625 
but was in business during the third and 
fourth quarter of 2019, had gross receipts 
during the first or second quarter of 2020 
that are less than 50 percent of the amount 
of the gross receipts of the concern during 
the third or fourth quarter of 2019; 
‘‘(iii) if the concern was not in busi-
ness during the first, second, or third quar-
ter of 2019, but was in business during the 
fourth quarter of 2019, had gross receipts 
during the first or second quarter of 2020 
that are less than 50 percent of the amount 
of the gross receipts of the concern during 
the fourth quarter of 2019; or 
‘‘(iv) if the concern was not in business 
during 2019, but was in operation on Feb-
ruary 15, 2020, had gross receipts during 
the second quarter of 2020 that are less than 
50 percent of the amount of the gross re-
ceipts of the concern during the first quarter 
of 2020. 
‘‘(4) EARLY-STAGE SMALL BUSINESS.—The term 
‘early-stage small business’ means a small business 
concern that—
626 
‘‘(A) is domestically domiciled within the 
United States; 
‘‘(B) during the 3-year period preceding the 
date of application, has not generated gross an-
nual sales revenues exceeding $15,000,000; 
‘‘(C) produces a majority of its goods or 
provides a majority of its services in the United 
States; and 
‘‘(D) does not move production or employ-
ment outside the United States. 
‘‘(5) 
ECONOMICALLY
DISADVANTAGED
INDI-
VIDUAL; SOCIALLY DISADVANTAGED INDIVIDUAL.—The 
terms ‘economically disadvantaged individual’ and 
‘socially disadvantaged individual’ have the meanings 
given, respectively, in section 8(a) of the Small Busi-
ness Act. 
‘‘(6) GROWTH-STAGE
SMALL
BUSINESS.—The 
term ‘growth-stage small business’ means a small 
business concern that— 
‘‘(A) is domestically domiciled within the 
United States; 
‘‘(B) during the 3-year period preceding the 
date of application, has not generated gross an-
nual sales revenues exceeding $30,000,000;
627 
‘‘(C) produces a majority of its good or pro-
vides a majority of its services in the United 
States; and 
‘‘(D) does not move production or employ-
ment outside the United States. 
‘‘(7) MANAGEMENT.—The term ‘management’ 
means a general partner of an applicant or member 
of the investment committee of an applicant. 
‘‘(8) 
MICRO-SBIC.—The 
term 
‘micro-SBIC’ 
means an applicant licensed under section 399A. 
‘‘(9) PROGRAM
PARTICIPANT.—The term ‘Pro-
gram participant’ means a micro-SBIC that received 
a seed investment under the Seed Investment Program 
established by section 399C. 
‘‘(10) SCALE-UP
SMALL
BUSINESS.—The term 
‘scale-up small business’ means a small business con-
cern that— 
‘‘(A) is domestically domiciled within the 
United States; 
‘‘(B) during the 3-year period preceding the 
date of application, has not generated earnings 
before interest, tax, depreciation, and amortiza-
tion in excess of $3,000,000;
628 
‘‘(C) produces a majority of its goods or 
provides a majority of its services in the United 
States; and 
‘‘(D) does not move production or employ-
ment outside the United States. 
‘‘(11) SMALL
BUSINESS
CONCERN.—The term 
‘small business concern’ has the meaning given under 
section 3(a) of the Small Business Act (15 U.S.C. 
632(a)). 
‘‘(12) TRACK RECORD INVESTMENT COMMITTEE 
MEMBER.—The term ‘track record investment com-
mittee member’ means a current or former small busi-
ness investment company licensed under section 301, 
a private small- and lower-middle-market venture 
capital firm, or a private equity fund manager with 
the knowledge, experience, and capability necessary to 
serve as management for an applicant. 
‘‘(13) UNITED
STATES.—The term ‘United 
States’ means each of the several States, the District 
of Columbia, each territory or possession of the 
United States, and each federally recognized Indian 
Tribe. 
‘‘SEC. 399H. FUNDING. 
‘‘(a) AUTHORIZATION OF APPROPRIATIONS.—There is 
authorized to be appropriated to the revolving fund estab-
629 
lished under subsection (b) $1,000,000,000 for the first full 
fiscal year beginning after the date of the enactment of this 
part to carry out the requirements of this part. 
‘‘(b) REVOLVING FUND.—There is created within the 
Administration a separate revolving fund for the Seed In-
vestment Program established under section 399C, which 
shall be available to the Administrator subject to annual 
appropriations. All amounts received by the Administrator, 
including any money, property, or assets derived by the Ad-
ministrator from operations in connection with the Seed 
Investment Program, including repayments of seed invest-
ments, shall be deposited in the revolving fund. All expenses 
and payments, excluding administrative expenses, pursuant 
to the operations of the Administrator under the Seed In-
vestment Program shall be paid from the revolving fund.’’. 
TITLE VI—MISCELLANEOUS 
SEC. 601. REPEAL OF UNEMPLOYMENT GRANTS. 
Section 1110(e)(6) of the CARES Act (15 U.S.C. 9009) 
is repealed. 
SEC. 602. SUBSIDY FOR CERTAIN LOAN PAYMENTS. 
(a) IN GENERAL.—Section 1112 of the CARES Act (15 
U.S.C. 9011) is amended— 
(1) in subsection (c)— 
(A) in paragraph (1)—
630 
(i) in the matter preceding subpara-
graph (A), by inserting ‘‘, without regard to 
the date on which the covered loan is fully 
disbursed and subject to availability of 
funds’’ after ‘‘status’’; and 
(ii) by amending subparagraphs (A), 
(B), and (C) to read as follows: 
‘‘(A) with respect to a covered loan ap-
proved by the Administration before the date of 
enactment of this Act and not on deferment— 
‘‘(i) except as provided in clauses (ii) 
and (iii), for the 6-month period beginning 
with the next payment due on the covered 
loan after the covered loan is fully dis-
bursed; 
‘‘(ii) for the 11-month period begin-
ning with the next payment due on the cov-
ered loan after the covered loan is fully dis-
bursed, with respect to a covered loan 
that— 
‘‘(I) is described in subsection 
(a)(1)(B) or is a loan guaranteed by 
the Administration under section 7(a) 
of the Small Business Act (15 U.S.C. 
