[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 4773 Placed on Calendar Senate (PCS)]
<DOC>
Calendar No. 562
116th CONGRESS
2d Session
S. 4773
To establish the Paycheck Protection Program Second Draw Loan, and for
other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
September 30 (legislative day, September 29), 2020
Ms. Collins (for herself and Mr. Rubio) introduced the following bill;
which was read the first time
October 1, 2020
Read the second time and placed on the calendar
_______________________________________________________________________
A BILL
To establish the Paycheck Protection Program Second Draw Loan, 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 ``Continuing the Paycheck Protection
Program Act''.
SEC. 2. SMALL BUSINESS RECOVERY.
(a) Definitions.--In this section:
(1) Administration; administrator.--The terms
``Administration'' and ``Administrator'' mean the Small
Business Administration and the Administrator thereof,
respectively.
(2) Small business concern.--The term ``small business
concern'' has the meaning given the term in section 3 of the
Small Business Act (15 U.S.C. 632).
(b) Emergency Rulemaking Authority.-- Not later than 30 days after
the date of enactment of this Act, the Administrator shall issue
regulations to carry out this section and the amendments made by this
section without regard to the notice requirements under section 553(b)
of title 5, United States Code.
(c) Additional Eligible Expenses.--
(1) Allowable use of ppp loan.--Section 7(a)(36)(F)(i) of
the Small Business Act (15 U.S.C. 636(a)(36)(F)(i)) is
amended--
(A) in subclause (VI), by striking ``and'' at the
end;
(B) in subclause (VII), by striking the period at
the end and inserting a semicolon; and
(C) by adding at the end the following:
``(VIII) covered operations
expenditures, as defined in section
1106(a) of the CARES Act (15 U.S.C.
9005(a));
``(IX) covered property damage
costs, as defined in such section
1106(a);
``(X) covered supplier costs, as
defined in such section 1106(a); and
``(XI) covered worker protection
expenditures, as defined in such
section 1106(a).''.
(2) Loan forgiveness.--Section 1106 of the CARES Act (15
U.S.C. 9005) is amended--
(A) in subsection (a)--
(i) by redesignating paragraphs (6), (7),
and (8) as paragraphs (10), (11), and (12),
respectively;
(ii) by redesignating paragraph (5) as
paragraph (8);
(iii) by redesignating paragraph (4) as
paragraph (6);
(iv) by redesignating paragraph (3) as
paragraph (4);
(v) by inserting after paragraph (2) the
following:
``(3) the term `covered operations expenditure' means a
payment for any business software or cloud computing service
that facilitates business operations, product or service
delivery, the processing, payment, or tracking of payroll
expenses, human resources, sales and billing functions, or
accounting or tracking of supplies, inventory, records and
expenses;'';
(vi) by inserting after paragraph (4), as
so redesignated, the following:
``(5) the term `covered property damage cost' means a cost
related to property damage and vandalism or looting due to
public disturbances that occurred during 2020 that was not
covered by insurance or other compensation;'';
(vii) by inserting after paragraph (6), as
so redesignated, the following:
``(5) the term `covered supplier cost' means an expenditure
made by an entity to a supplier of goods pursuant to a
contract, order, or purchase order in effect before October 1,
2020 for the supply of goods that are essential to the
operations of the entity at the time at which the expenditure
is made;'';
(viii) by inserting after paragraph (8), as
so redesignated, the following:
``(9) the term `covered worker protection expenditure'--
``(A) means an operating or a capital expenditure
that is required to facilitate the adaptation of the
business activities of an entity to comply with
requirements established or guidance issued by the
Department of Health and Human Services, the Centers
for Disease Control, or the Occupational Safety and
Health Administration during the period beginning on
March 1, 2020 and ending the date on which the national
emergency declared by the President under the National
Emergencies Act (50 U.S.C. 1601 et seq.) with respect
to the Coronavirus Disease 2019 (COVID-19) expires
related to the maintenance of standards for sanitation,
social distancing, or any other worker or customer
safety requirement related to COVID-19;
``(B) may include--
``(i) the purchase, maintenance, or
renovation of assets that create or expand--
``(I) a drive-through window
facility;
``(II) an indoor, outdoor, or
combined air or air pressure
ventilation or filtration system;
``(III) a physical barrier such as
a sneeze guard;
``(IV) an indoor, outdoor, or
combined commercial real property;
``(V) an onsite or offsite health
screening capability; or
``(VI) other assets relating to the
compliance with the requirements or
guidance described in subparagraph (A),
as determined by the Administrator in
consultation with the Secretary of
Health and Human Services and the
Secretary of Labor; and
``(ii) the purchase of--
``(I) covered materials described
in section 328.103(a) of title 44, Code
of Federal Regulations, or any
successor regulation;
``(II) particulate filtering
facepiece respirators approved by the
National Institute for Occupational
Safety and Health, including those
approved only for emergency use
authorization; or
``(III) other kinds of personal
protective equipment, as determined by
the Administrator in consultation with
the Secretary of Health and Human
Services and the Secretary of Labor;
and
``(C) does not include residential real property or
intangible property;''; and
(ix) in paragraph (11), as so
redesignated--
(I) in subparagraph (C), by
striking ``and'' at the end;
(II) in subparagraph (D), by
striking ``and'' at the end; and
(III) by adding at the end the
following:
``(E) covered operations expenditures;
``(F) covered property damage costs;
``(G) covered supplier costs; and
``(H) covered worker protection expenditures;
and'';
(B) in subsection (b), by adding at the end the
following:
``(5) Any covered operations expenditure.
``(6) Any covered property damage cost.
``(7) Any covered supplier cost.
``(8) Any covered worker protection expenditure.'';
(C) in subsection (d)(8), by inserting ``any
payment on any covered operations expenditure, any
payment on any covered property damage cost, any
payment on any covered supplier cost, any payment on
any covered worker protection expenditure,'' after
``rent obligation,''; and
(D) in subsection (e)--
(i) in paragraph (2), by inserting
``payments on covered operations expenditures,
payments on covered property damage costs,
payments on covered supplier costs, payments on
covered worker protection expenditures,'' after
``lease obligations,''; and
(ii) in paragraph (3)(B), by inserting
``make payments on covered operations
expenditures, make payments on covered property
damage costs, make payments on covered supplier
costs, make payments on covered worker
protection expenditures,'' after ``rent
obligation,''.
