                                                    ``(AA) was incurred 
                                                not less than 2 years 
                                                before the date of the 
                                                application for 
                                                assistance under this 
                                                subparagraph;

                                                    ``(BB) is a 
                                                commercial loan;

                                                    ``(CC) the proceeds 
                                                of which were used to 
                                                acquire an eligible 
                                                fixed asset;

                                                    ``(DD) was incurred 
                                                for the benefit of the 
                                                small business concern; 
                                                and

                                                    ``(EE) is 
                                                collateralized by 
                                                eligible fixed assets; 
                                                and

                                            ``(bb) for which the 
                                        borrower has been current on 
                                        all payments for not less than 
                                        1 year before the date of the 
                                        application.
                            ``(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 of the loan;
                                    ``(III) the financing will provide 
                                a substantial benefit to the borrower 
                                when prepayment penalties, financing 
                                fees, and other financing costs are 
                                accounted for; and
                                    ``(IV) 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 full-
                                        time 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) Nondelegation.--Notwithstanding 
                        section 508(e), the Administrator may not 
                        permit a premier certified lender to approve or 
                        disapprove an application for assistance under 
                        this subparagraph.
                            ``(vi) 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.''.
            (2) Conforming amendment.--Section 521 of division E of the 
        Consolidated Appropriations Act, 2016 (15 U.S.C. 696 note) is 
        repealed.
    (c) Intent of Congress Regarding Refinancing Existing Business 
Debt.--It is the intent of Congress that the refinancing of existing 
business debt is an authorized use of a financing under the program 
under title V of the Small Business Investment Act of 1958 (15 U.S.C. 
695 et seq.).
    (d) 504 Debt Refinance With Expansion.--Section 502(7)(B) of the 
Small Business Investment Act of 1958 (15 U.S.C. 696(7)(B)) is amended, 
in the matter preceding clause (i), by striking ``50'' and inserting 
``100''.

SEC. 13. RECOVERY ASSISTANCE FOR MICROBUSINESSES.

    (a) Purpose.--The purpose of this section is to allow lenders to 
deploy more capital, give borrowers more time to repay, increase rural 
lending, and cut technical assistance red tape.
    (b) Loans to Intermediaries.--
            (1) In general.--Section 7(m) of the Small Business Act (15 
        U.S.C. 636(m)) is amended--
                    (A) 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'';
                    (B) 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)(i)--
                                    (I) by striking ``subparagraph 
                                (A)'' and inserting ``subparagraphs (A) 
                                and (G)''; and
                                    (II) in subclause (II)--
                                            (aa) by striking ``has a 
                                        portfolio'' and inserting 
                                        ``has--
                                            ``(aa) a portfolio'';
                                            (bb) in item (aa), by 
                                        striking the period at the end 
                                        and inserting ``; or''; and
                                            (cc) by adding at the end 
                                        the following:
                                            ``(bb) a portfolio of loans 
                                        made under this subsection 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.''; and
                    (C) 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.''.
            (2) Amendment in 2021.--Effective on October 1, 2021, 
        section 7(m)(3)(C) of the Small Business Act (15 U.S.C. 
        636(m)(3)(C)) is amended--
                    (A) by striking ``$10,000,000'' and by inserting 
                ``$7,000,000''; and
                    (B) by striking ``$4,500,000'' and inserting 
                ``$3,000,000''.
    (c) Temporary Waiver of Technical Assistance Grants Matching 
Requirements and Flexibility on Pre- and Post-Loan Assistance.--During 
the period beginning on the date of enactment of this Act and ending on 
September 30, 2021, the Administration shall waive--
            (1) 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
            (2) 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 third-party contracts to provide 
        technical assistance under clause (ii) of such section 
        7(m)(4)(E).
    (d) Temporary Duration of Loans to Borrowers.--
            (1) In general.--During the period beginning on the date of 
        enactment of this Act and ending on September 30, 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))--
                    (A) to an existing borrower may be extended to not 
                more than 8 years; and
                    (B) to a new borrower may be not more than 8 years.
            (2) Reversion.--On and after October 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.
    (e) Program Levels.--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).''.
    (f) 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)), there is authorized to be appropriated 
for fiscal year 2020, to remain available until expended--
            (1) $50,000,000 to provide technical assistance grants 
        under such section 7(m); and
            (2) $7,000,000 to provide direct loans under such section 
        7(m).

SEC. 14. ELECTRONIC SUBMISSIONS FOR THE SMALL BUSINESS INVESTMENT 
              COMPANY PROGRAM.

    (a) Purpose.--The purpose of this section is to quickly provide 
capital to struggling small business concerns by allowing electronic 
signatures to expedite the approval process of the Administration for 
additional investment funds, especially as staff telework.
    (b) Electronic Submissions.--Unless otherwise prohibited by law or 
regulation, the Administration shall permit any document submitted 
under section 103 of the Small Business Investment Act of 1958 (15 
U.S.C. 662) or pursuant to a regulation carrying out title V of such 
Act (15 U.S.C. 695 et seq.) to be submitted electronically, including 
by permitting an electronic signature for any signature that is 
required on such a document.
    (c) Rule of Construction.--Nothing in this section shall be 
construed to preempt, supersede, or otherwise prohibit private sector 
requirements, covenants, customary practices, obligations, or legal 
prohibitions against electronic signatures.

SEC. 15. BUSINESS STABILIZATION DIRECT LOAN PROGRAM.

    (a) Definition of Eligible Borrower.--In this section, the term 
``eligible borrower'' means a small business concern that is located in 
the United States (as defined in section 4(a) of the Small Business Act 
(15 U.S.C. 633(a))) with a confirmed or presumed positive case of 
COVID-19.
    (b) Program.--The Administrator shall carry out a program to make 
loans directly to eligible borrowers.
    (c) Use of Funds.--In addition to the use of loan proceeds 
permitted under section 7(a) of the Small Business Act (15 U.S.C. 
636(a)), loans made under this section may be used for the following 
purposes:
            (1) To make periodic payments of principal and interest, 
        for a period not to exceed 12 months, on a loan or a loan 
        guarantee made to an eligible borrower that meets the 
        eligibility standards of such section 7(a).
            (2) To provide benefits to employees of the eligible 
        borrower, including group life insurance, disability insurance, 
        sick leave, annual leave, educational benefits, paid family 
        leave, or retirement benefits, including a pension plan or 
        individual retirement account.
            (3) To pay wages to employees of the eligible borrower, and 
        related State and Federal payroll taxes, except that loan 
        proceeds may not be used to pay amounts under a garnishment 
        order issued by an agency of a State or Federal Government.
            (4) To provide technology, hardware, or software for a 
        shift to telework or remote work for employees of the eligible 
        borrower to enable continuity of operations.
            (5) To pay rent or utilities due or owed on any place of 
        business of the eligible borrower.
            (6) To refinance an existing debt, including interest, in 
        an amount not to exceed 50 percent of the amount of the debt.
            (7) To provide floor plan financing or other revolving line 
        of credit.
            (8) To pay past-due Federal, State, or local payroll taxes, 
        sales taxes, or other similar taxes that are required to be 
        collected by the eligible borrower and held in trust on behalf 
        of a Federal, State, or local government entity.
            (9) To provide employees and patrons of the eligible 
        borrower with the necessary items specified by any public 
        health authority to mitigate the spread of COVID-19.
    (d) Loan Terms.--
            (1) Amount.--Loans made under this section may not exceed 
        $2,500,000.
            (2) Disbursement.--Not less than 10 percent, but not more 
        than 20 percent, of the proceeds of a loan made under this 
        section shall be disbursed not later than 5 calendar days after 
        a loan is approved under this section.
            (3) Term.--Loans made under this section shall be for a 
        term of 10 years, and an eligible borrower shall not be 
        required to repay such loan during the 12-month period 
        beginning on the date of disbursement of the loan.
            (4) Interest; fees.--The Administrator may not charge any 
        interest or fees for a loan made under this section.
    (e) Collateral.--The Administrator--
            (1) shall not decline to make a loan under this section to 
        an otherwise eligible borrower due solely to inadequate 
        collateral; and
            (2) shall accept any available collateral, including 
        subordinated liens, to secure a loan made under this section.
    (f) Forgiveness.--If an eligible borrower that receives loan 
proceeds under this section demonstrates to the Administrator that the 
number of employees of the eligible borrower on December 31, 2021, is 
greater than or equal to the number of employees of the eligible 
borrower on December 31, 2019, the Administrator shall forgive not more 
than 50 percent of the outstanding principal on such loan.
    (g) Sunset.--
            (1) In general.--Except as provided in paragraph (2), the 
        Administrator may not make a loan under this section after 
        September 30, 2022.
            (2) Extension.--The Administrator may extend authority to 
        make loans under this section by an additional 6 months by 
        notifying Congress, in writing, within 10 calendar days before 
        any extension.
    (h) Emergency Rulemaking Authority.--In issuing rules to carry out 
this section under section 25, the Administrator may issue rules to 
establish a secondary market for loans made under this section.
    (i) Authorization of Appropriations.--There is authorized to be 
appropriated to the Administrator of the Small Business Administration 
such sums as may be necessary to pay for the cost (as defined in 
section 502 of the Congressional Budget Act of 1974 (2 U.S.C. 661a)) of 
making $100,000,000,000 in direct loans under this section.

SEC. 16. STATE TRADE EXPANSION PROGRAM.

    The Administrator may use amounts appropriated to carry out the 
State Trade Expansion Program established under section 22(l) of the 
Small Business Act (15 U.S.C. 649(l)) for fiscal years 2018 and 2019 
that remain unobligated or unexpended to carry out the State Trade 
Expansion Program through the end of fiscal year 2021.

SEC. 17. CONTRACTING AND ENTREPRENEURIAL DEVELOPMENT ASSISTANCE.

