H. R. 1319—171 
of such possession under such system is determined by ref-
erence to the income tax laws of the United States as if such 
possession were the United States. 
(4) TREATMENT OF PAYMENTS.—For purposes of section 1324 
of title 31, United States Code, the payments under this sub-
section shall be treated in the same manner as a refund due 
from a credit provision referred to in subsection (b)(2) of such 
section. 
(h) REGULATIONS.—The Secretary shall prescribe such regula-
tions or other guidance as may be necessary to carry out the 
purposes of this section, including— 
(1) regulations or other guidance to effectuate the purposes 
of this section, and 
(2) regulations or other guidance to minimize compliance 
and record-keeping burdens under this section. 
SEC. 9643. CREDIT FOR FAMILY LEAVE FOR CERTAIN SELF-EMPLOYED 
INDIVIDUALS. 
(a) IN GENERAL.—In the case of an eligible self-employed indi-
vidual, there shall be allowed as a credit against the tax imposed 
by chapter 1 of the Internal Revenue Code of 1986 for any taxable 
year an amount equal to 100 percent of the qualified family leave 
equivalent amount with respect to the individual. 
(b) ELIGIBLE SELF-EMPLOYED INDIVIDUAL.—For purposes of this 
section— 
(1) IN
GENERAL.—The term ‘‘eligible self-employed indi-
vidual’’ means an individual who— 
(A) regularly carries on any trade or business within 
the meaning of section 1402 of the Internal Revenue Code 
of 1986, and 
(B) would be entitled to receive paid leave during the 
taxable year pursuant to the Emergency Family and Med-
ical Leave Expansion Act if— 
(i) the individual were an employee of an employer 
(other than himself or herself), 
(ii) section 102(a)(1)(F) of the Family and Medical 
Leave Act of 1993 applied after March 31, 2021. 
(2) RULES
OF
APPLICATION.—For purposes of paragraph 
(1)(B), in determining whether an individual would be entitled 
to receive paid leave under the Emergency Family and Medical 
Leave Act— 
(A) section 110(a)(2)(A) of the Family and Medical 
Leave Act of 1993 shall be applied by inserting ‘‘or any 
reason for leave described in section 5102(a) of the Families 
First Coronavirus Response Act, or the employee is seeking 
or awaiting the results of a diagnostic test for, or a medical 
diagnosis of, COVID–19 and such employee has been 
exposed to COVID–19 or is unable to work pending the 
results of such test or diagnosis, or the employee is 
obtaining immunization related to COVID–19 or recovering 
from any injury, disability, illness, or condition related 
to such immunization’’ after ‘‘public health emergency’’, 
and 
(B) section 110(b) of such Act shall be applied— 
(i) without regard to paragraph (1) thereof, and 
(ii) by striking ‘‘after taking leave after such sec-
tion for 10 days’’ in paragraph (2)(A) thereof.
H. R. 1319—172 
(c) QUALIFIED FAMILY LEAVE EQUIVALENT AMOUNT.—For pur-
poses of this section— 
(1) IN GENERAL.—The term ‘‘qualified family leave equiva-
lent amount’’ means, with respect to any eligible self-employed 
individual, an amount equal to the product of— 
(A) the number of days (not to exceed 60) during the 
taxable year that the individual is unable to perform serv-
ices in any trade or business referred to in section 1402 
of the Internal Revenue Code of 1986 for a reason with 
respect to which such individual would be entitled to 
receive paid leave as described in subsection (b) of this 
section, multiplied by 
(B) the lesser of— 
(i) 67 percent of the average daily self-employment 
income of the individual for the taxable year, or 
(ii) $200. 
(2) AVERAGE DAILY SELF-EMPLOYMENT INCOME.—For pur-
poses of this subsection, the term ‘‘average daily self-employ-
ment income’’ means an amount equal to— 
(A) the net earnings from self-employment income of 
the individual for the taxable year, divided by 
(B) 260. 
(3) ELECTION TO USE PRIOR YEAR NET EARNINGS FROM SELF- 
EMPLOYMENT INCOME.—In the case of an individual who elects 
(at such time and in such manner as the Secretary may provide) 
the application of this paragraph, paragraph (2)(A) shall be 
applied by substituting ‘‘the prior taxable year’’ for ‘‘the taxable 
year’’. 
(4) COORDINATION WITH CREDIT FOR SICK LEAVE.—Any day 
taken into account in determining the qualified sick leave 
equivalent amount with respect to any eligible-self employed 
individual under section 9642 shall not be take into account 
in determining the qualified family leave equivalent amount 
with respect to such individual under this section. 
(d) CREDIT REFUNDABLE.— 
(1) IN GENERAL.—The credit determined under this section 
shall be treated as a credit allowed to the taxpayer under 
subpart C of part IV of subchapter A of chapter 1 of such 
Code. 
(2) TREATMENT OF PAYMENTS.—For purposes of section 1324 
of title 31, United States Code, any refund due from the credit 
determined under this section shall be treated in the same 
manner as a refund due from a credit provision referred to 
in subsection (b)(2) of such section. 
(e) SPECIAL RULES.— 
(1) DOCUMENTATION.—No credit shall be allowed under 
this section unless the individual maintains such documenta-
tion as the Secretary may prescribe to establish such individual 
as an eligible self-employed individual. 
(2) DENIAL OF DOUBLE BENEFIT.—In the case of an indi-
vidual who receives wages (as defined in section 3121(a) of 
the Internal Revenue Code of 1986) or compensation (as defined 
in section 3231(e) of such Code) paid by an employer which 
are required to be paid by reason of the Emergency Family 
and Medical Leave Expansion Act, the qualified family leave 
equivalent amount otherwise described in subsection (c) of this 
section shall be reduced (but not below zero) to the extent
H. R. 1319—173 
that the sum of the amount described in such subsection and 
in section 3132(b)(1) of such Code exceeds $12,000. 
(3) REFERENCES TO EMERGENCY FAMILY AND MEDICAL LEAVE 
EXPANSION ACT.—Any reference in this section to the Emer-
gency Family and Medical Leave Expansion Act shall be treated 
as including a reference to the amendments made by such 
Act. 
(f) APPLICATION OF SECTION.—Only days occurring during the 
period beginning on April 1, 2021 and ending on September 30, 
2021, may be taken into account under subsection (c)(1)(A). 
