II 

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. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Continuing the Pay5 check Protection Program Act’’. 

6 SEC. 2. SMALL BUSINESS RECOVERY. 

7 (a) DEFINITIONS.—In this section: 


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1 (1) ADMINISTRATION; ADMINISTRATOR.—The 

2 terms ‘‘Administration’’ and ‘‘Administrator’’ mean 

3 the Small Business Administration and the Adminis4 trator thereof, respectively. 

5 (2) SMALL BUSINESS CONCERN.—The term 

6 ‘‘small business concern’’ has the meaning given the 

7 term in section 3 of the Small Business Act (15 

8 U.S.C. 632). 

9 (b) EMERGENCY RULEMAKING AUTHORITY.— Not 

10 later than 30 days after the date of enactment of this Act, 

11 the Administrator shall issue regulations to carry out this 

12 section and the amendments made by this section without 

13 regard to the notice requirements under section 553(b) of 

14 title 5, United States Code. 

15 (c) ADDITIONAL ELIGIBLE EXPENSES.— 

16 (1) ALLOWABLE USE OF PPP LOAN.—Section 

17 7(a)(36)(F)(i) of the Small Business Act (15 U.S.C. 

18 636(a)(36)(F)(i)) is amended— 

19 (A) in subclause (VI), by striking ‘‘and’’ at 

20 the end; 

21 (B) in subclause (VII), by striking the pe22 riod at the end and inserting a semicolon; and 

23 (C) by adding at the end the following: 

24 ‘‘(VIII) covered operations ex25 penditures, as defined in section 


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1 1106(a) of the CARES Act (15 

2 U.S.C. 9005(a)); 

3 ‘‘(IX) covered property damage 

4 costs, as defined in such section 

5 1106(a); 

6 ‘‘(X) covered supplier costs, as 

7 defined in such section 1106(a); and 

8 ‘‘(XI) covered worker protection 

9 expenditures, as defined in such sec10 tion 1106(a).’’. 

11 (2) LOAN FORGIVENESS.—Section 1106 of the 

12 CARES Act (15 U.S.C. 9005) is amended— 

13 (A) in subsection (a)— 

14 (i) by redesignating paragraphs (6), 

15 (7), and (8) as paragraphs (10), (11), and 

16 (12), respectively; 

17 (ii) by redesignating paragraph (5) as 

18 paragraph (8); 

19 (iii) by redesignating paragraph (4) as 

20 paragraph (6); 

21 (iv) by redesignating paragraph (3) as 

22 paragraph (4); 

23 (v) by inserting after paragraph (2) 

24 the following: 


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1 ‘‘(3) the term ‘covered operations expenditure’ 

2 means a payment for any business software or cloud 

3 computing service that facilitates business oper4 ations, product or service delivery, the processing, 

5 payment, or tracking of payroll expenses, human re6 sources, sales and billing functions, or accounting or 

7 tracking of supplies, inventory, records and ex8 penses;’’; 

9 (vi) by inserting after paragraph (4), 

10 as so redesignated, the following: 

11 ‘‘(5) the term ‘covered property damage cost’ 

12 means a cost related to property damage and van13 dalism or looting due to public disturbances that oc14 curred during 2020 that was not covered by insur15 ance or other compensation;’’; 

16 (vii) by inserting after paragraph (6), 

17 as so redesignated, the following: 

18 ‘‘(5) the term ‘covered supplier cost’ means an 

19 expenditure made by an entity to a supplier of goods 

20 pursuant to a contract, order, or purchase order in 

21 effect before October 1, 2020 for the supply of goods 

22 that are essential to the operations of the entity at 

23 the time at which the expenditure is made;’’; 

24 (viii) by inserting after paragraph (8), 

25 as so redesignated, the following: 


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1 ‘‘(9) the term ‘covered worker protection ex2 penditure’— 

3 ‘‘(A) means an operating or a capital ex4 penditure that is required to facilitate the adap5 tation of the business activities of an entity to 

6 comply with requirements established or guid7 ance issued by the Department of Health and 

8 Human Services, the Centers for Disease Con9 trol, or the Occupational Safety and Health Ad10 ministration during the period beginning on 

11 March 1, 2020 and ending the date on which 

12 the national emergency declared by the Presi13 dent under the National Emergencies Act (50 

14 U.S.C. 1601 et seq.) with respect to the 

15 Coronavirus Disease 2019 (COVID–19) expires 

16 related to the maintenance of standards for 

17 sanitation, social distancing, or any other work18 er or customer safety requirement related to 

19 COVID–19; 

20 ‘‘(B) may include— 

21 ‘‘(i) the purchase, maintenance, or 

22 renovation of assets that create or ex23 pand— 

24 ‘‘(I) a drive-through window fa25 cility; 


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1 ‘‘(II) an indoor, outdoor, or com2 bined air or air pressure ventilation or 

3 filtration system; 

4 ‘‘(III) a physical barrier such as 

5 a sneeze guard; 

6 ‘‘(IV) an indoor, outdoor, or com7 bined commercial real property; 

8 ‘‘(V) an onsite or offsite health 

9 screening capability; or 

10 ‘‘(VI) other assets relating to the 

11 compliance with the requirements or 

12 guidance described in subparagraph 

13 (A), as determined by the Adminis14 trator in consultation with the Sec15 retary of Health and Human Services 

16 and the Secretary of Labor; and 

17 ‘‘(ii) the purchase of— 

18 ‘‘(I) covered materials described 

19 in section 328.103(a) of title 44, Code 

20 of Federal Regulations, or any suc21 cessor regulation; 

22 ‘‘(II) particulate filtering face23 piece respirators approved by the Na24 tional Institute for Occupational Safe25 ty and Health, including those apVerDate Sep 11 2014 01:08 Oct 02, 2020 Jkt 019200 PO 00000 Frm 00006 Fmt 6652 Sfmt 6201 E:\BILLS\S4773.PCS S4773

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1 proved only for emergency use author2 ization; or 

3 ‘‘(III) other kinds of personal 

4 protective equipment, as determined 

5 by the Administrator in consultation 

6 with the Secretary of Health and 

7 Human Services and the Secretary of 

8 Labor; and 

9 ‘‘(C) does not include residential real prop10 erty or intangible property;’’; and 

11 (ix) in paragraph (11), as so redesig12 nated— 

13 (I) in subparagraph (C), by strik14 ing ‘‘and’’ at the end; 

15 (II) in subparagraph (D), by 

16 striking ‘‘and’’ at the end; and 

17 (III) by adding at the end the 

18 following: 

19 ‘‘(E) covered operations expenditures; 

20 ‘‘(F) covered property damage costs; 

21 ‘‘(G) covered supplier costs; and 

22 ‘‘(H) covered worker protection expendi23 tures; and’’; 

24 (B) in subsection (b), by adding at the end 

25 the following: 


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1 ‘‘(5) Any covered operations expenditure. 

2 ‘‘(6) Any covered property damage cost. 

3 ‘‘(7) Any covered supplier cost. 

4 ‘‘(8) Any covered worker protection expendi5 ture.’’; 

6 (C) in subsection (d)(8), by inserting ‘‘any 

7 payment on any covered operations expenditure, 

8 any payment on any covered property damage 

9 cost, any payment on any covered supplier cost, 

10 any payment on any covered worker protection 

11 expenditure,’’ after ‘‘rent obligation,’’; and 

12 (D) in subsection (e)— 

13 (i) in paragraph (2), by inserting 

14 ‘‘payments on covered operations expendi15 tures, payments on covered property dam16 age costs, payments on covered supplier 

17 costs, payments on covered worker protec18 tion expenditures,’’ after ‘‘lease obliga19 tions,’’; and 

20 (ii) in paragraph (3)(B), by inserting 

21 ‘‘make payments on covered operations ex22 penditures, make payments on covered 

23 property damage costs, make payments on 

24 covered supplier costs, make payments on 


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1 covered worker protection expenditures,’’ 

2 after ‘‘rent obligation,’’. 

3 (d) LENDER SAFE HARBOR.—Subsection (h) of sec4 tion 1106 of the CARES Act (15 U.S.C. 9005) is amended 

5 to read as follows: 

6 ‘‘(h) HOLD HARMLESS.— 

7 ‘‘(1) IN GENERAL.—A lender may rely on any 

8 certification or documentation submitted by an ap9 plicant for a covered loan or an eligible recipient of 

10 a covered loan that— 

11 ‘‘(A) is submitted pursuant to any statu12 tory requirement relating to covered loans or 

13 any rule or guidance issued to carry out any ac14 tion relating to covered loans; and 

15 ‘‘(B) attests that the applicant or eligible 

16 recipient, as applicable, has accurately verified 

17 any certification or documentation provided to 

18 the lender. 

