237 
(C) need time off to care for the needs of 
family members. 
(2) MINIMUM
WAGE.—The corporation shall 
pay each employee (full-time and part-time) of the 
corporation a wage of not less than $15 an hour, be-
ginning not later than January 1, 2021. 
(3) LIMITATION
ON
CEO
AND
EXECUTIVE 
PAY.—The corporation may not have a CEO to me-
dian worker pay ratio of greater than 50 to 1 and 
no officer or employee of the corporation may re-
ceived higher compensation than the chief executive 
officer (or any equivalent position). 
(d) REQUIREMENTS ON ALL CORPORATIONS RECEIV-
ING FEDERAL AID RELATED TO COVID–19 UNTIL THE 
END OF THE EMERGENCY.—Any corporation that receives 
Federal aid related to COVID–19 shall, until the COVID– 
19 emergency ends, comply with the following: 
(1) WORKFORCE LEVELS AND BENEFITS.—The 
corporation shall maintain at least the same work-
force levels and benefits that existed before the 
COVID–19 emergency. 
(2) MAINTENANCE OF WORKER PAY.—The cor-
poration shall maintain worker (employee or con-
tractor, full-time and part-time) pay throughout the 
entire duration of the COVID–19 emergency at or 
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PAMTMANN on DSKBC07HB2PROD with BILLS
238 
above the pay level the worker was earning before 
the emergency. 
(3) MAINTENANCE OF COLLECTIVE BARGAINING 
AGREEMENTS.—The corporation may not alter any 
collective bargaining agreement that was in place at 
the beginning of the COVID–19 emergency. 
(e) ENFORCEMENT; RULEMAKING.—The Securities 
and Exchange Commission and the Secretary of the 
Treasury shall have the authority to enforce this section 
and may issue such rules as may be necessary to carry 
out this section. 
(f) DEFINITIONS.—In this section: 
(1) ACCELERATED FILER.—The Securities and 
Exchange Commission shall define the term ‘‘accel-
erated filer’’ for purposes of this section. 
(2) CEO TO MEDIAN WORKER PAY RATIO.— 
With respect to an accelerated filer, the term ‘‘CEO 
to median worker pay ratio’’ means the ratio of— 
(A) the annual total compensation of the 
chief executive officer (or any equivalent posi-
tion) of the corporation; and 
(B) the median of the annual total com-
pensation of all employees of the corporation, 
except the chief executive officer (or any equiva-
lent position) of the corporation. 
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PAMTMANN on DSKBC07HB2PROD with BILLS
239 
(3) 
COVID–19 
EMERGENCY.—The 
term 
‘‘COVID–19 emergency’’ means the period that be-
gins upon the date of the enactment of this Act and 
ends upon the termination by the Federal Emer-
gency Management Agency of the emergency de-
clared on March 13, 2020, by the President under 
the Robert T. Stafford Disaster Relief and Emer-
gency Act (42 U.S.C. 4121 et seq.) relating to the 
Coronavirus Disease 2019 (COVID-19). 
(4) FEDERAL
AID.—The term ‘‘Federal aid’’ 
means any emergency lending provided under section 
13(3) of the Federal Reserve Act or any Federal fi-
nancial support in the form of a grant, loan, or loan 
guarantee. 
(5) S CORPORATION.—The term ‘‘S corpora-
tion’’ has the meaning given that term under section 
1361(a) of the Internal Revenue Code of 1986. 
(6) SECURITIES TERMS.—The terms ‘‘national 
securities exchange’’ and ‘‘security’’ have the mean-
ing given those terms, respectively, under section 3 
of the Securities Exchange Act of 1934. 
SEC. 408. AUTHORITY FOR WARRANTS AND DEBT INSTRU-
MENTS. 
(a) DEFINITIONS.—In this section: 
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PAMTMANN on DSKBC07HB2PROD with BILLS
240 
(1) ASSET.—The term ‘‘asset’’ means any fi-
nancial instrument that the Secretary, after con-
sultation with the Chairman of the Board of Gov-
ernors of the Federal Reserve System, determines 
the purchase of which or the guarantee of which is 
necessary to promote economic stability. 
(2) COMPANY.—The term ‘‘company’’ means 
any entity that is not subject to the prohibitions in 
subsection (e). 
(3) SECRETARY.—The term ‘‘Secretary’’ means 
the Secretary of the Treasury. 
(b) WARRANT OR SENIOR DEBT INSTRUMENT.—The 
Secretary may not purchase, or make any commitment to 
purchase, or guarantee, or make any commitment to guar-
antee, any asset in response to the coronavirus disease 
(COVID–19) outbreak, unless the Secretary receives from 
the company from which such assets are to be purchased 
or are to be guaranteed— 
(1) in the case of a company, the securities of 
which are traded on a national securities exchange, 
a warrant giving the right to the Secretary to receive 
preferred voting stock; or 
(2) in the case of any company other than one 
described in paragraph (1), a warrant for preferred 
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PAMTMANN on DSKBC07HB2PROD with BILLS
241 
voting stock, or a senior debt instrument from such 
company. 
(c) TERMS AND CONDITIONS.—The terms and condi-
tions of any warrant or senior debt instrument required 
under subsection (b) shall meet the following require-
ments: 
(1) PURPOSES.—Such terms and conditions 
shall, at a minimum, be designed— 
(A) to provide for reasonable participation 
by the Secretary, for the benefit of taxpayers, 
in equity appreciation in the case of a warrant 
or other equity security, or a reasonable interest 
rate premium, in the case of a debt instrument; 
and 
(B) to provide additional protection for the 
taxpayer against losses from sale of assets by 
the Secretary and any associated administrative 
expenses. 
(2) TERMS OF PREFERRED VOTING STOCK.— 
Any preferred voting stock received from a company 
should include the following terms: 
(A) VOTING RIGHTS.—The Secretary shall 
have the right to vote on matters brought be-
fore the stockholders generally. The Secretary 
shall control a percentage of votes equal to the 
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