636(a)) other than a loan described in
631 
clause 
(i) 
or 
(ii) 
of 
subsection 
(a)(1)(A); and 
‘‘(II) is made to a borrower oper-
ating primarily in an industry that is 
assigned a North American Industry 
Classification System code beginning 
with 21, 31, 32, 33, 44, 45, 48, 49, 51, 
53, 54, 56, 62, or 81; and 
‘‘(iii) for the 18-month period begin-
ning with the next payment due on the cov-
ered loan after the covered loan is fully dis-
bursed, with respect to— 
‘‘(I) a covered loan described in 
paragraph (1)(A)(i) or paragraph (2) 
of subsection (a); or 
‘‘(II) any covered loan made to a 
borrower operating primarily in an 
industry that is assigned a North 
American Industry Classification Sys-
tem code of 485510 or that begins with 
61, 71, or 72; 
‘‘(B) with respect to a covered loan ap-
proved by the Administration before the date of 
enactment of this Act and on deferment—
632 
‘‘(i) except as provided in clauses (ii) 
and (iii), for the 6-month period beginning 
with the next payment due on the covered 
loan after the deferment period and after 
the covered loan is fully disbursed; 
‘‘(ii) for the 11-month period begin-
ning with the next payment due on the cov-
ered loan after the deferment period and 
after the covered loan is fully disbursed, 
with respect to a covered loan described in 
subclause (I) or (II) of subparagraph 
(A)(ii); and 
‘‘(iii) for the 18-month period begin-
ning with the next payment due on the cov-
ered loan after the deferment period and 
after the covered loan is fully disbursed, 
with respect to a covered loan described in 
subclause (I) or (II) of subparagraph 
(A)(iii); and 
‘‘(C) with respect to a covered loan made 
during the period beginning on the date of enact-
ment of this Act and ending on the date that is 
30 months after such date of enactment— 
‘‘(i) except as provided in clause (ii), 
for the 6-month period beginning with the
633 
first payment due after the loan is fully dis-
bursed; and 
‘‘(ii) for a covered loan described in 
paragraph (1)(A)(i) or (2) of subsection (a) 
that is approved by the Administrator, for 
the 18-month period beginning with the 
first payment due after the loan is fully dis-
bursed.’’; and 
(B) by adding at the end the following: 
‘‘(4) 
ADDITIONAL
PROVISIONS
FOR
NEW 
LOANS.—With respect to a loan described in para-
graph (1)(C)— 
‘‘(A) the Administrator may further extend 
the 30-month period described in paragraph 
(1)(C) if there are sufficient funds to continue 
those payments; and 
‘‘(B) during the underwriting process, a 
lender of such a loan may consider the payments 
under this section as part of a comprehensive re-
view to determine the ability to repay. 
‘‘(5) ELIGIBILITY.—Eligibility for a covered loan 
to receive such payments of principal, interest, and 
any associated fees under this subsection shall be 
based on the date on which the covered loan is ap-
proved by the Administration.
634 
‘‘(6) AUTHORITY TO REVISE EXTENSIONS.— 
‘‘(A) IN GENERAL.—As part of preparing 
the reports under subsection (i)(5) that are re-
quired to be submitted not later than January 
15, 2021, and not later than June 15, 2021, the 
Administrator shall conduct an evaluation of 
whether amounts made available to make pay-
ments under this subsection are sufficient to 
make the payments for the period described in 
paragraph (1). 
‘‘(B) PLAN.—If the Administrator deter-
mines under subparagraph (A) that the amounts 
made available to make payments under this 
subsection are insufficient, the Administrator 
shall— 
‘‘(i) develop a plan to proportionally 
reduce the number of months provided for 
each period described in paragraph (1), 
which shall include the goal of using all 
available amounts made available to make 
payments under this subsection; and 
‘‘(ii) before taking action under the 
plan developed under clause (i), include in 
the applicable report under subsection (i)(5)
635 
the plan and the data that informs the 
plan. 
‘‘(7) RULE OF CONSTRUCTION.—Nothing in this 
subsection shall preclude a borrower from receiving 
full payments of principal, interest, and any associ-
ated fees as authorized by subsection, regardless of the 
application of a plan implemented under paragraph 
(6)(B).’’; 
(2) by redesignating subsection (f) as subsection 
(j); and 
(3) by inserting after subsection (e) the following: 
‘‘(f) ELIGIBILITY FOR NEW LOANS.— 
‘‘(1) IN GENERAL.—With respect to a covered 
loan made on or after the date of enactment of the 
PPP and EIDL Enhancement Act of 2020, the cov-
ered loan shall have a maturity of not less than 48 
months in order to be eligible for payments made 
under this section. 
‘‘(2) LENDING PROGRAMS.—The minimum ma-
turity requirements of paragraph (1) shall not pro-
hibit the Administrators from establishing a min-
imum maturity of longer than 48 months for a loan 
described under subsection (a), taking into consider-
ation the normal underwriting requirements for each 
such program.
636 
‘‘(g) LIMITATION ON ASSISTANCE.—A borrower may 
not receive assistance under subsection (c) for more than 
1 covered loan of the borrower described in paragraph 
(1)(C) of that subsection. 
‘‘(h) REPORTING AND OUTREACH.— 
‘‘(1) UPDATE TO WEBSITE.—Not later than 7 
days after the date of enactment of the PPP and 
EIDL Enhancement Act of 2020, the Administrator 
shall update the website of the Administration to de-
scribe the requirements relating to payments made 
under this section. 
‘‘(2) PUBLICATION OF LIST.—Not later than 14 
days after the date of enactment of the PPP and 
EIDL Enhancement Act of 2020, the Administrator 
shall transmit to each lender of a covered loan a list 
of each borrower of a covered loan that includes the 
North American Industry Classification System code 
assigned to the borrower, to assist the lenders in iden-
tifying which borrowers qualify for an extension of 
payments under subsection (c). 
‘‘(3) EDUCATION AND OUTREACH.— 
‘‘(A) IN
GENERAL.—The Administrator 
shall provide education and outreach to lenders, 
borrowers, district offices, and resource partners 
of the Administration in order to ensure full and
637 
proper compliance with this section, encourage 
broad participation with respect to covered loans 
that have not yet been approved by the Adminis-
trator, and help lenders transition borrowers 
from subsidy payments under this section di-
rectly to a deferral when suitable for the bor-
rower. 
‘‘(B) RESOURCE
PARTNERS
DEFINED.—In 
this paragraph, the term ‘resource partners ’ 
means small business development centers (as de-
fined in section 3 of the Small Business Act (15 
U.S.C. 632)), women’s business centers (described 
under section 29 of such Act (15 U.S.C. 656)), 
chapters of the Service Corps of Retired Execu-
tives (established under section 8(b)(1)(B) of such 
Act (15 U.S.C. 637(b)(1)(B))), and Veteran 
Business Outreach Centers (described under sec-
tion 32 of such Act (15 U.S.C. 657b)). 
‘‘(4) NOTIFICATION.—Not later than 30 days 
after the date of enactment of the PPP and EIDL En-
hancement Act of 2020, the Administrator shall mail 
a letter to each borrower of a covered loan that in-
cludes— 
‘‘(A) an overview of payments made under 
this section;
638 
‘‘(B) the rights of the borrower to receive 
such payments; 
‘‘(C) how to seek recourse with the Adminis-
trator or the lender of the covered loan if the bor-
rower has not received such payments; and 
‘‘(D) the rights of the borrower to request a 
loan deferral from a lender, and guidance on 
how to do successfully transition directly to a 
loan deferral once subsidy payments under this 
section are concluded. 
‘‘(5) MONTHLY REPORTING.—Not later than the 
15th of each month beginning after the date of enact-
ment of the PPP and EIDL Enhancement Act of 
2020, the Administrator shall submit to Congress a 
report on payments made under this section, which 
shall include— 
‘‘(A) monthly and cumulative data on pay-
ments made under this section as of the date of 
the report, including a breakdown by— 
‘‘(i) the number of participating bor-
rowers; 
‘‘(ii) the volume of payments made for 
each type of covered loan; and 
‘‘(iii) the volume of payments made for 
covered loans made before the date of enact-
639 
ment of this Act and loans made after such 
date of enactment; 
‘‘(B) the names of any lenders of covered 
loans that have not submitted information on the 
covered loans to the Administrator during the 
preceding month; and 
‘‘(C) an update on the education and out-
reach activities of the Administration carried out 
under paragraph (3). 