(d) Lender Safe Harbor.--Subsection (h) of section 1106 of the
CARES Act (15 U.S.C. 9005) is amended to read as follows:
``(h) Hold Harmless.--
``(1) In general.--A lender may rely on any certification
or documentation submitted by an applicant for a covered loan
or an eligible recipient of a covered loan that--
``(A) is submitted pursuant to any statutory
requirement relating to covered loans or any rule or
guidance issued to carry out any action relating to
covered loans; and
``(B) attests that the applicant or eligible
recipient, as applicable, has accurately verified any
certification or documentation provided to the lender.
``(2) No enforcement action.--With respect to a lender that
relies on a certification or documentation described in
paragraph (1)--
``(A) an enforcement action may not be taken
against the lender acting in good faith relating to
origination or forgiveness of a covered loan based on
such reliance; and
``(B) the lender acting in good faith shall not be
subject to any penalties relating to origination or
forgiveness of a covered loan based on such
reliance.''.
(e) Selection of Covered Period for Forgiveness.--Section 1106 of
the CARES Act (15 U.S.C. 9005) is amended--
(1) by amending paragraph (4) of subsection (a), as so
redesignated by subsection (c) of this section, to read as
follows:
``(4) the term `covered period' means the period--
``(A) beginning on the date of the origination of a
covered loan; and
``(B) ending on a date selected by the eligible
recipient of the covered loan that occurs during the
period--
``(i) beginning on the date that is 8 weeks
after such date of origination; and
``(ii) ending on the date that is 24 weeks
after such date of origination;''; and
(2) by striking subsection (l).
(f) Simplified Application.--Section 1106 of the CARES Act (15
U.S.C. 9005), as amended by subsection (e) of this section, is
amended--
(1) in subsection (e), in the matter preceding paragraph
(1), by striking ``An eligible'' and inserting ``Except as
provided in subsection (l), an eligible'';
(2) in subsection (f), by inserting ``or the information
required under subsection (l), as applicable'' after
``subsection (e)''; and
(3) by adding at the end the following:
``(l) Simplified Application.--
``(1) Covered loans under $150,000.--
``(A) In general.--Notwithstanding subsection (e),
with respect to a covered loan made to an eligible
recipient that is not more than $150,000, the covered
loan amount shall be forgiven under this section if the
eligible recipient--
``(i) signs and submits to the lender a
one-page online or paper form, to be
established by the Administrator not later than
7 days after the date of enactment of the
Continuing the Paycheck Protection Program Act,
that--
``(I) reports the amount of the
covered loan amount spent by the
eligible recipient--
``(aa) on payroll costs;
and
``(bb) on the sum of--
``(AA) payments of
interest on any covered
mortgage obligation
(which shall not
include any prepayment
of or payment of
principal on a covered
mortgage obligation);
``(BB) payments on
any covered rent
obligation;
``(CC) covered
utility payments;
``(DD) covered
operations
expenditures;
``(EE) covered
property damage costs;
``(FF) covered
supplier costs; and
``(GG) covered
worker protection
expenditures; and
``(II) attests that the eligible
recipient made a good faith effort to
comply with the requirements under
section 7(a)(36) of the Small Business
Act (15 U.S.C. 636(a)(36)); and
``(ii) retains records relevant to the form
that prove compliance with those requirements--
``(I) with respect to employment
records, for the 4-year period
following submission of the form; and
``(II) with respect to other
records, for the 3-year period
following submission of the form.
``(B) Demographic information.--An eligible
recipient of a covered loan described in subparagraph
(A) may complete and submit any form related to
borrower demographic information.
``(C) Audit.--The Administrator may--
``(i) review and audit covered loans
described in subparagraph (A); and
``(ii) in the case of fraud, ineligibility,
or other material noncompliance with applicable
loan or loan forgiveness requirements, modify--
``(I) the amount of a covered loan
described in subparagraph (A); or
``(II) the loan forgiveness amount
with respect to a covered loan
described in subparagraph (A).
``(2) Covered loans between $150,000 and $2,000,000.--
``(A) In general.--Notwithstanding subsection (e),
with respect to a covered loan made to an eligible
recipient that is more than $150,000 and not more than
$2,000,000--
``(i) the eligible recipient seeking loan
forgiveness under this section--
``(I) is not required to submit the
supporting documentation described in
paragraph (1) or (2) of subsection (e)
or the certification described in
subsection (e)(3)(A);
``(II) shall retain--
``(aa) all employment
records relevant to the
application for loan
forgiveness for the 4-year
period following submission of
the application; and
``(bb) all other supporting
documentation relevant to the
application for loan
forgiveness for the 3-year
period following submission of
the application; and
``(III) may complete and submit any
form related to borrower demographic
information;
``(ii) review by the lender of an
application submitted by the eligible recipient
for loan forgiveness under this section shall
be limited to whether the lender received a
complete application, with all fields
completed, initialed, or signed, as applicable;
and
``(iii) the lender shall--
``(I) accept the application
submitted by the eligible recipient for
loan forgiveness under this section;
and
``(II) submit the application to
the Administrator.
``(B) Audit.--The Administrator may--
``(i) review and audit covered loans
described in subparagraph (A); and
``(ii) in the case of fraud, ineligibility,
or other material noncompliance with applicable
loan or loan forgiveness requirements, modify--
``(I) the amount of a covered loan
described in subparagraph (A); or
``(II) the loan forgiveness amount
with respect to a covered loan
described in subparagraph (A).
``(3) Audit plan.--
``(A) In general.--Not later than 30 days after the
date of enactment of the Continuing the Paycheck
Protection Program Act, the Administrator shall submit
to the Committee on Small Business and Entrepreneurship
of the Senate and the Committee on Small Business of
the House of Representatives an audit plan that
details--
``(i) the policies and procedures of the
Administrator for conducting reviews and audits
of covered loans; and
``(ii) the metrics that the Administrator
shall use to determine which covered loans will
be audited for each category of covered loans
described in paragraphs (1) and (2).
``(B) Reports.--Not later than 30 days after the
date on which the Administrator submits the audit plan
required under subparagraph (A), and each month
thereafter, the Administrator shall submit to the
Committee on Small Business and Entrepreneurship of the
Senate and the Committee on Small Business of the House
of Representatives a report on the review and audit
activities of the Administrator under this subsection,
which shall include--
``(i) the number of active reviews and
audits;
``(ii) the number of reviews and audits
that have been ongoing for more than 60 days;
and
``(iii) any substantial changes made to the
audit plan submitted under subparagraph (A).''.