19 ‘‘(2) NO ENFORCEMENT ACTION.—With respect 

20 to a lender that relies on a certification or docu21 mentation described in paragraph (1)— 

22 ‘‘(A) an enforcement action may not be 

23 taken against the lender acting in good faith re24 lating to origination or forgiveness of a covered 

25 loan based on such reliance; and 


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1 ‘‘(B) the lender acting in good faith shall 

2 not be subject to any penalties relating to origi3 nation or forgiveness of a covered loan based on 

4 such reliance.’’. 

5 (e) SELECTION OF COVERED PERIOD FOR FORGIVE6 NESS.—Section 1106 of the CARES Act (15 U.S.C. 9005) 

7 is amended— 

8 (1) by amending paragraph (4) of subsection 

9 (a), as so redesignated by subsection (c) of this sec10 tion, to read as follows: 

11 ‘‘(4) the term ‘covered period’ means the pe12 riod— 

13 ‘‘(A) beginning on the date of the origina14 tion of a covered loan; and 

15 ‘‘(B) ending on a date selected by the eligi16 ble recipient of the covered loan that occurs 

17 during the period— 

18 ‘‘(i) beginning on the date that is 8 

19 weeks after such date of origination; and 

20 ‘‘(ii) ending on the date that is 24 

21 weeks after such date of origination;’’; and 

22 (2) by striking subsection (l). 

23 (f) SIMPLIFIED APPLICATION.—Section 1106 of the 

24 CARES Act (15 U.S.C. 9005), as amended by subsection 

25 (e) of this section, is amended— 


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1 (1) in subsection (e), in the matter preceding 

2 paragraph (1), by striking ‘‘An eligible’’ and insert3 ing ‘‘Except as provided in subsection (l), an eligi4 ble’’; 

5 (2) in subsection (f), by inserting ‘‘or the infor6 mation required under subsection (l), as applicable’’ 

7 after ‘‘subsection (e)’’; and 

8 (3) by adding at the end the following: 

9 ‘‘(l) SIMPLIFIED APPLICATION.— 

10 ‘‘(1) COVERED LOANS UNDER $150,000.— 

11 ‘‘(A) IN GENERAL.—Notwithstanding sub12 section (e), with respect to a covered loan made 

13 to an eligible recipient that is not more than 

14 $150,000, the covered loan amount shall be for15 given under this section if the eligible recipi16 ent— 

17 ‘‘(i) signs and submits to the lender a 

18 one-page online or paper form, to be estab19 lished by the Administrator not later than 

20 7 days after the date of enactment of the 

21 Continuing the Paycheck Protection Pro22 gram Act, that— 

23 ‘‘(I) reports the amount of the 

24 covered loan amount spent by the eli25 gible recipient— 


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1 ‘‘(aa) on payroll costs; and 

2 ‘‘(bb) on the sum of— 

3 ‘‘(AA) payments of in4 terest on any covered mort5 gage obligation (which shall 

6 not include any prepayment 

7 of or payment of principal 

8 on a covered mortgage obli9 gation); 

10 ‘‘(BB) payments on any 

11 covered rent obligation; 

12 ‘‘(CC) covered utility 

13 payments; 

14 ‘‘(DD) covered oper15 ations expenditures; 

16 ‘‘(EE) covered property 

17 damage costs; 

18 ‘‘(FF) covered supplier 

19 costs; and 

20 ‘‘(GG) covered worker 

21 protection expenditures; and 

22 ‘‘(II) attests that the eligible re23 cipient made a good faith effort to 

24 comply with the requirements under 


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1 section 7(a)(36) of the Small Business 

2 Act (15 U.S.C. 636(a)(36)); and 

3 ‘‘(ii) retains records relevant to the 

4 form that prove compliance with those re5 quirements— 

6 ‘‘(I) with respect to employment 

7 records, for the 4-year period fol8 lowing submission of the form; and 

9 ‘‘(II) with respect to other 

10 records, for the 3-year period fol11 lowing submission of the form. 

12 ‘‘(B) DEMOGRAPHIC INFORMATION.—An 

13 eligible recipient of a covered loan described in 

14 subparagraph (A) may complete and submit 

15 any form related to borrower demographic in16 formation. 

17 ‘‘(C) AUDIT.—The Administrator may— 

18 ‘‘(i) review and audit covered loans 

19 described in subparagraph (A); and 

20 ‘‘(ii) in the case of fraud, ineligibility, 

21 or other material noncompliance with ap22 plicable loan or loan forgiveness require23 ments, modify— 

24 ‘‘(I) the amount of a covered loan 

25 described in subparagraph (A); or 


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1 ‘‘(II) the loan forgiveness amount 

2 with respect to a covered loan de3 scribed in subparagraph (A). 

4 ‘‘(2) COVERED LOANS BETWEEN $150,000 AND

5 $2,000,000.— 

6 ‘‘(A) IN GENERAL.—Notwithstanding sub7 section (e), with respect to a covered loan made 

8 to an eligible recipient that is more than 

9 $150,000 and not more than $2,000,000— 

10 ‘‘(i) the eligible recipient seeking loan 

11 forgiveness under this section— 

12 ‘‘(I) is not required to submit the 

13 supporting documentation described 

14 in paragraph (1) or (2) of subsection 

15 (e) or the certification described in 

16 subsection (e)(3)(A); 

17 ‘‘(II) shall retain— 

18 ‘‘(aa) all employment 

19 records relevant to the applica20 tion for loan forgiveness for the 

21 4-year period following submis22 sion of the application; and 

23 ‘‘(bb) all other supporting 

24 documentation relevant to the ap25 plication for loan forgiveness for 


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1 the 3-year period following sub2 mission of the application; and 

3 ‘‘(III) may complete and submit 

4 any form related to borrower demo5 graphic information; 

6 ‘‘(ii) review by the lender of an appli7 cation submitted by the eligible recipient 

8 for loan forgiveness under this section shall 

9 be limited to whether the lender received a 

10 complete application, with all fields com11 pleted, initialed, or signed, as applicable; 

12 and 

13 ‘‘(iii) the lender shall— 

14 ‘‘(I) accept the application sub15 mitted by the eligible recipient for 

16 loan forgiveness under this section; 

17 and 

18 ‘‘(II) submit the application to 

19 the Administrator. 

20 ‘‘(B) AUDIT.—The Administrator may— 

21 ‘‘(i) review and audit covered loans 

22 described in subparagraph (A); and 

23 ‘‘(ii) in the case of fraud, ineligibility, 

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1 plicable loan or loan forgiveness require2 ments, modify— 

3 ‘‘(I) the amount of a covered loan 

4 described in subparagraph (A); or 

5 ‘‘(II) the loan forgiveness amount 

6 with respect to a covered loan de7 scribed in subparagraph (A). 

8 ‘‘(3) AUDIT PLAN.— 

9 ‘‘(A) IN GENERAL.—Not later than 30 

10 days after the date of enactment of the Con11 tinuing the Paycheck Protection Program Act, 

12 the Administrator shall submit to the Com13 mittee on Small Business and Entrepreneurship 

14 of the Senate and the Committee on Small 

15 Business of the House of Representatives an 

16 audit plan that details— 

17 ‘‘(i) the policies and procedures of the 

18 Administrator for conducting reviews and 

19 audits of covered loans; and 

20 ‘‘(ii) the metrics that the Adminis21 trator shall use to determine which covered 

22 loans will be audited for each category of 

23 covered loans described in paragraphs (1) 

24 and (2). 


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1 ‘‘(B) REPORTS.—Not later than 30 days 

2 after the date on which the Administrator sub3 mits the audit plan required under subpara4 graph (A), and each month thereafter, the Ad5 ministrator shall submit to the Committee on 

6 Small Business and Entrepreneurship of the 

7 Senate and the Committee on Small Business 

8 of the House of Representatives a report on the 

9 review and audit activities of the Administrator 

10 under this subsection, which shall include— 

11 ‘‘(i) the number of active reviews and 

12 audits; 

13 ‘‘(ii) the number of reviews and audits 

14 that have been ongoing for more than 60 

15 days; and 

16 ‘‘(iii) any substantial changes made to 

17 the audit plan submitted under subpara18 graph (A).’’. 

19 (g) GROUP INSURANCE PAYMENTS AS PAYROLL

20 COSTS.—Section 7(a)(36)(A)(viii)(I)(aa)(EE) of the 

21 Small Business Act (15 U.S.C. 

22 636(a)(36)(A)(viii)(I)(aa)(EE)) is amended by inserting 

23 ‘‘and other group insurance’’ before ‘‘benefits’’. 