‘‘(i) REGULATIONS.—Not later than 30 days after the 
date of enactment of the PPP and EIDL Enhancement Act 
of 2020, the Administrator shall issue rules to guard 
against abuse or excessive and unintended use by lenders 
or borrowers of the payments provided under this section.’’. 
(b) EFFECTIVE DATE.—The amendments made by this 
section shall apply as if included in the enactment of section 
1112 of the CARES Act (15 U.S.C. 9011). 
SEC. 603. MODIFICATIONS TO 7(a) LOAN PROGRAMS. 
(a) 7(a) LOAN GUARANTEES.— 
(1) IN
GENERAL.—Section 7(a)(2)(A) of the 
Small Business Act (15 U.S.C. 636(a)(2)(A)) is 
amended by striking ‘‘), such participation by the Ad-
ministration shall be equal to’’ and all that follows 
through the period at the end and inserting ‘‘or the 
Community Advantage Pilot Program of the Admin-
640 
istration), such participation by the Administration 
shall be equal to 90 percent of the balance of the fi-
nancing outstanding at the time of disbursement of 
the loan.’’. 
(2) PROSPECTIVE REPEAL.—Effective October 1, 
2021, section 7(a)(2)(A) of the Small Business Act 
(15 U.S.C. 636(a)(2)(A)), as amended by paragraph 
(1), is amended to read as follows: 
‘‘(A) IN GENERAL.—Except as provided in 
subparagraphs (B), (D), (E), and (F), in an 
agreement to participate in a loan on a deferred 
basis under this subsection (including a loan 
made under the Preferred Lenders Program), 
such participation by the Administration shall 
be equal to— 
‘‘(i) 75 percent of the balance of the fi-
nancing outstanding at the time of dis-
bursement of the loan, if such balance ex-
ceeds $150,000; or 
‘‘(ii) 85 percent of the balance of the fi-
nancing outstanding at the time of dis-
bursement of the loan, if such balance is less 
than or equal to $150,000.’’. 
(b) EXPRESS LOANS.—
641 
(1) LOAN AMOUNT.—Section 1102(c)(2) of the 
CARES Act (Public Law 116–36; 15 U.S.C. 636 
note) is amended to read as follows: 
‘‘(2) 
PROSPECTIVE
REPEAL.—Section 
7(a)(31)(D) of the Small Business Act (15 U.S.C. 
‘‘(A) by striking ‘$1,000,000’ and inserting 
‘$500,000’, effective during the period beginning 
on January 1, 2021, and ending on September 
30, 2021; and 
‘‘(B) (B) by striking ‘$500,000’ and insert-
ing ‘$350,000’, effective October 1, 2021.’’. 
(2) GUARANTEE RATES.— 
(A) TEMPORARY
MODIFICATION.—Section 
7(a)(31)(A)(iv) of the Small Business Act (15 
U.S.C. 636(a)(31)(A)(iv)) is amended by striking 
‘‘with a guaranty rate of not more than 50 per-
cent.’’ and inserting the following: ‘‘with a guar-
antee rate— 
‘‘(I) for a loan in an amount less 
than or equal to $350,000, of not more 
than 75 percent; and 
‘‘(II) for a loan in an amount 
greater than $350,000, of not more 
than 50 percent.’’.
642 
(B) PROSPECTIVE REPEAL.—Effective Octo-
ber 1, 2021, section 7(a)(31)(A)(iv) of the Small 
Business Act (15 U.S.C. 636(a)(31)), as amended 
by subparagraph (A), is amended by striking 
‘‘guarantee rate’’ and all that follows through the 
period at the end and inserting ‘‘guarantee rate 
of not more than 50 percent.’’. 
SEC. 604. FLEXIBILITY IN DEFERRAL OF PAYMENTS OF 7(A) 
LOANS. 
Section 7(a)(7) of the Small Business Act (15 U.S.C. 
636(a)(7)) is amended— 
(1) by striking ‘‘The Administration’’ and in-
serting ‘‘(A) IN GENERAL.—The Administrator’’; 
(2) by inserting ‘‘and interest’’ after ‘‘principal’’; 
and 
(3) by adding at the end the following new sub-
paragraphs: 
‘‘(B) DEFERRAL REQUIREMENTS.—With respect 
to a deferral provided under this paragraph, the Ad-
ministrator may allow lenders under this sub-
section— 
‘‘(i) to provide full payment deferment relief 
(including payment of principal and interest) 
for a period of not more than 1 year; and
643 
‘‘(ii) to provide an additional deferment pe-
riod if the borrower provides documentation jus-
tifying such additional deferment. 
‘‘(C) SECONDARY MARKET.—If an investor de-
clines to approve a deferral or additional deferment 
requested by a lender under subparagraph (B), the 
Administrator shall exercise the authority to purchase 
the loan so that the borrower may receive full pay-
ment deferment relief (including payment of prin-
cipal and interest) or an additional deferment as de-
scribed under subparagraph (B).’’. 
SEC. 605. RECOVERY ASSISTANCE UNDER THE MICROLOAN 
PROGRAM. 
(a) LOANS TO INTERMEDIARIES.— 
(1) IN
GENERAL.—Section 7(m) of the Small 
Business Act (15 U.S.C. 636(m)) is amended— 
(A) in paragraph (3)(C)— 
(i) by striking ‘‘and $6,000,000’’ and 
inserting ‘‘$10,000,000 (in the aggregate)’’; 
and 
(ii) by inserting before the period at 
the end the following: ‘‘, and $4,500,000 in 
any of those remaining years’’; 
(B) in paragraph (4)—
644 
(i) in subparagraph (A), by striking 
‘‘subparagraph (C)’’ each place that term 
appears and inserting ‘‘subparagraphs (C) 
and (G)’’; 
(ii) in subparagraph (C), by amending 
clause (i) to read as follows: 
‘‘(i) IN
GENERAL.—In addition to 
grants made under subparagraph (A) or 
(G), each intermediary shall be eligible to 
receive a grant equal to 5 percent of the 
total outstanding balance of loans made to 
the intermediary under this subsection if— 
‘‘(I) the intermediary provides not 
less than 25 percent of its loans to 
small business concerns located in or 
owned by one or more residents of an 
economically distressed area; or 
‘‘(II) the intermediary has a port-
folio of loans made under this sub-
section— 
‘‘(aa) that averages not more 
than $10,000 during the period of 
the intermediary’s participation 
in the program; or
645 
‘‘(bb) of which not less than 
25 percent is serving rural areas 
during 
the 
period 
of 
the 
intermediary’s participation in 
the program.’’; and 
(iii) by adding at the end the following 
new subparagraph: 
‘‘(G) GRANT AMOUNTS BASED ON APPRO-
PRIATIONS.—In any fiscal year in which the 
amount appropriated to make grants under sub-
paragraph (A) is sufficient to provide to each 
intermediary that receives a loan under para-
graph (1)(B)(i) a grant of not less than 25 per-
cent of the total outstanding balance of loans 
made to the intermediary under this subsection, 
the Administration shall make a grant under 
subparagraph (A) to each intermediary of not 
less than 25 percent and not more than 30 per-
cent of that total outstanding balance for the 
intermediary.’’; 
(C) by striking paragraph (7) and inserting 
the following: 
‘‘(7) PROGRAM
FUNDING
FOR
MICROLOANS.— 
Under the program authorized by this subsection, the
646 
Administration may fund, on a competitive basis, not 
more than 300 intermediaries.’’; and 
(D) in paragraph (11)— 
(i) in subparagraph (C)(ii), by strik-
ing all after the semicolon and inserting 
‘‘and’’; and 
(ii) by striking all after subparagraph 
(C), and inserting the following: 
‘‘(D) the term ‘economically distressed area’, 
as used in paragraph (4), means a county or 
equivalent division of local government of a 
State in which the small business concern is lo-
cated, in which, according to the most recent 
data available from the Bureau of the Census, 
Department of Commerce, not less than 40 per-
cent of residents have an annual income that is 
at or below the poverty level.’’. 