(g) Group Insurance Payments as Payroll Costs.--Section
7(a)(36)(A)(viii)(I)(aa)(EE) of the Small Business Act (15 U.S.C.
636(a)(36)(A)(viii)(I)(aa)(EE)) is amended by inserting ``and other
group insurance'' before ``benefits''.
(h) Paycheck Protection Program Second Draw Loans.--Section 7(a) of
the Small Business Act (15 U.S.C. 636(a)) is amended by adding at the
end the following:
``(37) Paycheck protection program second draw loans.--
``(A) Definitions.--In this paragraph--
``(i) the terms `community financial
institutions', `credit union', `eligible self-
employed individual', `insured depository
institution', `nonprofit organization',
`payroll costs', `seasonal employer', and
`veterans organization' have the meanings given
those terms in paragraph (36), except that
`eligible entity' shall be substituted for
`eligible recipient' each place it appears in
the definitions of those terms;
``(ii) the term `covered loan' means a loan
made under this paragraph;
``(iii) the terms `covered mortgage
obligation', `covered operating expenditure',
`covered property damage cost', `covered rent
obligation', `covered supplier cost', `covered
utility payment', and `covered worker
protection expenditure' have the meanings given
those terms in section 1106(a) of the CARES Act
(15 U.S.C. 9005(a));
``(iv) the term `covered period' means the
period beginning on the date of the origination
of a covered loan and ending on December 31,
2020;
``(v) the term `eligible entity'--
``(I) means any business concern,
nonprofit organization, veterans
organization, Tribal business concern,
eligible self-employed individual, sole
proprietor, independent contractor, or
small agricultural cooperative that--
``(aa)(AA) with respect to
a business concern, would
qualify as a small business
concern by the annual receipts
size standard (if applicable)
established by section 121.201
of title 13, Code of Federal
Regulations, or any successor
regulation; or
``(BB) if the entity does
not qualify as a small business
concern, meets the alternative
size standard established under
section 3(a)(5);
``(bb) employs not more
than 300 employees; and
``(cc)(AA) except as
provided in subitems (BB),
(CC), and (DD), had gross
receipts during the first,
second, or third quarter in
2020 that demonstrate not less
than a 35 percent reduction
from the gross receipts of the
entity during the same quarter
in 2019;
``(BB) if the entity was
not in business during the
first or second quarter of
2019, but was in business
during the third and fourth
quarter of 2019, had gross
receipts during the first,
second, or third quarter of
2020 that demonstrate not less
than a 35 percent reduction
from the gross receipts of the
entity during the third or
fourth quarter of 2019;
``(CC) if the entity was
not in business during the
first, second, or third quarter
of 2019, but was in business
during the fourth quarter of
2019, had gross receipts during
the first, second, or third
quarter of 2020 that
demonstrate not less than a 35
percent reduction from the
gross receipts of the entity
during the fourth quarter of
2019; or
``(DD) if the entity was
not in business during 2019,
but was in operation on
February 15, 2020, had gross
receipts during the second or
third quarter of 2020 that
demonstrate not less than a 35
percent reduction from the
gross receipts of the entity
during the first quarter of
2020;
``(II) includes an organization
described in subparagraph (D)(vii) of
paragraph (36) that is eligible to
receive a loan under that paragraph and
that meets the requirements described
in items (aa) and (cc) of subclause
(I); and
``(III) does not include--
``(aa) an issuer, the
securities of which are listed
on an exchange registered a
national securities exchange
under section 6 of the
Securities Exchange Act of 1934
(15 U.S.C. 78f);
``(bb) any entity that--
``(AA) is a type of
business concern
described in subsection
(b), (c), (d), (e),
(f), (h), (l) (m), (p),
(q), (r), or (s) of
section 120.110 of
title 13, Code of
Federal Regulations, or
any successor
regulation;
``(BB) is a type of
business concern
described in section
120.110(g) of title 13,
Code of Federal
Regulations, or any
successor regulation,
except as otherwise
provided in the interim
final rule of the
Administration entitled
`Business Loan Program
Temporary Changes;
Paycheck Protection
Program--Additional
Eligibility Criteria
and Requirements for
Certain Pledges of
Loans' (85 Fed. Reg.
21747 (April 20,
2020));
``(CC) is a type of
business concern
described in section
120.110(i) of title 13,
Code of Federal
Regulations, or any
successor regulation,
except if the business
concern is an
organization described
in paragraph
(36)(D)(vii);
``(DD) is a type of
business concern
described in section
120.110(j) of title 13,
Code of Federal
Regulations, or any
successor regulation,
except as otherwise
provided in the interim
final rules of the
Administration entitled
`Business Loan Program
Temporary Changes;
Paycheck Protection
Program--Eligibility of
Certain Electric
Cooperatives' (85 Fed.
Reg. 29847 (May 19,
2020)) and `Business
Loan Program Temporary
Changes; Paycheck
Protection Program--
Eligibility of Certain
Telephone Cooperatives'
(85 Fed. Reg. 35550
(June 11, 2020)) or any
other guidance or rule
issued or that may be
issued by the
Administrator;
``(EE) is a type of
business concern
described in section
120.110(n) of title 13,
Code of Federal
Regulations, or any
successor regulation,
except as otherwise
provided in the interim
final rule of the
Administration entitled
`Business Loan Program
Temporary Changes;
Paycheck Protection
Program--Additional
Eligibility Revisions
to First Interim Final
Rule' (85 Fed. Reg.
38301 (June 26, 2020))
or any other guidance
or rule issued or that
may be issued by the
Administrator;
``(FF) is a type of
business concern
described in section
120.110(o) of title 13,
Code of Federal
Regulations, or any
successor regulation,
except as otherwise
provided in any
guidance or rule issued
or that may be issued
by the Administrator;
or
``(GG) is an entity
that would be described
in the subsections
listed in subitems (AA)
through (FF) if the
entity were a business
concern; or
``(HH) is assigned,
or was approved for a
loan under paragraph
(36) with, a North
American Industry
Classification System
code beginning with 52;
``(cc) any business concern
or entity primarily engaged in
political or lobbying
activities, which shall include
any entity that is organized
for research or for engaging in
advocacy in areas such as
public policy or political
strategy or otherwise describes
itself as a think tank in any
public documents;
``(dd) any business concern
or entity--
``(AA) for which an
entity created in or
organized under the
laws of the People's
Republic of China or
the Special
Administrative Region
of Hong Kong, or that
has significant
operations in the
People's Republic of
China or the Special
Administrative Region
of Hong Kong, owns or
holds, directly or
indirectly, not less
than 20 percent of the
economic interest of
the business concern or
entity, including as
equity shares or a
capital or profit
interest in a limited
liability company or
partnership; or
``(BB) that
retains, as a member of
the board of directors
of the business
concern, a person who
is a resident of the
People's Republic of
China; or
``(ee) any person required
to submit a registration
statement under section 2 of
the Foreign Agents Registration
Act of 1938 (22 U.S.C. 612);
``(vi) the terms `exchange', `issuer', and
`security' have the meanings given those terms
in section 3(a) of the Securities Exchange Act
of 1934 (15 U.S.C. 78c(a)); and
``(vii) the term `Tribal business concern'
means a Tribal business concern described in
section 31(b)(2)(C).