(g) APPLICATION OF CREDIT IN CERTAIN POSSESSIONS.— 
(1) PAYMENTS TO POSSESSIONS WITH MIRROR CODE TAX SYS-
TEMS.—The Secretary shall pay to each possession of the United 
States which has a mirror code tax system amounts equal 
to the loss (if any) to that possession by reason of the application 
of the provisions of this section. Such amounts shall be deter-
mined by the Secretary based on information provided by the 
government of the respective possession. 
(2) PAYMENTS TO OTHER POSSESSIONS.—The Secretary shall 
pay to each possession of the United States which does not 
have a mirror code tax system amounts estimated by the Sec-
retary as being equal to the aggregate benefits (if any) that 
would have been provided to residents of such possession by 
reason of the provisions of this section if a mirror code tax 
system had been in effect in such possession. The preceding 
sentence shall not apply unless the respective possession has 
a plan, which has been approved by the Secretary, under which 
such possession will promptly distribute such payments to its 
residents. 
(3) MIRROR CODE TAX SYSTEM.—For purposes of this section, 
the term ‘‘mirror code tax system’’ means, with respect to 
any possession of the United States, the income tax system 
of such possession if the income tax liability of the residents 
of such possession under such system is determined by ref-
erence to the income tax laws of the United States as if such 
possession were the United States. 
(4) TREATMENT OF PAYMENTS.—For purposes of section 1324 
of title 31, United States Code, the payments under this sub-
section shall be treated in the same manner as a refund due 
from a credit provision referred to in subsection (b)(2) of such 
section. 
(h) REGULATIONS.—The Secretary shall prescribe such regula-
tions or other guidance as may be necessary to carry out the 
purposes of this section, including— 
(1) regulations or other guidance to prevent the avoidance 
of the purposes of this section, and 
(2) regulations or other guidance to minimize compliance 
and record-keeping burdens under this section. 
PART 6—EMPLOYEE RETENTION CREDIT 
SEC. 9651. EXTENSION OF EMPLOYEE RETENTION CREDIT. 
(a) IN GENERAL.—Subchapter D of chapter 21 of subtitle C 
of the Internal Revenue Code of 1986, as added by section 9641, 
is amended by adding at the end the following:
H. R. 1319—174 
‘‘SEC. 3134. EMPLOYEE RETENTION CREDIT FOR EMPLOYERS SUBJECT 
TO CLOSURE DUE TO COVID–19. 
‘‘(a) IN GENERAL.—In the case of an eligible employer, there 
shall be allowed as a credit against applicable employment taxes 
for each calendar quarter an amount equal to 70 percent of the 
qualified wages with respect to each employee of such employer 
for such calendar quarter. 
‘‘(b) LIMITATIONS AND REFUNDABILITY.— 
‘‘(1) IN GENERAL.— 
‘‘(A) WAGES
TAKEN
INTO
ACCOUNT.—The amount of 
qualified wages with respect to any employee which may 
be taken into account under subsection (a) by the eligible 
employer for any calendar quarter shall not exceed $10,000. 
‘‘(B) RECOVERY STARTUP BUSINESSES.—In the case of 
an eligible employer which is a recovery startup business 
(as defined in subsection (c)(5)), the amount of the credit 
allowed under subsection (a) (after application of subpara-
graph (A)) for any calendar quarter shall not exceed 
$50,000. 
‘‘(2) CREDIT LIMITED TO EMPLOYMENT TAXES.—The credit 
allowed by subsection (a) with respect to any calendar quarter 
shall not exceed the applicable employment taxes (reduced by 
any credits allowed under sections 3131 and 3132) on the 
wages paid with respect to the employment of all the employees 
of the eligible employer for such calendar quarter. 
‘‘(3) REFUNDABILITY OF EXCESS CREDIT.—If the amount of 
the credit under subsection (a) exceeds the limitation of para-
graph (2) for any calendar quarter, such excess shall be treated 
as an overpayment that shall be refunded under sections 
6402(a) and 6413(b). 
‘‘(c) DEFINITIONS.—For purposes of this section— 
‘‘(1) APPLICABLE EMPLOYMENT TAXES.—The term ‘applicable 
employment taxes’ means the following: 
‘‘(A) The taxes imposed under section 3111(b). 
‘‘(B) So much of the taxes imposed under section 
3221(a) as are attributable to the rate in effect under 
section 3111(b). 
‘‘(2) ELIGIBLE EMPLOYER.— 
‘‘(A) IN GENERAL.—The term ‘eligible employer’ means 
any employer— 
‘‘(i) which was carrying on a trade or business 
during the calendar quarter for which the credit is 
determined under subsection (a), and 
‘‘(ii) with respect to any calendar quarter, for 
which— 
‘‘(I) the operation of the trade or business 
described in clause (i) is fully or partially sus-
pended during the calendar quarter due to orders 
from an appropriate governmental authority lim-
iting commerce, travel, or group meetings (for 
commercial, social, religious, or other purposes) 
due to the coronavirus disease 2019 (COVID–19), 
‘‘(II) the gross receipts (within the meaning 
of section 448(c)) of such employer for such cal-
endar quarter are less than 80 percent of the gross 
receipts of such employer for the same calendar 
quarter in calendar year 2019, or
H. R. 1319—175 
‘‘(III) the employer is a recovery startup busi-
ness (as defined in paragraph (5)). 
With respect to any employer for any calendar quarter, 
if such employer was not in existence as of the begin-
ning of the same calendar quarter in calendar year 
2019, clause (ii)(II) shall be applied by substituting 
‘2020’ for ‘2019’. 
‘‘(B) ELECTION TO USE ALTERNATIVE QUARTER.—At the 
election of the employer— 
‘‘(i) subparagraph (A)(ii)(II) shall be applied— 
‘‘(I) by substituting ‘for the immediately pre-
ceding calendar quarter’ for ‘for such calendar 
quarter’, and 
‘‘(II) by substituting ‘the corresponding cal-
endar quarter in calendar year 2019’ for ‘the same 
calendar quarter in calendar year 2019’, and 
‘‘(ii) the last sentence of subparagraph (A) shall 
be applied by substituting ‘the corresponding calendar 
quarter in calendar year 2019’ for ‘the same calendar 
quarter in calendar year 2019’. 
An election under this subparagraph shall be made at 
such time and in such manner as the Secretary shall pre-
scribe. 
