I 

116TH CONGRESS 

2D SESSION H. R. 7481 

To establish a loan program for businesses affected by COVID–19, and 

for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

JULY 2, 2020 

Mr. GOLDEN (for himself and Mr. KELLY of Pennsylvania) introduced the following bill; which was referred to the Committee on Small Business, and 

in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of 

such provisions as fall within the jurisdiction of the committee concerned 

A BILL 

To establish a loan program for businesses affected by 

COVID–19, 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 ‘‘Reviving the Economy 

5 Sustainably Towards A Recovery in Twenty-twenty Act’’ 

6 or the ‘‘RESTART Act’’. 

7 SEC. 2. RESTART LOAN PROGRAM. 

8 (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) COMMUNITY DEVELOPMENT FINANCIAL IN6 STITUTION.—The term ‘‘community development fi7 nancial institution’’ has the meaning given the term 

8 in section 103 of the Riegle Community Develop9 ment and Regulatory Improvement Act of 1994 (12 

10 U.S.C. 4702). 

11 (3) COMPARABLE PERIOD.— 

12 (A) DEFINITION.—The term ‘‘comparable 

13 period’’ means a period that— 

14 (i) begins on the date that is 1 year 

15 or 2 years earlier than the beginning of a 

16 covered period; and 

17 (ii) may be adjusted to begin at the 

18 beginning of a pay period that is imme19 diately before or immediately after the date 

20 described in clause (i). 

21 (B) HOLIDAYS.—If a holiday occurs dur22 ing the covered period or the period described 

23 in subparagraph (A)(i), the holiday shall be in24 cluded as part of both periods. 


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1 (4) COVERED LOAN.—The term ‘‘covered loan’’ 

2 means a loan made under this section during the 

3 covered period. 

4 (5) COVERED PERIOD.—The term ‘‘covered pe5 riod’’ means— 

6 (A) except as provided in subparagraph 

7 (B), and as determined by the eligible recipient 

8 of a covered loan, the 6-month period beginning 

9 on— 

10 (i) the date of the origination of the 

11 covered loan; 

12 (ii) the first day of the next scheduled 

13 pay period following the date of the origi14 nation of the covered loan; 

15 (iii) the first day of the first full 

16 month following the date of the origination 

17 of the covered loan; or 

18 (iv) April 15, 2020; or 

19 (B) with respect to an eligible recipient of 

20 a covered loan that suffered a decline in gross 

21 receipts of more than 80 percent in 2020 as 

22 compared to 2019 or in the 6-month period be23 ginning on the date of the origination of the 

24 covered loan as compared to a comparable pe25 riod, and as determined by the eligible recipient 


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1 of a covered loan, the 12-month period begin2 ning on— 

3 (i) the date of the origination of the 

4 covered loan; 

5 (ii) the first day of the next scheduled 

6 pay period following the date of the origi7 nation of the covered loan; 

8 (iii) the first day of the first full 

9 month following the date of the origination 

10 of the covered loan; or 

11 (iv) April 15, 2020. 

12 (6) ELIGIBLE RECIPIENT.—The term ‘‘eligible 

13 recipient’’— 

14 (A) means an individual or entity that— 

15 (i) is eligible to receive a loan made 

16 under section 7(a)(36) of the Small Busi17 ness Act (15 U.S.C. 636(a)(36)); or 

18 (ii) as of February 15, 2020, has not 

19 more than 5,000 full-time employees; 

20 (B) includes— 

21 (i) a nonprofit organization that— 

22 (I) as of February 15, 2020, has 

23 not more than 5,000 full-time employ24 ees; and 


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1 (II) is not more than 50 percent 

2 owned or controlled by a State, local, 

3 or Tribal government; 

4 (ii) a business concern that— 

5 (I) deals in rare coins and 

6 stamps; and 

7 (II) as of February 15, 2020, has 

8 not more than 5,000 full-time employ9 ees; and 

10 (iii) a business concern that leases or 

11 finances equipment to other businesses, if 

12 the business concern— 

13 (I) as of February 15, 2020, has 

14 not more than 5,000 full-time employ15 ees; and 

16 (II) is not— 

17 (aa) a mortgage lender; or 

18 (bb) a lender participating 

19 in the loan program under sec20 tion 7(a)(36) of the Small Busi21 ness Act (15 U.S.C. 636(a)(36)). 

22 (7) MINORITY DEPOSITORY INSTITUTION.—The 

23 term ‘‘minority depository institution’’ has the 

24 meaning given the term in section 308 of the FinanVerDate Sep 11 2014 19:24 Jul 27, 2020 Jkt 099200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6201 E:\BILLS\H7481.IH H7481

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1 cial Institutions Reform, Recovery, and Enforcement 

2 Act of 1989 (12 U.S.C. 1463 note). 

3 (8) NONPROFIT ORGANIZATION.—The term 

4 ‘‘nonprofit organization’’ means an entity described 

5 in paragraph (3), (5), (6), (7) (related to housing), 

6 (12), (13), or (19) of section 501(c) of the Internal 

7 Revenue Code and that is exempt from taxation 

8 under section 501(a) of such Code. 

9 (9) PAYROLL COSTS.—The term ‘‘payroll costs’’ 

10 has the meaning given the term in section 

11 7(a)(36)(A) of the Small Business Act (15 U.S.C. 

12 636(a)(36)(A)), except that such costs shall not in13 clude— 

14 (A) qualified wages taken into account in 

15 determining the credit allowed under section 

16 2301(g) of the CARES Act (Public Law 116– 

17 136); or 

18 (B) any payments made to an independent 

19 contractor. 

20 (10) SECRETARY.—The term ‘‘Secretary’’ 

21 means the Secretary of the Treasury. 