``(B) Loans.--Except as otherwise provided in this
paragraph, the Administrator may guarantee covered
loans to eligible entities under the same terms,
conditions, and processes as a loan made under
paragraph (36).
``(C) Maximum loan amount.--
``(i) In general.--Except as otherwise
provided in this subparagraph, the maximum
amount of a covered loan made to an eligible
entity is the lesser of--
``(I) the product obtained by
multiplying--
``(aa) at the election of
the eligible entity, the
average total monthly payment
for payroll costs incurred or
paid by the eligible entity
during--
``(AA) the 1-year
period before the date
on which the loan is
made; or
``(BB) calendar
year 2019; by
``(bb) 2.5; or
``(II) $2,000,000.
``(ii) Seasonal employers.--The maximum
amount of a covered loan made to an eligible
entity that is a seasonal employer is the
lesser of--
``(I) the product obtained by
multiplying--
``(aa) at the election of
the eligible entity, the
average total monthly payments
for payroll costs incurred or
paid by the eligible entity--
``(AA) for a 12-
week period beginning
February 15, 2019 or
March 1, 2019 and
ending June 30, 2019;
or
``(BB) for a
consecutive 12-week
period between May 1,
2019 and September 15,
2019; by
``(bb) 2.5; or
``(II) $2,000,000.
``(iii) New entities.--The maximum amount
of a covered loan made to an eligible entity
that did not exist during the 1-year period
preceding February 15, 2020 is the lesser of--
``(I) the product obtained by
multiplying--
``(aa) the quotient
obtained by dividing--
``(AA) the sum of
the total monthly
payments by the
eligible entity for
payroll costs paid or
incurred by the
eligible entity as of
the date on which the
eligible entity applies
for the covered loan;
by
``(BB) the number
of months in which
those payroll costs
were paid or incurred;
by
``(bb) 2.5; or
``(II) $2,000,000.
``(iv) Limit for multiple locations.--With
respect to an eligible entity with more than 1
physical location, the total amount of all
covered loans shall be not more than
$2,000,000.
``(v) Loan number limitation.--An eligible
entity may only receive 1 covered loan.
``(vi) 90 day rule for maximum loan
amount.--The maximum aggregate loan amount of
loans guaranteed under this subsection that are
approved for an eligible entity (including any
affiliates) within 90 days of approval of
another loan under this subsection for the
eligible entity (including any affiliates)
shall not exceed $10,000,000.
``(D) Exception from certain certification
requirements.--An eligible entity applying for a
covered loan shall not be required to make the
certification described in subclause (III) or (IV) of
paragraph (36)(G)(i).
``(E) Fee waiver.--With respect to a covered loan--
``(i) in lieu of the fee otherwise
applicable under paragraph (23)(A), the
Administrator shall collect no fee; and
``(ii) in lieu of the fee otherwise
applicable under paragraph (18)(A), the
Administrator shall collect no fee.
``(F) Eligible churches and religious
organizations.--
``(i) Sense of congress.--It is the sense
of Congress that the interim final rule of the
Administration entitled `Business Loan Program
Temporary Changes; Paycheck Protection Program'
(85 Fed. Reg. 20817 (April 15, 2020)) properly
clarified the eligibility of churches and
religious organizations for loans made under
paragraph (36).
``(ii) Applicability of prohibition.--The
prohibition on eligibility established by
section 120.110(k) of title 13, Code of Federal
Regulations, or any successor regulation, shall
not apply to a covered loan.
``(G) Gross receipts for nonprofit and veterans
organizations.--For purposes of calculating gross
receipts under subparagraph (A)(v)(I)(cc) for an
eligible entity that is a nonprofit organization, a
veterans organization, or an organization described in
subparagraph (A)(v)(II), gross receipts--
``(i) shall include proceeds from program
services, fundraising events, federated
campaigns, gifts, donor-advised funds, and
funds from similar sources; and
``(ii) shall not include--
``(I) Federal grants (excluding any
loan forgiveness on loans received
under paragraph (36) or this
paragraph);
``(II) revenues from a supporting
organization;
``(III) grants from private
foundations that are disbursed over the
course of more than 1 calendar year;
``(IV) any contribution of property
other than money, stocks, bonds, and
other securities, provided that the
non-cash contribution is not sold by
the organization in a transaction
unrelated to the tax-exempt purpose of
the organization; or
``(V) any loan proceeds from a loan
made under paragraph (36).
``(H) Loan forgiveness.--
``(i) In general.--Except as otherwise
provided in this subparagraph, an eligible
entity shall be eligible for forgiveness of
indebtedness on a covered loan in the same
manner as an eligible recipient with respect to
a loan made under paragraph (36), as described
in section 1106 of the CARES Act (15 U.S.C.
9005).
``(ii) Forgiveness amount.--An eligible
entity shall be eligible for forgiveness of
indebtedness on a covered loan in an amount
equal to the sum of the following costs
incurred or expenditures made during the
covered period:
``(I) Payroll costs.
``(II) Any payment of interest on
any covered mortgage obligation (which
shall not include any prepayment of or
payment of principal on a covered
mortgage obligation).
``(III) Any covered operations
expenditure.
``(IV) Any covered property damage
cost.
``(V) Any payment on any covered
rent obligation.
``(VI) Any covered utility payment.
``(VII) Any covered supplier cost.
``(VIII) Any covered worker
protection expenditure.
``(iii) Limitation on forgiveness for all
eligible entities.--The forgiveness amount
under this subparagraph shall be equal to the
lesser of--
``(I) the amount described in
clause (ii); and
``(II) the amount equal to the
quotient obtained by dividing--
``(aa) the amount of the
covered loan used for payroll
costs during the covered
period; and
``(bb) 0.60.
