117 S3711 IS: To ensure that no cost reduction or cash refund is due under certain transportation cost-reimbursement contracts on the basis of the forgiveness of certain covered loans, and for other purposes.
U.S. Senate
2022-02-28
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1.Treatment of paycheck protection program loan forgiveness of payroll costs under highway and public transportation project cost-reimbursement contracts(a)Notwithstanding section 31.201–5 of title 48, Code of Federal Regulations (or successor regulations), for the purposes of any cost-reimbursement contract awarded in accordance with section 112 of title 23, United States Code, or section 5325 of title 49, United States Code, or any subcontract under such a contract, no cost reduction or cash refund (including through a reduced indirect cost rate) shall be due to the Department of Transportation or to a State transportation department, transit agency, or other recipient of assistance under chapter 1 of title 23, United States Code, or chapter 53 of title 49, United States Code, on the basis of forgiveness of the payroll costs of a covered loan (as those terms are defined in section 7A(a) of the Small Business Act (15 U.S.C. 636m(a))) issued under the paycheck protection program under section 7(a)(36) of that Act (15 U.S.C. 636(a)(36)).(b)Nothing in this section amends or exempts the prohibitions and liabilities under section 3729 of title 31, United States Code.(c)This section ceases to be effective on June 30, 2025.