(2) PROSPECTIVE
AMENDMENT.—Effective on 
October 1, 2021, section 7(m)(3)(C) of the Small 
Business Act (15 U.S.C. 636(m)(3)(C)), as amended 
by paragraph (1)(A), is further amended— 
(A) by striking ‘‘$10,000,000’’ and by in-
serting ‘‘$7,000,000’’; and 
(B) by striking ‘‘$4,500,000’’ and inserting 
‘‘$3,000,000’’.
647 
(b) TEMPORARY WAIVER OF TECHNICAL ASSISTANCE 
GRANTS MATCHING REQUIREMENTS AND FLEXIBILITY ON 
PRE- AND POST-LOAN ASSISTANCE.—During the period be-
ginning on the date of enactment of this section and ending 
on September 30, 2021, the Administration shall waive— 
(1) the requirement to contribute non-Federal 
funds under section 7(m)(4)(B) of the Small Business 
Act (15 U.S.C. 636(m)(4)(B)); and 
(2) the limitation on amounts allowed to be ex-
pended to provide information and technical assist-
ance under clause (i) of section 7(m)(4)(E) of the 
Small Business Act (15 U.S.C. 636(m)(4)(E)) and 
enter into third-party contracts to provide technical 
assistance 
under 
clause 
(ii) 
of 
such 
section 
7(m)(4)(E). 
(c) TEMPORARY
DURATION
OF
LOANS
TO
BOR-
ROWERS.— 
(1) IN GENERAL.—During the period beginning 
on the date of enactment of this section and ending 
on September 30, 2021, the duration of a loan made 
by an eligible intermediary under section 7(m) of the 
Small Business Act (15 U.S.C. 636(m))— 
(A) to an existing borrower may be ex-
tended to not more than 8 years; and
648 
(B) to a new borrower may be not more 
than 8 years. 
(2) REVERSION.—On and after October 1, 2021, 
the duration of a loan made by an eligible inter-
mediary to a borrower under section 7(m) of the 
Small Business Act (15 U.S.C. 636(m)) shall be 7 
years or such other amount established by the Admin-
istrator. 
(d) FUNDING.—Section 20 of the Small Business Act 
(15 U.S.C. 631 note) is amended by adding at the end the 
following new subsection: 
‘‘(h) MICROLOAN PROGRAM.—For each of fiscal years 
2021 through 2025, the Administration is authorized to 
make— 
‘‘(1) $80,000,000 in technical assistance grants, 
as provided in section 7(m); and 
‘‘(2) $110,000,000 in direct loans, as provided in 
section 7(m).’’. 
(e) AUTHORIZATION OF APPROPRIATIONS.—In addi-
tion to amounts provided under the Consolidated Appro-
priations Act, 2020 (Public Law 116–93) for the program 
established under section 7(m) of the Small Business Act 
(15 U.S.C. 636(m)), there is authorized to be appropriated 
for fiscal year 2020, to remain available until expended—
649 
(1) $50,000,000 to provide technical assistance 
grants under such section 7(m); and 
(2) $7,000,000 to provide direct loans under such 
section 7(m). 
SEC. 606. MAXIMUM LOAN AMOUNT FOR 504 LOANS. 
(a) PERMANENT INCREASE FOR SMALL MANUFACTUR-
ERS.—Section 502(2)(A)(iii) of the Small Business Invest-
ment Act of 1958 (15 U.S.C. 696(2)(A)(iii)) is amended 
by striking ‘‘$5,500,000’’ and inserting ‘‘$6,500,000’’. 
(b) LOW-INTEREST REFINANCING UNDER THE LOCAL 
DEVELOPMENT BUSINESS LOAN PROGRAM.— 
(1) REPEAL.—Section 521(a) of title V of divi-
sion E of the Consolidated Appropriations Act, 2016 
(Public Law 114–113; 129 Stat. 2463; 15 U.S.C. 696 
note) is repealed. 
(2) REFINANCING.—Section 502(7) of the Small 
Business Investment Act of 1958 (15 U.S.C. 696(7)) 
is amended by adding at the end the following new 
subparagraph: 
‘‘(C) REFINANCING NOT INVOLVING EXPAN-
SIONS.— 
‘‘(i) DEFINITIONS.—In this subpara-
graph— 
‘‘(I) the term ‘borrower’ means a 
small business concern that submits an
650 
application to a development company 
for financing under this subparagraph; 
‘‘(II) the term ‘eligible fixed asset’ 
means tangible property relating to 
which the Administrator may provide 
financing under this section; and 
‘‘(III) the term ‘qualified debt’ 
means indebtedness that— 
‘‘(aa) was incurred not less 
than 6 months before the date of 
the 
application 
for 
assistance 
under this subparagraph; 
‘‘(bb) is a commercial loan; 
‘‘(cc) the proceeds of which 
were used to acquire an eligible 
fixed asset; 
‘‘(dd) was incurred for the 
benefit of the small business con-
cern; and 
‘‘(ee) is collateralized by eli-
gible fixed assets; and 
‘‘(ii) AUTHORITY.—A project that does 
not involve the expansion of a small busi-
ness concern may include the refinancing of 
qualified debt if—
651 
‘‘(I) the amount of the financing 
is not more than 90 percent of the 
value of the collateral for the financing, 
except that, if the appraised value of 
the eligible fixed assets serving as col-
lateral for the financing is less than 
the amount equal to 125 percent of the 
amount of the financing, the borrower 
may provide additional cash or other 
collateral to eliminate any deficiency; 
‘‘(II) the borrower has been in op-
eration for all of the 2-year period end-
ing on the date the loan application is 
submitted; and 
‘‘(III) for a financing for which 
the Administrator determines there 
will be an additional cost attributable 
to the refinancing of the qualified debt, 
the borrower agrees to pay a fee in an 
amount equal to the anticipated addi-
tional cost. 
‘‘(iii) FINANCING
FOR
BUSINESS
EX-
PENSES.— 
‘‘(I) FINANCING
FOR
BUSINESS 
EXPENSES.—The Administrator may
652 
provide financing to a borrower that 
receives financing that includes a refi-
nancing of qualified debt under clause 
(ii), in addition to the refinancing 
under clause (ii), to be used solely for 
the payment of business expenses. 