    (a) Purpose.--The purpose of this section is to provide--
            (1) flexibility to small business Federal suppliers and to 
        the Federal Government to more quickly award contracting 
        dollars to small business concerns in times of economic 
        uncertainty and downturn related to COVID-19; and
            (2) additional funds to resource partners of the 
        Administration, such as small business development centers, 
        women's business centers, and SCORE to conduct outreach to 
        small business concerns affected by COVID-19, including by 
        increasing their virtual outreach capacity.
    (b) Definitions.--In this section--
            (1) the term ``contracting officer'' has the meaning given 
        the term in section 36(e) of the Small Business Act (15 U.S.C. 
        657f(e));
            (2) the term ``covered entity'' means a small business 
        concern or nonprofit organization--
                    (A) that is a party to a contract with a Federal 
                agency; and
                    (B) for which the contractor performance is 
                adversely impacted as a result of COVID-19;
            (3) the term ``economically disadvantaged women-owned small 
        business'' has the meaning given the term in section 127.102 of 
        title 13, Code of Federal Regulations, or any succcessor 
        regulation;
            (4) the term ``HUBZone small business concern'' has the 
        meaning given the term in section 31(b) of the Small Business 
        Act (15 U.S.C. 657a(b));
            (5) the term ``SCORE'' means the Service Corps of Retired 
        Executives program established under section 8(b)(1)(B) of the 
        Small Business Act (15 U.S.C. 637(b)(1)(B));
            (6) the term ``small business concern owned and controlled 
        by service-disabled veterans'' has the meaning given the term 
        in section 3(q) of the Small Business Act (15 U.S.C. 632(q));
            (7) the term ``small business concern owned and controlled 
        by women'' has the meaning given the term in section 8(m) of 
        the Small Business Act (15 U.S.C. 637(m));
            (8) the term ``small business development center'' has the 
        meaning given the term in section 3(t) of the Small Business 
        Act (15 U.S.C. 632(t)); and
            (9) the term ``women's business center'' means a women's 
        business center described in section 29 of the Small Business 
        Act (15 U.S.C. 656).
    (c) Promotion of Small Business Contracting.--
            (1) Small business contracting relief.--Notwithstanding any 
        other provision of law or regulation, during the period 
        beginning on the date of enactment of this Act and ending on 
        September 30, 2021, the head of the Federal agency with which a 
        covered entity has a contract shall provide the covered entity 
        with the greater of--
                    (A) 30 additional days to carry out the 
                responsibilities of the covered entity under the 
                contract; or
                    (B) an additional amount of time to carry out the 
                responsibilities of the covered entity under the 
                contract that the head of the Federal agency determines 
                to be appropriate after taking into consideration the 
                severity of the adverse impact experienced by the 
                covered entity.
            (2) Payment continuation.--If the performance of all or any 
        part of the work of a Federal goods or services contract with a 
        contractor that is a small business concern or a nonprofit 
        organization in force and effect during the period beginning on 
        the date of enactment of this Act and ending on September 30, 
        2021, is unavoidably delayed or interrupted by the inability of 
        the employees of the small business concern or nonprofit 
        organization, as applicable, to access Government facilities, 
        systems, or other Government-provided resources due to 
        restrictions related to COVID-19 that have been imposed by any 
        authority or due to orders or instructions issued by the 
        contracting agency in response to COVID-19--
                    (A) the Government shall pay the small business 
                concern or nonprofit organization, as applicable, upon 
                the submission of the documentation required by the 
                contract and according to the terms specified in the 
                contract, the prices stipulated in the contract for 
                goods or services as if the small business concern or 
                nonprofit organization, as applicable, had rendered and 
                the Government accepted the goods or services; and
                    (B) contractor delivery schedules shall be revised 
                and the small business concern or nonprofit 
                organization, as applicable, shall be eligible for 
                equitable adjustments based on the revised schedules.
            (3) Temporary sole-source award parity among contracting 
        programs.--Notwithstanding any other provision of law or 
        regulation, during the period beginning on the date of 
        enactment of this Act and ending on September 30, 2021, with 
        respect to a small business concern owned and controlled by 
        women, an economically disadvantaged women-owned small 
        business, a HUBZone small business concern, or a small business 
        concern owned and controlled by service-disabled veterans, a 
        contracting officer may award a sole source contract to the 
        small business concern if the anticipated award price of the 
        contract will not exceed the maximum permissible amount for the 
        contract, as provided under the applicable provision of the 
        Small Business Act (15 U.S.C. 631 et seq.), as amended by this 
        subsection.
            (4) Increasing sole source caps.--
                    (A) Qualified hubzone small business concerns.--
                Section 31(c)(2)(A)(ii) of the Small Business Act (15 
                U.S.C. 657a(c)(2)(A)(ii)) is amended--
                            (i) in subclause (I), by striking 
                        ``$5,000,000'' and inserting ``$10,000,000''; 
                        and
                            (ii) in subclause (II), by striking 
                        ``$3,000,000'' and inserting ``$8,000,000''.
                    (B) Small business concerns owned and controlled by 
                service-disabled veterans.--Section 36(a)(2) of the 
                Small Business Act (15 U.S.C. 657f(a)(2)) is amended--
                            (i) in subparagraph (A), by striking 
                        ``$5,000,000'' and inserting ``$10,000,000''; 
                        and
                            (ii) in subparagraph (B), by striking 
                        ``$3,000,000'' and inserting ``$8,000,000''.
                    (C) Small business concerns owned and controlled by 
                socially and economically disadvantaged individuals.--
                Section 8(a)(1)(D)(i)(II) of the Small Business Act (15 
                U.S.C. 637(a)(1)(D)(i)(II)) is amended--
                            (i) by striking ``$5,000,000'' and 
                        inserting ``$10,000,000''; and
                            (ii) by striking ``$3,000,000'' and 
                        inserting ``$8,000,000''.
                    (D) Certain small business concerns owned and 
                controlled by women.--Section 8(m) of the Small 
                Business Act (15 U.S.C. 637(m)) is amended--
                            (i) in paragraph (7)(B)--
                                    (I) in clause (i), by striking 
                                ``$6,500,000'' and inserting 
                                ``$10,000,000''; and
                                    (II) in clause (ii), by striking 
                                ``$4,000,000'' and inserting 
                                ``$8,000,000''; and
                            (ii) in paragraph (8)(B)--
                                    (I) in clause (i), by striking 
                                ``$6,500,000'' and inserting 
                                ``$10,000,000''; and
                                    (II) in clause (ii), by striking 
                                ``$4,000,000'' and inserting 
                                ``$8,000,000''.
            (5) Category management.--Section 15 of the Small Business 
        Act (15 U.S.C. 644) is amended by adding at the end the 
        following:
    ``(y) Category Management.--
            ``(1) Definition of contract.--In this subsection, the term 
        `contract' includes a prime contract, a task order, a delivery 
        order, a blanket purchase agreement, and a basic ordering 
        agreement.
            ``(2) Exemption.--Any acquisition for a contract to be 
        awarded under the procedures of section 8(a), 8(m), 31, or 36 
        or under subsection (a) or (j) of this section, including an 
        acquisition for commercial items, shall be--
                    ``(A) exempt from the procedural requirements of 
                agency-level or Governmentwide guidance on category 
                management, best in class solutions, common contract 
                solutions, or successor strategies for contract 
                consolidation; and
                    ``(B) disregarded when measuring attainment of any 
                goal or benchmark established under agency-level or 
                Governmentwide guidance on category management, best in 
                class solutions, common contract solutions, or 
                successor strategies for contract consolidation, unless 
                considering the acquisition aids in the achievement of 
                the goal or benchmark.
            ``(3) Prohibition.--Once a contract has been awarded under 
        the section 8(a), 8(m), 31, or 36 or under subsection (a) or 
        (j) of this section, including an acquisition for commercial 
        items, the contract shall not be removed and placed in category 
        management, best in class solutions, common contract solutions, 
        or successor strategies for contract consolidation.''.
            (6) Prompt payments.--Notwithstanding any other provision 
        of law or regulation, during any period in which the President 
        invokes the authorities of the Defense Production Act of 1950 
        (50 U.S.C. 4501 et seq.), for any payment due by the head of an 
        agency on a contract for an item of property or service 
        provided--
                    (A) with respect to a prime contractor (as defined 
                in section 8701 of title 41, United States Code) that 
                is a small business concern or nonprofit organization, 
                the head of the agency shall, to the fullest extent 
                permitted by law and to the maximum extent practicable, 
                establish an accelerated payment date of 15 days after 
                a proper invoice for the amount due is received; and
                    (B) with respect to a prime contractor (as defined 
                in section 8701 of title 41, United States Code) that 
                subcontracts with a small business concern or nonprofit 
                organization, the head of the agency shall, to fullest 
                extent permitted by law and to the maximum extent 
                practicable, establish an accelerated payment date of 
                15 days after receipt of a proper invoice for the 
                amount due if the prime contractor agrees to make 
                payments to the subcontractor in accordance with the 
                accelerated payment date, to the maximum extent 
                practicable, without any further consideration from or 
                fees charged to the subcontractor.
    (d) Promotion of Small Business Economic Development Programs.--
            (1) Authorization of appropriations.--There is authorized 
        to be appropriated to the Administrator the following amounts, 
        which shall remain available until expended:
                    (A) $18,750,000 to carry out the women's business 
                center program under section 29 of the Small Business 
                Act (15 U.S.C. 656), with respect to which the 
                following requirements shall apply:
                            (i) The Administrator shall allocate that 
                        amount so that each women's business center 
                        operating pursuant to that section receives an 
                        equal allocation, unless the Administrator 
                        determines that another manner of allocation is 
                        necessary.
                            (ii) A center that receives amounts under 
                        this subparagraph shall not be subject to the 
                        requirement to provide non-Federal funding 
                        under section 29(c) of the Small Business Act 
                        (15 U.S.C. 656(c)).
                            (iii) A center that receives amounts under 
                        this subparagraph shall use the grant to--
                                    (I) enhance remote services 
                                provided by the center; and
                                    (II) provide counseling, training, 
                                and other related services, such as 
                                promoting long-term resiliency, to 
                                small business concerns and 
                                entrepreneurs impacted by or 
                                experiencing substantial economic 
                                injury as a result of COVID-19.
                    (B) $1,000,000 to carry out SCORE, which shall be 
                used to--
                            (i) hire staff members with respect to 
                        SCORE to develop and implement an education 
                        program to--
                                    (I) provide mentoring and other 
                                related services, such as promoting 
                                long-term resiliency, to small business 
                                concerns and entrepreneurs impacted by 
                                or experiencing substantial economic 
                                injury as a result of COVID-19;
                                    (II) help owners of small business 
                                concerns address issues relating to 
                                COVID-19; and
                                    (III) educate volunteers with 
                                respect to the program regarding issues 
                                relating to COVID-19;
                            (ii) develop and design content relating to 
                        the issues described in clause (i);
                            (iii) encourage the use of virtual 
                        mentoring and workshops in carrying out SCORE; 
                        and
                            (iv) recruit and train more virtual 
                        mentors.
                    (C) $40,000,000 to hire additional staff to carry 
                out the small business development program established 
                under section 21 of the Small Business Act (15 U.S.C. 
                648), with respect to which the following requirements 
                shall apply:
                            (i) A small business development center 
                        receiving funds under this subparagraph shall 
                        not be subject to the requirement to provide 
                        matching amounts under subparagraphs (A) and 
                        (B) of section 21(a)(4) of the Small Business 
                        Act (15 U.S.C. 648(a)(4)).
                            (ii) The Administrator shall allocate the 
                        funds according to the funding formula 
                        described in section 21(a)(4)(C) of the Small 
                        Business Act (15 U.S.C. 648(a)(4)(C)), unless 
                        the Administrator determines that another 
                        manner of allocation is necessary.
                            (iii) Funds provided under this 
                        subparagraph shall be used to provide 
                        counseling, training, and other related 
                        services, such as promoting long-term 
                        resiliency, to small business concerns and 
                        entrepreneurs impacted by or experiencing 
                        substantial economic injury as a result of 
                        COVID-19, which shall include training and 
                        advising on--
                                    (I) the hazards and prevention of 
                                the transmission and communication of 
                                the COVID-19 and other communicable 
                                diseases;
                                    (II) the potential effects to their 
                                supply chains and the distribution and 
                                sale of products, and the mitigation of 
                                those effects;
                                    (III) the management and practice 
                                of telework to reduce possible 
                                transmission;
                                    (IV) the management and practice of 
                                remote customer service by electronic 
                                or other means;
                                    (V) the risks and mitigation of 
                                cyber threats in remote customer 
                                service or telework practices;
                                    (VI) the mitigation of the effects 
                                of reduced travel or outside activities 
                                on small business concerns during 
                                COVID-19 or similar occurrences; and
                                    (VII) any other relevant business 
                                practices necessary to mitigate the 
                                economic effects of COVID-19 or similar 
                                occurrences.
            (2) Metrics.--The Administrator, in cooperation with 
        recipients of financial assistance under paragraph (1), shall 
        establish metrics and goals for performance of activities using 
        funds provided under paragraph (1).
            (3) Application.--
                    (A) In general.--A small business development 
                center, a women's business center, or SCORE shall 
                submit an application to the Administrator to receive 
                assistance under paragraph (1).
                    (B) Provision of assistance.--The Administrator 
                shall provide assistance under paragraph (1) after 
                making a determination that the applicant is in need of 
                financial assistance due to economic injury as a result 
                of COVID-19 or has the capacity to provide assistance 
                to small business concerns affected by COVID-19.
            (4) Waiver.--During the period beginning on the date of 
        enactment of this Act and ending on September 30, 2021, the 
        requirement relating to obtaining matching contributions from 
        non-Federal sources under sections 21(a)(4) and 29(c) of the 
        Small Business Act (15 U.S.C. 648(a)(4), 656(c)) is waived for 
        any recipient of assistance under such section 21 or 29, 
        respectively.
            (5) SBA creation of made in america list.--
                    (A) Short term response.--Not later than 60 days 
                after the date of enactment of this Act the resource 
                partners of the Administration, including small 
                business development centers, women's business centers, 
                SCORE, and veterans business outreach centers, shall 
                provide the Administrator with a list of the small 
                business concerns--
                            (i) that those partners have served during 
                        the 10-year period preceding the date on which 
                        the list is created; and
                            (ii) that self-identify as having, or as 
                        expecting to have, supply chain 
                        vulnerabilities.
                    (B) Creation of list.--Based on the list provided 
                under subparagraph (A), the Administration shall create 
                a list of small business concerns entitled the ``Made 
                in America'' list.
                    (C) Long term response.--
                            (i) In general.--After the creation of the 
                        list under subparagraph(B)--
                                    (I) the Administrator shall--
                                            (aa) share the list with 
                                        the resource partners of the 
                                        Administration, including the 
                                        entities described in 
                                        subparagraph (A);
                                            (bb) update the list not 
                                        less frequently than once every 
                                        6 months, or at such intervals 
                                        as the Administrator may 
                                        determine appropriate;
                                            (cc) on an ongoing basis, 
                                        seek to match the small 
                                        business concerns identified on 
                                        the list (referred to in this 
                                        subparagraph as ``listed small 
                                        business concerns''), as 
                                        updated under item (bb), with--