22 (11) UNDERSERVED BORROWER.—The term 

23 ‘‘underserved borrower’’ means any business concern 

24 that has traditionally had difficulty accessing fi25 nance, including— 


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1 (A) business concerns that— 

2 (i) have fewer than 25 full-time equiv3 alent employees as of February 15, 2020, 

4 and do not have a strong relationship with 

5 a bank; 

6 (ii) are owned or controlled by minori7 ties; 

8 (iii) are owned or controlled by 

9 women; 

10 (iv) are owned or controlled by vet11 erans, including service-disabled veterans 

12 (as those terms are defined in section 3(q) 

13 of the Small Business Act (15 U.S.C. 

14 632(q))); or 

15 (v) are located in low-income and 

16 rural communities, including low-income 

17 communities as defined in section 45D(e) 

18 of the Internal Revenue Code of 1986; and 

19 (B) Tribal business concerns. 

20 (b) ESTABLISHMENT.—The Administrator shall es21 tablish a program to guarantee loans made to eligible re22 cipients affected by COVID–19. 

23 (c) PARTICIPATION.—In an agreement to participate 

24 in a covered loan on a deferred basis, the participation 

25 by the Administration shall be 100 percent. 


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1 (d) TERMS AND REQUIREMENTS.— 

2 (1) DURATION.—Except as provided in para3 graph (4), the duration of a covered loan shall be for 

4 not more than 7 years. 

5 (2) AMOUNT.— 

6 (A) IN GENERAL.—The amount of a cov7 ered loan made to an eligible recipient shall be 

8 not more than the lesser of— 

9 (i) 45 percent of the 2019 gross re10 ceipts of the eligible recipient; and 

11 (ii) $12,000,000. 

12 (B) DUPLICATION OF ASSISTANCE.—An el13 igible recipient of a covered loan shall not use 

14 proceeds of the covered loan for the same ex15 penses that are covered using funds received 

16 under subsection (a)(36) or (b)(2) of section 7 

17 of the Small Business Act (15 U.S.C. 636), sec18 tion 1110 of the CARES Act (Public Law 116– 

19 136), or section 4003 of the CARES Act (Pub20 lic Law 116–136). 

21 (3) INTEREST RATE.— 

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

23 paragraph (4), the interest rate on a covered 

24 loan shall be, as determined by the Adminis25 trator and the Secretary— 


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1 (i) for the first 2 years of the covered 

2 loan, not less than 2 percent and not more 

3 than 4 percent; and 

4 (ii) for the third through seventh 

5 years of the covered loan, the Applicable 

6 Federal Rate plus 250 to 600 basis points 

7 based on the decline in gross receipts of 

8 the eligible recipient. 

9 (B) NO PAYMENTS FOR 12 MONTHS.—No 

10 interest payments shall be due on a covered 

11 loan for the first 12 months of the covered loan. 

12 (4) SPECIAL PROVISIONS FOR NONPROFIT OR13 GANIZATIONS.—At the time of application for a cov14 ered loan, a nonprofit organization described in sub15 section (a)(5)(B) shall make an election— 

16 (A) for a covered loan with a maturity of 

17 not more than 14 years and an interest rate of 

18 not more than 2 percent for the first 4 years 

19 and the Applicable Federal Rate plus 100 to 

20 300 basis points for the remaining duration of 

21 a covered loan, with no eligibility for forgiveness 

22 of the covered loan under subsection (j); or 

23 (B) for a covered loan with the maturity 

24 and interest rate terms described in paragraphs 

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1 tain forgiveness of the covered loan if the non2 profit organization qualifies under subsection 

3 (j)(2). 

4 (5) PAYMENT DEFERRAL.— 

5 (A) IN GENERAL.—No payment of prin6 cipal shall be due on a covered loan for the first 

7 2 years of the covered loan. 

8 (B) ADDITIONAL DEFERRAL.—After the 2- 

9 year deferral period described in subparagraph 

10 (A), the Administrator may grant not more 

11 than an additional 2 years of principal deferral 

12 to an eligible recipient of a covered loan if the 

13 eligible recipient is certified by the Adminis14 trator and the Secretary as economically dis15 tressed based on publicly available criteria es16 tablished by the Administrator and the Sec17 retary. 

18 (6) ORIGINATION FEES.— 

19 (A) IN GENERAL.—The origination fee for 

20 a covered loan shall be as follows: 

21 (i) 3.75 percent for a covered loan of 

22 not more than $100,000. 

23 (ii) 3.5 percent for a covered loan of 

24 more than $100,000 and not more than 

25 $250,000. 


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1 (iii) 3.25 percent for a covered loan of 

2 more than $250,000 and not more than 

3 $500,000. 

4 (iv) 3 percent for a covered loan of 

5 more than $500,000 and not more than 

6 $750,000. 

7 (v) 2.75 percent for a covered loan of 

8 more than $750,000 and not more than 

9 $1,000,000. 

10 (vi) 2.5 percent for a covered loan of 

11 more than $1,000,000 and not more than 

12 $1,500,000. 

13 (vii) 2.25 percent for a covered loan of 

14 more than $1,500,000 and not more than 

15 $1,750,000. 

16 (viii) 2 percent for a covered loan of 

17 more than $1,750,000 and not more than 

18 $2,000,000. 

19 (ix) 1.75 percent for a covered loan of 

20 more than $2,000,000 and not more than 

21 $2,500,000. 

22 (x) 1.5 percent for a covered loan of 

23 more than $2,500,000 and not more than 

24 $3,000,000. 


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1 (xi) 1.25 percent for a covered loan of 

2 more than $3,000,000 and not more than 

3 $3,500,000. 

4 (xii) 1 percent for a covered loan of 

5 more than $3,500,000 and not more than 

6 $4,000,000. 