24 (h) PAYCHECK PROTECTION PROGRAM SECOND

25 DRAW LOANS.—Section 7(a) of the Small Business Act 


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1 (15 U.S.C. 636(a)) is amended by adding at the end the 

2 following: 

3 ‘‘(37) PAYCHECK PROTECTION PROGRAM SEC4 OND DRAW LOANS.— 

5 ‘‘(A) DEFINITIONS.—In this paragraph— 

6 ‘‘(i) the terms ‘community financial 

7 institutions’, ‘credit union’, ‘eligible self8 employed individual’, ‘insured depository 

9 institution’, ‘nonprofit organization’, ‘pay10 roll costs’, ‘seasonal employer’, and ‘vet11 erans organization’ have the meanings 

12 given those terms in paragraph (36), ex13 cept that ‘eligible entity’ shall be sub14 stituted for ‘eligible recipient’ each place it 

15 appears in the definitions of those terms; 

16 ‘‘(ii) the term ‘covered loan’ means a 

17 loan made under this paragraph; 

18 ‘‘(iii) the terms ‘covered mortgage ob19 ligation’, ‘covered operating expenditure’, 

20 ‘covered property damage cost’, ‘covered 

21 rent obligation’, ‘covered supplier cost’, 

22 ‘covered utility payment’, and ‘covered 

23 worker protection expenditure’ have the 

24 meanings given those terms in section 


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1 1106(a) of the CARES Act (15 U.S.C. 

2 9005(a)); 

3 ‘‘(iv) the term ‘covered period’ means 

4 the period beginning on the date of the 

5 origination of a covered loan and ending on 

6 December 31, 2020; 

7 ‘‘(v) the term ‘eligible entity’— 

8 ‘‘(I) means any business concern, 

9 nonprofit organization, veterans orga10 nization, Tribal business concern, eli11 gible self-employed individual, sole 

12 proprietor, independent contractor, or 

13 small agricultural cooperative that— 

14 ‘‘(aa)(AA) with respect to a 

15 business concern, would qualify 

16 as a small business concern by 

17 the annual receipts size standard 

18 (if applicable) established by sec19 tion 121.201 of title 13, Code of 

20 Federal Regulations, or any suc21 cessor regulation; or 

22 ‘‘(BB) if the entity does not 

23 qualify as a small business con24 cern, meets the alternative size 


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1 standard established under sec2 tion 3(a)(5); 

3 ‘‘(bb) employs not more 

4 than 300 employees; and 

5 ‘‘(cc)(AA) except as provided 

6 in subitems (BB), (CC), and 

7 (DD), had gross receipts during 

8 the first, second, or third quarter 

9 in 2020 that demonstrate not 

10 less than a 35 percent reduction 

11 from the gross receipts of the en12 tity during the same quarter in 

13 2019; 

14 ‘‘(BB) if the entity was not 

15 in business during the first or 

16 second quarter of 2019, but was 

17 in business during the third and 

18 fourth quarter of 2019, had gross 

19 receipts during the first, second, 

20 or third quarter of 2020 that 

21 demonstrate not less than a 35 

22 percent reduction from the gross 

23 receipts of the entity during the 

24 third or fourth quarter of 2019; 


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1 ‘‘(CC) if the entity was not 

2 in business during the first, sec3 ond, or third quarter of 2019, 

4 but was in business during the 

5 fourth quarter of 2019, had gross 

6 receipts during the first, second, 

7 or third quarter of 2020 that 

8 demonstrate not less than a 35 

9 percent reduction from the gross 

10 receipts of the entity during the 

11 fourth quarter of 2019; or 

12 ‘‘(DD) if the entity was not 

13 in business during 2019, but was 

14 in operation on February 15, 

15 2020, had gross receipts during 

16 the second or third quarter of 

17 2020 that demonstrate not less 

18 than a 35 percent reduction from 

19 the gross receipts of the entity 

20 during the first quarter of 2020; 

21 ‘‘(II) includes an organization de22 scribed in subparagraph (D)(vii) of 

23 paragraph (36) that is eligible to re24 ceive a loan under that paragraph and 

25 that meets the requirements described 


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1 in items (aa) and (cc) of subclause 

2 (I); and 

3 ‘‘(III) does not include— 

4 ‘‘(aa) an issuer, the securi5 ties of which are listed on an ex6 change registered a national se7 curities exchange under section 6 

8 of the Securities Exchange Act of 

9 1934 (15 U.S.C. 78f); 

10 ‘‘(bb) any entity that— 

11 ‘‘(AA) is a type of busi12 ness concern described in 

13 subsection (b), (c), (d), (e), 

14 (f), (h), (l) (m), (p), (q), (r), 

15 or (s) of section 120.110 of 

16 title 13, Code of Federal 

17 Regulations, or any suc18 cessor regulation; 

19 ‘‘(BB) is a type of busi20 ness concern described in 

21 section 120.110(g) of title 

22 13, Code of Federal Regula23 tions, or any successor regu24 lation, except as otherwise 

25 provided in the interim final 


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1 rule of the Administration 

2 entitled ‘Business Loan Pro3 gram Temporary Changes; 

4 Paycheck Protection Pro5 gram—Additional Eligibility 

6 Criteria and Requirements 

7 for Certain Pledges of 

8 Loans’ (85 Fed. Reg. 21747 

9 (April 20, 2020)); 

10 ‘‘(CC) is a type of busi11 ness concern described in 

12 section 120.110(i) of title 

13 13, Code of Federal Regula14 tions, or any successor regu15 lation, except if the business 

16 concern is an organization 

17 described in paragraph 

18 (36)(D)(vii); 

19 ‘‘(DD) is a type of 

20 business concern described 

21 in section 120.110(j) of title 

22 13, Code of Federal Regula23 tions, or any successor regu24 lation, except as otherwise 

25 provided in the interim final 


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1 rules of the Administration 

2 entitled ‘Business Loan Pro3 gram Temporary Changes; 

4 Paycheck Protection Pro5 gram—Eligibility of Certain 

6 Electric Cooperatives’ (85 

7 Fed. Reg. 29847 (May 19, 

8 2020)) and ‘Business Loan 

9 Program Temporary 

10 Changes; Paycheck Protec11 tion Program—Eligibility of 

12 Certain Telephone Coopera13 tives’ (85 Fed. Reg. 35550 

14 (June 11, 2020)) or any 

15 other guidance or rule 

16 issued or that may be issued 

17 by the Administrator; 

18 ‘‘(EE) is a type of busi19 ness concern described in 

20 section 120.110(n) of title 

21 13, Code of Federal Regula22 tions, or any successor regu23 lation, except as otherwise 

24 provided in the interim final 

25 rule of the Administration 


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1 entitled ‘Business Loan Pro2 gram Temporary Changes; 

3 Paycheck Protection Pro4 gram—Additional Eligibility 

5 Revisions to First Interim 

6 Final Rule’ (85 Fed. Reg. 

7 38301 (June 26, 2020)) or 

8 any other guidance or rule 

9 issued or that may be issued 

10 by the Administrator; 

11 ‘‘(FF) is a type of busi12 ness concern described in 

13 section 120.110(o) of title 

14 13, Code of Federal Regula15 tions, or any successor regu16 lation, except as otherwise 

17 provided in any guidance or 

18 rule issued or that may be 

19 issued by the Administrator; 

20 or 

21 ‘‘(GG) is an entity that 

22 would be described in the 

23 subsections listed in 

24 subitems (AA) through (FF) 


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1 if the entity were a business 

2 concern; or 

3 ‘‘(HH) is assigned, or 

4 was approved for a loan 

5 under paragraph (36) with, 

6 a North American Industry 

7 Classification System code 

8 beginning with 52; 

9 ‘‘(cc) any business concern 

10 or entity primarily engaged in 

11 political or lobbying activities, 

12 which shall include any entity 

13 that is organized for research or 

14 for engaging in advocacy in areas 

15 such as public policy or political 

16 strategy or otherwise describes 

17 itself as a think tank in any pub18 lic documents; 

19 ‘‘(dd) any business concern 

20 or entity— 

21 ‘‘(AA) for which an en22 tity created in or organized 

23 under the laws of the Peo24 ple’s Republic of China or 

25 the Special Administrative 


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1 Region of Hong Kong, or 

2 that has significant oper3 ations in the People’s Re4 public of China or the Spe5 cial Administrative Region 

6 of Hong Kong, owns or 

7 holds, directly or indirectly, 

8 not less than 20 percent of 

9 the economic interest of the 

10 business concern or entity, 

11 including as equity shares or 

12 a capital or profit interest in 

13 a limited liability company 

14 or partnership; or 

15 ‘‘(BB) that retains, as 

16 a member of the board of di17 rectors of the business con18 cern, a person who is a resi19 dent of the People’s Repub20 lic of China; or 

21 ‘‘(ee) any person required to 

22 submit a registration statement 

23 under section 2 of the Foreign 

24 Agents Registration Act of 1938 

25 (22 U.S.C. 612); 


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1 ‘‘(vi) the terms ‘exchange’, ‘issuer’, 

2 and ‘security’ have the meanings given 

3 those terms in section 3(a) of the Securi4 ties Exchange Act of 1934 (15 U.S.C. 

