1696 
(C) the total cost of the undertaking for 
which the assistance is given or used; 
(D) the amount and nature of the portion 
of the cost of the undertaking described in sub-
paragraph (C) that is supplied by a source other 
than the Administration; and 
(E) any other records that will facilitate an 
effective audit of the assistance. 
(2) ACCESS
BY
GOVERNMENT
OFFICIALS.—The 
Administrator and the Comptroller General of the 
United States shall have access, for the purpose of 
audit, investigation, and examination, to any book, 
document, paper, record, or other material of a re-
cipient of assistance. 
(g) REVIEW AND REPORT BY COMPTROLLER GEN-
ERAL.—Not later than 4 years after the date of enactment 
of this Act, the Comptroller General of the United States 
shall— 
(1) conduct a thorough review of the programs 
carried out under this section; and 
(2) submit to Congress a detailed report of the 
findings of the Comptroller General under the review 
carried out under paragraph (1), which shall in-
clude—
1697 
(A) an evaluation of the effectiveness of the 
programs in achieving the purposes of this sec-
tion; 
(B) a description of any failure by any re-
cipient of assistance under this section to comply 
with the requirements under this section; and 
(C) recommendations for any legislative or 
administrative action that should be taken to 
improve the achievement of the purposes of this 
section. 
(h) ANNUAL REPORTS; RECOMMENDATIONS.— 
(1) ANNUAL REPORT.—Not later than 90 days 
after the last day of each fiscal year, the Adminis-
trator shall submit to Congress, and publish on the 
website of the Administration, a report of each activ-
ity of the Administration carried out under this sec-
tion during the fiscal year preceding the date on 
which the report is submitted. 
(2) 
RECOMMENDATIONS.—The 
Administrator 
shall periodically submit to Congress and the Presi-
dent recommendations for legislation or other actions 
that the Administrator determines to be necessary or 
appropriate to promote the purposes of this section. 
(i) EXECUTIVE ORDER 11625.—The powers and duties 
of the Administration shall be determined—
1698 
(1) in accordance with this section and the re-
quirements of this section; and 
(2) without regard to Executive Order 11625 (36 
Fed. Reg. 19967; relating to prescribing additional 
arrangements for developing and coordinating a na-
tional program for minority business enterprise). 
(j) AMENDMENT
TO
THE
FEDERAL
ACQUISITION 
STREAMLINING ACT OF 1994.—Section 7104(c) of the Fed-
eral Acquisition Streamlining Act of 1994 (15 U.S.C. 
644a(c)) is amended by striking paragraph (2) and insert-
ing the following: 
‘‘(2) The Administrator of the Minority Business 
Development Administration.’’. 
SEC. 609. EMERGENCY GRANTS TO MINORITY BUSINESS EN-
TERPRISES. 
(a) GRANTS DURING THE COVID–19 PANDEMIC.— 
The Minority Business Development Agency shall provide 
grants to address the needs of minority business enterprises 
impacted by the COVID–19 pandemic. 
(b) RECIPIENTS.—The Agency may make grants 
through non-profit organizations or directly to minority 
business enterprises. 
(c) PRIORITY AREAS.—In providing grants pursuant 
to subsection (a), the Agency shall prioritize providing as-
sistance to—
1699 
(1) minority business enterprises that have been 
unable to obtain loans from the Small Business Ad-
ministration’s Paycheck Protection Program and 
other programs established under the CARES Act; 
(2) minority business enterprises located in low- 
income areas or areas that have been significantly 
impacted by the COVID–19 pandemic; and 
(3) minority business enterprises that do not 
have access to capital and whose business is substan-
tially impaired because of the impact of stay-at-home 
orders implemented by State and local governments 
due to the COVID–19 pandemic. 
(d) TERMS AND CONDITIONS.— 
(1) IN GENERAL.—The Secretary of Commerce, 
acting through the Minority Business Development 
Agency, shall set such terms and conditions for the 
grants made under this section as the Secretary deter-
mines appropriate. 
(2) NOTIFICATION.—No later than 15 days prior 
to making any grants under this section, the Sec-
retary, acting through the Agency, shall provide the 
terms and conditions for grants made under this sec-
tion to the Committee on Financial Services of the 
House of Representatives and the Committee on 
Banking, Housing, and Urban Affairs of the Senate.
1700 
(e) GAO OVERSIGHT.—Not later than six months after 
the date of enactment of this Act, the Comptroller General 
of the United States shall provide a report on the effective-
ness of the grants made under this section, including the 
manner in which the Agency implemented the priorities de-
scribed in subsection (c). 
(f) DEFINITIONS.—In this section: 
(1) MINORITY.—The term ‘‘minority’’ has the 
meaning given the term in section 308(b) of the Fi-
nancial Institutions Reform, Recovery, and Enforce-
ment Act of 1989 and includes any indigenous person 
in the United States or the territories of the United 
States. 
(2) 
MINORITY
BUSINESS
ENTERPRISE.—The 
term ‘‘minority business enterprise’’ means a for-prof-
it business enterprise— 
(A) that is not less than 51 percent-owned 
by 1 or more minority individuals; and 
(B) the management and daily business op-
erations of which are controlled by 1 or more mi-
nority individuals. 
(g) AUTHORIZATION OF APPROPRIATIONS.—There are 
authorized to be appropriated $3,000,000,000 to carry out 
this section. Such funds are authorized to be appropriated 
to remain available until expended.
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TITLE VII—PROMOTING AND AD-
VANCING COMMUNITIES OF 
COLOR THROUGH INCLUSIVE 
LENDING 
SEC. 701. SHORT TITLE. 
This title may be cited as the ‘‘Promoting and Advanc-
ing Communities of Color through Inclusive Lending Act’’. 
SEC. 702. FINDINGS; SENSE OF CONGRESS. 
(a) FINDINGS.—The Congress finds the following: 
(1) The Coronavirus 2019 (COVID–19) pan-
demic and the resulting recession have led to more 
than 4.8 million cases and at least 157,000 deaths in 
the United States as of August 6, 2020; a 7.6 percent 
increase in the unemployment rate from February to 
June, or approximately 12 million more persons who 
have lost their job; and an estimated 36 percent of 
renters and 4.1 million homeowners who are strug-
gling to pay their rent and mortgages. 
(2) According to the Centers for Disease Control, 
‘‘long-standing systemic health and social inequities 
have put some members of racial and ethnic minority 
groups at increased risk of getting COVID–19 or ex-
periencing severe illness’’. 
(3) Minority-owned businesses are also facing 
more difficult economic circumstances than others as