‘‘(C) TAX-EXEMPT ORGANIZATIONS.—In the case of an 
organization which is described in section 501(c) and 
exempt from tax under section 501(a)— 
‘‘(i) clauses (i) and (ii)(I) of subparagraph (A) shall 
apply to all operations of such organization, and 
‘‘(ii) any reference in this section to gross receipts 
shall be treated as a reference to gross receipts within 
the meaning of section 6033. 
‘‘(3) QUALIFIED WAGES.— 
‘‘(A) IN GENERAL.—The term ‘qualified wages’ means— 
‘‘(i) in the case of an eligible employer for which 
the average number of full-time employees (within the 
meaning of section 4980H) employed by such eligible 
employer during 2019 was greater than 500, wages 
paid by such eligible employer with respect to which 
an employee is not providing services due to cir-
cumstances described in subclause (I) or (II) of para-
graph (2)(A)(ii), or 
‘‘(ii) in the case of an eligible employer for which 
the average number of full-time employees (within the 
meaning of section 4980H) employed by such eligible 
employer during 2019 was not greater than 500— 
‘‘(I) with respect to an eligible employer 
described in subclause (I) of paragraph (2)(A)(ii), 
wages paid by such eligible employer with respect 
to an employee during any period described in 
such clause, or 
‘‘(II) with respect to an eligible employer 
described in subclause (II) of such paragraph, 
wages paid by such eligible employer with respect 
to an employee during such quarter. 
‘‘(B) SPECIAL RULE FOR EMPLOYERS NOT IN EXISTENCE 
IN
2019.—In the case of any employer that was not in
H. R. 1319—176 
existence in 2019, subparagraph (A) shall be applied by 
substituting ‘2020’ for ‘2019’ each place it appears. 
‘‘(C) SEVERELY FINANCIALLY DISTRESSED EMPLOYERS.— 
‘‘(i) IN GENERAL.—Notwithstanding subparagraph 
(A)(i), in the case of a severely financially distressed 
employer, the term ‘qualified wages’ means wages paid 
by such employer with respect to an employee during 
any calendar quarter. 
‘‘(ii) DEFINITION.—The term ‘severely financially 
distressed employer’ means an eligible employer as 
defined in paragraph (2), determined by substituting 
‘less than 10 percent’ for ‘less than 80 percent’ in 
subparagraph (A)(ii)(II) thereof. 
‘‘(D) EXCEPTION.—The term ‘qualified wages’ shall not 
include any wages taken into account under sections 41, 
45A, 45P, 45S, 51, 1396, 3131, and 3132. 
‘‘(4) WAGES.— 
‘‘(A) IN GENERAL.—The term ‘wages’ means wages (as 
defined in section 3121(a)) and compensation (as defined 
in section 3231(e)). For purposes of the preceding sentence, 
in the case of any organization or entity described in sub-
section (f)(2), wages as defined in section 3121(a) shall 
be determined without regard to paragraphs (5), (6), (7), 
(10), and (13) of section 3121(b) (except with respect to 
services performed in a penal institution by an inmate 
thereof). 
‘‘(B) 
ALLOWANCE
FOR
CERTAIN
HEALTH
PLAN 
EXPENSES.— 
‘‘(i) IN GENERAL.—Such term shall include amounts 
paid by the eligible employer to provide and maintain 
a group health plan (as defined in section 5000(b)(1)), 
but only to the extent that such amounts are excluded 
from the gross income of employees by reason of section 
106(a). 
‘‘(ii) ALLOCATION RULES.—For purposes of this sec-
tion, amounts treated as wages under clause (i) shall 
be treated as paid with respect to any employee (and 
with respect to any period) to the extent that such 
amounts are properly allocable to such employee (and 
to such period) in such manner as the Secretary may 
prescribe. Except as otherwise provided by the Sec-
retary, such allocation shall be treated as properly 
made if made on the basis of being pro rata among 
periods of coverage. 
‘‘(5) RECOVERY
STARTUP
BUSINESS.—The term ‘recovery 
startup business’ means any employer— 
‘‘(A) which began carrying on any trade or business 
after February 15, 2020, 
‘‘(B) for which the average annual gross receipts of 
such employer (as determined under rules similar to the 
rules under section 448(c)(3)) for the 3-taxable-year period 
ending with the taxable year which precedes the calendar 
quarter for which the credit is determined under subsection 
(a) does not exceed $1,000,000, and 
‘‘(C) which, with respect to such calendar quarter, is 
not described in subclause (I) or (II) of paragraph (2)(A)(ii).
H. R. 1319—177 
‘‘(6) OTHER TERMS.—Any term used in this section which 
is also used in this chapter or chapter 22 shall have the same 
meaning as when used in such chapter. 
‘‘(d) AGGREGATION RULE.—All persons treated as a single 
employer under subsection (a) or (b) of section 52, or subsection 
(m) or (o) of section 414, shall be treated as one employer for 
purposes of this section. 
‘‘(e) CERTAIN RULES TO APPLY.—For purposes of this section, 
rules similar to the rules of sections 51(i)(1) and 280C(a) shall 
apply. 
‘‘(f) CERTAIN GOVERNMENTAL EMPLOYERS.— 
‘‘(1) IN GENERAL.—This credit shall not apply to the Govern-
ment of the United States, the government of any State or 
political subdivision thereof, or any agency or instrumentality 
of any of the foregoing. 
‘‘(2) EXCEPTION.—Paragraph (1) shall not apply to— 
‘‘(A) any organization described in section 501(c)(1) and 
exempt from tax under section 501(a), or 
‘‘(B) any entity described in paragraph (1) if— 
‘‘(i) such entity is a college or university, or 
‘‘(ii) the principal purpose or function of such entity 
is providing medical or hospital care. 
In the case of any entity described in subparagraph (B), 
such entity shall be treated as satisfying the requirements 
of subsection (c)(2)(A)(i). 
‘‘(g) ELECTION TO NOT TAKE CERTAIN WAGES INTO ACCOUNT.— 
This section shall not apply to so much of the qualified wages 
paid by an eligible employer as such employer elects (at such 
time and in such manner as the Secretary may prescribe) to not 
take into account for purposes of this section. 