7 (xiii) 0.75 percent for a covered loan 

8 of more than $4,000,000 and not more 

9 than $12,000,000. 

10 (B) PAYMENT BY FEDERAL GOVERN11 MENT.—The Administrator shall— 

12 (i) for any covered loan that is made 

13 to an eligible recipient with not more than 

14 500 full-time employees as of February 15, 

15 2020, together with all its affiliates in the 

16 aggregate, without regard to any waiver of 

17 applicable affiliation rules, pay the applica18 ble origination fee described in subpara19 graph (A); and 

20 (ii) for any covered loan of not more 

21 than $10,000,000 that is made to an eligi22 ble recipient with more than 500 full-time 

23 employees as of February 15, 2020, in the 

24 aggregate, without regard to any waiver of 

25 applicable affiliation rules, pay 50 percent 


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1 of the amount of the applicable origination 

2 fee described in subparagraph (A). 

3 (C) PAYMENT BY ELIGIBLE RECIPIENT.— 

4 After any applicable payments by the Adminis5 trator under subparagraph (B), the eligible re6 cipient of a covered loan— 

7 (i) shall be responsible for paying the 

8 remainder of any applicable origination fee 

9 under subparagraph (A); and 

10 (ii) may finance the amount of the ap11 plicable origination fee as part of the cov12 ered loan amount, with such origination 

13 fee amount not counting toward the limita14 tion on covered loan amounts described in 

15 paragraph (2)(A). 

16 (7) STREAMLINED PROCEDURES.—The Admin17 istrator and the Secretary shall establish streamlined 

18 application and loan approval procedures for eligible 

19 recipients with not more than 500 full-time employ20 ees, including by allowing an eligible recipient to use 

21 an existing application submitted to a lender for the 

22 loan program under section 7(a)(36) of the Small 

23 Business Act (15 U.S.C. 636(a)(36)) and update the 

24 application as necessary for purposes of applying for 

25 a covered loan. 


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1 (8) APPLICATION.— 

2 (A) AVAILABILITY.—The Administrator 

3 shall make available the application for a cov4 ered loan in the 10 most commonly spoken lan5 guages, other than English, in the United 

6 States, which shall include Spanish, Mandarin, 

7 Cantonese, Japanese, and Korean. 

8 (B) GUIDANCE.—Not later than 15 days 

9 after the date of enactment of this Act, the Ad10 ministrator and the Secretary shall issue guid11 ance to allow lenders to receive applications for 

12 covered loans. 

13 (C) DEADLINE FOR RESPONSE.—A lender 

14 that receives an application for a covered loan 

15 shall— 

16 (i) not later than 2 days after submis17 sion of the application to the Adminis18 trator, notify the applicant that the lender 

19 submitted the application and provide the 

20 confirmation number; and 

21 (ii) not later than 15 days after ap22 proving the application, disburse the funds 

23 to the applicant. 

24 (D) FORMAT.—The application for a cov25 ered loan shall be similar to the application 


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1 used for a loan made under section 7(a)(36) of 

2 the Small Business Act (15 U.S.C. 636(a)(36)), 

3 with additional details requested by the Admin4 istrator as necessary. 

5 (E) APPLICATION WINDOWS.—The Admin6 istrator shall make efforts to ensure that under7 served borrowers that are eligible recipients re8 ceive covered loans, including by establishing 

9 exclusive application windows for those eligible 

10 recipients. 

11 (9) LIMITATION ON NUMBER OF LOANS.—An 

12 eligible recipient may receive not more than 2 cov13 ered loans, the requested aggregate amount of which 

14 shall not exceed the limitation on covered loan 

15 amounts described in paragraph (2)(A). 

16 (10) WAIVER OF PREPAYMENT PENALTY.—Not17 withstanding any other provision of law, there shall 

18 be no prepayment penalty for any payment made on 

19 a covered loan. 

20 (11) UNITED STATES OPERATIONS.—A covered 

21 loan may only be used for expenses which are— 

22 (A) properly allocable to the production of 

23 income from sources within the United States 

24 (as determined under rules similar to the rules 


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1 of part I of subchapter N of the Internal Rev2 enue Code of 1986), and 

3 (B) effectively connected (as determined 

4 under rules similar to the rules section 952 of 

5 such Code) with the conduct by the eligible re6 cipient of a trade or business within the United 

7 States (or any territory or possession of the 

8 United States) or off the coastline of the 

9 United States, including State submerged lands 

10 and territorial sea and exclusive economic zones 

11 owned by a United States entity. 

12 (e) LENDERS.— 

13 (1) EXISTING PPP LENDERS.—A lender that is 

14 approved to make loans under section 7(a)(36) of 

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

16 is approved by the Administrator and the Secretary 

17 may make and approve covered loans. 

18 (2) ADDITIONAL LENDERS.—The authority to 

19 make covered loans shall be extended to additional 

20 lenders determined by the Administrator and the 

21 Secretary to have the necessary qualifications to 

22 process, close, disburse, and service loans made with 

23 the guarantee of the Administration. 

24 (3) LENDERS SERVING UNDERSERVED BOR25 ROWERS.—In approving lenders to make covered 


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1 loans, the Administrator and the Secretary shall give 

2 priority to lenders that are community development 

3 financial institutions with lower lending volumes, mi4 nority depository institutions, mission-based non5 profit lenders, nonbank lenders, and other financial 

6 institutions that disproportionately serve under7 served borrowers. 

8 (4) RESALE OF LOANS.—A lender of a covered 

9 loan may sell the covered loan to a third party. 

10 (5) SALE OF PARTICIPATION IN COVERED

11 LOANS.—A lender of a covered loan may sell a par12 ticipation in the covered loan to a non-authorized 

13 lender in an amount that is not more than 85 per14 cent of the covered loan. 