‘‘(II) APPLICATION
FOR
FINANC-
ING.—An application for financing 
under subclause (I) shall include— 
‘‘(aa) a specific description 
of the expenses for which the addi-
tional financing is requested; and 
‘‘(bb) an itemization of the 
amount of each expense. 
‘‘(III) CONDITION ON ADDITIONAL 
FINANCING.—A borrower may not use 
any part of the financing under this 
clause for non-business purposes. 
‘‘(iv) LOANS BASED ON JOBS.— 
‘‘(I) JOB CREATION AND RETEN-
TION GOALS.— 
‘‘(aa) IN GENERAL.—The Ad-
ministrator may provide financ-
ing under this subparagraph for a 
borrower that meets the job cre-
653 
ation goals under subsection (d) 
or (e) of section 501. 
‘‘(bb) ALTERNATE
JOB
RE-
TENTION
GOAL.—The Adminis-
trator may provide financing 
under this subparagraph to a bor-
rower that does not meet the goals 
described in item (aa) in an 
amount that is not more than the 
product obtained by multiplying 
the number of employees of the 
borrower by $75,000. 
‘‘(II) NUMBER OF EMPLOYEES.— 
For purposes of subclause (I), the num-
ber of employees of a borrower is equal 
to the sum of— 
‘‘(aa) the number of full- 
time employees of the borrower on 
the date on which the borrower 
applies for a loan under this sub-
paragraph; and 
‘‘(bb) the product obtained by 
multiplying— 
‘‘(AA) the number of 
part-time employees of the
654 
borrower on the date on 
which the borrower applies 
for a loan under this sub-
paragraph, by 
‘‘(BB) the quotient ob-
tained by dividing the aver-
age number of hours each 
part time employee of the 
borrower works each week by 
40. 
‘‘(vi) TOTAL AMOUNT OF LOANS.—The 
Administrator may provide not more than 
a total of $7,500,000,000 of financing under 
this subparagraph for each fiscal year.’’. 
(c) REFINANCING SENIOR PROJECT DEBT.—During 
the 1-year period beginning on the date of the enactment 
of this Act, a development company described under title 
V of the Small Business Investment Act of 1958 (15 U.S.C. 
695 et seq.) is authorized to allow the refinancing of a sen-
ior loan on an existing project in an amount that, when 
combined with the outstanding balance on the development 
company loan, is not more than 90 percent of the total 
value of the senior loan. Proceeds of such refinancing can 
be used to support business operating expenses of such devel-
opment company.
655 
SEC. 607. TEMPORARY FEE REDUCTIONS. 
(a) ADMINISTRATIVE FEE WAIVER.— 
(1) IN GENERAL.—During the period beginning 
on the date of enactment of this Act and ending on 
September 30, 2021, and to the extent that the cost 
of such elimination or reduction of fees is offset by 
appropriations, with respect to each loan guaranteed 
under section 7(a) of the Small Business Act (15 
U.S.C. 636(a)) (including a recipient of assistance 
under the Community Advantage Pilot Program of 
the Administration) for which an application is ap-
proved or pending approval on or after the date of en-
actment of this Act, the Administrator shall— 
(A) in lieu of the fee otherwise applicable 
under section 7(a)(23)(A) of the Small Business 
Act (15 U.S.C. 636(a)(23)(A)), collect no fee or 
reduce fees to the maximum extent possible; and 
(B) in lieu of the fee otherwise applicable 
under section 7(a)(18)(A) of the Small Business 
Act (15 U.S.C. 636(a)(18)(A)), collect no fee or 
reduce fees to the maximum extent possible. 
(2) APPLICATION OF FEE ELIMINATIONS OR RE-
DUCTIONS.—To the extent that amounts are made 
available to the Administrator for the purpose of fee 
eliminations or reductions under paragraph (1), the 
Administrator shall—
656 
(A) first use any amounts provided to 
eliminate or reduce fees paid by small business 
borrowers under clauses (i) through (iii) of sec-
tion 7(a)(18)(A) of the Small Business Act (15 
U.S.C. 636(a)(18)(A)), to the maximum extent 
possible; and 
(B) then use any amounts provided to 
eliminate or reduce fees under 7(a)(23)(A) of the 
Small Business Act (15 U.S.C. 636(a)(23)(A)). 
(c) TEMPORARY FEE ELIMINATION FOR THE 504 LOAN 
PROGRAM.— 
(1) IN GENERAL.—During the period beginning 
on the date of enactment of this section and ending 
on September 30, 2021, and to the extent the cost of 
such elimination in fees is offset by appropriations, 
with respect to each project or loan guaranteed by the 
Administrator pursuant to title V of the Small Busi-
ness Investment Act of 1958 (15 U.S.C. 695 et seq.) 
for which an application is approved or pending ap-
proval on or after the date of enactment of this sec-
tion— 
(A) the Administrator shall, in lieu of the 
fee otherwise applicable under section 503(d)(2) 
of the Small Business Investment Act of 1958 
(15 U.S.C. 697(d)(2)), collect no fee; and
657 
(B) a development company shall, in lieu of 
the processing fee under section 120.971(a)(1) of 
title 13, Code of Federal Regulations (relating to 
fees paid by borrowers), or any successor thereto, 
collect no fee. 
(2) REIMBURSEMENT FOR WAIVED FEES.— 
(A) IN GENERAL.—To the extent that the 
cost of such payments is offset by appropria-
tions, the Administrator shall reimburse each de-
velopment company that does not collect a proc-
essing fee pursuant to paragraph (1)(B). 
(B) AMOUNT.—The payment to a develop-
ment company under subparagraph (A) shall be 
in an amount equal to 1.5 percent of the net de-
benture proceeds for which the development com-
pany does not collect a processing fee pursuant 
to paragraph (1)(B). 
SEC. 608. EXTENSION OF PARTICIPATION IN 8(A) PROGRAM. 
(a) IN GENERAL.—The Administrator shall ensure 
that a small business concern participating in the program 
established under section 8(a) of the Small Business Act on 
or before March 13, 2020, may elect to extend such partici-
pation by a period of 1 year, regardless of whether such 
concern previously elected to suspend participation in such 
program pursuant to guidance of the Administrator.
658 
(b) EMERGENCY RULEMAKING AUTHORITY.—Not later 
than 15 days after the date of enactment of this section, 
the Administrator shall issue regulations to carry out this 
section without regard to the notice requirements under sec-
tion 553(b) of title 5, United States Code. 
SEC. 609. REPORT ON MINORITY, WOMEN, AND RURAL 
LENDING. 
Not later than 90 days after the date of the enactment 
of this Act, the Administrator shall submit to the Committee 
on Small Business of the House of Representatives and the 
Committee on Small Business and Entrepreneurship of the 
Senate a report to determine and quantify the extent to 
which the programs established under subsections (a) and 
(m) of section 7 of the Small Business Act, titles III and 
V of the Small Business Investment Act of 1958, and the 
Community Advantage Pilot Program of the Small Busi-
ness Administration have assisted in the establishment, de-
velopment, and performance of small business concerns 
owned and controlled by socially and economically dis-
advantaged individuals (as defined in section 8(d)(3)(C) of 
the Small Business Act), small business concerns owned and 
controlled by women (as defined in section 3 of such Act), 
and rural small businesses, including recommendations to 
improve such access to capital programs.