‘‘(h) COORDINATION WITH CERTAIN PROGRAMS.— 
‘‘(1) IN GENERAL.—This section shall not apply to so much 
of the qualified wages paid by an eligible employer as are 
taken into account as payroll costs in connection with— 
‘‘(A) a covered loan under section 7(a)(37) or 7A of 
the Small Business Act, 
‘‘(B) a grant under section 324 of the Economic Aid 
to Hard-Hit Small Businesses, Non-Profits, and Venues 
Act, or 
‘‘(C) a restaurant revitalization grant under section 
5003 of the American Rescue Plan Act of 2021. 
‘‘(2) APPLICATION WHERE PPP LOANS NOT FORGIVEN.—The 
Secretary shall issue guidance providing that payroll costs paid 
during the covered period shall not fail to be treated as qualified 
wages under this section by reason of paragraph (1) to the 
extent that— 
‘‘(A) a covered loan of the taxpayer under section 
7(a)(37) of the Small Business Act is not forgiven by reason 
of a decision under section 7(a)(37)(J) of such Act, or 
‘‘(B) a covered loan of the taxpayer under section 7A 
of the Small Business Act is not forgiven by reason of 
a decision under section 7A(g) of such Act. 
Terms used in the preceding sentence which are also used 
in section 7A(g) or 7(a)(37)(J) of the Small Business Act shall, 
when applied in connection with either such section, have the 
same meaning as when used in such section, respectively.
H. R. 1319—178 
‘‘(i) THIRD PARTY PAYORS.—Any credit allowed under this sec-
tion shall be treated as a credit described in section 3511(d)(2). 
‘‘(j) ADVANCE PAYMENTS.— 
‘‘(1) IN GENERAL.—Except as provided in paragraph (2), 
no advance payment of the credit under subsection (a) shall 
be allowed. 
‘‘(2) ADVANCE PAYMENTS TO SMALL EMPLOYERS.— 
‘‘(A) IN GENERAL.—Under rules provided by the Sec-
retary, an eligible employer for which the average number 
of full-time employees (within the meaning of section 
4980H) employed by such eligible employer during 2019 
was not greater than 500 may elect for any calendar 
quarter to receive an advance payment of the credit under 
subsection (a) for such quarter in an amount not to exceed 
70 percent of the average quarterly wages paid by the 
employer in calendar year 2019. 
‘‘(B) SPECIAL RULE FOR SEASONAL EMPLOYERS.—In the 
case of any employer who employs seasonal workers (as 
defined in section 45R(d)(5)(B)), the employer may elect 
to apply subparagraph (A) by substituting ‘the wages for 
the calendar quarter in 2019 which corresponds to the 
calendar quarter to which the election relates’ for ‘the 
average quarterly wages paid by the employer in calendar 
year 2019’. 
‘‘(C) SPECIAL RULE FOR EMPLOYERS NOT IN EXISTENCE 
IN
2019.—In the case of any employer that was not in 
existence in 2019, subparagraphs (A) and (B) shall each 
be applied by substituting ‘2020’ for ‘2019’ each place it 
appears. 
‘‘(3) RECONCILIATION OF CREDIT WITH ADVANCE PAYMENTS.— 
‘‘(A) IN GENERAL.—The amount of credit which would 
(but for this subsection) be allowed under this section shall 
be reduced (but not below zero) by the aggregate payment 
allowed to the taxpayer under paragraph (2). Any failure 
to so reduce the credit shall be treated as arising out 
of a mathematical or clerical error and assessed according 
to section 6213(b)(1). 
‘‘(B) EXCESS ADVANCE PAYMENTS.—If the advance pay-
ments to a taxpayer under paragraph (2) for a calendar 
quarter exceed the credit allowed by this section (deter-
mined without regard to subparagraph (A)), the tax 
imposed under section 3111(b) or so much of the tax 
imposed under section 3221(a) as is attributable to the 
rate in effect under section 3111(b) (whichever is applicable) 
for the calendar quarter shall be increased by the amount 
of such excess. 
‘‘(k) TREATMENT OF DEPOSITS.—The Secretary shall waive any 
penalty under section 6656 for any failure to make a deposit of 
any applicable employment taxes if the Secretary determines that 
such failure was due to the reasonable anticipation of the credit 
allowed under this section. 
‘‘(l) EXTENSION
OF
LIMITATION
ON
ASSESSMENT.—Notwith-
standing section 6501, the limitation on the time period for the 
assessment of any amount attributable to a credit claimed under 
this section shall not expire before the date that is 5 years after 
the later of—
H. R. 1319—179 
‘‘(1) the date on which the original return which includes 
the calendar quarter with respect to which such credit is deter-
mined is filed, or 
‘‘(2) the date on which such return is treated as filed 
under section 6501(b)(2). 
‘‘(m) REGULATIONS AND GUIDANCE.—The Secretary shall issue 
such forms, instructions, regulations, and other guidance as are 
necessary— 
‘‘(1) to allow the advance payment of the credit under 
subsection (a) as provided in subsection (j)(2), subject to the 
limitations provided in this section, based on such information 
as the Secretary shall require, 
‘‘(2) with respect to the application of the credit under 
subsection (a) to third party payors (including professional 
employer 
organizations, 
certified 
professional 
employer 
organizations, or agents under section 3504), including regula-
tions or guidance allowing such payors to submit documentation 
necessary to substantiate the eligible employer status of 
employers that use such payors, and 
‘‘(3) to prevent the avoidance of the purposes of the limita-
tions under this section, including through the leaseback of 
employees. 
Any forms, instructions, regulations, or other guidance described 
in paragraph (2) shall require the customer to be responsible for 
the accounting of the credit and for any liability for improperly 
claimed credits and shall require the certified professional employer 
organization or other third party payor to accurately report such 
tax credits based on the information provided by the customer. 
‘‘(n) APPLICATION.—This section shall only apply to wages paid 
after June 30, 2021, and before January 1, 2022.’’. 
(b) REFUNDS.—Paragraph (2) of section 1324(b) of title 31, 
United States Code, is amended by inserting ‘‘3134,’’ before ‘‘6428’’. 
(c) CLERICAL AMENDMENT.—The table of sections for subchapter 
D of chapter 21 of subtitle C of the Internal Revenue Code of 
1986 is amended by adding at the end the following: 
‘‘Sec. 3134. Employee retention credit for employers subject to closure due to 
COVID–19.’’. 
