[Congressional Record Volume 166, Number 120 (Tuesday, June 30, 2020)]
[Senate]
[Page S4076]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 2381. Mr. SCOTT, of Florida submitted an amendment intended to be 
proposed by him to the bill S. 4116, to extend the authority for 
commitments for the paycheck protection program and separate amounts 
authorized for other loans under section 7(a) of the Small Business 
Act, and for other purposes; which was ordered to lie on the table; as 
follows:

       At the end, add the following:

     SEC. 2. AMENDMENTS TO THE PAYCHECK PROTECTION PROGRAM.

       (a) In General.--Section 7(a)(36)(G) of the Small Business 
     Act (15 U.S.C. 636(a)(36)(G)) is amended--
       (1) in clause (i)--
       (A) by striking subclause (I); and
       (B) by redesignating subclauses (II), (III), and (IV) as 
     subclauses (I), (II), and (III), respectively; and
       (2) by adding at the end the following:
       ``(ii) Substantial reduction in revenue.--An eligible 
     recipient shall not receive a covered loan unless the 
     eligible recipient demonstrates that the eligible recipient 
     has incurred a substantial reduction in revenue due to COVID-
     19.''.
       (b) Applicability.--The amendments made by subsection (a) 
     shall apply to a loan under section 7(a)(36) of the Small 
     Business Act (15 U.S.C. 636(a)(36)) made after the date of 
     enactment of this Act.
       (c) Rulemaking or Guidance.--
       (1) In general.--Not later than 7 days after the date of 
     enactment of this Act, the Secretary of the Treasury, in 
     consultation with the Administrator of the Small Business 
     Administration, shall issue a rule or guidance defining a 
     substantial reduction in revenue, as used in clause (ii) of 
     section 7(a)(36)(G) of the Small Business Act (15 U.S.C. 
     636(a)(G)), as added by subsection (a), which shall include 
     the documentation necessary to verify a substantial reduction 
     in revenue.
       (2) Exemption from rulemaking requirements.--The notice and 
     comment requirements under section 553 of title 5, United 
     States Code, shall not apply with respect to the rule or 
     guidance issued under paragraph (1).
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