15 (6) AGENT DISCLOSURE.—In order to be eligi16 ble to obtain a fee, any agent shall be disclosed to 

17 the lender and the Administrator at the time of ap18 plication for a covered loan. 

19 (7) CAPITAL AND LIQUIDITY REQUIREMENTS.— 

20 Until December 31, 2021, the amount of a covered 

21 loan made by a lender shall be disregarded by Fed22 eral regulators for the purpose of calculating regu23 latory capital and liquidity requirements. 

24 (f) BORROWER REQUIREMENTS.— 


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1 (1) CERTIFICATION.—An eligible recipient ap2 plying for a covered loan shall submit a good faith 

3 certification that the eligible recipient suffered a de4 cline in gross receipts of not less than 25 percent— 

5 (A) during an 8-week period during the pe6 riod beginning on February 1, 2020, and end7 ing on July 31, 2020, relative to— 

8 (i) an 8-week period during the period 

9 beginning on January 1, 2020, and ending 

10 on March 31, 2020; or 

11 (ii) a comparable 8-week period in 

12 2019; or 

13 (B) during a calendar or fiscal quarter 

14 during the period beginning on February 15, 

15 2020, and ending on July 31, 2020, relative to 

16 the same calendar or fiscal quarter in 2019. 

17 (2) ACCOUNTING METHOD.—An eligible recipi18 ent may calculate the decline in gross receipts de19 scribed in paragraph (1) using the cash or accrual 

20 accounting method. 

21 (3) ADJUSTMENTS.—The Administrator, in 

22 consultation with the Secretary, shall provide guid23 ance on appropriate adjustments to the terms under 

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1 ered loan that are fiscal year taxpayers or seasonal 

2 businesses. 

3 (4) RESTRICTIONS.— 

4 (A) IN GENERAL.—The Administrator may 

5 enter into agreements to guarantee covered 

6 loans made to eligible recipients only if the Ad7 ministrator determines that the agreement pro8 vides that, until the date that is 12 months 

9 after the date on which the covered loan is no 

10 longer outstanding— 

11 (i) the eligible recipient or an affiliate 

12 of the eligible recipient shall not purchase 

13 an equity security that is listed on a na14 tional securities exchange of the eligible re15 cipient or any parent company of the eligi16 ble recipient, except to the extent required 

17 under a contractual obligation in effect as 

18 of the date of enactment of this Act; 

19 (ii) the eligible recipient shall not pay 

20 dividends or make other capital distribu21 tions with respect to the common stock of 

22 the eligible recipient; and 

23 (iii) the restrictions on certain em24 ployee compensation described in section 

25 4004(a) of the CARES Act (Public Law 


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1 116–136) apply to officers and employees 

2 of the eligible recipient. 

3 (B) EXCEPTIONS.— 

4 (i) DIVIDENDS.— 

5 (I) REAL ESTATE INVESTMENT

6 TRUSTS.—Subparagraph (A)(ii) shall 

7 not apply to any eligible recipient that 

8 is a real estate investment trust (as 

9 defined under section 856 of the In10 ternal Revenue Code of 1986) for the 

11 taxable year in which the distribution 

12 is made to the extent that such entity 

13 distributes no more than 100 percent 

14 of real estate investment trust taxable 

15 income (as defined in section 

16 857(b)(2) of such Code, determined 

17 without regard to the deduction for 

18 dividends paid (as defined in section 

19 561 of such Code)) during such tax20 able year. 

21 (II) REGULATED INVESTMENT

22 COMPANIES.—Subparagraph (A)(ii) 

23 shall not apply to any eligible recipi24 ent that is a regulated investment 

25 company (as defined under section 


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1 851 of the Internal Revenue Code of 

2 1986) for the taxable year in which 

3 the distribution is made to the extent 

4 that such entity distributes no more 

5 than 100 percent of investment com6 pany taxable income (as defined in 

7 section 852(b)(2) of such Code, deter8 mined without regard to the deduction 

9 for dividends paid (as defined in sec10 tion 561 of such Code)) during such 

11 taxable year. 

12 (ii) DISTRIBUTIONS.—Notwith13 standing subparagraph (A), during the pe14 riod described in that subparagraph an eli15 gible recipient that is an S-corporation or 

16 a limited liability company may provide a 

17 distribution to pay income taxes. 

18 (5) EMERGENCY RELIEF FUNDS.— 

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

20 subparagraph (B), an eligible recipient applying 

21 for a covered loan may not receive or have re22 ceived any assistance under 4003 of the 

23 CARES Act (Public Law 116–136) for any 

24 purpose. 


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1 (B) RETURN OF FUNDS.—An eligible re2 cipient that received assistance under section 

3 4003 of the CARES Act (Public Law 116–136) 

4 may apply for a covered loan if the eligible re5 cipient returns the funds received under such 

6 section 4003. 

7 (6) BUSINESS CONCERNS WITH MORE THAN 1

8 PHYSICAL LOCATION.—A business concern that em9 ploys not more than 500 full-time employees per 

10 physical location of the business concern and that is 

11 assigned a North American Industry Classification 

12 System code beginning with 72 at the time of dis13 bursal shall be eligible to receive a covered loan of 

14 not more than $25,000,000 if the number of full15 time employees, in the aggregate, does not exceed 

16 5,000. 