(d) EFFECTIVE DATE.—The amendments made by this section 
shall apply to calendar quarters beginning after June 30, 2021. 
PART 7—PREMIUM TAX CREDIT 
SEC. 9661. IMPROVING AFFORDABILITY BY EXPANDING PREMIUM 
ASSISTANCE FOR CONSUMERS. 
(a) IN GENERAL.—Section 36B(b)(3)(A) of the Internal Revenue 
Code of 1986 is amended by adding at the end the following new 
clause: 
‘‘(iii) TEMPORARY
PERCENTAGES
FOR
2021 AND 
2022.—In the case of a taxable year beginning in 2021 
or 2022— 
‘‘(I) clause (ii) shall not apply for purposes 
of adjusting premium percentages under this 
subparagraph, and 
‘‘(II) the following table shall be applied in 
lieu of the table contained in clause (i):
H. R. 1319—180 
‘‘In the case of household 
income (expressed as 
a percent of poverty line) 
within the following income tier: 
The initial 
premium 
percentage is— 
The final 
premium 
percentage is— 
Up to 150.0 percent ....................
0.0 
0.0
150.0 percent up to 200.0 per-
cent ...........................................
0.0 
2.0
200.0 percent up to 250.0 per-
cent ...........................................
2.0 
4.0
250.0 percent up to 300.0 per-
cent ...........................................
4.0 
6.0
300.0 percent up to 400.0 per-
cent ...........................................
6.0 
8.5
400.0 percent and higher ...........
8.5 
8.5’’. 
(b) CONFORMING AMENDMENT.—Section 36B(c)(1) of the Internal 
Revenue Code of 1986 is amended by adding at the end the following 
new subparagraph: 
‘‘(E) TEMPORARY RULE FOR 2021 AND 2022.—In the 
case of a taxable year beginning in 2021 or 2022, subpara-
graph (A) shall be applied without regard to ‘but does 
not exceed 400 percent’.’’. 
(c) EFFECTIVE DATE.—The amendments made by this section 
shall apply to taxable years beginning after December 31, 2020. 
SEC. 9662. TEMPORARY MODIFICATION OF LIMITATIONS ON REC-
ONCILIATION OF TAX CREDITS FOR COVERAGE UNDER 
A QUALIFIED HEALTH PLAN WITH ADVANCE PAYMENTS 
OF SUCH CREDIT. 
(a) IN GENERAL.—Section 36B(f)(2)(B) of the Internal Revenue 
Code of 1986 is amended by adding at the end the following new 
clause: 
‘‘(iii) TEMPORARY MODIFICATION OF LIMITATION ON 
INCREASE.—In the case of any taxable year beginning 
in 2020, for any taxpayer who files for such taxable 
year an income tax return reconciling any advance 
payment of the credit under this section, the Secretary 
shall treat subparagraph (A) as not applying.’’. 
(b) EFFECTIVE DATE.—The amendment made by this section 
shall apply to taxable years beginning after December 31, 2019. 
SEC. 9663. APPLICATION OF PREMIUM TAX CREDIT IN CASE OF 
INDIVIDUALS RECEIVING UNEMPLOYMENT COMPENSA-
TION DURING 2021. 
(a) IN GENERAL.—Section 36B of the Internal Revenue Code 
of 1986 is amended by redesignating subsection (g) as subsection 
(h) and by inserting after subsection (f) the following new sub-
section: 
‘‘(g) SPECIAL RULE FOR INDIVIDUALS WHO RECEIVE UNEMPLOY-
MENT COMPENSATION DURING 2021.— 
‘‘(1) IN GENERAL.—For purposes of this section, in the case 
of a taxpayer who has received, or has been approved to receive, 
unemployment compensation for any week beginning during 
2021, for the taxable year in which such week begins— 
‘‘(A) such taxpayer shall be treated as an applicable 
taxpayer, and
H. R. 1319—181 
‘‘(B) there shall not be taken into account any house-
hold income of the taxpayer in excess of 133 percent of 
the poverty line for a family of the size involved. 
‘‘(2) UNEMPLOYMENT COMPENSATION.—For purposes of this 
subsection, the term ‘unemployment compensation’ has the 
meaning given such term in section 85(b). 
‘‘(3) EVIDENCE
OF
UNEMPLOYMENT
COMPENSATION.—For 
purposes of this subsection, a taxpayer shall not be treated 
as having received (or been approved to receive) unemployment 
compensation for any week unless such taxpayer provides self- 
attestation of, and such documentation as the Secretary shall 
prescribe which demonstrates, such receipt or approval. 
‘‘(4) CLARIFICATION OF RULES REMAINING APPLICABLE.— 
‘‘(A) JOINT RETURN REQUIREMENT.—Paragraph (1)(A) 
shall not affect the application of subsection (c)(1)(C). 
‘‘(B) HOUSEHOLD INCOME AND AFFORDABILLITY.—Para-
graph (1)(B) shall not apply to any determination of house-
hold income for purposes of paragraph (2)(C)(i)(II) or 
(4)(C)(ii) of subsection (c)’’. 
(b) EFFECTIVE DATE.—The amendments made by this section 
shall apply to taxable years beginning after December 31, 2020. 
PART 8—MISCELLANEOUS PROVISIONS 
SEC. 9671. REPEAL OF ELECTION TO ALLOCATE INTEREST, ETC. ON 
WORLDWIDE BASIS. 
(a) IN GENERAL.—Section 864 of the Internal Revenue Code 
of 1986 is amended by striking subsection (f). 
(b) EFFECTIVE DATE.—The amendment made by this section 
shall apply to taxable years beginning after December 31, 2020. 
SEC. 9672. TAX TREATMENT OF TARGETED EIDL ADVANCES. 
For purposes of the Internal Revenue Code of 1986— 
(1) amounts received from the Administrator of the Small 
Business Administration in the form of a targeted EIDL 
advance under section 331 of the Economic Aid to Hard-Hit 
Small Businesses, Nonprofits, and Venues Act (title III of divi-
sion N of Public Law 116–260) shall not be included in the 
gross income of the person that receives such amounts, 
(2) no deduction shall be denied, no tax attribute shall 
be reduced, and no basis increase shall be denied, by reason 
of the exclusion from gross income provided by paragraph (1), 
and 
(3) in the case of a partnership or S corporation that 
receives such amounts— 
(A) any amount excluded from income by reason of 
paragraph (1) shall be treated as tax exempt income for 
purposes of sections 705 and 1366 of the Internal Revenue 
Code of 1986, and 
(B) the Secretary of the Treasury (or the Secretary’s 
delegate) shall prescribe rules for determining a partner’s 
distributive share of any amount described in subparagraph 
(A) for purposes of section 705 of the Internal Revenue 
Code of 1986. 
