I 
116TH CONGRESS 
2D SESSION 
H. R. 7023 
To require the Secretary of the Treasury to implement a program that 
provides financial assistance to sports facilities, museums, and community 
theaters, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
MAY 27, 2020 
Mrs. TRAHAN (for herself, Mr. MCKINLEY, Ms. MATSUI, Mr. ROSE of New 
York, Mr. FITZPATRICK, Ms. HAALAND, Mr. RYAN, Mr. TRONE, Mr. 
SIMPSON, Mr. COURTNEY, Ms. SLOTKIN, Mr. THOMPSON of Pennsyl-
vania, Mr. LOEBSACK, Mr. WELCH, Mr. MORELLE, Ms. ESCOBAR, Ms. 
FINKENAUER, Mr. HIGGINS of New York, Mr. WILSON of South Caro-
lina, Mr. KING of New York, Mr. CUNNINGHAM, Mr. CARTER of Texas, 
Mr. BRINDISI, and Ms. MCCOLLUM) introduced the following bill; which 
was referred to the Committee on Financial Services 
A BILL 
To require the Secretary of the Treasury to implement a 
program that provides financial assistance to sports fa-
cilities, museums, and community theaters, and for other 
purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
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SECTION 1. ASSISTANCE FOR SPORTS FACILITIES, MUSE-
UMS, AND COMMUNITY THEATERS. 
Section 4003 of the CARES Act (15 U.S.C. 9042) 
is amended by adding at the end the following: 
‘‘(i) ASSISTANCE FOR SPORTS FACILITIES, MUSE-
UMS, AND COMMUNITY THEATERS.— 
‘‘(1) IN
GENERAL.—The Secretary of the 
Treasury shall, using amounts made available under 
subsection (b)(4), implement a program that pro-
vides financing of not less than $1,000,000,000 for 
loans to community-owned or private businesses 
that— 
‘‘(A) had revenue in 2019 of not more 
than $35,000,000; and 
‘‘(B) have contractual obligations for mak-
ing lease, rent, or bond payments for publicly 
owned sports facilities, museums, and commu-
nity theaters. 
‘‘(2) LOAN TERMS.—Any such loan shall have 
the following terms and such other terms as the Sec-
retary shall determine: 
‘‘(A) A term of 15 years. 
‘‘(B) An annualized interest rate of not 
higher than the London Inter-bank Offered 
Rate plus 200 basis points. 
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principal amount of such loan shall be paid 
at the end of such year. 
‘‘(F) The recipient shall be permitted to 
prepay any such loan at any time without pre-
mium or penalty. 
‘‘(3) ELIGIBLE BORROWERS.—Any eligible bor-
rower applying for a loan under this program shall 
make a good-faith certification that: 
‘‘(A) The uncertainty of economic condi-
tions as of the date of the application makes 
necessary the loan request to support the ongo-
ing operations of the recipient. 
‘‘(B) The recipient reasonably believes that 
the positive economic impact generated by the 
use of the funds it receives will exceed the loan 
amount. 
‘‘(C) The recipient is an entity or business 
that is domiciled in the United States with sig-
nificant operations and employees located in the 
United States. 
‘‘(D) The recipient is not a debtor in a 
bankruptcy proceeding. 
‘‘(E) The recipient is created or organized 
in the United States or under the laws of the 
United States. 
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‘‘(F) The recipient will use the proceeds of 
such loan for purposes directly connected to 
contracted services, including performances and 
sporting events, at such facility. These eligible 
purposes shall be: 
‘‘(i) Rent, lease, or bond payments or 
other obligations (including property taxes) 
to the owner of the facility for use of the 
facility. 
‘‘(ii) Utilities at the facility. 
‘‘(iii) Employee compensation, includ-
ing benefits, for employees of the recipient 
whose employment is directly connected to 
services rendered at the facility; provided, 
no funds may be used for compensation of 
an officer or employee at a rate that would 
exceed $100,000 per annum. 
‘‘(iv) Working capital, trade payables, 
insurance premiums, and refunds relating 
to the facility. 
‘‘(v) Facility improvements agreed to 
by the recipient and, if applicable the enti-
ty with authority over the facility’s budget 
and operations. 
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‘‘(vi) Other purposes which improve 
the infrastructure and/or project develop-
ment surrounding the facility.’’. 
Æ 
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