[Congressional Record Volume 166, Number 139 (Wednesday, August 5, 2020)]
[Senate]
[Pages S4949-S4950]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 2574. Mr. CRAMER (for himself, Mr. Cotton, Mr. Perdue, Mrs. 
Capito, Mr. Moran, Mr. Barrasso, Mr. Tillis, Mr. Blunt, Mr. Boozman, 
Ms. McSally, Ms. Murkowski, Mr. Daines, Mrs. Loeffler, Mr. Wicker, Mr. 
Rounds, and Mr. Lankford) submitted an amendment intended to be 
proposed to amendment SA 2499 proposed by Mr. McConnell to the bill S. 
178, to condemn gross human rights violations of ethnic Turkic Muslims 
in Xinjiang, and calling for an end to arbitrary detention, torture, 
and harassment of these communities inside and outside China; which was 
ordered to lie on the table; as follows:

        At the appropriate place, insert the following:

     SEC. __. LOAN FORGIVENESS FOR PPP LOANS UNDER $150,000.

       Section 1106 of the CARES Act (15 U.S.C. 9005) is amended--
       (1) in subsection (e), in the matter preceding paragraph 
     (1), by striking ``An eligible'' and inserting ``Except as 
     provided in subsection (m), an eligible'';
       (2) in subsection (f), by inserting ``or the information 
     required under subsection (m), as applicable'' after 
     ``subsection (e)'';
       (3) by striking subsection (h) and inserting the following:
       ``(h) Hold Harmless.--
       ``(1) In general.--A lender may rely on all certifications 
     and documentation submitted by an applicant or eligible 
     recipient pursuant to any requirement in statute regarding 
     covered loans, or rules or guidance promulgated to carry out 
     any action relating to covered loans, from an applicant or 
     eligible recipient attesting that the applicant or eligible 
     recipient has accurately verified all documentation provided 
     to the lender.
       ``(2) No enforcement action.--With respect to a lender that 
     relies on the certifications and documentation described in 
     paragraph (1)--
       ``(A) no enforcement or other action may be taken against 
     the lender relating to loan origination, forgiveness, or 
     guarantee based on such reliance, including claims under--
       ``(i) the Small Business Act (15 U.S.C. 631 et seq.);
       ``(ii) sections 3729 through 3733 of title 31, United 
     States Code (commonly known as the `False Claims Act');
       ``(iii) the Financial Institutions Reform, Recovery, and 
     Enforcement Act (Public Law 101-73);
       ``(iv) section 21 of the Federal Deposit Insurance Act (12 
     U.S.C. 1829b), chapter 2 of title I of Public Law 91-508 (12 
     U.S.C. 1951 et seq.), and subchapter II of chapter 53 of 
     title 31, United States Code (collectively known as the `Bank 
     Secrecy Act'); or

[[Page S4950]]

       ``(v) any other Federal, State, or other criminal or civil 
     law or regulation; and
       ``(B) the lender shall not be subject to any penalties 
     relating to loan origination, forgiveness, or guarantee based 
     on such reliance.''; and
       (4) by adding at the end the following:
       ``(m) Forgiveness for Covered Loans Under $150,000.--
       ``(1) 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 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 this subsection, that attests that 
     the eligible recipient complied with the requirements under 
     section 7(a)(36) of the Small Business Act (15 U.S.C. 
     636(a)(36)).
       ``(2) Hold harmless.--With respect to a lender that relies 
     on an attestation submitted by an eligible recipient under 
     paragraph (1), no enforcement action may be taken against the 
     lender for any falsehoods contained in the attestation.
       ``(3) Demographic information.--The online or paper form 
     established by the Administrator under paragraph (1) shall 
     include a means by which an eligible recipient may, at the 
     discretion of the eligible recipient, submit demographic 
     information of the owner of the eligible recipient, including 
     the sex, race, ethnicity, and veteran status of the owner.
       ``(n) Enforcement Action Against Borrowers.--An eligible 
     recipient of a covered loan may only be subject to an 
     enforcement action or penalty relating to loan origination, 
     forgiveness, or guarantee of the covered loan if the eligible 
     recipient commits fraud or expends covered loan proceeds on 
     expenses that are not allowable under section 7(a)(36)(F) of 
     the Small Business Act (15 U.S.C. 636(a)(36)(F)).''.
                                 ______