                                                    (AA) suppliers 
                                                identified under 
                                                subclause (II); and

                                                    (BB) any other 
                                                supplier that may be 
                                                able to address the 
                                                supply chain 
                                                vulnerabilities of the 
                                                listed small business 
                                                concerns; and

                                            (dd) in carrying out item 
                                        (cc), collaborate with other 
                                        Federal agencies, including the 
                                        Minority Business Development 
                                        Agency of the Department of 
                                        Commerce, to identify supply 
                                        chain vulnerabilities in the 
                                        United States that small 
                                        business concerns may be able 
                                        to address; and
                                    (II) the resource partners of the 
                                Administration shall disseminate the 
                                list received under subclause (I)(aa) 
                                to manufacturing clients of those 
                                partners with the objective of matching 
                                the listed small business concerns with 
                                suppliers that are able to address the 
                                supply chain vulnerabilities of those 
                                small business concerns.
                            (ii) Report.--Not later than 1 year after 
                        the date of enactment of this Act, and annually 
                        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 that contains--
                                    (I) the number of listed small 
                                business concerns, as updated under 
                                clause (i)(I)(bb);
                                    (II) the number of notification of 
                                opportunities that went out requesting 
                                new small business concern suppliers; 
                                and
                                    (III) the number of matches made 
                                from the list required under this 
                                paragraph.
    (e) Authorization of Appropriations.--In addition to amounts 
provided under any other provision of law, there is authorized to be 
appropriated $150,000,000, to remain available until expended, under 
the heading ``Small Business Administration--Entrepreneurial 
Development Programs'', of which--
            (1) $40,000,000 shall be to support programs carried out by 
        small business development centers described in section 21 of 
        the Small Business Act (15 U.S.C. 648);
            (2) $18,750,000 shall be to support programs carried out by 
        women's business centers described in section 29 of such Act 
        (15 U.S.C. 656);
            (3) $1,000,000 shall be to support programs carried out by 
        the Service Corps of Retired Executives authorized under 
        section 8(b)(1) of such Act (15 U.S.C. 637(b)(1));
            (4) $50,000,000 shall be for microloan technical assistance 
        grants under section 7(m)(4) of such Acct (15 U.S.C. 
        636(m)(4)); and
            (5) $40,250,000 shall be for additional grants for 
        technical assistance, counseling, mentoring, training, and 
        workshops for outreach to small business concerns impacted by 
        COVID-19.

SEC. 18. SMALL BUSINESS INTERMEDIARY LENDING PROGRAM.

    (a) In General.--Section 7(l) of the Small Business Act (15 U.S.C. 
636(l)) is amended--
            (1) in the subsection heading, by striking ``Pilot'';
            (2) in paragraph (1)--
                    (A) in subparagraph (A), by striking ``and'' at the 
                end;
                    (B) by redesignating subparagraph (B) as 
                subparagraph (C);
                    (C) by inserting after subparagraph (A) the 
                following:
                    ``(B) the term `newly established small business 
                concern' means a small business concern that has been 
                existence for not more than 2 years on the date on 
                which a loan is made to the small business concern 
                under the Program;'';
                    (D) in subparagraph (C), as so redesignated--
                            (i) by striking ``pilot''; and
                            (ii) by striking the period at the end and 
                        inserting a semicolon; and
                    (E) by adding at the end the following:
                    ``(D) the term `small business concern in an 
                underserved market' means a small business concern--
                            ``(i) that is located in--
                                    ``(I) a low- to moderate-income 
                                community;
                                    ``(II) a HUBZone;
                                    ``(III) a community that has been 
                                designated as an empowerment zone or an 
                                enterprise community under section 1391 
                                of the Internal Revenue Code of 1986;
                                    ``(IV) a community that has been 
                                designated as a promise zone by the 
                                Secretary of Housing and Urban 
                                Development;
                                    ``(V) a community that has been 
                                designated as a qualified opportunity 
                                zone under section 1400Z-1 of the 
                                Internal Revenue Code of 1986; or
                                    ``(VI) a rural area;
                            ``(ii) that has more than 50 percent of 
                        employees residing in a low- or moderate-income 
                        community;
                            ``(iii) that is a startup or new business;
                            ``(iv) owned and controlled by socially and 
                        economically disadvantaged individuals, 
                        including Black Americans, Hispanic Americans, 
                        Native Americans, Asian Pacific Americans, and 
                        other minorities;
                            ``(v) owned and controlled by women;
                            ``(vi) owned and controlled by veterans;
                            ``(vii) owned and controlled by service-
                        disabled veterans;
                            ``(viii) not less than 51 percent owned and 
                        controlled by 1 or more--
                                    ``(I) members of the Armed Forces 
                                participating in the Transition 
                                Assistance Program of the Department of 
                                Defense;
                                    ``(II) Reservists;
                                    ``(III) spouses of veterans, 
                                members of the Armed Forces, or 
                                Reservists; or
                                    ``(IV) surviving spouses of 
                                veterans who died on active duty or as 
                                a result of a service-connected 
                                disability; or
                                    ``(V) individuals who have 
                                completed a term of imprisonment in 
                                Federal, State, or local jail or 
                                prison; or
                            ``(ix) that is eligible to receive a 
                        veterans advantage loan;
                    ``(E) the term `small business concern owned and 
                controlled by socially and economically disadvantaged 
                individuals' has the meaning given the term in section 
                8(d)(3)(C); and
                    ``(F) the term `startup' means a business that has 
                not yet opened.'';
            (3) in paragraph (2)--
                    (A) by striking ``3-year''; and
                    (B) by striking ``pilot'';
            (4) in paragraph (3)--
                    (A) in subparagraph (A), by striking ``and'' at the 
                end;
                    (B) in subparagraph (B), by striking the period at 
                the end and inserting ``; and''; and
                    (C) by adding at the end the following:
                    ``(C) to provide flexible capital to and through 
                mission lenders who are best positioned to understand 
                community need and respond quickly to it during times 
                of economic downturn, especially as a result of a 
                disaster, including those caused by public health 
                threats.'';
            (5) in paragraph (4)--
                    (A) by striking subparagraph (B) and inserting the 
                following:
                    ``(B) Loan limits.--
                            ``(i) Single loan.--
                                    ``(I) In general.--Except as 
                                provided in subclause (II), no single 
                                loan to an eligible intermediary under 
                                this subsection may exceed $1,000,000.
                                    ``(II) Exception for underserved 
                                markets.--If an eligible intermediary 
                                makes not less than 60 percent of its 
                                loans to small business concerns in 
                                underserved markets, the eligible 
                                intermediary may receive a single loan 
                                under this subsection of $1,500,000.
                            ``(ii) Total amount.--The total amount 
                        outstanding and committed to an eligible 
                        intermediary by the Administrator under the 
                        Program may not exceed $5,000,000.
                            ``(iii) Considerations.--In determining 
                        whether to make a loan to an eligible 
                        intermediary before prior loans made to the 
                        eligible intermediary under the Program are 
                        paid off, the Administrator shall take into 
                        consideration the lending experience and track 
                        record of the eligible intermediary within the 
                        Program.''; and
                    (B) by striking subparagraphs (F) and (G) and 
                inserting the following:
                    ``(F) Delayed payments.--
                            ``(i) In general.--The Administrator shall 
                        not require the repayment of principal or 
                        interest on a loan made to an eligible 
                        intermediary under the Program during the 2-
                        year period beginning on the date of the 
                        initial disbursement of funds under that loan.
                            ``(ii) Delayed payments for certain small 
                        business concerns.--An eligible intermediary 
                        shall not require the repayment of principal or 
                        interest on a loan made to a manufacturing or 
                        high-tech, innovative small business concern 
                        for the purposes of commercialization, 
                        including firms involved in the SBIR and STTR 
                        programs under section 9, until the earlier 
                        of--
                                    ``(I) that date that is 6 months 
                                after the date of the initial 
                                disbursement of funds under that loan; 
                                or
                                    ``(II) the date on which the small 
                                business concern brings in revenue.
                    ``(G) Repayment structures.--The Administrator may 
                allow eligible intermediaries to engage borrowers in 
                prudent repayment structures, including revenue-based 
                financing, based on the type of business and business 
                industry needs.
                    ``(H) Maximum amounts.--In each fiscal year, the 
                Administrator may make loans under the Program in a 
                total amount of not more than $30,000,000.''; and
            (6) by striking paragraph (6) and inserting the following:
            ``(6) Report.--Not later than 1 year after the date of 
        enactment of the COVID-19 Recovery by Enhancing Loan, 
        Investment, and Education Funds for Small Businesses Act of 
        2020, 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 
        regarding the performance and effectiveness of the Program, 
        which shall include--
                    ``(A) the number and dollar amount of loans made in 
                each year the Program has been in effect;
                    ``(B) each eligible intermediary that received a 
                loan under the Program; and
                    ``(C) any recommendations for improvements to the 
                Program.
            ``(7) Authorization of appropriations.--There is authorized 
        to be appropriated to carry out this section--
                    ``(A) $20,000,000 for fiscal year 2020; and
                    ``(B) $30,000,000 for fiscal year 2021.''.
    (b) Rulemaking Authority.--Not later than 180 days after the date 
of enactment of this Act, the Administrator shall issue regulations to 
carry out section 7(l) of the Small Business Act (15 U.S.C. 636(l)), as 
amended by subsection (a).