``(I) Lender eligibility.--Except as otherwise
provided in this paragraph, a lender approved to make
loans under paragraph (36) may make covered loans under
the same terms and conditions as in paragraph (36).
``(J) Reimbursement for loan processing and
servicing.--The Administrator shall reimburse a lender
authorized to make a covered loan in an amount that
is--
``(i) 3 percent of the principal amount of
the financing of the covered loan up to
$350,000; and
``(ii) 1 percent of the principal amount of
the financing of the covered loan above
$350,000, if applicable.
``(K) Set aside for small entities.--Not less than
$25,000,000,000 of the total amount of covered loans
guaranteed by the Administrator shall be made to
eligible entities with not more than 10 employees as of
February 15, 2020.
``(L) Set aside for community financial
institutions, small insured depository institutions,
credit unions, and farm credit system institutions.--
Not less than $10,000,000,000 of the total amount of
covered loans guaranteed by the Administrator shall be
made by--
``(i) community financial institutions;
``(ii) insured depository institutions with
consolidated assets of less than
$10,000,000,000;
``(iii) credit unions with consolidated
assets of less than $10,000,000,000; and
``(iv) institutions of the Farm Credit
System chartered under the Farm Credit Act of
1971 (12 U.S.C. 2001 et seq.) with consolidated
assets of less than $10,000,000,000 (not
including the Federal Agricultural Mortgage
Corporation).
``(M) Publication of guidance.--Not later than 10
days after the date of enactment of this paragraph, the
Administrator shall issue guidance addressing barriers
to accessing capital for minority, underserved,
veteran, and women-owned business concerns for the
purpose of ensuring equitable access to covered loans.
``(N) Standard operating procedure.--The
Administrator shall, to the maximum extent practicable,
allow a lender approved to make covered loans to use
existing program guidance and standard operating
procedures for loans made under this subsection.
``(O) Prohibition on use of proceeds for lobbying
activities.--None of the proceeds of a covered loan may
be used for--
``(i) lobbying activities, as defined in
section 3 of the Lobbying Disclosure Act of
1995 (2 U.S.C. 1602);
``(ii) lobbying expenditures related to a
State or local election; or
``(iii) expenditures designed to influence
the enactment of legislation, appropriations,
regulation, administrative action, or Executive
order proposed or pending before Congress or
any State government, State legislature, or
local legislature or legislative body.''.
(i) Continued Access to the Paycheck Protection Program.--
(1) In general.--Section 7(a)(36)(E)(ii) of the Small
Business Act (15 U.S.C. 636(a)(36)(E)(ii)) is amended by
striking ``$10,000,000'' and inserting ``$2,000,000''.
(2) Applicability of maximum loan amount calculation.--
(A) Definitions.--In this paragraph, the terms
``covered loan'' and ``eligible recipient'' have the
meanings given those terms in section 7(a)(36) of the
Small Business Act (15 U.S.C. 636(a)(36)).
(B) Applicability.--The amendment made by paragraph
(1) shall apply only with respect to a covered loan
applied for by an eligible recipient on or after the
date of enactment of this Act.
(j) Increased Ability for Paycheck Protection Program Borrowers to
Request an Increase in Loan Amount Due to Updated Regulations.--
(1) Definitions.--In this subsection, the terms ``covered
loan'' and ``eligible recipient'' have the meanings given those
terms in section 7(a)(36) of the Small Business Act (15 U.S.C.
636(a)(36)).
(2) Increased amount.--Notwithstanding the interim final
rule issued by the Administration entitled ``Business Loan
Program Temporary Changes; Paycheck Protection Program--Loan
Increases'' (85 Fed. Reg. 29842 (May 19, 2020)), an eligible
recipient of a covered loan that is eligible for an increased
covered loan amount as a result of any interim final rule that
allows for covered loan increases may submit a request for an
increase in the covered loan amount even if--
(A) the initial covered loan amount has been fully
disbursed; or
(B) the lender of the initial covered loan has
submitted to the Administration a Form 1502 report
related to the covered loan.
(k) Calculation of Maximum Loan Amount for Farmers and Ranchers
Under the Paycheck Protection Program.--
(1) In general.--Section 7(a)(36) of the Small Business Act
(15 U.S.C. 636(a)(36)), as amended by subsection (i) of this
section, is amended--
(A) in subparagraph (E), in the matter preceding
clause (i), by striking ``During'' and inserting
``Except as provided in subparagraph (T), during''; and
(B) by adding at the end the following:
``(T) Calculation of maximum loan amount for
farmers and ranchers.--
``(i) Definition.--In this subparagraph,
the term `covered recipient' means an eligible
recipient that--
``(I) operates as a sole
proprietorship or as an independent
contractor, or is an eligible self-
employed individual;
``(II) reports farm income or
expenses on a Schedule F (or any
equivalent successor schedule); and
``(III) was in business during the
period beginning on February 15, 2019
and ending on June 30, 2019.
``(ii) No employees.--With respect to
covered recipient without employees, the
maximum covered loan amount shall be the lesser
of--
``(I) the sum of--
``(aa) the product obtained
by multiplying--
``(AA) the gross
income of the covered
recipient in 2019, as
reported on a Schedule
F (or any equivalent
successor schedule),
that is not more than
$100,000, divided by
12; and
``(BB) 2.5; and
``(bb) the outstanding
amount of a loan under
subsection (b)(2) that was made
during the period beginning on
January 31, 2020 and ending on
April 3, 2020 that the borrower
intends to refinance under the
covered loan, not including any
amount of any advance under the
loan that is not required to be
repaid; or
``(II) $2,000,000.
``(iii) With employees.--With respect to a
covered recipient with employees, the maximum
covered loan amount shall be calculated using
the formula described in subparagraph (E),
except that the gross income of the covered
recipient described in clause (ii)(I)(aa)(AA)
of this subparagraph, as divided by 12, shall
be added to the sum calculated under
subparagraph (E)(i)(I).
``(iv) Recalculation.--A lender that made a
covered loan to a covered recipient before the
date of enactment of this subparagraph may, at
the request of the covered recipient--
``(I) recalculate the maximum loan
amount applicable to that covered loan
based on the formula described in
clause (ii) or (iii), as applicable, if
doing so would result in a larger
covered loan amount; and
``(II) provide the covered
recipient with additional covered loan
amounts based on that recalculation.''.