SEC. 9673. TAX TREATMENT OF RESTAURANT REVITALIZATION 
GRANTS. 
For purposes of the Internal Revenue Code of 1986—
H. R. 1319—182 
(1) amounts received from the Administrator of the Small 
Business Administration in the form of a restaurant revitaliza-
tion grant under section 5003 shall not be included in the 
gross income of the person that receives such amounts, 
(2) no deduction shall be denied, no tax attribute shall 
be reduced, and no basis increase shall be denied, by reason 
of the exclusion from gross income provided by paragraph (1), 
and 
(3) in the case of a partnership or S corporation that 
receives such amounts— 
(A) except as otherwise provided by the Secretary of 
the Treasury (or the Secretary’s delegate), any amount 
excluded from income by reason of paragraph (1) shall 
be treated as tax exempt income for purposes of sections 
705 and 1366 of the Internal Revenue Code of 1986, and 
(B) the Secretary of the Treasury (or the Secretary’s 
delegate) shall prescribe rules for determining a partner’s 
distributive share of any amount described in subparagraph 
(A) for purposes of section 705 of the Internal Revenue 
Code of 1986. 
SEC. 9674. MODIFICATION OF EXCEPTIONS FOR REPORTING OF THIRD 
PARTY NETWORK TRANSACTIONS. 
(a) IN GENERAL.—Section 6050W(e) of the Internal Revenue 
Code of 1986 is amended to read as follows: 
‘‘(e) DE MINIMIS EXCEPTION
FOR THIRD PARTY SETTLEMENT 
ORGANIZATIONS.—A third party settlement organization shall not 
be required to report any information under subsection (a) with 
respect to third party network transactions of any participating 
payee if the amount which would otherwise be reported under 
subsection (a)(2) with respect to such transactions does not exceed 
$600.’’. 
(b) CLARIFICATION THAT REPORTING IS NOT REQUIRED
ON 
TRANSACTIONS WHICH ARE NOT FOR GOODS OR SERVICES.—Section 
6050W(c)(3) of such Code is amended by inserting ‘‘described in 
subsection (d)(3)(A)(iii)’’ after ‘‘any transaction’’. 
(c) EFFECTIVE DATE.— 
(1) IN GENERAL.—The amendment made by subsection (a) 
shall apply to returns for calendar years beginning after 
December 31, 2021. 
(2) CLARIFICATION.—The amendment made by subsection 
(b) shall apply to transactions after the date of the enactment 
of this Act. 
SEC. 9675. MODIFICATION OF TREATMENT OF STUDENT LOAN 
FORGIVENESS. 
(a) IN GENERAL.—Section 108(f) of the Internal Revenue Code 
of 1986 is amended by striking paragraph (5) and inserting the 
following: 
‘‘(5) SPECIAL RULE FOR DISCHARGES IN 2021 THROUGH 2025.— 
Gross income does not include any amount which (but for 
this subsection) would be includible in gross income by reason 
of the discharge (in whole or in part) after December 31, 2020, 
and before January 1, 2026, of— 
‘‘(A) any loan provided expressly for postsecondary edu-
cational expenses, regardless of whether provided through 
the educational institution or directly to the borrower, if 
such loan was made, insured, or guaranteed by—
H. R. 1319—183 
‘‘(i) the United States, or an instrumentality or 
agency thereof, 
‘‘(ii) a State, territory, or possession of the United 
States, or the District of Columbia, or any political 
subdivision thereof, or 
‘‘(iii) an eligible educational institution (as defined 
in section 25A), 
‘‘(B) any private education loan (as defined in section 
140(a)(7) of the Truth in Lending Act), 
‘‘(C) any loan made by any educational organization 
described in section 170(b)(1)(A)(ii) if such loan is made— 
‘‘(i) pursuant to an agreement with any entity 
described in subparagraph (A) or any private education 
lender (as defined in section 140(a) of the Truth in 
Lending Act) under which the funds from which the 
loan was made were provided to such educational 
organization, or 
‘‘(ii) pursuant to a program of such educational 
organization which is designed to encourage its stu-
dents to serve in occupations with unmet needs or 
in areas with unmet needs and under which the serv-
ices provided by the students (or former students) are 
for or under the direction of a governmental unit or 
an organization described in section 501(c)(3) and 
exempt from tax under section 501(a), or 
‘‘(D) any loan made by an educational organization 
described in section 170(b)(1)(A)(ii) or by an organization 
exempt from tax under section 501(a) to refinance a loan 
to an individual to assist the individual in attending any 
such educational organization but only if the refinancing 
loan is pursuant to a program of the refinancing organiza-
tion which is designed as described in subparagraph (C)(ii). 
The preceding sentence shall not apply to the discharge of 
a loan made by an organization described in subparagraph 
(C) or made by a private education lender (as defined in section 
140(a)(7) of the Truth in Lending Act) if the discharge is on 
account of services performed for either such organization or 
for such private education lender.’’. 
(b) EFFECTIVE DATE.—The amendment made by this section 
shall apply to discharges of loans after December 31, 2020. 
Subtitle H—Pensions 
SEC. 9701. TEMPORARY DELAY OF DESIGNATION OF MULTIEMPLOYER 
PLANS AS IN ENDANGERED, CRITICAL, OR CRITICAL AND 
DECLINING STATUS. 
(a) IN GENERAL.—Notwithstanding the actuarial certification 
under section 305(b)(3) of the Employee Retirement Income Security 
Act of 1974 and section 432(b)(3) of the Internal Revenue Code 
of 1986, if a plan sponsor of a multiemployer plan elects the applica-
tion of this section, then, for purposes of section 305 of such Act 
and section 432 of such Code— 
(1) the status of the plan for its first plan year beginning 
during the period beginning on March 1, 2020, and ending 
on February 28, 2021, or the next succeeding plan year (as 
designated by the plan sponsor in such election), shall be the
H. R. 1319—184 
same as the status of such plan under such sections for the 
plan year preceding such designated plan year, and 
(2) in the case of a plan which was in endangered or 
critical status for the plan year preceding the designated plan 
year described in paragraph (1), the plan shall not be required 
to update its plan or schedules under section 305(c)(6) of such 
Act and section 432(c)(6) of such Code, or section 305(e)(3)(B) 
of such Act and section 432(e)(3)(B) of such Code, whichever 
is applicable, until the plan year following the designated plan 
year described in paragraph (1). 