17 (7) WAIVER OF AFFILIATION RULES.— 

18 (A) IN GENERAL.—The provisions applica19 ble to affiliations under section 121.103 of title 

20 13, Code of Federal Regulations, or any suc21 cessor regulation, are waived with respect to eli22 gibility for a covered loan for— 

23 (i) any eligible recipient with not more 

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1 signed a North American Industry Classi2 fication System code beginning with 72; 

3 (ii) any eligible recipient operating as 

4 a franchise; 

5 (iii) any eligible recipient that receives 

6 financial assistance from a company li7 censed under section 301 of the Small 

8 Business Investment Act of 1958 (15 

9 U.S.C. 681); and 

10 (iv) any eligible recipient with not 

11 more than 500 full-time employees that is 

12 not more than 50 percent owned or con13 trolled by another entity. 

14 (B) CONTROL.—For purposes of this para15 graph, the term ‘‘control’’, with respect to an 

16 eligible recipient, shall include— 

17 (i) the possession, direct or indirect, 

18 of the power to vote not less than 50 per19 cent of the voting equity in the eligible re20 cipient; 

21 (ii) ownership, direct or indirect, of 

22 not less than 50 percent of the equity in23 terests in the eligible recipient; and 


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1 (iii) direct or indirect control over the 

2 management of affairs of the eligible re3 cipient. 

4 (8) CALCULATION OF FULL-TIME EMPLOY5 EES.—For purposes of determining the number of 

6 full-time employees of an eligible recipient as of Feb7 ruary 15, 2020— 

8 (A) any employee working not fewer than, 

9 at the election of the eligible recipient, an aver10 age of 30 hours per week during the preceding 

11 3-month period or 30 hours during the pre12 ceding pay period shall be considered a full-time 

13 employee; and 

14 (B) any employee working not fewer than 

15 10 hours and fewer than 30 hours per week 

16 shall be counted as one-half of a full-time em17 ployee. 

18 (9) CREDIT ELSEWHERE.—During the covered 

19 period, an eligible recipient is not required to show 

20 that the eligible recipient is unable to obtain credit 

21 elsewhere, as defined in section 3(h) of the Small 

22 Business Act (15 U.S.C. 632(h)). 

23 (10) SUBORDINATION.—Any covered loan made 

24 to an eligible recipient shall be subordinate to any 


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1 liability incurred by the eligible recipient before Feb2 ruary 15, 2020. 

3 (11) RESTRICTIONS FOR PRIOR BANK4 RUPTCY.—A lender may deny an application for a 

5 covered loan submitted by an eligible recipient if, 

6 during the 7-year period preceding the date of the 

7 application, the eligible recipient or a person that 

8 owns or controls the eligible recipient filed a petition 

9 for bankruptcy under chapter 7 or 13 of title 11, 

10 United States Code. 

11 (g) USE OF FUNDS.— 

12 (1) IN GENERAL.—An eligible recipient of a 

13 covered loan may use the proceeds for allowable ex14 penses described in paragraph (2). 

15 (2) ALLOWABLE EXPENSES.—The expenses de16 scribed in this paragraph are— 

17 (A) payroll costs for employees and fur18 loughed employees, including— 

19 (i) costs for continuation coverage 

20 provided pursuant to part 6 of subtitle B 

21 of title I of the Employee Retirement In22 come Security Act of 1974 (other than 

23 under section 609), title XXII of the Pub24 lic Health Service Act, section 4980B of 

25 the Internal Revenue Code of 1986 (other 


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1 than subsection (f)(1) of such section inso2 far as it relates to pediatric vaccines), or 

3 section 8905a of title 5, United States 

4 Code, or under a State program that pro5 vides comparable continuation coverage, 

6 other than coverage under a health flexible 

7 spending arrangement under a cafeteria 

8 plan within the meaning of section 125 of 

9 the Internal Revenue Code of 1986; or 

10 (ii) any other non-cash benefit; 

11 (B) rent; 

12 (C) utilities; 

13 (D) scheduled mortgage interest payments 

14 on existing mortgages as of February 15, 2020; 

15 (E) scheduled interest payments on other 

16 scheduled debt as of February 15, 2020; 

17 (F) costs related to personal protective 

18 equipment, which shall include N95 masks and 

19 authorized equivalent respirator masks, surgical 

20 masks, exam gloves, face shields, head covers, 

21 isolation gowns, and coveralls; 

22 (G) payments of principal on outstanding 

23 loans as of February 15, 2020, not including 

24 the prepayment of any obligation for a period 


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1 in excess of a month unless the payment for 

2 such period is customarily due in advance; 

3 (H) payments of principal on outstanding 

4 loans; 

5 (I) payments made to independent contrac6 tors, as reported on Internal Revenue Service 

7 Form–1099 NEC; 

8 (J) other ordinary and necessary business 

9 expenses, including— 

10 (i) settling existing debts owed to ven11 dors and replenishing inventory; 

12 (ii) franchise fees; 

13 (iii) management fees paid to third 

14 parties on an arm’s length basis; 

15 (iv) maintenance expenses; 

16 (v) administrative costs; 

17 (vi) taxes; 

18 (vii) operating leases; and 

19 (viii) any other capital expenditure or 

20 expense required under any State, local, or 

21 Federal law or guideline related to social 

22 distancing as a result of COVID–19. 

23 (3) PROHIBITED EXPENSES.—An eligible recipi24 ent may not use the proceeds of a covered loan— 

25 (A) to purchase real estate; 


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1 (B) for payments of interest or principal 

2 on loans originated after February 15, 2020; 

3 (C) to invest or re-lend funds; 

4 (D) for contributions or expenditures to, or 

5 on behalf of, any political party, party com6 mittee, or candidate for elective office; 

7 (E) for expenses related to any acquisition 

8 or divestiture; or 

9 (F) for any other use as may be prohibited 

10 by the Administrator. 