(l) Farm Credit System Institutions.--
(1) Definition of farm credit system institution.--In this
subsection, the term ``Farm Credit System institution''--
(A) means an institution of the Farm Credit System
chartered under the Farm Credit Act of 1971 (12 U.S.C.
2001 et seq.); and
(B) does not include the Federal Agricultural
Mortgage Corporation.
(2) Facilitation of participation in ppp and second draw
loans.--
(A) Applicable rules.--Solely with respect to loans
under paragraphs (36) and (37) of section 7(a) of the
Small Business Act (15 U.S.C. 636(a)), Farm Credit
Administration regulations and guidance issued as of
July 14, 2020, and compliance with such regulations and
guidance, shall be deemed functionally equivalent to
requirements referenced in section 3(a)(iii)(II) of the
interim final rule of the Administration entitled
``Business Loan Program Temporary Changes; Paycheck
Protection Program'' (85 Fed. Reg. 20811 (April 15,
2020)) or any similar requirement referenced in that
interim final rule in implementing such paragraph (37).
(B) Applicability of certain loan requirements.--
For purposes of making loans under paragraph (36) or
(37) of section 7(a) of the Small Business Act (15
U.S.C. 636(a)) or forgiving those loans in accordance
with section 1106 of the CARES Act (15 U.S.C. 9005) and
subparagraph (H) of such paragraph (37), sections 4.13,
4.14, and 4.14A of the Farm Credit Act of 1971 (12
U.S.C. 2199, 2202, 2202a) (including regulations issued
under those sections) shall not apply.
(C) Risk weight.--
(i) In general.--With respect to the
application of Farm Credit Administration
capital requirements, a loan described in
clause (ii)--
(I) shall receive a risk weight of
zero percent; and
(II) shall not be included in the
calculation of any applicable leverage
ratio or other applicable capital ratio
or calculation.
(ii) Loans described.--A loan referred to
in clause (i) is--
(I) a loan made by a Farm Credit
Bank described in section 1.2(a) of the
Farm Credit Act of 1971 (12 U.S.C.
2002(a)) to a Federal Land Bank
Association, a Production Credit
Association, or an agricultural credit
association described in that section
to make loans under paragraph (36) or
(37) of section 7(a) of the Small
Business Act (15 U.S.C. 636(a)) or
forgive those loans in accordance with
section 1106 of the CARES Act (15
U.S.C. 9005) and subparagraph (H) of
such paragraph (37); or
(II) a loan made by a Federal Land
Bank Association, a Production Credit
Association, an agricultural credit
association, or the bank for
cooperatives described in section
1.2(a) of the Farm Credit Act of 1971
(12 U.S.C. 2002(a)) under paragraph
(36) or (37) of section 7(a) of the
Small Business Act (15 U.S.C. 636(a)).
(D) Reservation of loan guarantees.--Section
7(a)(36)(S) of the Small Business Act (15 U.S.C.
636(a)(36)(S)) is amended--
(i) in clause (i)--
(I) in subclause (I), by striking
``and'' at the end;
(II) in subclause (II), by striking
the period at the end and inserting ``;
and''; and
(III) by adding at the end the
following:
``(III) institutions of the Farm
Credit System chartered under the Farm
Credit Act of 1971 (12 U.S.C. 2001 et
seq.) with consolidated assets of not
less than $10,000,000,000 and less than
$50,000,000,000.''; and
(ii) in clause (ii)--
(I) in subclause (II), by striking
``and'' at the end;
(II) in subclause (III), by
striking the period at the end and
inserting ``; and''; and
(III) by adding at the end the
following:
``(IV) institutions of the Farm
Credit System chartered under the Farm
Credit Act of 1971 (12 U.S.C. 2001 et
seq.) with consolidated assets of less
than $10,000,000,000.''.
(m) Definition of Seasonal Employer.--
(1) PPP loans.--Section 7(a)(36)(A) of the Small Business
Act (15 U.S.C. 636(a)(36)(A)) is amended--
(A) in clause (xi), by striking ``and'' at the end;
(B) in clause (xii), by striking the period at the
end and inserting ``; and''; and
(C) by adding at the end the following:
``(xiii) the term `seasonal employer' means
an eligible recipient that--
``(I) does not operate for more
than 7 months in any calendar year; or
``(II) during the preceding
calendar year, had gross receipts for
any 6 months of that year that were not
more than 33.33 percent of the gross
receipts of the employer for the other
6 months of that year.''.
(2) Loan forgiveness.--Paragraph (12) of section 1106(a) of
the CARES Act (15 U.S.C. 9005(a)), as so redesignated by
subsection (c)(2) of this section, is amended to read as
follows:
``(12) the terms `payroll costs' and `seasonal employer'
have the meanings given those terms in section 7(a)(36) of the
Small Business Act (15 U.S.C. 636(a)(36)).''.
(n) Eligibility of 501(c)(6) Organizations for Loans Under the
Paycheck Protection Program.--Section 7(a)(36)(D) of the Small Business
Act (15 U.S.C. 636(a)(36)(D)) is amended--
(1) in clause (v), by inserting ``or whether an
organization described in clause (vii) employs not more than
150 employees,'' after ``clause (i)(I),'';
(2) in clause (vi), by inserting ``, an organization
described in clause (vii),'' after ``nonprofit organization'';
and
(3) by adding at the end the following:
``(vii) Eligibility for certain 501(c)(6)
organizations.--
``(I) In general.--Except as
provided in subclause (II), any
organization that is described in
section 501(c)(6) of the Internal
Revenue Code and that is exempt from
taxation under section 501(a) of such
Code (excluding professional sports
leagues and organizations with the
purpose of promoting or participating
in a political campaign or other
activity) shall be eligible to receive
a covered loan if--
``(aa) the organization
does not receive more than 10
percent of its receipts from
lobbying activities;
``(bb) the lobbying
activities of the organization
do not comprise more than 10
percent of the total activities
of the organization; and
``(cc) the organization
employs not more than 150
employees.
``(II) Destination marketing
organizations.--Notwithstanding
subclause (I), during the covered
period, any destination marketing
organization shall be eligible to
receive a covered loan if--
``(aa) the destination
marketing organization does not
receive more than 10 percent of
its receipts from lobbying
activities;
``(bb) the lobbying
activities of the destination
marketing organization do not
comprise more than 10 percent
of the total activities of the
organization;
``(cc) the destination
marketing organization employs
not more than 150 employees;
and
``(dd) the destination
marketing organization--
``(AA) is described
in section 501(c) of
the Internal Revenue
Code and is exempt from
taxation under section
501(a) of such Code; or
``(BB) is a quasi-
governmental entity or
is a political
subdivision of a State
or local government,
including any
instrumentality of
those entities.''.