SEC. 19. COMMUNITY ADVANTAGE LOAN PROGRAM.

    Section 7(a) of the Small Business Act (15 U.S.C. 636(a)) is 
amended by adding at the end the following:
            ``(36) Community advantage loan program.--
                    ``(A) Purposes.--The purposes of the Community 
                Advantage Loan Program are--
                            ``(i) to create a mission-oriented loan 
                        guarantee program that builds on the 
                        demonstrated success of the Community Advantage 
                        Pilot Program of the Administration, as 
                        established in 2011, to reach more underserved 
                        small business concerns;
                            ``(ii) to increase lending to small 
                        business concerns in underserved and rural 
                        markets, including veterans and members of the 
                        military community, small business concerns 
                        owned and controlled by socially and 
                        economically disadvantaged individuals, women, 
                        and startups;
                            ``(iii) to ensure that the program under 
                        this subsection (in this paragraph referred to 
                        as the `7(a) loan program') is more inclusive 
                        and more broadly meets congressional intent to 
                        reach borrowers who are unable to get credit 
                        elsewhere on reasonable terms and conditions;
                            ``(iv) to help underserved small business 
                        concerns become bankable by utilizing the 
                        small-dollar financing and business support 
                        experience of mission-oriented lenders;
                            ``(v) to allow certain mission-oriented 
                        lenders, primarily nonprofit financial 
                        intermediaries focused on economic development 
                        in underserved markets, access to guarantees 
                        for loans under this subsection (in this 
                        paragraph referred to as `7(a) loans') of not 
                        more than $350,000 and provide management and 
                        technical assistance to small business concerns 
                        as needed;
                            ``(vi) to provide certainty for the lending 
                        partners that make loans under this subsection 
                        and to attract new lenders; and
                            ``(vii) to encourage collaboration between 
                        mission-oriented and conventional lenders under 
                        this subsection in order to support underserved 
                        small business concerns.
                    ``(B) Definitions.--In this paragraph--
                            ``(i) the term `covered institution' 
                        means--
                                    ``(I) a development company, as 
                                defined in section 103 of the Small 
                                Business Investment Act of 1958 (15 
                                U.S.C. 662), participating in the 504 
                                Loan Guaranty program established under 
                                title V of that Act (15 U.S.C. 695 et 
                                seq.);
                                    ``(II) a nonprofit intermediary, as 
                                defined in subsection (m)(11), 
                                participating in the microloan program 
                                under subsection (m);
                                    ``(III) a non-Federally regulated 
                                entity certified as a community 
                                development financial institution by 
                                the Community Development Financial 
                                Institutions Fund established under 
                                section 104(a) of the Riegle Community 
                                Development and Regulatory Improvement 
                                Act of 1994 (12 U.S.C. 4703(a)); and
                                    ``(IV) an eligible intermediary, as 
                                defined in subsection (l)(1), 
                                participating in the Intermediary 
                                Lending Program established under 
                                subsection (l)(2);
                            ``(ii) the term `existing business' means a 
                        small business concern that has been in 
                        existence for not less than 2 years on the date 
                        on which a loan is made to the small business 
                        concern under the program;
                            ``(iii) the term `new business' means a 
                        small business concern that has been existence 
                        for not more than 2 years on the date on which 
                        a loan is made to the small business concern 
                        under the program;
                            ``(iv) the term `program' means the 
                        Community Advantage Loan Program established 
                        under subparagraph (C);
                            ``(v) the term `Reservist' means a member 
                        of a reserve component of the Armed Forces 
                        named in section 10101 of title 10, United 
                        States Code;
                            ``(vi) the term `rural area' means any 
                        county that the Bureau of the Census has 
                        defined as mostly rural or completely rural in 
                        the most recent decennial census;
                            ``(vii) the term `service-connected' has 
                        the meaning given the term in section 101(16) 
                        of title 38, United States Code;
                            ``(viii) the term `small business concern 
                        in an underserved market' means a small 
                        business concern--
                                    ``(I) that is located in--
                                            ``(aa) a low- to moderate-
                                        income community;
                                            ``(bb) a HUBZone, as that 
                                        term is defined in section 
                                        31(b);
                                            ``(cc) a community that has 
                                        been designated as an 
                                        empowerment zone or an 
                                        enterprise community under 
                                        section 1391 of the Internal 
                                        Revenue Code of 1986;
                                            ``(dd) a community that has 
                                        been designated as a promise 
                                        zone by the Secretary of 
                                        Housing and Urban Development;
                                            ``(ee) a community that has 
                                        been designated as a qualified 
                                        opportunity zone under section 
                                        1400Z-1 of the Internal Revenue 
                                        Code of 1986; or
                                            ``(ff) a rural area;
                                    ``(II) for which more than 50 
                                percent of the employees reside in a 
                                low- or moderate-income community;
                                    ``(III) that is a startup or new 
                                business;
                                    ``(IV) owned and controlled by 
                                socially and economically disadvantaged 
                                individuals, including Black Americans, 
                                Hispanic Americans, Native Americans, 
                                Asian Pacific Americans, and other 
                                minorities;
                                    ``(V) owned and controlled by 
                                women;
                                    ``(VI) owned and controlled by 
                                veterans;
                                    ``(VII) owned and controlled by 
                                service-disabled veterans;
                                    ``(VIII) not less than 51 percent 
                                owned and controlled by 1 or more--
                                            ``(aa) members of the Armed 
                                        Forces participating in the 
                                        Transition Assistance Program 
                                        of the Department of Defense;
                                            ``(bb) Reservists;
                                            ``(cc) spouses of veterans, 
                                        members of the Armed Forces, or 
                                        Reservists; or
                                            ``(dd) surviving spouses of 
                                        veterans who died on active 
                                        duty or as a result of a 
                                        service-connected disability;
                                    ``(IX) that is eligible to receive 
                                a veterans advantage loan; or
                                    ``(X) owned and controlled by an 
                                individual who has completed a term of 
                                imprisonment in a Federal, State, or 
                                local jail or prison;
                            ``(ix) the term `small business concern 
                        owned and controlled by socially and 
                        economically disadvantaged individuals' has the 
                        meaning given the term in section 8(d)(3)(C);
                            ``(x) the term `startup' means a business 
                        that has not yet opened; and
                            ``(xi) the term `veterans advantage loan' 
                        means a loan made to a small business concern 
                        under this subsection that is eligible for a 
                        waiver of the guarantee fee under paragraph 
                        (18) or the yearly fee under paragraph (23) 
                        because the small business concern is a concern 
                        described in subclause (VI), (VII), or (VIII) 
                        of clause (viii).
                    ``(C) Establishment.--There is established a 
                Community Advantage Loan Program under which the 
                Administration may guarantee loans made by covered 
                institutions under this subsection, including loans 
                made to small business concerns in underserved markets.
                    ``(D) Program levels.--In each of fiscal years 
                2020, 2021, 2022, 2023, 2024, and 2025, not more than 
                10 percent of the number of loans guaranteed under this 
                subsection may be guaranteed under the program.
                    ``(E) New lenders.--
                            ``(i) Fiscal years 2021 and 2022.--In each 
                        of fiscal years 2021 and 2022--
                                    ``(I) not more than 150 covered 
                                institutions shall participate in the 
                                program; and
                                    ``(II) the Administrator shall 
                                allow for new applicants and give 
                                priority to applications submitted by 
                                any covered institution that is located 
                                in an area with insufficient or no 
                                lending under the program.
                            ``(ii) Fiscal years 2023, 2024, and 2025.--
                                    ``(I) In general.--In each of 
                                fiscal years 2023, 2024, and 2025--
                                            ``(aa) except as provided 
                                        in subclause (II), not more 
                                        than 175 covered institutions 
                                        shall participate in the 
                                        program; and
                                            ``(bb) the Administrator 
                                        shall allow for new applicants 
                                        and give priority to 
                                        applications submitted by any 
                                        covered institution that is 
                                        located in an area with 
                                        insufficient or no lending 
                                        under the program.
                                    ``(II) Exception for fiscal year 
                                2025.--In fiscal year 2025, not more 
                                than 200 covered institutions may 
                                participate in the program if--
                                            ``(aa) after reviewing the 
                                        report under subparagraph (M), 
                                        the Administrator determines 
                                        that not more than 200 covered 
                                        institutions may participate in 
                                        the program;
                                            ``(bb) the Administrator 
                                        notifies Congress in writing of 
                                        the determination of the 
                                        Administrator under item (aa); 
                                        and
                                            ``(cc) not later than July 
                                        30, 2024, the Administrator 
                                        notifies the public of the 
                                        determination of the 
                                        Administrator under item (aa).
                    ``(F) Grandfathering of existing lenders.--Any 
                covered institution that participated in the Community 
                Advantage Pilot Program of the Administration and is in 
                good standing on the day before the date of enactment 
                of this paragraph--
                            ``(i) shall retain designation in the 
                        program; and
                            ``(ii) shall not be required to submit an 
                        application to participate in the program.
                    ``(G) Requirement to make loans to underserved 
                markets.--Not less than 75 percent of loans made by a 
                covered institution under the program shall consist of 
                loans made to small business concerns in underserved 
                markets.
                    ``(H) Maximum loan amount.--
                            ``(i) In general.--Except as provided in 
                        clause (ii), the maximum loan amount for a loan 
                        guaranteed under the program is $250,000.
                            ``(ii) Exception.--
                                    ````(I) In general.--The 
                                Administration may, in the discretion 
                                of the Administration, approve a 
                                guarantee of a loan under the program 
                                that is more than $250,000 and not more 
                                than $350,000.
                                    ``(II) Notification.--Not later 
                                than 2 days after receiving a request 
                                for an exception to the maximum loan 
                                amount established under clause (i), 
                                the Administration shall--
                                            ``(aa) review the request; 
                                        and
                                            ``(bb) provide a decision 
                                        regarding the request to the 
                                        covered institution making the 
                                        loan.
                    ``(I) Training and technical assistance.--The 
                Administration--
                            ``(i) shall, in person and online, provide 
                        upfront and ongoing training and technical 
                        assistance for covered institutions making 
                        loans under the program in order to support 
                        prudent lending standards and improve the 
                        interface between the covered institutions and 
                        the Administration, which shall include--
                                    ``(I) guidance for following the 
                                regulations of the Administration, 
                                including best practices for 
                                maintaining healthy portfolios of 
                                loans; and
                                    ``(II) directions for covered 
                                institutions to do what is in the best 
                                interest of the borrowers, including by 
                                ensuring to the maximum extent possible 
                                that those borrowers are informed about 
                                loans with the most favorable terms for 
                                those borrowers;
                            ``(ii) shall ensure that the training and 
                        technical assistance described in clause (i) is 
                        provided for free or at a low-cost;
                            ``(iii) may enter into a contract to 
                        provide the training or technical assistance 
                        described in clause (i) with an organization 
                        with expertise in lending under this 
                        subsection, mission-oriented lending, and 
                        lending to underserved markets; and
                            ``(iv) shall ensure that covered 
                        institutions adequately report the extent to 
                        which the covered institutions take the actions 
                        required under clause (i)(II).
                    ``(J) Delegated authority.--A covered institution 
                is not eligible to receive delegated authority from the 
                Administration under the program until the covered 
                institution makes not less than 10 loans under the 
                program, unless the Administration determines otherwise 
                after an opportunity for public comment for a period of 
                not less than 30 days before implementing such a 
                change.
                    ``(K) Regulations.--
                            ``(i) In general.--Not later than 180 days 
                        after the date of enactment of this paragraph 
                        and in accordance with the notice and comment 
                        procedures under section 553 of title 5, United 
                        States Code, the Administrator shall promulgate 
                        regulations to carry out the program, which 
                        shall be substantially similar to the Community 
                        Advantage Pilot Program of the Administration, 
                        as in effect on September 1, 2018, and shall--
                                    ``(I) outline the requirements for 
                                participation by covered institutions 
                                in the program;
                                    ``(II) define performance metrics 
                                for covered institutions participating 
                                in the program for the first time, 
                                which are required to be met in order 
                                to continue participating in the 
                                program;
                                    ``(III) establish an acceptable 
                                range of program costs and level of 
                                risk that shall be based on other loan 
                                products--
                                            ``(aa) of similar size;
                                            ``(bb) that use similar 
                                        lenders; and
                                            ``(cc) that are intended to 
                                        reach similar borrowers;
                                    ``(IV) determine the credit score 
                                of a small business concern under which 
                                the Administration is required to 
                                underwrite a loan provided to the small 
                                business concern under the program and 
                                the loan may not be made using the 
                                delegated authority of a covered 
                                institution;
                                    ``(V) require each covered 
                                institution that sells loans made under 
                                the program on the secondary market to 
                                establish a loan loss reserve fund, 
                                which--
                                            ``(aa) with respect to 
                                        covered institutions in good 
                                        standing, including the covered 
                                        institutions described in 
                                        subparagraph (F), shall be 
                                        maintained at a level equal to 
                                        3 percent of the outstanding 
                                        guaranteed portion of the 
                                        loans; and
                                            ``(bb) with respect to any 
                                        other covered institution, 
                                        shall be maintained at a level 
                                        equal to 5 percent of the 
                                        outstanding guaranteed portion 
                                        of the loans; and
                                    ``(VI) allow the Administrator to 
                                require additional amounts to be 
                                deposited into a loan loss reserve fund 
                                established by a covered institution 
                                under subclause (V) based on the risk 
                                characteristics or performance of the 
                                covered institution and the loan 
                                portfolio of the covered institution.
                            ``(ii) Termination of pilot program.--
                        Beginning on the date on which the regulations 
                        promulgated by the Administrator under clause 
                        (i) take effect, the Administrator may not 
                        carry out the Community Advantage Pilot Program 
                        of the Administration.
                    ``(L) GAO report.--Not later than 3 years after the 
                date of enactment of this paragraph, the Comptroller 
                General of the United States shall submit to the 
                Administrator, the Committee on Small Business and 
                Entrepreneurship of the Senate, and the Committee on 
                Small Business of the House of Representatives a 
                report--
                            ``(i) assessing--
                                    ``(I) the extent to which the 
                                program fulfills the requirements of 
                                this paragraph; and
                                    ``(II) the performance of covered 
                                institutions participating in the 
                                program; and
                            ``(ii) providing recommendations on the 
                        administration of the program and the findings 
                        under subclauses (I) and (II) of clause (i).
                    ``(M) Working group.--
                            ``(i) In general.--Not later than 90 days 
                        after the date of enactment of this paragraph, 
                        the Administrator shall establish a Community 
                        Advantage Working Group, which shall--
                                    ``(I) include--
                                            ``(aa) a geographically 
                                        diverse representation of 
                                        members from among covered 
                                        institutions participating in 
                                        the program; and
                                            ``(bb) representatives from 
                                        the Office of Capital Access of 
                                        the Administration, including 
                                        the Office of Credit Risk 
                                        Management, the Office of 
                                        Financial Assistance, and the 
                                        Office of Economic Opportunity;
                                    ``(II) develop recommendations on 
                                how the Administration can effectively 
                                manage, support, and promote the 
                                program and the mission of the program;
                                    ``(III) establish metrics of 
                                success and benchmarks that reflect the 
                                mission and population served by 
                                covered institutions under the program, 
                                which the Administration shall use to 
                                evaluate the performance of those 
                                covered institutions;
                                    ``(IV) institute regular and 
                                sustainable systems of communication 
                                between the Administration and covered 
                                institutions participating in the 
                                program; and
                                    ``(V) establish criteria for 
                                covered institutions regarding when 
                                those institutions should provide 
                                technical assistance to borrowers under 
                                the program and the scope of that 
                                technical assistance.
                            ``(ii) Report.--Not later than 180 days 
                        after the date of enactment of this paragraph, 
                        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 that 
                        includes--
                                    ``(I) the recommendations of the 
                                Community Advantage Working Group 
                                established under clause (i); and
                                    ``(II) a recommended plan and 
                                timeline for implementation of those 
                                recommendations.''.