(b) EXCEPTION FOR PLANS BECOMING CRITICAL DURING ELEC-
TION.—If— 
(1) an election was made under subsection (a) with respect 
to a multiemployer plan, and 
(2) such plan has, without regard to such election, been 
certified by the plan actuary under section 305(b)(3) of the 
Employee Retirement Income Security Act of 1974 and section 
432(b)(3) of the Internal Revenue Code of 1986 to be in critical 
status for the designated plan year described in subsection 
(a)(1), then such plan shall be treated as a plan in critical 
status for such plan year for purposes of applying section 
4971(g)(1)(A) of such Code, section 302(b)(3) of such Act (with-
out regard to the second sentence thereof), and section 412(b)(3) 
of such Code (without regard to the second sentence thereof). 
(c) ELECTION AND NOTICE.— 
(1) ELECTION.—An election under subsection (a)— 
(A) shall be made at such time and in such manner 
as the Secretary of the Treasury or the Secretary’s delegate 
may prescribe and, once made, may be revoked only with 
the consent of the Secretary, and 
(B) if made— 
(i) before the date the annual certification is sub-
mitted to the Secretary or the Secretary’s delegate 
under section 305(b)(3) of such Act and section 
432(b)(3) of such Code, shall be included with such 
annual certification, and 
(ii) after such date, shall be submitted to the Sec-
retary or the Secretary’s delegate not later than 30 
days after the date of the election. 
(2) NOTICE TO PARTICIPANTS.— 
(A) IN GENERAL.—Notwithstanding section 305(b)(3)(D) 
of the Employee Retirement Income Security Act of 1974 
and section 432(b)(3)(D) of the Internal Revenue Code of 
1986, if, by reason of an election made under subsection 
(a), the plan is in neither endangered nor critical status— 
(i) the plan sponsor of a multiemployer plan shall 
not be required to provide notice under such sections, 
and 
(ii) the plan sponsor shall provide to the partici-
pants and beneficiaries, the bargaining parties, the 
Pension Benefit Guaranty Corporation, and the Sec-
retary of Labor a notice of the election under subsection 
(a) and such other information as the Secretary of 
the Treasury (in consultation with the Secretary of 
Labor) may require— 
(I) if the election is made before the date the 
annual certification is submitted to the Secretary
H. R. 1319—185 
or the Secretary’s delegate under section 305(b)(3) 
of such Act and section 432(b)(3) of such Code, 
not later than 30 days after the date of the certifi-
cation, and 
(II) if the election is made after such date, 
not later than 30 days after the date of the election. 
(B) NOTICE OF ENDANGERED STATUS.—Notwithstanding 
section 305(b)(3)(D) of such Act and section 432(b)(3)(D) 
of such Code, if the plan is certified to be in critical status 
for any plan year but is in endangered status by reason 
of an election made under subsection (a), the notice pro-
vided under such sections shall be the notice which would 
have been provided if the plan had been certified to be 
in endangered status. 
SEC. 9702. TEMPORARY EXTENSION OF THE FUNDING IMPROVEMENT 
AND REHABILITATION PERIODS FOR MULTIEMPLOYER 
PENSION PLANS IN CRITICAL AND ENDANGERED STATUS 
FOR 2020 OR 2021. 
(a) IN GENERAL.—If the plan sponsor of a multiemployer plan 
which is in endangered or critical status for a plan year beginning 
in 2020 or 2021 (determined after application of section 9701) 
elects the application of this section, then, for purposes of section 
305 of the Employee Retirement Income Security Act of 1974 and 
section 432 of the Internal Revenue Code of 1986, the plan’s funding 
improvement 
period 
or 
rehabilitation 
period, 
whichever 
is 
applicable, shall be extended by 5 years. 
(b) DEFINITIONS
AND SPECIAL RULES.—For purposes of this 
section— 
(1) ELECTION.—An election under this section shall be made 
at such time, and in such manner and form, as (in consultation 
with the Secretary of Labor) the Secretary of the Treasury 
or the Secretary’s delegate may prescribe. 
(2) DEFINITIONS.—Any term which is used in this section 
which is also used in section 305 of the Employee Retirement 
Income Security Act of 1974 and section 432 of the Internal 
Revenue Code of 1986 shall have the same meaning as when 
used in such sections. 
(c) EFFECTIVE DATE.—This section shall apply to plan years 
beginning after December 31, 2019. 
SEC. 9703. ADJUSTMENTS TO FUNDING STANDARD ACCOUNT RULES. 
(a) ADJUSTMENTS.— 
(1) AMENDMENT TO EMPLOYEE RETIREMENT INCOME SECU-
RITY ACT OF 1974.—Section 304(b)(8) of the Employee Retirement 
Income Security Act of 1974 (29 U.S.C. 1084(b)) is amended 
by adding at the end the following new subparagraph: 
‘‘(F) RELIEF FOR 2020 AND 2021.—A multiemployer plan 
with respect to which the solvency test under subparagraph 
(C) is met as of February 29, 2020, may elect to apply 
this paragraph (without regard to whether such plan pre-
viously elected the application of this paragraph)— 
‘‘(i) by substituting ‘February 29, 2020’ for ‘August 
31, 2008’ each place it appears in subparagraphs (A)(i), 
(B)(i)(I), and (B)(i)(II), 
‘‘(ii) by inserting ‘and other losses related to the 
virus SARS–CoV–2 or coronavirus disease 2019 
(COVID–19) (including experience losses related to
H. R. 1319—186 
reductions in contributions, reductions in employment, 
and deviations from anticipated retirement rates, as 
determined by the plan sponsor)’ after ‘net investment 
losses’ in subparagraph (A)(i), and 
‘‘(iii) 
by 
substituting 
‘this 
subparagraph 
or 
subparagraph (A)’ for ‘this subparagraph and subpara-
graph (A) both’ in subparagraph (B)(iii). 