5 78c(a)); and 

6 ‘‘(vii) the term ‘Tribal business con7 cern’ means a Tribal business concern de8 scribed in section 31(b)(2)(C). 

9 ‘‘(B) LOANS.—Except as otherwise pro10 vided in this paragraph, the Administrator may 

11 guarantee covered loans to eligible entities 

12 under the same terms, conditions, and processes 

13 as a loan made under paragraph (36). 

14 ‘‘(C) MAXIMUM LOAN AMOUNT.— 

15 ‘‘(i) IN GENERAL.—Except as other16 wise provided in this subparagraph, the 

17 maximum amount of a covered loan made 

18 to an eligible entity is the lesser of— 

19 ‘‘(I) the product obtained by mul20 tiplying— 

21 ‘‘(aa) at the election of the 

22 eligible entity, the average total 

23 monthly payment for payroll 

24 costs incurred or paid by the eli25 gible entity during— 


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1 ‘‘(AA) the 1-year period 

2 before the date on which the 

3 loan is made; or 

4 ‘‘(BB) calendar year 

5 2019; by 

6 ‘‘(bb) 2.5; or 

7 ‘‘(II) $2,000,000. 

8 ‘‘(ii) SEASONAL EMPLOYERS.—The 

9 maximum amount of a covered loan made 

10 to an eligible entity that is a seasonal em11 ployer is the lesser of— 

12 ‘‘(I) the product obtained by mul13 tiplying— 

14 ‘‘(aa) at the election of the 

15 eligible entity, the average total 

16 monthly payments for payroll 

17 costs incurred or paid by the eli18 gible entity— 

19 ‘‘(AA) for a 12-week 

20 period beginning February 

21 15, 2019 or March 1, 2019 

22 and ending June 30, 2019; 

23 or 

24 ‘‘(BB) for a consecutive 

25 12-week period between May 


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1 1, 2019 and September 15, 

2 2019; by 

3 ‘‘(bb) 2.5; or 

4 ‘‘(II) $2,000,000. 

5 ‘‘(iii) NEW ENTITIES.—The maximum 

6 amount of a covered loan made to an eligi7 ble entity that did not exist during the 1- 

8 year period preceding February 15, 2020 

9 is the lesser of— 

10 ‘‘(I) the product obtained by mul11 tiplying— 

12 ‘‘(aa) the quotient obtained 

13 by dividing— 

14 ‘‘(AA) the sum of the 

15 total monthly payments by 

16 the eligible entity for payroll 

17 costs paid or incurred by the 

18 eligible entity as of the date 

19 on which the eligible entity 

20 applies for the covered loan; 

21 by 

22 ‘‘(BB) the number of 

23 months in which those pay24 roll costs were paid or in25 curred; by 


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1 ‘‘(bb) 2.5; or 

2 ‘‘(II) $2,000,000. 

3 ‘‘(iv) LIMIT FOR MULTIPLE LOCA4 TIONS.—With respect to an eligible entity 

5 with more than 1 physical location, the 

6 total amount of all covered loans shall be 

7 not more than $2,000,000. 

8 ‘‘(v) LOAN NUMBER LIMITATION.—An 

9 eligible entity may only receive 1 covered 

10 loan. 

11 ‘‘(vi) 90 DAY RULE FOR MAXIMUM

12 LOAN AMOUNT.—The maximum aggregate 

13 loan amount of loans guaranteed under 

14 this subsection that are approved for an el15 igible entity (including any affiliates) with16 in 90 days of approval of another loan 

17 under this subsection for the eligible entity 

18 (including any affiliates) shall not exceed 

19 $10,000,000. 

20 ‘‘(D) EXCEPTION FROM CERTAIN CERTIFI21 CATION REQUIREMENTS.—An eligible entity ap22 plying for a covered loan shall not be required 

23 to make the certification described in subclause 

24 (III) or (IV) of paragraph (36)(G)(i). 


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1 ‘‘(E) FEE WAIVER.—With respect to a cov2 ered loan— 

3 ‘‘(i) in lieu of the fee otherwise appli4 cable under paragraph (23)(A), the Ad5 ministrator shall collect no fee; and 

6 ‘‘(ii) in lieu of the fee otherwise appli7 cable under paragraph (18)(A), the Ad8 ministrator shall collect no fee. 

9 ‘‘(F) ELIGIBLE CHURCHES AND RELIGIOUS

10 ORGANIZATIONS.— 

11 ‘‘(i) SENSE OF CONGRESS.—It is the 

12 sense of Congress that the interim final 

13 rule of the Administration entitled ‘Busi14 ness Loan Program Temporary Changes; 

15 Paycheck Protection Program’ (85 Fed. 

16 Reg. 20817 (April 15, 2020)) properly 

17 clarified the eligibility of churches and reli18 gious organizations for loans made under 

19 paragraph (36). 

20 ‘‘(ii) APPLICABILITY OF PROHIBI21 TION.—The prohibition on eligibility estab22 lished by section 120.110(k) of title 13, 

23 Code of Federal Regulations, or any suc24 cessor regulation, shall not apply to a cov25 ered loan. 


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1 ‘‘(G) GROSS RECEIPTS FOR NONPROFIT

2 AND VETERANS ORGANIZATIONS.—For purposes 

3 of calculating gross receipts under subpara4 graph (A)(v)(I)(cc) for an eligible entity that is 

5 a nonprofit organization, a veterans organiza6 tion, or an organization described in subpara7 graph (A)(v)(II), gross receipts— 

8 ‘‘(i) shall include proceeds from pro9 gram services, fundraising events, fed10 erated campaigns, gifts, donor-advised 

11 funds, and funds from similar sources; and 

12 ‘‘(ii) shall not include— 

13 ‘‘(I) Federal grants (excluding 

14 any loan forgiveness on loans received 

15 under paragraph (36) or this para16 graph); 

17 ‘‘(II) revenues from a supporting 

18 organization; 

19 ‘‘(III) grants from private foun20 dations that are disbursed over the 

21 course of more than 1 calendar year; 

22 ‘‘(IV) any contribution of prop23 erty other than money, stocks, bonds, 

24 and other securities, provided that the 

25 non-cash contribution is not sold by 


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1 the organization in a transaction un2 related to the tax-exempt purpose of 

3 the organization; or 

4 ‘‘(V) any loan proceeds from a 

5 loan made under paragraph (36). 

6 ‘‘(H) LOAN FORGIVENESS.— 

7 ‘‘(i) IN GENERAL.—Except as other8 wise provided in this subparagraph, an eli9 gible entity shall be eligible for forgiveness 

10 of indebtedness on a covered loan in the 

11 same manner as an eligible recipient with 

12 respect to a loan made under paragraph 

13 (36), as described in section 1106 of the 

14 CARES Act (15 U.S.C. 9005). 

15 ‘‘(ii) FORGIVENESS AMOUNT.—An eli16 gible entity shall be eligible for forgiveness 

17 of indebtedness on a covered loan in an 

18 amount equal to the sum of the following 

19 costs incurred or expenditures made during 

20 the covered period: 

21 ‘‘(I) Payroll costs. 

22 ‘‘(II) Any payment of interest on 

23 any covered mortgage obligation 

24 (which shall not include any prepayVerDate Sep 11 2014 01:08 Oct 02, 2020 Jkt 019200 PO 00000 Frm 00034 Fmt 6652 Sfmt 6201 E:\BILLS\S4773.PCS S4773

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1 ment of or payment of principal on a 

2 covered mortgage obligation). 

3 ‘‘(III) Any covered operations ex4 penditure. 

5 ‘‘(IV) Any covered property dam6 age cost. 

7 ‘‘(V) Any payment on any cov8 ered rent obligation. 

9 ‘‘(VI) Any covered utility pay10 ment. 

11 ‘‘(VII) Any covered supplier cost. 

12 ‘‘(VIII) Any covered worker pro13 tection expenditure. 

14 ‘‘(iii) LIMITATION ON FORGIVENESS

15 FOR ALL ELIGIBLE ENTITIES.—The for16 giveness amount under this subparagraph 

17 shall be equal to the lesser of— 

18 ‘‘(I) the amount described in 

19 clause (ii); and 

20 ‘‘(II) the amount equal to the 

21 quotient obtained by dividing— 

22 ‘‘(aa) the amount of the cov23 ered loan used for payroll costs 

24 during the covered period; and 

25 ‘‘(bb) 0.60. 