659 
SEC. 610. COMPREHENSIVE PROGRAM GUIDANCE. 
Not later than 7 days after the date of the enactment 
of this Act, the Administrator shall— 
(1) establish a process for accepting applications 
for loan forgiveness under section 1106 of the CARES 
Act (15 U.S.C. 9005); 
(2) issue a comprehensive compilation of rules 
and guidance issued related to covered loans made 
under section 7(a)(36) of the Small Business Act (15 
U.S.C. 636(a)(36)); and 
(3) before accepting applications for supple-
mental covered loans under clause (ii) of section 
7(a)(36)(B) of the Small Business Act (15 U.S.C. 
636(a)(36)(B)), as added by section 202 of this divi-
sion, the Administrator shall issue comprehensive 
rules and guidance to ensure that borrowers and lend-
ers are aware of eligibility and terms of receiving a 
supplemental covered loan and the process for forgive-
ness of a supplemental covered loan. 
SEC. 611. REPORTS ON PAYCHECK PROTECTION PROGRAM. 
(a) REPORT TO CONGRESS.—Within 30 days after the 
date of the enactment of this Act, and every 30 days there-
after until the end of the covered period described under 
section 7(a)(36) of the Small Business Act (15 U.S.C. 
636(a)(36)), the Secretary of the Treasury and the Adminis-
trator shall submit to the Committee on Small Business of
660 
the House of Representatives and the Committee on Small 
Business and Entrepreneurship of the Senate a report, in 
a searchable digital format, that includes, with respect to 
each covered loan made under such section 7(a)(36)— 
(1) the business name, address, and ZIP Code of 
each recipient of the covered loan; 
(2) the North American Industry Classification 
System code and the type of entity of each such re-
cipient; 
(3) demographic data of each such recipient; 
(4) the number of jobs supported by the covered 
loan; 
(5) loan forgiveness data; and 
(6) the amount and origination date of the cov-
ered loan. 
(b) PUBLICLY AVAILABLE REPORT.— 
(1) LARGER COVERED LOANS.—Within 30 days 
after the date of the enactment of this Act, and every 
30 days thereafter until the end of the covered period 
described under section 7(a)(36) of the Small Busi-
ness Act (15 U.S.C. 636(a)(36)), for covered loans 
made under such section 7(a)(36) in an amount 
greater than or equal to $150,000, the Secretary of the 
Treasury and the Administrator shall make publicly 
available—
661 
(A) the information described under para-
graphs (1) through (4) of subsection (a); and 
(B) the loan size range, of those listed below, 
that the covered loan belongs— 
(i) greater than or equal to $150,000 
and less than $350,000; 
(ii) greater than or equal to $350,000 
and less than $1,000,000; 
(iii) 
greater 
than 
or 
equal 
to 
$1,000,000 and less than $2,000,000; 
(iv) 
greater 
than 
or 
equal 
to 
$2,000,000 and less than $5,000,000; and 
(v) greater than or equal to $5,000,000 
and less than $10,000,000. 
(2) SMALLER COVERED LOANS.—Within 30 days 
after the date of the enactment of this Act, and every 
30 days thereafter until the end of the covered period 
described under section 7(a)(36) of the Small Busi-
ness Act (15 U.S.C. 636(a)(36)), for covered loans 
made under such section 7(a)(36) in an amount less 
than $150,000, the Secretary of the Treasury and the 
Administrator shall make publicly available the total 
number of covered loans made and the amount of each 
covered loan, disaggregated by ZIP Code of each re-
cipient, industry of each recipient, business type of
662 
each recipient, and demographic categories of each re-
cipient. 
(3) PUBLICATION.—Information provided under 
paragraphs (1) and (2) shall be made publicly avail-
able in a searchable digital format on websites of the 
Department of the Treasury and the Small Business 
Administration. 
SEC. 612. PROHIBITING CONFLICTS OF INTEREST FOR 
SMALL BUSINESS PROGRAMS UNDER THE 
CARES ACT. 
Section 4019 of the CARES Act (15 U.S.C. 9054) is 
amended— 
(1) in subsection (a), by adding at the end the 
following: 
‘‘(7) SMALL BUSINESS ASSISTANCE.—The term 
‘small business assistance’ means assistance provided 
under— 
‘‘(A) section 7(a)(36) of the Small Business 
Act (15 U.S.C. 636(a)(36)); 
‘‘(B) subsection (b) or (c) of section 1103 of 
this Act; 
‘‘(C) section 1110 of this Act; or 
‘‘(D) section 1112 of this Act.’’; 
(2) in subsection (b)—
663 
(A) by inserting ‘‘or provisions relating to 
small business assistance’’ after ‘‘this subtitle’’; 
and 
(B) by inserting ‘‘or for any small business 
assistance’’ before the period at the end; and 
(3) in subsection (c)— 
(A) by inserting ‘‘or seeking any small busi-
ness assistance’’ after ‘‘section 4003’’; 
(B) by inserting ‘‘or small business assist-
ance’’ after ‘‘that transaction’’; 
(C) by inserting ‘‘or the Administrator of 
the Small Business Administration, as applica-
ble,’’ after ‘‘Federal Reserve System’’; and 
(D) by inserting ‘‘or to receive the small 
business assistance’’ after ‘‘in that transaction’’. 
SEC. 613. INCLUSION OF SCORE AND VETERAN BUSINESS 
OUTREACH CENTERS IN ENTREPRENEURIAL 
DEVELOPMENT PROGRAMS. 
(a) IN GENERAL.—Section 1103(a)(2) of the CARES 
Act (15 U.S.C. 9002(a)(2)) is amended— 
(1) in subparagraph (A), by striking ‘‘and’’ at 
the end; and 
(2) by adding at the end the following new sub-
paragraphs:
664 
‘‘(C) a Veteran Business Outreach Center 
(as described under section 32(d) of the Small 
Business Act); and 
‘‘(D) the Service Corps of Retired Execu-
tives Association, or any successor or other orga-
nization, that receives a grant from the Adminis-
trator to operate the SCORE program estab-
lished under section 8(b)(2)(A) of the Small 
Business Act;’’. 
(b) FUNDING.—Section 1107(a)(4) of the CARES Act 
(15 U.S.C. 9006(a)(4)) is amended— 
(1) in subparagraph (A)— 
(A) by striking ‘‘$240,000,000’’ and insert-
ing ‘‘$220,000,000’’; 
(B) by striking ‘‘and’’ at the end; and 
(2) by adding at the end the following new sub-
paragraphs: 
‘‘(C) $10,000,000 shall be for a Veteran 
Business Outreach Center described in section 
1103(a)(2)(C) of this Act to carry out activities 
under such section; and 
‘‘(D) $10,000,000 shall be for the Service 
Corps of Retired Executives Association described 
in section 1103(a)(2)(D) of this Act to carry out 
activities under such section;’’.
665 
SEC. 614. CLARIFICATION OF USE OF CARES ACT FUNDS 
FOR SMALL BUSINESS DEVELOPMENT CEN-
TERS. 
Section 1103(b)(3)(A) of the CARES Act (15 U.S.C. 