11 (h) LOAN DISBURSAL.— 

12 (1) INITIAL DISBURSAL.—During the initial 14- 

13 day period in which lenders make and approve cov14 ered loans, the lenders shall be limited to making 

15 covered loans to eligible recipients— 

16 (A) with fewer than 50 full-time employees 

17 for the first 7-day period; and 

18 (B) with fewer than 500 full-time employ19 ees for the second 7-day period. 

20 (2) REPORT.—Not later than the later of the 

21 date that is 180 days after the date on which 

22 amounts made available to carry out this Act are ex23 pended or July 31, 2021, the Inspector General of 

24 the Administration shall submit to Congress a report 

25 evaluating whether small business concerns (as deVerDate Sep 11 2014 19:24 Jul 27, 2020 Jkt 099200 PO 00000 Frm 00028 Fmt 6652 Sfmt 6201 E:\BILLS\H7481.IH H7481

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1 fined in section 3 of the Small Business Act (15 

2 U.S.C. 632)), minority-owned eligible recipients, and 

3 other underserved borrowers are treated fairly in the 

4 process of making and approving covered loans. 

5 (3) REQUIREMENT TO DRAW FUNDS.—An eligi6 ble recipient shall draw all covered loan proceeds not 

7 later than March 31, 2021. 

8 (i) MATURITY FOR LOANS WITH REMAINING BAL9 ANCE AFTER APPLICATION FOR FORGIVENESS.—With re10 spect to a covered loan that has a remaining balance after 

11 a reduction based on the loan forgiveness amount under 

12 subsection (j)— 

13 (1) the remaining balance shall continue to be 

14 guaranteed by the Administration under this section; 

15 and 

16 (2) the covered loan shall have a maximum ma17 turity of 7 years beginning on the date of the origi18 nation of the covered loan. 

19 (j) LOAN FORGIVENESS.— 

20 (1) IN GENERAL.—Except as otherwise pro21 vided in this subsection, an eligible recipient of a 

22 covered loan that is not a nonprofit organization and 

23 submits an application not later than December 31, 

24 2023, shall be eligible for forgiveness for expenses 

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1 section (g)(2) incurred during the covered period 

2 using proceeds of the covered loan in an amount 

3 equal to the product obtained by multiplying— 

4 (A) the product obtained by multiplying— 

5 (i) the percentage decline in gross re6 ceipts of the eligible recipient— 

7 (I) if the covered period does not 

8 extend past March 31, 2021, between 

9 the total gross receipts received by the 

10 business during calendar year 2020 

11 and the total gross receipts received 

12 by the business during calendar year 

13 2019; 

14 (II) between the total gross re15 ceipts received by the business during 

16 the 6-month period following the date 

17 of the origination of the covered loan 

18 and the total gross receipts received 

19 by the business during a comparable 

20 6-month period during the 12-month 

21 period preceding the date of the origi22 nation of the covered loan; or 

23 (III) if the covered period ex24 tends past March 31, 2021, between 

25 the total gross receipts received by the 


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1 business during the covered period 

2 and the total gross receipts received 

3 by the business during a comparable 

4 period; and 

5 (ii) .90; and 

6 (B)(i) for an eligible recipient with not 

7 more than 500 full-time employees as of Feb8 ruary 15, 2020, the sum of the expenses of the 

9 eligible recipient described in subparagraphs 

10 (A) through (F) of subsection (g)(2) paid dur11 ing the covered period; or 

12 (ii) for an eligible recipient with more than 

13 500 and not more than 5,000 full-time employ14 ees as of February 15, 2020, the sum of— 

15 (I) the benefits described in clauses 

16 (i) and (ii) of subsection (g)(2)(A) of this 

17 section and the payments described in 

18 subitems (CC) through (GG) of section 

19 7(a)(36)(A)(viii)(I)(aa) of the Small Busi20 ness Act (15 U.S.C. 

21 636(a)(36)(A)(viii)(I)(aa)) that were paid 

22 during the covered period; and 

23 (II) the expenses described in sub24 paragraphs (B) through (F) of subsection 


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1 (g)(2) that were paid during the covered 

2 period. 

3 (2) ALTERNATIVE AMOUNT.—If the amount of 

4 forgiveness on a covered loan as calculated under 

5 paragraph (1) is less than or equal to the amount 

6 of accrued interest payments for the first 12 months 

7 of the covered loan— 

8 (A) the amount of loan forgiveness shall be 

9 equal to the amount of those interest payments; 

10 (B) forgiveness shall not be subject to sec11 tion 108(j) of the Internal Revenue Code, as 

12 added by paragraph (8)(C); and 

13 (C) to receive the forgiveness amount de14 scribed in subparagraph (A), the eligible recipi15 ent shall include in the loan forgiveness applica16 tion a certification to the Administrator that 

17 the eligible recipient was eligible for a covered 

18 loan under this section at the time of applica19 tion for the covered loan. 

20 (3) LOAN FORGIVENESS FOR SMALL NON21 PROFITS.—A nonprofit organization described in 

22 subsection (a)(5)(B) with not more than 500 full23 time employees as of February 15, 2020, that is an 

24 eligible recipient of a covered loan and submits an 

25 application not later than December 31, 2023, shall 


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1 be eligible for forgiveness for expenses described in 

2 subparagraphs (A) through (F) of subsection (g)(2) 

3 using, at the election of the nonprofit organization— 

4 (A) the amount obtained using the formula 

5 described in paragraph (1), except that gross 

6 receipts shall not include donations, grants, 

7 dues, and investment income; or 

8 (B) the amount obtained using the formula 

9 described in paragraph (1), except that the 

10 number in subparagraph (A)(ii) of such para11 graph shall be— 

12 (i) .7 for a nonprofit organization 

13 with not more than 50 full-time employees 

14 as of February 15, 2020; and 

15 (ii) .2 for a nonprofit organization 

16 with not fewer than 50 and not more than 

17 500 full-time employees as of February 15, 

18 2020. 