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1 ‘‘(I) LENDER ELIGIBILITY.—Except as 

2 otherwise provided in this paragraph, a lender 

3 approved to make loans under paragraph (36) 

4 may make covered loans under the same terms 

5 and conditions as in paragraph (36). 

6 ‘‘(J) REIMBURSEMENT FOR LOAN PROC7 ESSING AND SERVICING.—The Administrator 

8 shall reimburse a lender authorized to make a 

9 covered loan in an amount that is— 

10 ‘‘(i) 3 percent of the principal amount 

11 of the financing of the covered loan up to 

12 $350,000; and 

13 ‘‘(ii) 1 percent of the principal 

14 amount of the financing of the covered 

15 loan above $350,000, if applicable. 

16 ‘‘(K) SET ASIDE FOR SMALL ENTITIES.— 

17 Not less than $25,000,000,000 of the total 

18 amount of covered loans guaranteed by the Ad19 ministrator shall be made to eligible entities 

20 with not more than 10 employees as of Feb21 ruary 15, 2020. 

22 ‘‘(L) SET ASIDE FOR COMMUNITY FINAN23 CIAL INSTITUTIONS, SMALL INSURED DEPOSI24 TORY INSTITUTIONS, CREDIT UNIONS, AND

25 FARM CREDIT SYSTEM INSTITUTIONS.—Not less 


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1 than $10,000,000,000 of the total amount of 

2 covered loans guaranteed by the Administrator 

3 shall be made by— 

4 ‘‘(i) community financial institutions; 

5 ‘‘(ii) insured depository institutions 

6 with consolidated assets of less than 

7 $10,000,000,000; 

8 ‘‘(iii) credit unions with consolidated 

9 assets of less than $10,000,000,000; and 

10 ‘‘(iv) institutions of the Farm Credit 

11 System chartered under the Farm Credit 

12 Act of 1971 (12 U.S.C. 2001 et seq.) with 

13 consolidated assets of less than 

14 $10,000,000,000 (not including the Fed15 eral Agricultural Mortgage Corporation). 

16 ‘‘(M) PUBLICATION OF GUIDANCE.—Not 

17 later than 10 days after the date of enactment 

18 of this paragraph, the Administrator shall issue 

19 guidance addressing barriers to accessing cap20 ital for minority, underserved, veteran, and 

21 women-owned business concerns for the purpose 

22 of ensuring equitable access to covered loans. 

23 ‘‘(N) STANDARD OPERATING PROCE24 DURE.—The Administrator shall, to the max25 imum extent practicable, allow a lender apVerDate Sep 11 2014 01:08 Oct 02, 2020 Jkt 019200 PO 00000 Frm 00037 Fmt 6652 Sfmt 6201 E:\BILLS\S4773.PCS S4773

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1 proved to make covered loans to use existing 

2 program guidance and standard operating pro3 cedures for loans made under this subsection. 

4 ‘‘(O) PROHIBITION ON USE OF PROCEEDS

5 FOR LOBBYING ACTIVITIES.—None of the pro6 ceeds of a covered loan may be used for— 

7 ‘‘(i) lobbying activities, as defined in 

8 section 3 of the Lobbying Disclosure Act of 

9 1995 (2 U.S.C. 1602); 

10 ‘‘(ii) lobbying expenditures related to 

11 a State or local election; or 

12 ‘‘(iii) expenditures designed to influ13 ence the enactment of legislation, appro14 priations, regulation, administrative action, 

15 or Executive order proposed or pending be16 fore Congress or any State government, 

17 State legislature, or local legislature or leg18 islative body.’’. 

19 (i) CONTINUED ACCESS TO THE PAYCHECK PROTEC20 TION PROGRAM.— 

21 (1) IN GENERAL.—Section 7(a)(36)(E)(ii) of 

22 the Small Business Act (15 U.S.C. 

23 636(a)(36)(E)(ii)) is amended by striking 

24 ‘‘$10,000,000’’ and inserting ‘‘$2,000,000’’. 


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1 (2) APPLICABILITY OF MAXIMUM LOAN AMOUNT

2 CALCULATION.— 

3 (A) DEFINITIONS.—In this paragraph, the 

4 terms ‘‘covered loan’’ and ‘‘eligible recipient’’ 

5 have the meanings given those terms in section 

6 7(a)(36) of the Small Business Act (15 U.S.C. 

7 636(a)(36)). 

8 (B) APPLICABILITY.—The amendment 

9 made by paragraph (1) shall apply only with re10 spect to a covered loan applied for by an eligible 

11 recipient on or after the date of enactment of 

12 this Act. 

13 (j) INCREASED ABILITY FOR PAYCHECK PROTEC14 TION PROGRAM BORROWERS TO REQUEST AN INCREASE

15 IN LOAN AMOUNT DUE TO UPDATED REGULATIONS.— 

16 (1) DEFINITIONS.—In this subsection, the 

17 terms ‘‘covered loan’’ and ‘‘eligible recipient’’ have 

18 the meanings given those terms in section 7(a)(36) 

19 of the Small Business Act (15 U.S.C. 636(a)(36)). 

20 (2) INCREASED AMOUNT.—Notwithstanding the 

21 interim final rule issued by the Administration enti22 tled ‘‘Business Loan Program Temporary Changes; 

23 Paycheck Protection Program—Loan Increases’’ (85 

24 Fed. Reg. 29842 (May 19, 2020)), an eligible recipi25 ent of a covered loan that is eligible for an increased 


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1 covered loan amount as a result of any interim final 

2 rule that allows for covered loan increases may sub3 mit a request for an increase in the covered loan 

4 amount even if— 

5 (A) the initial covered loan amount has 

6 been fully disbursed; or 

7 (B) the lender of the initial covered loan 

8 has submitted to the Administration a Form 

9 1502 report related to the covered loan. 

10 (k) CALCULATION OF MAXIMUM LOAN AMOUNT FOR

11 FARMERS AND RANCHERS UNDER THE PAYCHECK PRO12 TECTION PROGRAM.— 

13 (1) IN GENERAL.—Section 7(a)(36) of the 

14 Small Business Act (15 U.S.C. 636(a)(36)), as 

15 amended by subsection (i) of this section, is amend16 ed— 

17 (A) in subparagraph (E), in the matter 

18 preceding clause (i), by striking ‘‘During’’ and 

19 inserting ‘‘Except as provided in subparagraph 

20 (T), during’’; and 

21 (B) by adding at the end the following: 

22 ‘‘(T) CALCULATION OF MAXIMUM LOAN

23 AMOUNT FOR FARMERS AND RANCHERS.— 


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1 ‘‘(i) DEFINITION.—In this subpara2 graph, the term ‘covered recipient’ means 

3 an eligible recipient that— 

4 ‘‘(I) operates as a sole propri5 etorship or as an independent con6 tractor, or is an eligible self-employed 

7 individual; 

8 ‘‘(II) reports farm income or ex9 penses on a Schedule F (or any equiv10 alent successor schedule); and 

11 ‘‘(III) was in business during the 

12 period beginning on February 15, 

13 2019 and ending on June 30, 2019. 

14 ‘‘(ii) NO EMPLOYEES.—With respect 

15 to covered recipient without employees, the 

16 maximum covered loan amount shall be the 

17 lesser of— 

18 ‘‘(I) the sum of— 

19 ‘‘(aa) the product obtained 

20 by multiplying— 

21 ‘‘(AA) the gross income 

22 of the covered recipient in 

23 2019, as reported on a 

24 Schedule F (or any equiva25 lent successor schedule), 


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1 that is not more than 

2 $100,000, divided by 12; 

3 and 

4 ‘‘(BB) 2.5; and 

5 ‘‘(bb) the outstanding 

6 amount of a loan under sub7 section (b)(2) that was made 

8 during the period beginning on 

9 January 31, 2020 and ending on 

10 April 3, 2020 that the borrower 

11 intends to refinance under the 

12 covered loan, not including any 

13 amount of any advance under the 

14 loan that is not required to be re15 paid; or 

16 ‘‘(II) $2,000,000. 

17 ‘‘(iii) WITH EMPLOYEES.—With re18 spect to a covered recipient with employ19 ees, the maximum covered loan amount 

20 shall be calculated using the formula de21 scribed in subparagraph (E), except that 

22 the gross income of the covered recipient 

23 described in clause (ii)(I)(aa)(AA) of this 

24 subparagraph, as divided by 12, shall be 


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1 added to the sum calculated under sub2 paragraph (E)(i)(I). 