(o) Prohibition on Use of Loan Proceeds for Lobbying Activities.--
Section 7(a)(36)(F) of the Small Business Act (15 U.S.C. 636(a)(36)(F))
is amended by adding at the end the following:
``(vi) Prohibition.--None of the proceeds
of a covered loan may be used for--
``(I) lobbying activities, as
defined in section 3 of the Lobbying
Disclosure Act of 1995 (2 U.S.C. 1602);
``(II) lobbying expenditures
related to a State or local election;
or
``(III) expenditures designed to
influence the enactment of legislation,
appropriations, regulation,
administrative action, or Executive
order proposed or pending before
Congress or any State government, State
legislature, or local legislature or
legislative body.''.
(p) Effective Date; Applicability.--The amendments made to
paragraph (36) of section 7(a) of the Small Business Act (15 U.S.C.
636(a)) and title I of the CARES Act (Public Law 116-136) under this
section shall be effective as if included in the CARES Act and shall
apply to any loan made pursuant to section 7(a)(36) of the Small
Business Act (15 U.S.C. 636(a)(36)).
(q) Bankruptcy Provisions.--
(1) In general.--Section 364 of title 11, United States
Code, is amended by adding at the end the following:
``(g)(1) The court, after notice and a hearing, may authorize a
debtor in possession or a trustee that is authorized to operate the
business of the debtor under section 1183, 1184, 1203, 1204, or 1304 of
this title to obtain a loan under paragraph (36) or (37) of section
7(a) of the Small Business Act (15 U.S.C. 636(a)), and such loan shall
be treated as a debt to the extent the loan is not forgiven in
accordance with section 1106 of the CARES Act (15 U.S.C. 9005) or
subparagraph (H) of such paragraph (37), as applicable, with priority
equal to a claim of the kind specified in subsection (c)(1) of this
section.
``(2) The trustee may incur debt described in paragraph (1)
notwithstanding any provision in a contract, prior order authorizing
the trustee to incur debt under this section, prior order authorizing
the trustee to use cash collateral under section 363, or applicable law
that prohibits the debtor from incurring additional debt.
``(3) The court shall hold a hearing within 7 days after the filing
and service of the motion to obtain a loan described in paragraph (1).
Notwithstanding the Federal Rules of Bankruptcy Procedure, at such
hearing, the court may grant relief on a final basis.''.
(2) Allowance of administrative expenses.--Section 503(b)
of title 11, United States Code, is amended--
(A) in paragraph (8)(B), by striking ``and'' at the
end;
(B) in paragraph (9), by striking the period at the
end and inserting ``; and''; and
(C) by adding at the end the following:
``(10) any debt incurred under section 364(g)(1) of this
title.''.
(3) Confirmation of plan for reorganization.--Section 1191
of title 11, United States Code, is amended by adding at the
end the following:
``(f) Special Provision Related to COVID-19 Pandemic.--
Notwithstanding section 1129(a)(9)(A) of this title and subsection (e)
of this section, a plan that provides for payment of a claim of a kind
specified in section 503(b)(10) of this title may be confirmed under
subsection (b) of this section if the plan proposes to make payments on
account of such claim when due under the terms of the loan giving rise
to such claim.''.
(4) Confirmation of plan for family farmers and
fishermen.--Section 1225 of title 11, United States Code, is
amended by adding at the end the following:
``(d) Notwithstanding section 1222(a)(2) of this title and
subsection (b)(1) of this section, a plan that provides for payment of
a claim of a kind specified in section 503(b)(10) of this title may be
confirmed if the plan proposes to make payments on account of such
claim when due under the terms of the loan giving rise to such
claim.''.
(5) Confirmation of plan for individuals.--Section 1325 of
title 11, United States Code, is amended by adding at the end
the following:
``(d) Notwithstanding section 1322(a)(2) of this title and
subsection (b)(1) of this section, a plan that provides for payment of
a claim of a kind specified in section 503(b)(10) of this title may be
confirmed if the plan proposes to make payments on account of such
claim when due under the terms of the loan giving rise to such
claim.''.
(6) Effective date; sunset.--
(A) Effective date.--The amendments made by
paragraphs (1) through (5) shall--
(i) take effect on the date on which the
Administrator submits to the Director of the
Executive Office for United States Trustees a
written determination that, subject to
satisfying any other eligibility requirements,
any debtor in possession or trustee that is
authorized to operate the business of the
debtor under section 1183, 1184, 1203, 1204, or
1304 of title 11, United States Code, would be
eligible for a loan under paragraphs (36) and
(37) of section 7(a) of the Small Business Act
(15 U.S.C. 636(a)); and
(ii) apply to any case pending on or
commenced on or after the date described in
clause (i).
(B) Sunset.--
(i) In general.--If the amendments made by
this subsection take effect under subparagraph
(A), effective on the date that is 2 years
after the date of enactment of this Act--
(I) section 364 of title 11, United
States Code, is amended by striking
subsection (g);
(II) section 503(b) of title 11,
United States Code, is amended--
(aa) in paragraph (8)(B),
by adding ``and'' at the end;
(bb) in paragraph (9), by
striking ``; and'' at the end
and inserting a period; and
(cc) by striking paragraph
(10);
(III) section 1191 of title 11,
United States Code, is amended by
striking subsection (f);
(IV) section 1225 of title 11,
United States Code, is amended by
striking subsection (d); and
(V) section 1325 of title 11,
United States Code, is amended by
striking subsection (d).
(ii) Applicability.--Notwithstanding the
amendments made by clause (i) of this
subparagraph, if the amendments made by
paragraphs (1), (2), (3), (4), and (5) take
effect under subparagraph (A) of this
paragraph, such amendments shall apply to any
case under title 11, United States Code,
commenced before the date that is 2 years after
the date of enactment of this Act.
(r) Oversight.--
(1) Compliance with oversight requirements.--
(A) In general.--Except as provided in subparagraph
(B), on and after the date of enactment of this Act,
the Administrator shall comply with any data or
information requests or inquiries made by the
Comptroller General of the United States not later than
30 days (or such later date as the Comptroller General
may specify) after receiving the request or inquiry.