19 (4) PROHIBITION ON FORGIVENESS.—Any cov20 ered loan made to an eligible recipient that is pub21 licly traded, is a nonprofit organization described in 

22 section 501(c)(7) of the Internal Revenue Code, or 

23 is an eligible recipient described in subsection 

24 (f)(7)(D) shall not be eligible for loan forgiveness 

25 under this subsection. 


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1 (5) LIMITATION ON AMOUNT OF FORGIVE2 NESS.— 

3 (A) IN GENERAL.—The amount of all cov4 ered loans made to an eligible recipient that 

5 may be forgiven under this subsection shall not 

6 exceed the total losses incurred by the eligible 

7 recipient in the taxable year 2020. 

8 (B) APPLICATION OF RELATED PARTY

9 PAYMENTS.—The Secretary shall issue regula10 tions that provide that, for purposes of the loss 

11 calculation under subparagraph (A)— 

12 (i) with respect to an eligible recipient 

13 of a covered loan with not fewer than 500 

14 full-time employees, related party trans15 actions are prohibited from counting to16 ward the loss calculation; and 

17 (ii) with respect to an eligible recipi18 ent of a covered loan with not more than 

19 500 full-time employees, any related party 

20 payments made during the covered period 

21 cannot be greater than related party pay22 ments made during taxable year 2019. 

23 (C) CAPITAL LOSSES.—For purposes of 

24 the loss calculation under subparagraph (A), 

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1 tions for guaranteed payments to partners in 

2 partnerships or owners in S-corporations shall 

3 not count toward the loss calculation. 

4 (D) LIMITATION ON PPE EXPENSES.—An 

5 eligible recipient may only receive forgiveness 

6 for personal protective equipment expenses de7 scribed in subsection (g)(2)(F) of not more 

8 than $5,000. 

9 (6) NO LIMITS BASED ON PERCENTAGE OF

10 FUNDS USED FOR CERTAIN EXPENSES.—The Ad11 ministrator or the Secretary shall not place limita12 tions on forgiveness under this subsection based on 

13 the percentage of covered loan proceeds that are 

14 used for specific expenses described in subsection 

15 (g)(2). 

16 (7) HOLD HARMLESS.—If a lender approved to 

17 make covered loans has received the required docu18 mentation under this section from an applicant at19 testing that the applicant has accurately verified the 

20 eligibility, gross receipts, and expenses of the appli21 cant during the covered period— 

22 (A) an enforcement action may not be 

23 taken against the lender under section 47(e) of 

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1 lating to loan forgiveness for those expenses; 

2 and 

3 (B) the lender shall not be subject to any 

4 penalties by the Administrator relating to loan 

5 forgiveness for the expenses. 

6 (8) TREATMENT OF FORGIVEN AMOUNTS.— 

7 (A) IN GENERAL.—Section 108(a)(1) of 

8 the Internal Revenue Code of 1986 is amended 

9 by striking ‘‘or’’ at the end of subparagraph 

10 (D), by striking the period at the end of sub11 paragraph (E)(ii) and inserting ‘‘, or’’, and by 

12 adding at the end the following new subpara13 graph: 

14 ‘‘(F) the indebtedness discharged is a cov15 ered loan (as defined in section 2(a) of the RE16 START Act) discharged under section 2(j) of 

17 such Act.’’. 

18 (B) REDUCTION OF TAX ATTRIBUTES.— 

19 Section 108(b)(1) of such Code is amended by 

20 striking ‘‘or (C)’’ and inserting ‘‘, (C), or (F) 

21 (after application of subsection (j)(i))’’. 

22 (C) LIMITATION.—Section 108 of such 

23 Code is amended by adding at the end the fol24 lowing new subsection: 


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1 ‘‘(j) SPECIAL RULES FOR DISCHARGES OF COVERED

2 LOANS.— 

3 ‘‘(1) INCLUSION OF EXCESS AMOUNTS.— 

4 ‘‘(A) IN GENERAL.—In the case of any 

5 taxpayer to which subsection (a)(1)(F) applies, 

6 the gross income of such taxpayer for any tax7 able year in the applicable period shall be in8 creased by the product of— 

9 ‘‘(i) 20 percent, and 

10 ‘‘(ii) so much of the amount excluded 

11 under subsection (a)(1)(F) as exceeds 

12 $250,000. 

13 ‘‘(B) APPLICABLE PERIOD.—For purposes 

14 of subparagraph (A), the term ‘applicable pe15 riod’ means the 5 taxable-year period beginning 

16 with the taxable year in which the discharge oc17 curs. 

18 ‘‘(2) APPLICATION TO TAX ATTRIBUTES.—For 

19 purposes of applying subsection (b), the amount 

20 taken into account as excluded from income under 

21 subsection (a)(1)(F) shall not exceed $250,000.’’. 

22 (D) EFFECTIVE DATE.—The amendments 

23 made by this paragraph shall apply to dis24 charges of indebtedness after the date of the 

25 enactment of this Act. 


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1 (9) COORDINATION WITH EMPLOYEE RETEN2 TION TAX CREDIT.—Section 2301(g) of the CARES 

3 Act (Public Law 116–136) is amended to read as 

4 follows: 

5 ‘‘(g) ELECTION TO NOT TAKE CERTAIN WAGES

6 INTO ACCOUNT.— 

7 ‘‘(1) IN GENERAL.—This section shall not apply 

8 to qualified wages paid by an eligible employer with 

9 respect to which such employer makes an election 

10 (at such time and in such manner as the Secretary 

11 may prescribe) to have this section not apply to such 

12 wages. 