3 ‘‘(iv) RECALCULATION.—A lender that 

4 made a covered loan to a covered recipient 

5 before the date of enactment of this sub6 paragraph may, at the request of the cov7 ered recipient— 

8 ‘‘(I) recalculate the maximum 

9 loan amount applicable to that cov10 ered loan based on the formula de11 scribed in clause (ii) or (iii), as appli12 cable, if doing so would result in a 

13 larger covered loan amount; and 

14 ‘‘(II) provide the covered recipi15 ent with additional covered loan 

16 amounts based on that recalcula17 tion.’’. 

18 (l) FARM CREDIT SYSTEM INSTITUTIONS.— 

19 (1) DEFINITION OF FARM CREDIT SYSTEM IN20 STITUTION.—In this subsection, the term ‘‘Farm 

21 Credit System institution’’— 

22 (A) means an institution of the Farm 

23 Credit System chartered under the Farm Credit 

24 Act of 1971 (12 U.S.C. 2001 et seq.); and 


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1 (B) does not include the Federal Agricul2 tural Mortgage Corporation. 

3 (2) FACILITATION OF PARTICIPATION IN PPP

4 AND SECOND DRAW LOANS.— 

5 (A) APPLICABLE RULES.—Solely with re6 spect to loans under paragraphs (36) and (37) 

7 of section 7(a) of the Small Business Act (15 

8 U.S.C. 636(a)), Farm Credit Administration 

9 regulations and guidance issued as of July 14, 

10 2020, and compliance with such regulations and 

11 guidance, shall be deemed functionally equiva12 lent to requirements referenced in section 

13 3(a)(iii)(II) of the interim final rule of the Ad14 ministration entitled ‘‘Business Loan Program 

15 Temporary Changes; Paycheck Protection Pro16 gram’’ (85 Fed. Reg. 20811 (April 15, 2020)) 

17 or any similar requirement referenced in that 

18 interim final rule in implementing such para19 graph (37). 

20 (B) APPLICABILITY OF CERTAIN LOAN RE21 QUIREMENTS.—For purposes of making loans 

22 under paragraph (36) or (37) of section 7(a) of 

23 the Small Business Act (15 U.S.C. 636(a)) or 

24 forgiving those loans in accordance with section 

25 1106 of the CARES Act (15 U.S.C. 9005) and 


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1 subparagraph (H) of such paragraph (37), sec2 tions 4.13, 4.14, and 4.14A of the Farm Credit 

3 Act of 1971 (12 U.S.C. 2199, 2202, 2202a) 

4 (including regulations issued under those sec5 tions) shall not apply. 

6 (C) RISK WEIGHT.— 

7 (i) IN GENERAL.—With respect to the 

8 application of Farm Credit Administration 

9 capital requirements, a loan described in 

10 clause (ii)— 

11 (I) shall receive a risk weight of 

12 zero percent; and 

13 (II) shall not be included in the 

14 calculation of any applicable leverage 

15 ratio or other applicable capital ratio 

16 or calculation. 

17 (ii) LOANS DESCRIBED.—A loan re18 ferred to in clause (i) is— 

19 (I) a loan made by a Farm Cred20 it Bank described in section 1.2(a) of 

21 the Farm Credit Act of 1971 (12 

22 U.S.C. 2002(a)) to a Federal Land 

23 Bank Association, a Production Credit 

24 Association, or an agricultural credit 

25 association described in that section 


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1 to make loans under paragraph (36) 

2 or (37) of section 7(a) of the Small 

3 Business Act (15 U.S.C. 636(a)) or 

4 forgive those loans in accordance with 

5 section 1106 of the CARES Act (15 

6 U.S.C. 9005) and subparagraph (H) 

7 of such paragraph (37); or 

8 (II) a loan made by a Federal 

9 Land Bank Association, a Production 

10 Credit Association, an agricultural 

11 credit association, or the bank for co12 operatives described in section 1.2(a) 

13 of the Farm Credit Act of 1971 (12 

14 U.S.C. 2002(a)) under paragraph 

15 (36) or (37) of section 7(a) of the 

16 Small Business Act (15 U.S.C. 

17 636(a)). 

18 (D) RESERVATION OF LOAN GUARAN19 TEES.—Section 7(a)(36)(S) of the Small Busi20 ness Act (15 U.S.C. 636(a)(36)(S)) is amend21 ed— 

22 (i) in clause (i)— 

23 (I) in subclause (I), by striking 

24 ‘‘and’’ at the end; 


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1 (II) in subclause (II), by striking 

2 the period at the end and inserting ‘‘; 

3 and’’; and 

4 (III) by adding at the end the 

5 following: 

6 ‘‘(III) institutions of the Farm 

7 Credit System chartered under the 

8 Farm Credit Act of 1971 (12 U.S.C. 

9 2001 et seq.) with consolidated assets 

10 of not less than $10,000,000,000 and 

11 less than $50,000,000,000.’’; and 

12 (ii) in clause (ii)— 

13 (I) in subclause (II), by striking 

14 ‘‘and’’ at the end; 

15 (II) in subclause (III), by strik16 ing the period at the end and insert17 ing ‘‘; and’’; and 

18 (III) by adding at the end the 

19 following: 

20 ‘‘(IV) institutions of the Farm 

21 Credit System chartered under the 

22 Farm Credit Act of 1971 (12 U.S.C. 

23 2001 et seq.) with consolidated assets 

24 of less than $10,000,000,000.’’. 

25 (m) DEFINITION OF SEASONAL EMPLOYER.— 


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1 (1) PPP LOANS.—Section 7(a)(36)(A) of the 

2 Small Business Act (15 U.S.C. 636(a)(36)(A)) is 

3 amended— 

4 (A) in clause (xi), by striking ‘‘and’’ at the 

5 end; 

6 (B) in clause (xii), by striking the period 

7 at the end and inserting ‘‘; and’’; and 

8 (C) by adding at the end the following: 

9 ‘‘(xiii) the term ‘seasonal employer’ 

10 means an eligible recipient that— 

11 ‘‘(I) does not operate for more 

12 than 7 months in any calendar year; 

13 or 

14 ‘‘(II) during the preceding cal15 endar year, had gross receipts for any 

16 6 months of that year that were not 

17 more than 33.33 percent of the gross 

18 receipts of the employer for the other 

19 6 months of that year.’’. 

20 (2) LOAN FORGIVENESS.—Paragraph (12) of 

21 section 1106(a) of the CARES Act (15 U.S.C. 

22 9005(a)), as so redesignated by subsection (c)(2) of 

23 this section, is amended to read as follows: 

24 ‘‘(12) the terms ‘payroll costs’ and ‘seasonal 

25 employer’ have the meanings given those terms in 


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1 section 7(a)(36) of the Small Business Act (15 

2 U.S.C. 636(a)(36)).’’. 

3 (n) ELIGIBILITY OF 501(C)(6) ORGANIZATIONS FOR

4 LOANS UNDER THE PAYCHECK PROTECTION PRO5 GRAM.—Section 7(a)(36)(D) of the Small Business Act 

6 (15 U.S.C. 636(a)(36)(D)) is amended— 

7 (1) in clause (v), by inserting ‘‘or whether an 

8 organization described in clause (vii) employs not 

9 more than 150 employees,’’ after ‘‘clause (i)(I),’’; 

10 (2) in clause (vi), by inserting ‘‘, an organiza11 tion described in clause (vii),’’ after ‘‘nonprofit orga12 nization’’; and 

13 (3) by adding at the end the following: 

14 ‘‘(vii) ELIGIBILITY FOR CERTAIN

15 501(C)(6) ORGANIZATIONS.— 

16 ‘‘(I) IN GENERAL.—Except as 

17 provided in subclause (II), any organi18 zation that is described in section 

19 501(c)(6) of the Internal Revenue 

20 Code and that is exempt from tax21 ation under section 501(a) of such 

22 Code (excluding professional sports 

23 leagues and organizations with the 

24 purpose of promoting or participating 

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1 ity) shall be eligible to receive a cov2 ered loan if— 

3 ‘‘(aa) the organization does 

4 not receive more than 10 percent 

5 of its receipts from lobbying ac6 tivities; 

7 ‘‘(bb) the lobbying activities 

8 of the organization do not com9 prise more than 10 percent of the 

10 total activities of the organiza11 tion; and 

12 ‘‘(cc) the organization em13 ploys not more than 150 employ14 ees. 