9002(b)(3)(A)) is amended by adding at the end the fol-
lowing new sentence: ‘‘Funds awarded under this para-
graph shall be in addition to any amounts appropriated 
for grants under section 21(a) of the Small Business Act, 
and may be used to complement and support those appro-
priated program grants to assist small business concerns, 
with prioritization of such concerns affected directly or in-
directly by COVID–19 as described in paragraph (2).’’. 
SEC. 615. FUNDING FOR THE OFFICE OF INSPECTOR GEN-
ERAL OF THE SMALL BUSINESS ADMINISTRA-
TION. 
Section 1107(a)(3) of the CARES Act (15 U.S.C. 
9006(a)(3)) is amended by striking ‘‘September 30, 2024’’ 
and inserting ‘‘expended’’. 
SEC. 616. EXTENSION OF WAIVER OF MATCHING FUNDS RE-
QUIREMENT UNDER THE WOMEN’S BUSINESS 
CENTER PROGRAM. 
Section 1105 of the CARES Act (15 U.S.C. 9004) is 
amended by striking ‘‘During the 3-month period beginning 
on the date of enactment of this Act,’’ and inserting ‘‘Until 
December 31, 2020,’’.
666 
SEC. 617. ACCESS TO SMALL BUSINESS ADMINISTRATION 
INFORMATION AND DATABASES. 
Section 19010 of Division B of the CARES Act (Public 
Law 116–136) is amended by— 
(1) redesignating subsection (e) as subsection (f); 
and 
(2) by inserting after subsection (d) the following 
new subsection: 
‘‘(e) 
SMALL
BUSINESS
ADMINISTRATION
DATA-
BASES.— 
‘‘(1) IN
GENERAL.—In conducting monitoring 
and oversight under this section, the Comptroller Gen-
eral, upon notice to the Administrator of the Small 
Business Administration, shall have direct access to 
all information collected or produced in connection 
with the administration of programs or provision of 
assistance carried out by the Administrator, includ-
ing direct access to any information technology sys-
tems maintained or utilized by the Administrator to 
collect, process, or analyze documents or information 
submitted by borrowers, lenders, or others in connec-
tion with any such program or provision of assist-
ance. In this subsection, the term ‘direct access’ means 
secured access to the information technology systems 
maintained by the Administrator that would enable
667 
the Comptroller General to independently access, 
view, download, and retrieve data from such systems. 
‘‘(2) INFORMATION TECHNOLOGY SYSTEMS.—The 
Administrator of the Small Business Administration 
shall appropriately identify and classify any sensitive 
information contained in an information technology 
system accessed by the Comptroller General.’’. 
SEC. 618. SMALL BUSINESS LOCAL RELIEF PROGRAM. 
(a) ESTABLISHMENT.—There is established in the De-
partment of the Treasury a Small Business Local Relief 
Program to allocate resources to States, units of general 
local government, and Indian Tribes to provide assistance 
to eligible entities and organizations that assist eligible en-
tities. 
(b) FUNDING.— 
(1) FUNDING TO STATES, LOCALITIES, AND IN-
DIAN TRIBES.— 
(A) IN
GENERAL.—The Secretary of the 
Treasury shall allocate— 
(i) $10,250,000,000 to States and units 
of general local government in accordance 
with subparagraph (B)(i); 
(ii) $4,250,000,000 to States in accord-
ance with subparagraph (B)(ii); and
668 
(iii) $500,000,000 to the Secretary of 
Housing and Urban Development for allo-
cations to Indian Tribes in accordance with 
subparagraph (B)(iii). 
(B) ALLOCATIONS.— 
(i) FORMULA FOR STATES AND UNITS 
OF GENERAL LOCAL GOVERNMENT.—Of the 
amount 
described 
under 
subparagraph 
(A)(i)— 
(I) 70 percent shall be allocated to 
entitlement communities in accordance 
with the formula under section 106(b) 
of the Housing and Community Devel-
opment Act of 1974 (42 U.S.C. 
5306(b)); and 
(II) 30 percent shall be allocated 
to States, for use in nonentitlement 
areas, in accordance with the formula 
under section 106(d)(1) of such Act (42 
U.S.C. 5306(d)(1)). 
(ii) RURAL
BONUS
FORMULA
FOR 
STATES.—The Secretary shall allocate the 
amount 
described 
under 
subparagraph 
(A)(ii) to States, for use in nonentitlement 
areas, in accordance with the formula under
669 
section 106(d)(1) of such Act (42 U.S.C. 
5306(d)(1)). 
(iii) COMPETITIVE AWARDS TO INDIAN 
TRIBES.— 
(I) IN GENERAL.—The Secretary 
of Housing and Urban Development 
shall allocate to Indian Tribes on a 
competitive basis the amount described 
under subparagraph (A)(iii). 
(II) REQUIREMENTS.—In making 
allocations under subclause (I), the 
Secretary of Housing and Urban De-
velopment shall, to the greatest extent 
practicable, ensure that each Indian 
Tribe that satisfies requirements estab-
lished by the Secretary of Housing and 
Urban Development receives such an 
allocation. 
(C) STATE ALLOCATIONS FOR NONENTITLE-
MENT AREAS.— 
(i) EQUITABLE
ALLOCATION.—To the 
greatest extent practicable, a State shall al-
locate amounts for nonentitlement areas 
under clauses (i)(II) and (ii) of subpara-
graph (B) on an equitable basis.
670 
(ii) DISTRIBUTION OF AMOUNTS.— 
(I) DISCRETION.—Not later than 
14 days after the date on which a 
State receives amounts for use in a 
nonentitlement 
area 
under 
clause 
(i)(II) or (ii) of subparagraph (B), the 
State shall— 
(aa) distribute the amounts, 
or a portion thereof, to a unit of 
general local government located 
in the nonentitlement area or an 
entity designated thereby, that has 
established or will establish a 
small business emergency fund, 
for use under paragraph (2); or 
(bb) elect to reserve the 
amounts, or a portion thereof, for 
use by the State under paragraph 
(2) for the benefit of eligible enti-
ties located in the nonentitlement 
area. 
(II) SENSE OF CONGRESS.—It is 
the sense of Congress that, in distrib-
uting amounts under subclause (I), in 
the case of amounts allocated for a
671 
nonentitlement area in which a unit of 
general local government or an entity 
designated thereby has established a 
small business emergency fund, a State 
should, as quickly as is practicable, 
distribute amounts to that unit of gen-
eral local government or entity, respec-
tively, as described in item (aa) of such 
subclause. 
(iii) TREATMENT OF STATES NOT ACT-
ING
AS
PASS-THROUGH
AGENTS
UNDER 
CDBG.—The 
Secretary 
shall 
allocate 
amounts to a State under this paragraph 
without regard to whether the State has 
elected to distribute amounts allocated 
under section 106(d)(1) of the Housing and 
Community Development Act of 1974 (42 
U.S.C. 5306(d)(1)). 