(B) Exception.--If the Administrator is unable to
comply with a request or inquiry described in
subparagraph (A) within the 30-day period or, if
applicable, later period described in that clause, the
Administrator shall, during that 30-day (or later)
period, submit to the Committee on Small Business and
Entrepreneurship of the Senate and the Committee on
Small Business of the House of Representatives a
notification that includes a detailed justification for
the inability of the Administrator to comply with the
request or inquiry.
(2) Testimony.--Not later than the date that is 30 days
after the date of enactment of this Act, and every quarter
thereafter until the date that is 2 years after the date of
enactment of this Act, the Administrator and the Secretary of
the Treasury shall testify before the Committee on Small
Business and Entrepreneurship of the Senate and the Committee
on Small Business of the House of Representatives regarding
implementation of this section and the amendments made by this
section.
(s) Conflicts of Interest.--
(1) Definitions.--In this subsection:
(A) Controlling interest.--The term ``controlling
interest'' means owning, controlling, or holding not
less than 20 percent, by vote or value, of the
outstanding amount of any class of equity interest in
an entity.
(B) Covered entity.--
(i) Definition.--The term ``covered
entity'' means an entity in which a covered
individual directly or indirectly holds a
controlling interest.
(ii) Treatment of securities.--For the
purpose of determining whether an entity is a
covered entity, the securities owned,
controlled, or held by 2 or more individuals
who are related as described in subparagraph
(C)(ii) shall be aggregated.
(C) Covered individual.--The term ``covered
individual'' means--
(i) the President, the Vice President, the
head of an Executive department, or a Member of
Congress; and
(ii) the spouse, child, son-in-law, or
daughter-in-law, as determined under applicable
common law, of an individual described in
clause (i).
(D) Executive department.--The term ``Executive
department'' has the meaning given the term in section
101 of title 5, United States Code.
(E) Member of congress.--The term ``Member of
Congress'' means a Member of the Senate or House of
Representatives, a Delegate to the House of
Representatives, and the Resident Commissioner from
Puerto Rico.
(F) Equity interest.--The term ``equity interest''
means--
(i) a share in an entity, without regard to
whether the share is--
(I) transferable; or
(II) classified as stock or
anything similar;
(ii) a capital or profit interest in a
limited liability company or partnership; or
(iii) a warrant or right, other than a
right to convert, to purchase, sell, or
subscribe to a share or interest described in
clause (i) or (ii), respectively.
(2) Requirement.--The principal executive officer and the
principal financial officer, or individuals performing similar
functions, of an entity seeking to enter a transaction made
under paragraph (36) or (37) of section 7(a) of the Small
Business Act (15 U.S.C. 636(a)), as added and amended by this
section, shall, before that transaction is approved, disclose
to the Administrator whether the entity is a covered entity.
(3) Applicability.--The requirement under paragraph (2)--
(A) shall apply with respect to any transaction
made under paragraph (36) or (37) of section 7(a) of
the Small Business Act (15 U.S.C. 636(a)), as added and
amended by this section, on or after the date of
enactment of this Act; and
(B) shall not apply with respect to--
(i) any transaction described in
subparagraph (A) that was made before the date
of enactment of this Act; or
(ii) forgiveness under section 1106 of the
CARES Act (15 U.S.C. 9005) or any other
provision of law of any loan associated with
any transaction described in subparagraph (A)
that was made before the date of enactment of
this Act.
(t) Commitment Authority and Appropriations.--
(1) Commitment authority.--Section 1102(b) of the CARES Act
(Public Law 116-136) is amended--
(A) in paragraph (1)--
(i) in the paragraph heading, by inserting
``and second draw'' after ``PPP'';
(ii) by striking ``August 8, 2020'' and
inserting ``December 31, 2020'';
(iii) by striking ``paragraph (36)'' and
inserting ``paragraphs (36) and (37)''; and
(iv) by striking ``$659,000,000,000'' and
inserting ``$779,640,000,000''; and
(B) by amending paragraph (2) to read as follows:
``(2) Other 7(a) loans.--During fiscal year 2020, the
amount authorized for commitments for section 7(a) of the Small
Business Act (15 U.S.C. 636(a)) under the heading `Small
Business Administration--Business Loans Program Account' in the
Financial Services and General Government Appropriations Act,
2020 (division C of Public Law 116-193) shall apply with
respect to any commitments under such section 7(a) other than
under paragraphs (36) and (37) of such section 7(a).''.
(2) Direct appropriations.--
(A) New direct appropriations for ppp loans, second
draw loans, and the mbda.--There is appropriated, out
of amounts in the Treasury not otherwise appropriated,
for the fiscal year ending September 30, 2020, to
remain available until September 30, 2021, for
additional amounts--
(i) $257,640,000,000 under the heading
``Small Business Administration--Business Loans
Program Account, CARES Act'' for the cost of
guaranteed loans as authorized under paragraph
(36) and (37) of section 7(a) of the Small
Business Act (15 U.S.C. 636(a)), as amended and
added by this Act;
(ii) $10,000,000 under the heading
``Department of Commerce--Minority Business
Development Agency'' for minority business
centers of the Minority Business Development
Agency to provide technical assistance to small
business concerns; and
(iii) $50,000,000 under the heading ``Small
Business Administration--Salaries and
Expenses'' for the cost of carrying out reviews
and audits of loans under subsection (l) of
section 1106 of the CARES Act (15 U.S.C. 9005),
as amended by this Act.
(B) Availability of amounts appropriated for the
office of inspector general.--Section 1107(a)(3) of the
CARES Act (15 U.S.C. 9006(a)(3)) is amended by striking
``September 20, 2024'' and inserting ``expended''.
(3) Rescission.--Of the unobligated balances in the
appropriations account under the heading ``Small Business
Administration--Business Loans Program Account, CARES Act'' as
of the day before the date of enactment of this Act, effective
on the date of enactment of this Act $137,000,000,000 shall be
rescinded and deposited into the general fund of the Treasury.
(4) Emergency designation.--
(A) In general.--The amounts provided under this
subsection are designated as an emergency requirement
pursuant to section 4(g) of the Statutory Pay-As-You-Go
Act of 2010 (2 U.S.C. 933(g)).
(B) Designation in senate.--In the Senate, this
subsection is designated as an emergency requirement
pursuant to section 4112(a) of H. Con. Res. 71 (115th
Congress), the concurrent resolution on the budget for
fiscal year 2018.
Calendar No. 562
116th CONGRESS
2d Session
S. 4773
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A BILL
To establish the Paycheck Protection Program Second Draw Loan, and for
other purposes.
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October 1, 2020
Read the second time and placed on the calendar