15 ‘‘(II) DESTINATION MARKETING

16 ORGANIZATIONS.—Notwithstanding 

17 subclause (I), during the covered pe18 riod, any destination marketing orga19 nization shall be eligible to receive a 

20 covered loan if— 

21 ‘‘(aa) the destination mar22 keting organization does not re23 ceive more than 10 percent of its 

24 receipts from lobbying activities; 


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1 ‘‘(bb) the lobbying activities 

2 of the destination marketing or3 ganization do not comprise more 

4 than 10 percent of the total ac5 tivities of the organization; 

6 ‘‘(cc) the destination mar7 keting organization employs not 

8 more than 150 employees; and 

9 ‘‘(dd) the destination mar10 keting organization— 

11 ‘‘(AA) is described in 

12 section 501(c) of the Inter13 nal Revenue Code and is ex14 empt from taxation under 

15 section 501(a) of such Code; 

16 or 

17 ‘‘(BB) is a quasi-gov18 ernmental entity or is a po19 litical subdivision of a State 

20 or local government, includ21 ing any instrumentality of 

22 those entities.’’. 

23 (o) PROHIBITION ON USE OF LOAN PROCEEDS FOR

24 LOBBYING ACTIVITIES.—Section 7(a)(36)(F) of the Small 


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1 Business Act (15 U.S.C. 636(a)(36)(F)) is amended by 

2 adding at the end the following: 

3 ‘‘(vi) PROHIBITION.—None of the pro4 ceeds of a covered loan may be used for— 

5 ‘‘(I) lobbying activities, as de6 fined in section 3 of the Lobbying 

7 Disclosure Act of 1995 (2 U.S.C. 

8 1602); 

9 ‘‘(II) lobbying expenditures re10 lated to a State or local election; or 

11 ‘‘(III) expenditures designed to 

12 influence the enactment of legislation, 

13 appropriations, regulation, adminis14 trative action, or Executive order pro15 posed or pending before Congress or 

16 any State government, State legisla17 ture, or local legislature or legislative 

18 body.’’. 

19 (p) EFFECTIVE DATE; APPLICABILITY.—The amend20 ments made to paragraph (36) of section 7(a) of the Small 

21 Business Act (15 U.S.C. 636(a)) and title I of the CARES 

22 Act (Public Law 116–136) under this section shall be ef23 fective as if included in the CARES Act and shall apply 

24 to any loan made pursuant to section 7(a)(36) of the 

25 Small Business Act (15 U.S.C. 636(a)(36)). 


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1 (q) BANKRUPTCY PROVISIONS.— 

2 (1) IN GENERAL.—Section 364 of title 11, 

3 United States Code, is amended by adding at the 

4 end the following: 

5 ‘‘(g)(1) The court, after notice and a hearing, may 

6 authorize a debtor in possession or a trustee that is au7 thorized to operate the business of the debtor under sec8 tion 1183, 1184, 1203, 1204, or 1304 of this title to ob9 tain a loan under paragraph (36) or (37) of section 7(a) 

10 of the Small Business Act (15 U.S.C. 636(a)), and such 

11 loan shall be treated as a debt to the extent the loan is 

12 not forgiven in accordance with section 1106 of the 

13 CARES Act (15 U.S.C. 9005) or subparagraph (H) of 

14 such paragraph (37), as applicable, with priority equal to 

15 a claim of the kind specified in subsection (c)(1) of this 

16 section. 

17 ‘‘(2) The trustee may incur debt described in para18 graph (1) notwithstanding any provision in a contract, 

19 prior order authorizing the trustee to incur debt under this 

20 section, prior order authorizing the trustee to use cash col21 lateral under section 363, or applicable law that prohibits 

22 the debtor from incurring additional debt. 

23 ‘‘(3) The court shall hold a hearing within 7 days 

24 after the filing and service of the motion to obtain a loan 

25 described in paragraph (1). Notwithstanding the Federal 


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1 Rules of Bankruptcy Procedure, at such hearing, the court 

2 may grant relief on a final basis.’’. 

3 (2) ALLOWANCE OF ADMINISTRATIVE EX4 PENSES.—Section 503(b) of title 11, United States 

5 Code, is amended— 

6 (A) in paragraph (8)(B), by striking ‘‘and’’ 

7 at the end; 

8 (B) in paragraph (9), by striking the pe9 riod at the end and inserting ‘‘; and’’; and 

10 (C) by adding at the end the following: 

11 ‘‘(10) any debt incurred under section 

12 364(g)(1) of this title.’’. 

13 (3) CONFIRMATION OF PLAN FOR REORGANIZA14 TION.—Section 1191 of title 11, United States Code, 

15 is amended by adding at the end the following: 

16 ‘‘(f) SPECIAL PROVISION RELATED TO COVID–19 

17 PANDEMIC.—Notwithstanding section 1129(a)(9)(A) of 

18 this title and subsection (e) of this section, a plan that 

19 provides for payment of a claim of a kind specified in sec20 tion 503(b)(10) of this title may be confirmed under sub21 section (b) of this section if the plan proposes to make 

22 payments on account of such claim when due under the 

23 terms of the loan giving rise to such claim.’’. 

24 (4) CONFIRMATION OF PLAN FOR FAMILY

25 FARMERS AND FISHERMEN.—Section 1225 of title 


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1 11, United States Code, is amended by adding at 

2 the end the following: 

3 ‘‘(d) Notwithstanding section 1222(a)(2) of this title 

4 and subsection (b)(1) of this section, a plan that provides 

5 for payment of a claim of a kind specified in section 

6 503(b)(10) of this title may be confirmed if the plan pro7 poses to make payments on account of such claim when 

8 due under the terms of the loan giving rise to such 

9 claim.’’. 

10 (5) CONFIRMATION OF PLAN FOR INDIVID11 UALS.—Section 1325 of title 11, United States 

12 Code, is amended by adding at the end the fol13 lowing: 

14 ‘‘(d) Notwithstanding section 1322(a)(2) of this title 

15 and subsection (b)(1) of this section, a plan that provides 

16 for payment of a claim of a kind specified in section 

17 503(b)(10) of this title may be confirmed if the plan pro18 poses to make payments on account of such claim when 

19 due under the terms of the loan giving rise to such 

20 claim.’’. 

21 (6) EFFECTIVE DATE; SUNSET.— 

22 (A) EFFECTIVE DATE.—The amendments 

23 made by paragraphs (1) through (5) shall— 

24 (i) take effect on the date on which 

25 the Administrator submits to the Director 


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1 of the Executive Office for United States 

2 Trustees a written determination that, sub3 ject to satisfying any other eligibility re4 quirements, any debtor in possession or 

5 trustee that is authorized to operate the 

6 business of the debtor under section 1183, 

7 1184, 1203, 1204, or 1304 of title 11, 

8 United States Code, would be eligible for a 

9 loan under paragraphs (36) and (37) of 

10 section 7(a) of the Small Business Act (15 

11 U.S.C. 636(a)); and 

12 (ii) apply to any case pending on or 

13 commenced on or after the date described 

14 in clause (i). 

15 (B) SUNSET.— 

16 (i) IN GENERAL.—If the amendments 

17 made by this subsection take effect under 

18 subparagraph (A), effective on the date 

19 that is 2 years after the date of enactment 

20 of this Act— 

21 (I) section 364 of title 11, United 

22 States Code, is amended by striking 

23 subsection (g); 

24 (II) section 503(b) of title 11, 

25 United States Code, is amended— 


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1 (aa) in paragraph (8)(B), by 

2 adding ‘‘and’’ at the end; 

3 (bb) in paragraph (9), by 

4 striking ‘‘; and’’ at the end and 

5 inserting a period; and 

6 (cc) by striking paragraph 

7 (10); 

8 (III) section 1191 of title 11, 

9 United States Code, is amended by 

10 striking subsection (f); 

11 (IV) section 1225 of title 11, 

12 United States Code, is amended by 

13 striking subsection (d); and 

14 (V) section 1325 of title 11, 

15 United States Code, is amended by 

16 striking subsection (d). 

17 (ii) APPLICABILITY.—Notwithstanding 

18 the amendments made by clause (i) of this 

19 subparagraph, if the amendments made by 

20 paragraphs (1), (2), (3), (4), and (5) take 

21 effect under subparagraph (A) of this 

22 paragraph, such amendments shall apply 

23 to any case under title 11, United States 

24 Code, commenced before the date that is 2 


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1 years after the date of enactment of this 

2 Act. 

3 (r) OVERSIGHT.— 

4 (1) COMPLIANCE WITH OVERSIGHT REQUIRE5 MENTS.— 

6 (A) IN GENERAL.—Except as provided in 

7 subparagraph (B), on and after the date of en8 actment of this Act, the Administrator shall 

9 comply with any data or information requests 

10 or inquiries made by the Comptroller General of 

11 the United States not later than 30 days (or 

12 such later date as the Comptroller General may 

13 specify) after receiving the request or inquiry. 