SEC. 20. ACCELERATING SMALL BUSINESS INNOVATIONS.

    (a) Purpose.--The purpose of this section is to accelerate the 
review and award of SBIR and STTR (as defined in section 9 of the Small 
Business Act (15 U.S.C. 638)) projects at most civilian agencies in 
order to speed the development of innovations, which is particularly 
necessary to stimulate the economy and provide agencies with new 
technologies.
    (b) Amendments.--Section 9 of the Small Business Act (15 U.S.C. 
638) is amended--
            (1) in subsection (g)(8)--
                    (A) in subparagraph (B), by striking ``and'' at the 
                end;
                    (B) in subparagraph (C), by adding ``and'' at the 
                end; and
                    (C) by adding at the end the following:
                    ``(D) the average and median amount of time that 
                each Federal agency with an SBIR program takes to 
                review and make a final decision on proposals submitted 
                under the program;'';
            (2) in subsection (o)(9)--
                    (A) in subparagraph (B), by striking ``and'' at the 
                end;
                    (B) in subparagraph (C), by adding ``and'' at the 
                end; and
                    (C) by adding at the end the following:
                    ``(D) the average and median amount of time that 
                each Federal agency with an STTR program takes to 
                review and make a final decision on proposals submitted 
                under the program;'';
            (3) in subsection (hh), by adding at the end the following:
            ``(3) Requirement to accelerate sbir and sttr awards of 
        civilian agencies.--Not later than 1 year after the date of 
        enactment of this paragraph, each Federal agency participating 
        in the SBIR program or STTR program, other than the Department 
        of Defense, shall establish a process to reduce the time for 
        awards under the SBIR and STTR programs of the Federal agency 
        by--
                    ``(A) developing simplified and standardized 
                application processes and requirements and simplified 
                and standardized model contracts or awards throughout 
                the Federal agency for Phase I, Phase II, and Phase III 
                SBIR awards;
                    ``(B) for Phase I SBIR and STTR awards, reducing 
                the amount of time between solicitation closure and 
                award;
                    ``(C) for Phase II SBIR and STTR awards, reducing 
                the amount of time between the end of a Phase I award 
                and the start of the Phase II award;
                    ``(D) for Phase II SBIR and STTR awards that skip 
                Phase I, reducing the amount of time between 
                solicitation closure and award;
                    ``(E) for sequential Phase II SBIR and STTR awards, 
                reducing the amount of time between Phase II awards; 
                and
                    ``(F) reducing the award times described in 
                subparagraphs (B), (C), (D), and (E) to not later than 
                180 days with respect to the Department of Health and 
                Human Services, the National Science Foundation, and 
                the Department of Agriculture, and as close to 90 days 
                as possible with respect to any other participating 
                agency.''; and
            (4) in subsection (ii), by adding at the end the following:
            ``(3) Additional comptroller general reports.--The 
        Comptroller General of the United States 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) not later than 2 years after the date of 
                enactment of this paragraph, a report that--
                            ``(i) provides the average and median 
                        amount of time that each Federal agency with an 
                        SBIR or STTR program takes to review and make a 
                        final decision on proposals submitted under the 
                        program; and
                            ``(ii) compares that average and median 
                        amount of time with that of the previous 5 
                        fiscal years; and
                    ``(B) not later than March 31, 2024, a report 
                that--
                            ``(i) includes the information described in 
                        subparagraph (A);
                            ``(ii) assesses where each Federal agency 
                        participating in the SBIR or STTR program needs 
                        improvement with respect to the proposal review 
                        and award times under the program;
                            ``(iii) identifies best practices for 
                        shortening the proposal review and award times 
                        under the SBIR and STTR programs; and
                            ``(iv) analyzes the efficacy of the program 
                        established under subsection (hh)(3).''.

SEC. 21. IMPROVEMENTS TO SBIR/STTR COMMERCIALIZATION.