13 ‘‘(2) COORDINATION WITH RESTART LOANS.— 

14 The Secretary, in consultation with the Adminis15 trator of the Small Business Administration, shall 

16 issue guidance providing that payroll costs paid or 

17 incurred during the covered period shall not fail to 

18 be treated as qualified wages under this section by 

19 reason of an election under paragraph (1) to the ex20 tent that a covered loan of the eligible employer is 

21 not forgiven by reason of a decision under section 

22 2(j) of the RESTART Act. Terms used in the pre23 ceding sentence which are also used in section 3 of 

24 such Act shall have the same meaning as when used 

25 in such section.’’. 


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1 (k) SPECIAL RULES FOR SEASONAL AND NEW BUSI2 NESSES.— 

3 (1) IN GENERAL.—The Administrator and the 

4 Secretary shall develop special rules and procedures 

5 for eligibility, calculation of full-time employees, loan 

6 terms, and loan forgiveness for— 

7 (A) covered loans made to eligible recipi8 ents that are seasonal that do not have suffi9 cient revenue to fully benefit from assistance 

10 provided under this section; and 

11 (B) covered loans made to eligible recipi12 ents formed after January 1, 2019, that do not 

13 have sufficient revenue to fully benefit from as14 sistance provided under this section. 

15 (2) LOAN AMOUNT.—The Administrator and 

16 the Secretary shall develop terms with respect to the 

17 loan amount of a covered loan for the eligible recipi18 ents described in paragraph (1) to provide consistent 

19 support to those eligible recipients relative to an ex20 isting or a non-seasonal eligible recipient. 

21 (3) PROHIBITION.—An eligible recipient formed 

22 after January 1, 2019, shall not be eligible for loan 

23 forgiveness under this section. 

24 (l) TRANSPARENCY.— 


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1 (1) REPORTING.—The Administrator shall col2 lect and publish information in searchable and 

3 downloadable format on eligible recipients of covered 

4 loans, including— 

5 (A) the name of each eligible recipient with 

6 not fewer than 50 full-time employees that re7 ceived a covered loan, which shall be published 

8 on a monthly basis; 

9 (B) aggregate demographic information of 

10 applicants that applied and applicants that were 

11 approved for a covered loan, which shall be pub12 lished on a weekly basis; 

13 (C) the number of loan applications re14 ceived and total loan amount requested, the 

15 number of loan applications awaiting disposition 

16 and the total loan amount awaiting disposition, 

17 the number of loan applications rejected and 

18 the total loan amount rejected, and the number 

19 of loan applications approved and the total loan 

20 amount approved by each lender, which shall be 

21 published on a weekly basis; 

22 (D) aggregate total loan volume approved 

23 broken down by the applicable North American 

24 Industry Classification System code and by 


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1 State, which shall be published on a weekly 

2 basis; 

3 (E) details on the total number of employ4 ees, loan size, applicable North American In5 dustry Classification System code, and head6 quarters location of each eligible recipient of a 

7 covered loan, which shall be published on a 

8 monthly basis; and 

9 (F) the name of and loan amount forgiven 

10 for each eligible recipient of a covered loan with 

11 not fewer than 50 full-time employees, with ag12 gregate loan amount forgiveness data provided 

13 for all eligible recipients of covered loans, which 

14 shall be published in a final report not later 

15 than December 31, 2022. 

16 (2) MULTIPLE APPLICATIONS.—To the extent 

17 possible, the Administrator should endeavor to de18 duplicate multiple applications for a covered loan 

19 submitted by the same applicant to different lenders 

20 for purposes of public reporting. 

21 (3) INFORMATION FROM BORROWERS.—The 

22 Administrator shall require lenders of covered loans 

23 to collect information from eligible recipients and 

24 submit the information to the Administrator for the 


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1 purpose of meeting the reporting requirements in 

2 paragraph (1). 

3 (m) SEPARATION OF FUNDS AND BANKRUPTCY

4 TREATMENT.— 

5 (1) SEPARATION OF FUNDS.—An eligible recipi6 ent of a covered loan shall— 

7 (A) separately account for, and not com8 mingle with other funds, the proceeds of the 

9 covered loan; and 

10 (B) account in detail for the use of the 

11 proceeds. 

12 (2) BANKRUPTCY TREATMENT.— 

13 (A) IN GENERAL.—If an eligible recipient 

14 of a covered loan is a debtor in a case under 

15 chapter 7 or 13 of title 11, United States Code, 

16 and the covered loan is still outstanding on the 

17 date of the commencement of the case— 

18 (i) any interest of the eligible recipient 

19 in the proceeds of the covered loan shall 

20 not be included in the property of the es21 tate; and 

22 (ii) the amount of the proceeds of the 

23 covered loan that were not expended on al24 lowable expenses described in subsection 


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1 (g)(2) or forgiven under subjection (j) shall 

2 be transferred to the Federal Government. 

3 (B) UNRECOVERED AMOUNTS ON COVERED

4 LOANS.—Nothing in subparagraph (A) shall 

5 preclude the Federal Government from pur6 suing a claim in a case under chapter 7 or 13 

7 of title 11, United States Code, with respect to 

8 the difference, if any, between the amount due 

9 to the Federal Government on a covered loan 

10 and the amount that was transferred under 

11 subparagraph (A)(ii). 

12 (n) AUTHORIZATION OF APPROPRIATIONS.—There is 

13 authorized to be appropriated to the Administration— 

14 (1) such sums as may be necessary to carry out 

15 this section, to remain available until December 31, 

16 2020; and 

17 (2) $150,000,000, to remain available until ex18 pended, for administrative purposes to update tech19 nologies to allow for digital case management, elec20 tronic submissions, and increased telecommuni21 cations related to the program under this section. 

Æ 


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