14 (B) EXCEPTION.—If the Administrator is 

15 unable to comply with a request or inquiry de16 scribed in subparagraph (A) within the 30-day 

17 period or, if applicable, later period described in 

18 that clause, the Administrator shall, during 

19 that 30-day (or later) period, submit to the 

20 Committee on Small Business and Entrepre21 neurship of the Senate and the Committee on 

22 Small Business of the House of Representatives 

23 a notification that includes a detailed justifica24 tion for the inability of the Administrator to 

25 comply with the request or inquiry. 


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1 (2) TESTIMONY.—Not later than the date that 

2 is 30 days after the date of enactment of this Act, 

3 and every quarter thereafter until the date that is 2 

4 years after the date of enactment of this Act, the 

5 Administrator and the Secretary of the Treasury 

6 shall testify before the Committee on Small Business 

7 and Entrepreneurship of the Senate and the Com8 mittee on Small Business of the House of Rep9 resentatives regarding implementation of this section 

10 and the amendments made by this section. 

11 (s) CONFLICTS OF INTEREST.— 

12 (1) DEFINITIONS.—In this subsection: 

13 (A) CONTROLLING INTEREST.—The term 

14 ‘‘controlling interest’’ means owning, control15 ling, or holding not less than 20 percent, by 

16 vote or value, of the outstanding amount of any 

17 class of equity interest in an entity. 

18 (B) COVERED ENTITY.— 

19 (i) DEFINITION.—The term ‘‘covered 

20 entity’’ means an entity in which a covered 

21 individual directly or indirectly holds a 

22 controlling interest. 

23 (ii) TREATMENT OF SECURITIES.— 

24 For the purpose of determining whether an 

25 entity is a covered entity, the securities 


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1 owned, controlled, or held by 2 or more in2 dividuals who are related as described in 

3 subparagraph (C)(ii) shall be aggregated. 

4 (C) COVERED INDIVIDUAL.—The term 

5 ‘‘covered individual’’ means— 

6 (i) the President, the Vice President, 

7 the head of an Executive department, or a 

8 Member of Congress; and 

9 (ii) the spouse, child, son-in-law, or 

10 daughter-in-law, as determined under ap11 plicable common law, of an individual de12 scribed in clause (i). 

13 (D) EXECUTIVE DEPARTMENT.—The term 

14 ‘‘Executive department’’ has the meaning given 

15 the term in section 101 of title 5, United States 

16 Code. 

17 (E) MEMBER OF CONGRESS.—The term 

18 ‘‘Member of Congress’’ means a Member of the 

19 Senate or House of Representatives, a Delegate 

20 to the House of Representatives, and the Resi21 dent Commissioner from Puerto Rico. 

22 (F) EQUITY INTEREST.—The term ‘‘equity 

23 interest’’ means— 

24 (i) a share in an entity, without re25 gard to whether the share is— 


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1 (I) transferable; or 

2 (II) classified as stock or any3 thing similar; 

4 (ii) a capital or profit interest in a 

5 limited liability company or partnership; or 

6 (iii) a warrant or right, other than a 

7 right to convert, to purchase, sell, or sub8 scribe to a share or interest described in 

9 clause (i) or (ii), respectively. 

10 (2) REQUIREMENT.—The principal executive of11 ficer and the principal financial officer, or individ12 uals performing similar functions, of an entity seek13 ing to enter a transaction made under paragraph 

14 (36) or (37) of section 7(a) of the Small Business 

15 Act (15 U.S.C. 636(a)), as added and amended by 

16 this section, shall, before that transaction is ap17 proved, disclose to the Administrator whether the 

18 entity is a covered entity. 

19 (3) APPLICABILITY.—The requirement under 

20 paragraph (2)— 

21 (A) shall apply with respect to any trans22 action made under paragraph (36) or (37) of 

23 section 7(a) of the Small Business Act (15 

24 U.S.C. 636(a)), as added and amended by this 


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1 section, on or after the date of enactment of 

2 this Act; and 

3 (B) shall not apply with respect to— 

4 (i) any transaction described in sub5 paragraph (A) that was made before the 

6 date of enactment of this Act; or 

7 (ii) forgiveness under section 1106 of 

8 the CARES Act (15 U.S.C. 9005) or any 

9 other provision of law of any loan associ10 ated with any transaction described in sub11 paragraph (A) that was made before the 

12 date of enactment of this Act. 

13 (t) COMMITMENT AUTHORITY AND APPROPRIA14 TIONS.— 

15 (1) COMMITMENT AUTHORITY.—Section 

16 1102(b) of the CARES Act (Public Law 116–136) 

17 is amended— 

18 (A) in paragraph (1)— 

19 (i) in the paragraph heading, by in20 serting ‘‘AND SECOND DRAW’’ after 

21 ‘‘PPP’’; 

22 (ii) by striking ‘‘August 8, 2020’’ and 

23 inserting ‘‘December 31, 2020’’; 

24 (iii) by striking ‘‘paragraph (36)’’ and 

25 inserting ‘‘paragraphs (36) and (37)’’; and 


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1 (iv) by striking ‘‘$659,000,000,000’’ 

2 and inserting ‘‘$779,640,000,000’’; and 

3 (B) by amending paragraph (2) to read as 

4 follows: 

5 ‘‘(2) OTHER 7(A) LOANS.—During fiscal year 

6 2020, the amount authorized for commitments for 

7 section 7(a) of the Small Business Act (15 U.S.C. 

8 636(a)) under the heading ‘Small Business Adminis9 tration—Business Loans Program Account’ in the 

10 Financial Services and General Government Appro11 priations Act, 2020 (division C of Public Law 116– 

12 193) shall apply with respect to any commitments 

13 under such section 7(a) other than under para14 graphs (36) and (37) of such section 7(a).’’. 

15 (2) DIRECT APPROPRIATIONS.— 

16 (A) NEW DIRECT APPROPRIATIONS FOR

17 PPP LOANS, SECOND DRAW LOANS, AND THE

18 MBDA.—There is appropriated, out of amounts 

19 in the Treasury not otherwise appropriated, for 

20 the fiscal year ending September 30, 2020, to 

21 remain available until September 30, 2021, for 

22 additional amounts— 

23 (i) $257,640,000,000 under the head24 ing ‘‘Small Business Administration— 

25 Business Loans Program Account, CARES 


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1 Act’’ for the cost of guaranteed loans as 

2 authorized under paragraph (36) and (37) 

3 of section 7(a) of the Small Business Act 

4 (15 U.S.C. 636(a)), as amended and added 

5 by this Act; 

6 (ii) $10,000,000 under the heading 

7 ‘‘Department of Commerce—Minority 

8 Business Development Agency’’ for minor9 ity business centers of the Minority Busi10 ness Development Agency to provide tech11 nical assistance to small business concerns; 

12 and 

13 (iii) $50,000,000 under the heading 

14 ‘‘Small Business Administration—Salaries 

15 and Expenses’’ for the cost of carrying out 

16 reviews and audits of loans under sub17 section (l) of section 1106 of the CARES 

18 Act (15 U.S.C. 9005), as amended by this 

19 Act. 

20 (B) AVAILABILITY OF AMOUNTS APPRO21 PRIATED FOR THE OFFICE OF INSPECTOR GEN22 ERAL.—Section 1107(a)(3) of the CARES Act 

23 (15 U.S.C. 9006(a)(3)) is amended by striking 

24 ‘‘September 20, 2024’’ and inserting ‘‘ex25 pended’’. 


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1 (3) RESCISSION.—Of the unobligated balances 

2 in the appropriations account under the heading 

3 ‘‘Small Business Administration—Business Loans 

4 Program Account, CARES Act’’ as of the day before 

5 the date of enactment of this Act, effective on the 

6 date of enactment of this Act $137,000,000,000 

7 shall be rescinded and deposited into the general 

8 fund of the Treasury. 

9 (4) EMERGENCY DESIGNATION.— 

10 (A) IN GENERAL.—The amounts provided 

11 under this subsection are designated as an 

12 emergency requirement pursuant to section 4(g) 

13 of the Statutory Pay-As-You-Go Act of 2010 (2 

14 U.S.C. 933(g)). 

15 (B) DESIGNATION IN SENATE.—In the 

16 Senate, this subsection is designated as an 

17 emergency requirement pursuant to section 

18 4112(a) of H. Con. Res. 71 (115th Congress), 

19 the concurrent resolution on the budget for fis20 cal year 2018. 


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Calendar No. 562 

116TH CONGRESS 

2D SESSION S. 4773 

A BILL 

To establish the Paycheck Protection Program 

Second Draw Loan, and for other purposes. 

OCTOBER 1, 2020 

Read the second time and placed on the calendar 


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