(2) USE OF FUNDS.— 
(A) IN GENERAL.—A State, unit of general 
local government, or Indian Tribe that receives 
an allocation under paragraph (1), or an entity 
designated by a unit of general local government 
under paragraph (1)(C)(ii)(I)(aa), whether di-
rectly or indirectly, may use such allocation, not
672 
later than 60 days after receipt of such alloca-
tion— 
(i) to provide funding to a small busi-
ness emergency fund established by that 
State (or entity designated thereby), that 
unit of general local government (or entity 
designated thereby), that entity designated 
by a unit of general local government, or 
that Indian Tribe (or entity designated 
thereby), respectively; 
(ii) to provide funding to support or-
ganizations that provide technical assist-
ance to eligible entities; or 
(iii) subject to subparagraph (B), to 
pay for administrative costs incurred by 
that State (or entity designated thereby), 
that unit of general local government (or 
entity designated thereby), that entity des-
ignated by a unit of general local govern-
ment, or that Indian Tribe (or entity des-
ignated thereby), respectively, in estab-
lishing and administering a small business 
emergency fund. 
(B) LIMITATION.—A State, unit of general 
local government, or Indian Tribe, or an entity
673 
designated by a unit of general local government 
under paragraph (1)(C)(ii)(I)(aa), may not use 
more than 3 percent of an allocation received 
under paragraph (1) for a purpose described in 
subparagraph (A)(iii) of this paragraph. 
(C) OBLIGATION DEADLINES.— 
(i) STATES.—Of the amounts that a 
State 
elects 
under 
paragraph 
(1)(C)(ii)(I)(bb) to reserve for use by the 
State under this paragraph— 
(I) any amounts that the State 
provides to a small business emergency 
fund under subparagraph (A)(i) of this 
paragraph shall be obligated by the 
small business emergency fund for ex-
penditure not later than 74 days after 
the date on which the State received 
the amounts from the Secretary under 
clause (i) or (ii) of paragraph (1)(A); 
and 
(II) any amounts that the State 
chooses to provide to an organization 
under subparagraph (A)(ii) of this 
paragraph, or to use to pay for admin-
istrative costs under subparagraph
674 
(A)(iii) of this paragraph, shall be ob-
ligated by the State for expenditure not 
later than 74 days after the date on 
which the State received the amounts 
from the Secretary under clause (i) or 
(ii) of paragraph (1)(A). 
(ii) ENTITLEMENT COMMUNITIES.—Of 
the amounts that an entitlement community 
receives from the Secretary under para-
graph (1)(B)(i)(I)— 
(I) any amounts that the entitle-
ment community provides to a small 
business emergency fund under sub-
paragraph (A)(i) of this paragraph 
shall be obligated by the small business 
emergency fund for expenditure not 
later than 74 days after the date on 
which the entitlement community re-
ceived the amounts; and 
(II) any amounts that the entitle-
ment community chooses to provide to 
an organization under subparagraph 
(A)(ii) of this paragraph, or to use to 
pay for administrative costs under sub-
paragraph (A)(iii) of this paragraph,
675 
shall be obligated by the entitlement 
community for expenditure not later 
than 74 days after the date on which 
the entitlement community received the 
amounts. 
(iii) 
NONENTITLEMENT
COMMU-
NITIES.—Of the amounts that a unit of gen-
eral local government, or an entity des-
ignated thereby, located in a nonentitlement 
area receives from a State under paragraph 
(1)(C)(ii)(I)(aa)— 
(I) any amounts that the unit of 
general local government or entity pro-
vides to a small business emergency 
fund under subparagraph (A)(i) of this 
paragraph shall be obligated by the 
small business emergency fund for ex-
penditure not later than 60 days after 
the date on which the unit of general 
local government or entity received the 
amounts; and 
(II) any amounts that the unit of 
general local government or entity 
chooses to provide to a support organi-
zation under subparagraph (A)(ii) of
676 
this paragraph or to use to pay for ad-
ministrative costs under subparagraph 
(A)(iii) of this paragraph shall be obli-
gated by the unit of general local gov-
ernment or entity for expenditure not 
later than 60 days after the date on 
which the unit of general local govern-
ment or entity received the amounts. 
(D) RECOVERY OF UNOBLIGATED FUNDS.— 
If a State, entitlement community, other unit of 
general local government, entity designated by a 
unit of general local government under para-
graph (1)(C)(ii)(I)(aa), or small business emer-
gency fund fails to obligate amounts by the ap-
plicable deadline under subparagraph (C), the 
Secretary shall recover the amount of those 
amounts that remain unobligated, as of that 
deadline. 
(E) COLLABORATION.—It is the sense of 
Congress that— 
(i) an entitlement community that re-
ceives amounts allocated under paragraph 
(1)(B)(i)(I) should collaborate with the ap-
plicable local entity responsible for economic 
development and small business develop-
677 
ment in establishing and administering a 
small business emergency fund; and 
(ii) States, units of general local gov-
ernment, and Indian Tribes that receive 
amounts under paragraph (1) and are lo-
cated in the same region should collaborate 
in establishing and administering one or 
more small business emergency funds. 
(c) SMALL BUSINESS EMERGENCY FUNDS.—With re-
spect to a small business emergency fund that receives funds 
from an allocation made under subsection (b)— 
(1) if the small business emergency fund makes 
a loan to an eligible entity with those funds, the small 
business emergency fund may use amounts returned 
to the small business emergency fund from the repay-
ment of the loan to provide further assistance to eligi-
ble entities without regard to the termination date de-
scribed in subsection (g); and 
(2) the small business emergency fund shall con-
duct outreach to eligible entities that are less likely to 
participate in programs established under the 
CARES Act (Public Law 116–136; 134 Stat. 281) 
and the amendments made by that Act, including mi-
nority-owned entities, businesses in low-income com-
munities, businesses in rural and Tribal areas, and
678 
other businesses that are underserved by the tradi-
tional banking system. 
(d) INFORMATION GATHERING.— 
(1) IN GENERAL.—When providing assistance to 
an eligible entity with funds received from an alloca-
tion made under subsection (b), the State, unit of gen-
eral local government, or Indian Tribe, or the entity 
designated by a State, unit of general local govern-
ment, or Indian Tribe, that provides assistance 
through a small business emergency fund shall— 
(A) inquire whether the eligible entity is— 
(i) in the case of an eligible entity that 
is a business entity or a nonprofit organiza-
tion, a women-owned entity or a minority- 
owned entity; and 
(ii) in the case of an eligible entity 
who is an individual, a woman or a minor-
ity; and 
(B) maintain a record of the responses to 
each inquiry conducted under subparagraph (A), 
which the entity shall promptly submit to the 
applicable State, unit of general local govern-
ment, or Indian Tribe.
712 
COUNT.—For purposes of this section, any indi-
vidual’s status as a specified social security bene-
ficiary, a specified supplemental security income 
recipient, a specified railroad retirement bene-
ficiary, or a specified veterans beneficiary shall 
be unaffected by any determination or redeter-
mination of any entitlement to, or eligibility for, 
any benefit, payment, or compensation, if such 
determination or redetermination occurs after 
the last month that ends prior to the date of en-
actment of this section. 
‘‘(H) PAYMENT TO REPRESENTATIVE PAY-
EES AND FIDUCIARIES.— 
‘‘(i) IN GENERAL.—If the benefit, pay-
ment, or compensation referred to in sub-
paragraph (C)(i), (D)(i), (E), or (F)(i) 
with respect to any specified individual is 
paid to a representative payee or fiduciary, 
payment by the Secretary under paragraph 
(3) with respect to such specified individual 
shall be made to such individual’s rep-
resentative payee or fiduciary and the en-
tire payment shall be used only for the ben-
efit of the individual who is entitled to the 
payment.