    (a) Purpose.--The purpose of this section is to make the small 
business research programs permanent, allow limited skipping of the 
first research phase, and designate a Technology Commercialization 
Officer in each participating agency to help companies with 
commercialization.
    (b) Permanency of SBIR and STTR Programs.--
            (1) SBIR.--Section 9(m) of the Small Business Act (15 
        U.S.C. 638(m)) is amended--
                    (A) in the subsection heading, by striking 
                ``Termination'' and inserting ``SBIR Program 
                Authorization''; and
                    (B) by striking ``terminate on September 30, 2022'' 
                and inserting ``be in effect for each fiscal year''.
            (2) STTR.--Section 9(n)(1)(A) of the Small Business Act (15 
        U.S.C. 638(n)(1)(A)) is amended by striking ``through fiscal 
        year 2022''.
    (c) Commercialization Selection.--Section 9 of the Small Business 
Act (15 U.S.C. 638) is amended--
            (1) in subsection (g)--
                    (A) in paragraph (4)(B)(i)--
                            (i) by striking ``1 year'' and inserting 
                        ``180 days''; and
                            (ii) by striking ``National Institutes of 
                        Health or the National Science Foundation'' and 
                        inserting ``Department of Health and Human 
                        Services, the National Science Foundation, or 
                        the Department of Agriculture'';
                    (B) in paragraph (11), by striking ``and'' at the 
                end;
                    (C) in paragraph (12), by striking the period at 
                the end and inserting ``; and''; and
                    (D) by adding at the end the following:
            ``(13) with respect to peer review carried out under the 
        SBIR program, to the extent practicable, include in the peer 
        review--
                    ``(A) the likelihood of commercialization in 
                addition to scientific and technical merit and 
                feasibility; and
                    ``(B) not less than 1 reviewer with 
                commercialization expertise who is capable of assessing 
                the likelihood of commercialization.'';
            (2) in subsection (o)--
                    (A) in paragraph (4)(B)(i)--
                            (i) by striking ``1 year'' and inserting 
                        ``180 days''; and
                            (ii) by striking ``National Institutes of 
                        Health or the National Science Foundation'' and 
                        inserting ``Department of Health and Human 
                        Services, the National Science Foundation, or 
                        the Department of Agriculture'';
                    (B) in paragraph (15), by striking ``and'' at the 
                end;
                    (C) in paragraph (16), by striking the period at 
                the end and inserting ``; and''; and
                    (D) by adding at the end the following:
            ``(17) with respect to peer review carried out under the 
        STTR program, to the extent practicable, include in the peer 
        review--
                    ``(A) the likelihood of commercialization in 
                addition to scientific and technical merit and 
                feasibility; and
                    ``(B) not less than 1 reviewer with 
                commercialization expertise who is capable of assessing 
                the likelihood of commercialization.'';
            (3) in subsection (aa), by adding at the end the following:
            ``(6) Application of waiver.--The waiver authority under 
        paragraph (4) shall not apply to Phase II awards that skip 
        Phase I unless the additional funds are needed to respond to an 
        urgent need in the United States, such as a pandemic.'';
            (4) in subsection (cc)--
                    (A) by striking ``During fiscal years 2012 through 
                2022, the National Institutes of Health, the Department 
                of Defense, and the Department of Education'' and 
                inserting the following:
            ``(1) In general.--During fiscal years 2020 through 2025, 
        each Federal agency with an SBIR or STTR program''; and
                    (B) by adding at the end the following:
            ``(2) Limitation.--The total value of awards provided by a 
        Federal agency under this subsection in a fiscal year shall 
        be--
                    ``(A) except as provided in subparagraph (B), not 
                more than 10 percent of the total funds allocated to 
                the SBIR and STTR programs of the Federal agency during 
                that fiscal year; and
                    ``(B) with respect to the Department of Health and 
                Human Services, not more than 15 percent of the total 
                funds allocated to the SBIR and STTR programs of the 
                Department of Health and Human Services during that 
                fiscal year.
            ``(3) Extension.--During fiscal years 2024 and 2025, each 
        Federal agency with an SBIR or STTR program may continue phase 
        flexibility as described in this subsection only if--
                    ``(A) the reports required under subsection 
                (tt)(1)(B) have been submitted to the appropriate 
                committees;
                    ``(B) the results in the reports demonstrate that 
                skipping Phase I is effective at commercializing SBIR 
                and STTR projects; and
                    ``(C) the allocation percentages in subsections 
                (f)(1) and (n)(1) have been increased above 3.2 percent 
                and .45 percent, respectively.'';
            (5) in subsection (hh)(2)(A)(i), by striking ``procedures 
        and model contracts'' and inserting ``processes and 
        requirements and simplified and standardized model contracts or 
        awards''; and
            (6) by adding at the end the following:
    ``(vv) Technology Commercialization Official.--Each Federal agency 
participating in the SBIR or STTR program shall designate a Technology 
Commercialization Official in the Federal agency, who shall--
            ``(1) have sufficient commercialization experience;
            ``(2) provide assistance to SBIR and STTR program awardees 
        in commercializing and transitioning technologies;
            ``(3) identify SBIR and STTR program technologies with 
        sufficient technology and commercialization readiness to 
        advance to Phase III awards or other non-SBIR or STTR program 
        contracts;
            ``(4) coordinate with the Technology Commercialization 
        Officials of other Federal agencies to identify additional 
        markets and commercialization pathways for promising SBIR and 
        STTR program technologies;
            ``(5) submit to the Administration an annual report on the 
        number of technologies from the SBIR or STTR program that have 
        advanced commercialization activities, including information 
        required in the commercialization impact assessment under 
        subsection (xx) and how those activities may relate to support 
        of the diversification of the United States supply chain;
            ``(6) submit to the Administration an annual report on 
        actions taken by the Federal agency, and the results of those 
        actions, to simplify, standardize, and expedite the application 
        process and requirements, procedures, and contracts as required 
        under subsection (hh) and described in subsection (xx)(E); and
            ``(7) carry out such other duties as the Federal agency 
        determines necessary.''.

SEC. 22. SPURRING INNOVATION IN UNDERSERVED MARKETS.

    (a) In General.--The Small Business Act (15 U.S.C. 631 et seq.) is 
amended--
            (1) by redesignating section 49 (15 U.S.C. 631 note) as 
        section 50; and
            (2) by inserting after section 48 (15 U.S.C. 657u) the 
        following:

``SEC. 49. INNOVATION CENTERS PROGRAM.

    ``(a) Definitions.--In this section:
            ``(1) Accelerator.--The term `accelerator' means an 
        organization--
                    ``(A) that--
                            ``(i) works with a startup or growing small 
                        business concern for a predetermined period; 
                        and
                            ``(ii) provides mentorship and instruction 
                        to scale businesses; and
                    ``(B) that may--
                            ``(i) provide, but is not exclusively 
                        designed to provide, seed investment in 
                        exchange for a small amount of equity; and
                            ``(ii) offer startup capital or the 
                        opportunity to raise capital from outside 
                        investors.
            ``(2) Federally recognized area of economic distress.--The 
        term `federally recognized area of economic distress' means--
                    ``(A) a HUBZone; or
                    ``(B) an area that has been designated as--
                            ``(i) an empowerment zone under section 
                        1391 of the Internal Revenue Code of 1986;
                            ``(ii) a qualified opportunity zone under 
                        section 1400Z-1 of the Internal Revenue Code of 
                        1986;
                            ``(iii) a Promise Zone by the Secretary of 
                        Housing and Urban Development; or
                            ``(iv) a low-income neighborhood or 
                        moderate-income neighborhood for purposes of 
                        the Community Reinvestment Act of 1977 (12 
                        U.S.C. 2901 et seq.).
            ``(3) Growing; newly established; startup.--The terms 
        `growing', `newly established', and `startup', with respect to 
        a small business concern, mean growing, newly established, and 
        startup, respectively, within the meaning given those terms 
        under section 7(m).
            ``(4) Incubator.--The term `incubator' means an 
        organization--
                    ``(A) that--
                            ``(i) tends to work with startup and newly 
                        established small business concerns; and
                            ``(ii) provides mentorship to startup and 
                        newly established small business concerns; and
                    ``(B) that may--
                            ``(i) provide a co-working environment or a 
                        month-to-month lease program; and
                            ``(ii) work with a startup or newly 
                        established small business concern for a 
                        predetermined period or an open-ended period.
            ``(5) Individuals with a disability.--The term `individuals 
        with a disability' means more than one individual with a 
        disability, as defined in section 3 of the Americans with 
        Disabilities Act of 1990 (42 U.S.C. 12102).
            ``(6) Eligible entity.--The term `eligible entity' means--
                    ``(A) an institution described in any of paragraphs 
                (1) through (7) of section 371(a) of the Higher 
                Education Act of 1965 (20 U.S.C. 1067q(a));
                    ``(B) a junior or community college, as defined in 
                section 312 of the Higher Education Act of 1965 (20 
                U.S.C. 1058); or
                    ``(C) any nonprofit organization associated with an 
                entity described in subparagraph (A) or (B).
            ``(7) Rural area.--The term `rural area' has the meaning 
        given that term in section 7(m)(11).
            ``(8) Socially and economically disadvantaged 
        individuals.--The term `socially and economically disadvantaged 
        individual' means a socially and economically disadvantaged 
        individual within the meaning given that term under section 
        8(d)(3)(C).
    ``(b) Establishment.--Not later than 18 months after the date of 
enactment of the COVID-19 Recovery by Enhancing Loan, Investment, and 
Education Funds for Small Businesses Act of 2020, the Administrator 
shall develop and begin implementing a program (to be known as the 
`Innovation Centers Program') to enter into cooperative agreements with 
eligible entities under this section.
    ``(c) Purposes.--The purposes of the Innovation Centers Program are 
to--
            ``(1) stimulate economic growth in underserved communities 
        by creating good paying jobs and pathways to prosperity, which 
        are especially important in times of economic downturn;
            ``(2) increase prospects for success for small business 
        concerns in underserved communities, which often suffer from 
        higher business failure rates than the national average;
            ``(3) help create a pipeline for small business concerns in 
        underserved and rural markets into high-growth sectors, where 
        they are generally underrepresented;
            ``(4) help address the multi-decade decline in the rate of 
        new business creation;
            ``(5) close the gaps that underserved small business 
        concerns often have in terms of revenue and number of 
        employees, which represent lost opportunity for the economy; 
        and
            ``(6) encourage collaboration between the Administration 
        and institutions of higher learning that serve low-income and 
        minority communities.
    ``(d) Authority.--
            ``(1) In general.--The Administrator may--
                    ``(A) enter into cooperative agreements to provide 
                financial assistance to eligible entities to conduct 5-
                year projects for the benefit of startup, newly 
                established, or growing small business concerns; and
                    ``(B) renew a cooperative agreement entered into 
                under this section for additional 3-year periods, in 
                accordance with paragraph (3).
            ``(2) Project requirements.--A project conducted under a 
        cooperative agreement under this section shall--
                    ``(A) include operating as an accelerator, an 
                incubator, or any other small business innovation-
                focused project as the Administrator approves;
                    ``(B) be carried out in such locations as to 
                provide maximum accessibility and benefits to the small 
                business concerns that the project is intended to 
                serve;
                    ``(C) have a full-time staff, including a full-time 
                director who shall--
                            ``(i) have the authority to make 
                        expenditures under the budget of the project; 
                        and
                            ``(ii) manage the activities carried out 
                        under the project;
                    ``(D) include the joint provision of programs and 
                services by the eligible entity and the Administration, 
                which--
                            ``(i) shall be jointly developed, 
                        negotiated, and agreed upon, with full 
                        participation of both parties, pursuant to an 
                        executed cooperative agreement between the 
                        eligible entity and the Administration; and
                            ``(ii) shall include--
                                    ``(I) 1-to-1 individual counseling 
                                as described in section 21(c)(3)(A); 
                                and
                                    ``(II) a formal, structured 
                                mentorship program;
                    ``(E) incorporate continuous upgrades and 
                modifications to the services and programs offered 
                under the project, as needed to meet the changing and 
                evolving needs of the business community;
                    ``(F) involve working with underserved groups, 
                which include--
                            ``(i) women;
                            ``(ii) socially and economically 
                        disadvantaged individuals;
                            ``(iii) veterans;
                            ``(iv) individuals with disabilities; or
                            ``(v) startup, newly established, or 
                        growing small business concerns located in 
                        rural areas;
                    ``(G) not impose or otherwise collect a fee or 
                other compensation in connection with participation in 
                the programs and services described in subparagraph 
                (D)(ii); and
                    ``(H) ensure that small business concerns 
                participating in the project have access, including 
                through resource partners, to information concerning 
                Federal, State, and local regulations that affect small 
                business concerns.
            ``(3) Continued funding.--
                    ``(A) In general.--An eligible entity that enters 
                into an initial cooperative agreement or a renewal of a 
                cooperative under paragraph (1) may submit an 
                application for a 3-year renewal of the cooperative 
                agreement at such time, in such manner, and accompanied 
                by such information as the Administrator may establish.
                    ``(B) Application and approval criteria.--
                            ``(i) Criteria.--The Administrator shall 
                        develop and publish criteria for the 
                        consideration and approval of applications for 
                        renewals by eligible entities under this 
                        paragraph, which shall take into account the 
                        structure and the stated goals of the project.
                            ``(ii) Notification.--Not later than 60 
                        days after the date of the deadline to submit 
                        applications for each fiscal year, the 
                        Administrator shall approve or deny any 
                        application under this paragraph and notify the 
                        applicant for each such application.
                    ``(C) Priority.--In allocating funds made available 
                for cooperative agreements under this section, the 
                Administrator shall give applications under this 
                paragraph priority over first-time applications for 
                cooperative agreements under paragraph (1)(A).
            ``(4) Limit on use of funds.--Amounts received by an 
        eligible entity under a cooperative agreement under this 
        section may not be used to provide capital to a participant in 
        the project carried out under the cooperative agreement.
            ``(5) Scope of authority.--
                    ``(A) Subject to appropriations.--The authority of 
                the Administrator to enter into cooperative agreements 
                under this section shall be in effect for each fiscal 
                year only to the extent and in the amounts as are 
                provided in advance in appropriations Acts.
                    ``(B) Suspension, termination, and failure to renew 
                or extend.--After the Administrator has entered into a 
                cooperative agreement with an eligible entity under 
                this section, the Administrator shall not suspend, 
                terminate, or fail to renew or extend the cooperative 
                agreement unless the Administrator provides the 
                eligible entity with written notification setting forth 
                the reasons therefore and affords the eligible entity 
                an opportunity for a hearing, appeal, or other 
                administrative proceeding under chapter 5 of title 5, 
                United States Code.
    ``(e) Criteria.--
            ``(1) In general.--The Administrator shall--
                    ``(A) establish and rank in terms of relative 
                importance the criteria the Administrator shall use in 
                awarding cooperative agreements under this section, 
                which shall include--
                            ``(i) whether the proposed project will be 
                        located in--
                                    ``(I) a federally recognized area 
                                of economic distress;
                                    ``(II) a rural area; or
                                    ``(III) an area lacking sufficient 
                                entrepreneurial development resources, 
                                as determined by the Administrator; and
                            ``(ii) whether the proposed project 
                        demonstrates a commitment to partner with core 
                        stakeholders working with small business 
                        concerns in the relevant area, including--
                                    ``(I) investment and lending 
                                organizations;
                                    ``(II) nongovernmental 
                                organizations;
                                    ``(III) programs of State and local 
                                governments that are concerned with 
                                aiding small business concerns;
                                    ``(IV) Federal agencies; and
                                    ``(V) for-profit organizations with 
                                an expertise in small business 
                                innovation;
                    ``(B) make publicly available, including on the 
                website of the Administration, and state in each 
                solicitation for applications for cooperative 
                agreements under this section the selection criteria 
                and ranking established under subparagraph (A); and
                    ``(C) evaluate and rank applicants for cooperative 
                agreements under this section in accordance with the 
                selection criteria and ranking established under 
                subparagraph (A).
            ``(2) Contents.--The criteria established under paragraph 
        (1)(A)--
                    ``(A) for eligible entities that have in operation 
                an accelerator, incubator, or other small business 
                innovation-focused project shall include the record of 
                the eligible entity in assisting growing, newly 
                established, and startup small business concerns, 
                including, for each of the 3 full years before the date 
                on which the eligible entity applies for a cooperative 
                agreement under this section, or if the accelerator, 
                incubator, or other small business innovation-focused 
                project has been in operation for less than 3 years, 
                for the most recent full year the accelerator, 
                incubator, or other small business innovation-focused 
                project was in operation--
                            ``(i) the number and retention rate of 
                        growing, newly established, and startup 
                        business concerns in the program of the 
                        eligible entity;
                            ``(ii) the average period of participation 
                        by growing, newly established, and startup 
                        small business concerns in the program of the 
                        eligible entity;
                            ``(iii) the total and median capital raised 
                        by growing, newly established, and startup 
                        small business concerns participating in the 
                        program of the eligible entity;
                            ``(iv) the number of investments or loans 
                        received by growing, newly established, and 
                        startup small business concerns participating 
                        in the program of the eligible entity; and
                            ``(v) the total and median number of 
                        employees of growing, newly established, and 
                        startup small business concerns participating 
                        in the program of the eligible entity; and
                    ``(B) for all eligible entities--
                            ``(i) shall include whether the eligible 
                        entity--
                                    ``(I) indicates the structure and 
                                goals of the project;
                                    ``(II) demonstrates ties to the 
                                business community;
                                    ``(III) identifies the resources 
                                available for the project;
                                    ``(IV) describes the capabilities 
                                of the project, including coordination 
                                with local resource partners and local 
                                or national lending partners of the 
                                Administration;
                                    ``(V) addresses the unique business 
                                and economic challenges faced by the 
                                community in which the eligible entity 
                                is located and businesses in that 
                                community; and
                                    ``(VI) provides a proposed budget 
                                and plan for use of funds; and
                            ``(ii) may include any other criteria 
                        determined appropriate by the Administrator.
    ``(f) Program Examination.--
            ``(1) In general.--The Administrator shall--
                    ``(A) develop and implement an annual programmatic 
                and financial examination of each project conducted 
                under this section, under which each eligible entity 
                entering into a cooperative agreement under this 
                section shall provide to the Administrator--
                            ``(i) an itemized cost breakdown of actual 
                        expenditures for costs incurred during the 
                        preceding year; and
                            ``(ii) documentation regarding--
                                    ``(I) the amount of matching 
                                assistance from non-Federal sources 
                                obtained and expended by the eligible 
                                entity during the preceding year in 
                                order to meet the matching requirement; 
                                and
                                    ``(II) with respect to any in-kind 
                                contributions that were used to satisfy 
                                the matching requirement, verification 
                                of the existence and valuation of those 
                                contributions; and
                    ``(B) analyze the results of each examination 
                conducted under subparagraph (A) and, based on that 
                analysis, make a determination regarding the 
                programmatic and financial viability of each eligible 
                entity.
            ``(2) Conditions for continued funding.--In determining 
        whether to continue or renew a cooperative agreement under this 
        section, the Administrator--
                    ``(A) shall consider the results of the most recent 
                examination of the project under paragraph (1); and
                    ``(B) may terminate or not renew a cooperative 
                agreement, if the Administrator determines that the 
                eligible entity has failed to provide any information 
                required to be provided (including information provide 
                for purpose of the annual report by the Administrator 
                under subsection (n)) or the information provided by 
                the eligible entity is inadequate.
    ``(g) Training and Technical Assistance.--The Administrator--
            ``(1) shall provide in person or online training and 
        technical assistance to each eligible entity entering into a 
        cooperative agreement under this section at the beginning of 
        the participation of the eligible entity in the Innovation 
        Centers Program, or as requested by the eligible entity, in 
        order to build the capacity of the eligible entity and ensure 
        compliance with procedures established by the Administrator;
            ``(2) shall ensure that the training and technical 
        assistance described in paragraph (1) is provided at no cost or 
        at a low cost; and
            ``(3) may enter into a contract to provide the training or 
        technical assistance described in paragraph (1) with 1 or more 
        organizations with expertise in the entrepreneurial development 
        programs of the Administration, innovation, and entrepreneurial 
        development.
    ``(h) Coordination.--In carrying out a project under this section, 
an eligible entity may coordinate with--
            ``(1) resource and lending partners of the Administration;
            ``(2) programs of State and local governments that are 
        concerned with aiding small business concerns; and
            ``(3) other Federal agencies, including to provide services 
        to and assist small business concerns in participating in the 
        SBIR and STTR programs, as defined in section 9(e).
    ``(i) Funding Limit.--The amount of financial assistance provided 
to an eligible entity under a cooperative agreement entered into under 
this section shall be not more than $400,000 during each year.
    ``(j) Matching Requirement.--
            ``(1) In general.--An eligible entity shall contribute 
        toward the cost of the project carried out under the 
        cooperative agreement under this section an amount equal to 50 
        percent of the amount received under the cooperative agreement.
            ``(2) In-kind contributions.--Not more than 75 percent of 
        the contribution of an eligible entity under paragraph (1) may 
        be in the form of in-kind contributions.
            ``(3) Waiver.--
                    ``(A) In general.--If the Administrator determines 
                that an eligible entity is unable to meet the 
                contribution requirement under paragraph (1), the 
                Administrator may reduce the required contribution.
                    ``(B) Presumption.--
                            ``(i) In general.--The Administration 
                        shall, by regulation, establish criteria to 
                        determine which eligible entities are presumed 
                        to be unable to meet the contribution 
                        requirement under paragraph (1).
                            ``(ii) Stakeholders.--In establishing the 
                        criteria under clause (i), the Administrator 
                        shall work with stakeholders immediately 
                        impacted by the criteria.
                            ``(iii) Periodic review.--The 
                        Administration shall periodically review the 
                        criteria established under clause (i) not less 
                        than every 5 years to ensure that the criteria 
                        aligns with economic conditions.
            ``(4) Failure to obtain non-federal funding.--If an 
        eligible entity fails to obtain the required non-Federal 
        contribution during any project, or the reduced non-Federal 
        contribution as determined by the Administrator--
                    ``(A) the eligible entity shall not be eligible 
                thereafter for any other project for which it is or may 
                be funded by the Administration; and
                    ``(B) prior to approving assistance for the 
                eligible entity for any other projects, the 
                Administrator shall specifically determine whether the 
                Administrator believes that the eligible entity will be 
                able to obtain the requisite non-Federal funding and 
                enter a written finding setting the forth the reasons 
                for making that determination.
            ``(5) Rule of construction.--The demonstrated inability of 
        an eligible entity to meet the contribution requirement under 
        paragraph (1) shall not disqualify the eligible entity from 
        entering into a cooperative agreement under this section.
    ``(k) Contract Authority.--
            ``(1) In general.--An eligible entity may enter into a 
        contract with a Federal department or agency to provide 
        specific assistance to startup, newly established, or growing 
        small business concerns.
            ``(2) Performance.--Performance of a contract entered into 
        under paragraph (1) may not hinder the eligible entity in 
        carrying out the terms of the cooperative agreement under this 
        section.
            ``(3) Exemption from matching requirement.--A contract 
        entered into under paragraph (1) shall not be subject to the 
        matching requirement under subsection (j).
            ``(4) Additional provision.--Notwithstanding any other 
        provision of law, a contract for assistance under paragraph (1) 
        shall not be applied to any Federal department or agency's 
        small business, woman-owned business, or socially and 
        economically disadvantaged business contracting goal under 
        section 15(g).
    ``(l) Privacy Requirements.--
            ``(1) In general.--An eligible entity may not disclose the 
        name, address, or telephone number of any individual or small 
        business concern receiving assistance under this section 
        without the consent of such individual or small business 
        concern, unless--
                    ``(A) the Administrator is ordered to make such a 
                disclosure by a court in any civil or criminal 
                enforcement action initiated by a Federal or State 
                agency; or
                    ``(B) the Administrator considers such a disclosure 
                to be necessary for the purpose of conducting a 
                financial audit of an eligible entity, but a disclosure 
                under this subparagraph shall be limited to the 
                information necessary for such audit.
            ``(2) Administration use of information.--This subsection 
        shall not--
                    ``(A) restrict Administration access to program 
                activity data; or
                    ``(B) prevent the Administration from using client 
                information (other than the information described in 
                subparagraph (A)) to conduct client surveys.
            ``(3) Regulations.--The Administrator shall issue 
        regulations to establish standards for requiring disclosures 
        during a financial audit under paragraph (1)(B).
    ``(m) Publication of Information.--The Administrator shall--
            ``(1) publish information about the program under this 
        section online, including--
                    ``(A) on the website of the Administration; and
                    ``(B) on the social media of the Administration; 
                and
            ``(2) request that the resource and lending partners of the 
        Administration and the district offices of the Administration 
        publicize the program.
    ``(n) Annual Reporting.--Not later than 1 year after the date on 
which the Administrator establishes the program under this section, and 
every year thereafter, the Administrator shall submit to Congress a 
report on the activities under the program, including--
            ``(1) a list of all eligible entities participating in the 
        program;
            ``(2) the number of startup, newly established, and growing 
        small business concerns participating in the project carried 
        out by each eligible entity under a cooperative agreement under 
        this section (in this paragraph referred to as `participants'), 
        including a breakdown of the owners of the participants by 
        race, gender, veteran status, and urban versus rural location;
            ``(3) the retention rate for participants;
            ``(4) the total and median amount of capital accessed by 
        participants, including the type of capital accessed;
            ``(5) the total and median number of employees of 
        participants;
            ``(6) the number and median wage of jobs created by 
        participants;
            ``(7) the number of jobs sustained by participants; and
            ``(8) information regarding such other metrics as the 
        Administrator determines appropriate.
    ``(o) Funding.--
            ``(1) Authorization of appropriations.--There are 
        authorized to be appropriated to carry out this section--
                    ``(A) $4,000,000 for the first fiscal year 
                beginning after the date of enactment of the COVID-19 
                Recovery by Enhancing Loan, Investment, and Education 
                Funds for Small Businesses Act of 2020;
                    ``(B) $7,500,000 for the second fiscal year 
                beginning after such date of enactment; and
                    ``(C) $12,000,000 for each of the third, fourth, 
                and fifth fiscal years beginning after such date of 
                enactment.
            ``(2) Administrative expenses.--Of the amount made 
        available to carry out this section for any fiscal year, not 
        more than 10 percent may be used by the Administrator for 
        administrative expenses.''.
    (b) Regulations.--The Administrator shall promulgate regulations to 
carry out section 49 of the Small Business Act, as added by subsection 
(b).

SEC. 23. COORDINATING LENDING IN UNDERSERVED MARKETS.

    Section 7 of the Small Business Act (15 U.S.C. 636) is amended by 
adding at the end the following:
    ``(o) Office of Emerging Markets.--
            ``(1) Definitions.--In this subsection--
                    ``(A) the term `Associate Administrator' means the 
                Associate Administrator of the Office of Capital Access 
                of the Administration;
                    ``(B) the term `Director' means the Director of the 
                Office of Emerging Markets;
                    ``(C) the term `microloan program' means the 
                program described in subsection (m);
                    ``(D) the term `Reservist' means a member of a 
                reserve component of the Armed Forces named in section 
                10101 of title 10, United States Code;
                    ``(E) the term `rural area' has the meaning given 
                the term in subsection (m)(11);
                    ``(F) the term `service-connected' has the meaning 
                given the term in section 101 of title 38, United 
                States Code; and
                    ``(G) the term `small business concern in an 
                emerging market' means a small business concern--
                            ``(i) that is located in--
                                    ``(I) a low income or moderate 
                                income area for purposes of the 
                                Community Development Block Grant 
                                Program under title I of the Housing 
                                and Community Development Act of 1974 
                                (42 U.S.C. 5301 et seq.);
                                    ``(II) a HUBZone;
                                    ``(III) a community that has been 
                                designated as an empowerment zone or an 
                                enterprise community under section 1391 
                                of the Internal Revenue Code of 1986;
                                    ``(IV) a community that has been 
                                designated as a Promise Zone by the 
                                Secretary of Housing and Urban 
                                Development;
                                    ``(V) a community that has been 
                                designated as a qualified opportunity 
                                zone under section 1400Z-1 of the 
                                Internal Revenue Code of 1986; or
                                    ``(VI) a rural area;
                            ``(ii) that has more than 50 percent of 
                        employees residing in a low- or moderate-income 
                        community;
                            ``(iii) that is growing, newly established, 
                        or a startup, as those terms are used in 
                        subsection (m);
                            ``(iv) owned and controlled by socially and 
                        economically disadvantaged individuals, 
                        including Black Americans, Hispanic Americans, 
                        Native Americans, Asian Pacific Americans, and 
                        other minorities;
                            ``(v) owned and controlled by women;
                            ``(vi) owned and controlled by veterans;
                            ``(vii) owned and controlled by service-
                        disabled veterans; or
                            ``(viii) not less than 51 percent owned and 
                        controlled by 1 or more--
                                    ``(I) members of the Armed Forces 
                                participating in the Transition 
                                Assistance Program of the Department of 
                                Defense;
                                    ``(II) Reservists;
                                    ``(III) spouses of veterans, 
                                members of the Armed Forces, or 
                                Reservists;
                                    ``(IV) surviving spouses of 
                                veterans who died on active duty or as 
                                a result of a service-connected 
                                disability; or
                                    ``(V) individuals with a 
                                disability, as defined in section 3 of 
                                the Americans with Disabilities Act of 
                                1990 (42 U.S.C. 12102).
            ``(2) Establishment.--There is established within the 
        Administration the Office of Emerging Markets, which shall be--
                    ``(A) under the general management and oversight of 
                the Administration; and
                    ``(B) responsible for the planning, coordination, 
                implementation, evaluation, and improvement of the 
                efforts of the Administrator to enhance the economic 
                well-being of small business concerns in an emerging 
                market.
            ``(3) Purposes.--The purposes of the Office of Emerging 
        Markets are--
                    ``(A) to provide the Administration with an 
                integrated approach to the development of small 
                business concerns in emerging markets;
                    ``(B) to reignite economic opportunity for 
                underserved or emerging markets, particularly after an 
                economic downturn; and
                    ``(C) to oversee the expansion of access to capital 
                programs that meet the needs of emerging markets.
            ``(4) Director.--
                    ``(A) In general.--Not later than 180 days after 
                the date of enactment of the COVID-19 Recovery by 
                Enhancing Loan, Investment, and Education Funds for 
                Small Businesses Act of 2020, the Administrator shall 
                appoint a Director of the Office of Emerging Markets, 
                who shall--
                            ``(i) supervise the Office of Emerging 
                        Markets and report to the Associate 
                        Administrator; and
                            ``(ii) be in the Senior Executive Service.
                    ``(B) Duties.--The Director shall--
                            ``(i) create and implement strategies and 
                        programs that provide an integrated approach to 
                        the development of small business concerns in 
                        an emerging market;
                            ``(ii) develop and recommend policies 
                        concerning the microloan program and any other 
                        access to capital program of the 
                        Administration, as such programs pertain to 
                        small business concerns in an emerging market;
                            ``(iii) establish partnerships to advance 
                        the goal of improving the economic success of 
                        small business concerns in an emerging market; 
                        and
                            ``(iv) review the effectiveness and impact 
                        of the microloan program and any other access 
                        to capital program of the Administration that 
                        is targeted to serve small business concerns in 
                        an emerging market.
                    ``(C) Consultation.--In carrying out the duties 
                under this paragraph, the Director shall consult with 
                district offices of the Administration.''.

SEC. 24. AUTHORIZATION OF APPROPRIATIONS AND OTHER MATTERS.

    (a) Authorization of Appropriations.--In addition to amounts 
provided under any other provision of law, there is authorized to be 
appropriated, to remain available until expended--
            (1) $5,000,000,000 to carry out sections 8, 9, 10, and 11;
            (2) $177,000,000 for administrative expenses related to 
        carrying out the disaster loan program under section 7(b)(2) of 
        the Small Business Act (15 U.S.C. 636(b)(2));
            (3) $1,000,000,000 for loan subsidies for the disaster loan 
        program under section 7(b)(2) of the Small Business Act (15 
        U.S.C. 636(b)(2)); and
            (4) $200,000,000 for salaries and expenses for the 
        Administration.
    (b) Allowable Uses of 7(a) Program Loans.--
            (1) In general.--During the period beginning on the date of 
        enactment of this Act and ending on September 30, 2021, a 
        recipient of a loan made 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) may, in addition to the allowable uses of such 
        a loan, use the proceeds of the loan for payroll support, 
        including paid sick, medical, or family leave, and costs 
        related to the continuation of group health care benefits 
        during those periods of leave.
            (2) Guidance.--Not later than 15 days after the date of 
        enactment of this Act, the Administrator shall issue guidance 
        to lenders under section 7(a) of the Small Business Act (15 
        U.S.C. 636(a)) on payroll and support and disrupted supply 
        chain eligibility under paragraph (1).

SEC. 25. 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 Act without 
regard to the notice requirements under section 553(b) of title 5, 
United States Code.
                                 <all>