The preceding sentence shall not apply to a plan to which 
special financial assistance is granted under section 4262. 
For purposes of the application of this subparagraph, the 
Secretary of the Treasury shall rely on the plan sponsor’s 
calculations of plan losses unless such calculations are 
clearly erroneous.’’. 
(2) AMENDMENT TO INTERNAL REVENUE CODE OF 1986.— 
Section 431(b)(8) of the Internal Revenue Code of 1986 is 
amended by adding at the end the following new subparagraph: 
‘‘(F) RELIEF FOR 2020 AND 2021.—A multiemployer plan 
with respect to which the solvency test under subparagraph 
(C) is met as of February 29, 2020, may elect to apply 
this paragraph (without regard to whether such plan pre-
viously elected the application of this paragraph)— 
‘‘(i) by substituting ‘February 29, 2020’ for ‘August 
31, 2008’ each place it appears in subparagraphs (A)(i), 
(B)(i)(I), and (B)(i)(II), 
‘‘(ii) by inserting ‘and other losses related to the 
virus SARS–CoV–2 or coronavirus disease 2019 
(COVID–19) (including experience losses related to 
reductions in contributions, reductions in employment, 
and deviations from anticipated retirement rates, as 
determined by the plan sponsor)’ after ‘net investment 
losses’ in subparagraph (A)(i), and 
‘‘(iii) 
by 
substituting 
‘this 
subparagraph 
or 
subparagraph (A)’ for ‘this subparagraph and subpara-
graph (A) both’ in subparagraph (B)(iii). 
The preceding sentence shall not apply to a plan to which 
special financial assistance is granted under section 4262 
of the Employee Retirement Income Security Act of 1974. 
For purposes of the application of this subparagraph, the 
Secretary shall rely on the plan sponsor’s calculations of 
plan losses unless such calculations are clearly erroneous.’’. 
(b) EFFECTIVE DATES.— 
(1) IN GENERAL.—The amendments made by this section 
shall take effect as of the first day of the first plan year 
ending on or after February 29, 2020, except that any election 
a plan makes pursuant to this section that affects the plan’s 
funding standard account for the first plan year beginning 
after February 29, 2020, shall be disregarded for purposes 
of applying the provisions of section 305 of the Employee Retire-
ment Income Security Act of 1974 and section 432 of the 
Internal Revenue Code of 1986 to such plan year. 
(2) 
RESTRICTIONS
ON
BENEFIT
INCREASES.—Notwith-
standing paragraph (1), the restrictions on plan amendments 
increasing benefits in sections 304(b)(8)(D) of such Act and 
431(b)(8)(D) of such Code, as applied by the amendments made 
by this section, shall take effect on the date of enactment 
of this Act.
H. R. 1319—187 
SEC. 9704. SPECIAL FINANCIAL ASSISTANCE PROGRAM FOR FINAN-
CIALLY TROUBLED MULTIEMPLOYER PLANS. 
(a) APPROPRIATION.—Section 4005 of the Employee Retirement 
Income Security Act of 1974 (29 U.S.C. 1305) is amended by adding 
at the end the following: 
‘‘(i)(1) An eighth fund shall be established for special financial 
assistance to multiemployer pension plans, as provided under sec-
tion 4262, and to pay for necessary administrative and operating 
expenses of the corporation relating to such assistance. 
‘‘(2) There is appropriated from the general fund such amounts 
as are necessary for the costs of providing financial assistance 
under section 4262 and necessary administrative and operating 
expenses of the corporation. The eighth fund established under 
this subsection shall be credited with amounts from time to time 
as the Secretary of the Treasury, in conjunction with the Director 
of the Pension Benefit Guaranty Corporation, determines appro-
priate, from the general fund of the Treasury, but in no case 
shall such transfers occur after September 30, 2030.’’. 
(b) FINANCIAL ASSISTANCE AUTHORITY.—The Employee Retire-
ment Income Security Act of 1974 is amended by inserting after 
section 4261 of such Act (29 U.S.C. 1431) the following: 
‘‘SEC. 4262. SPECIAL FINANCIAL ASSISTANCE BY THE CORPORATION. 
‘‘(a) SPECIAL FINANCIAL ASSISTANCE.— 
‘‘(1) IN
GENERAL.—The corporation shall provide special 
financial assistance to an eligible multiemployer plan under 
this section, upon the application of a plan sponsor of such 
a plan for such assistance. 
‘‘(2) INAPPLICABILITY OF CERTAIN REPAYMENT OBLIGATION.— 
A plan receiving special financial assistance pursuant to this 
section shall not be subject to repayment obligations with 
respect to such special financial assistance. 
‘‘(b) ELIGIBLE MULTIEMPLOYER PLANS.— 
‘‘(1) IN GENERAL.—For purposes of this section, a multiem-
ployer plan is an eligible multiemployer plan if— 
‘‘(A) the plan is in critical and declining status (within 
the meaning of section 305(b)(6)) in any plan year beginning 
in 2020 through 2022; 
‘‘(B) a suspension of benefits has been approved with 
respect to the plan under section 305(e)(9) as of the date 
of the enactment of this section; 
‘‘(C) in any plan year beginning in 2020 through 2022, 
the plan is certified by the plan actuary to be in critical 
status (within the meaning of section 305(b)(2)), has a 
modified funded percentage of less than 40 percent, and 
has a ratio of active to inactive participants which is less 
than 2 to 3; or 
‘‘(D) the plan became insolvent for purposes of section 
418E of the Internal Revenue Code of 1986 after December 
16, 2014, and has remained so insolvent and has not been 
terminated as of the date of enactment of this section. 
‘‘(2) MODIFIED FUNDED PERCENTAGE.—For purposes of para-
graph (1)(C), the term ‘modified funded percentage’ means the 
percentage equal to a fraction the numerator of which is current 
value of plan assets (as defined in section 3(26) of such Act) 
and the denominator of which is current liabilities (as defined
H. R. 1319—188 
in section 431(c)(6)(D) of such Code and section 304(c)(6)(D) 
of such Act). 
‘‘(c) APPLICATIONS FOR SPECIAL FINANCIAL ASSISTANCE.—Within 
120 days of the date of enactment of this section, the corporation 
shall issue regulations or guidance setting forth requirements for 
special financial assistance applications under this section. In such 
regulations or guidance, the corporation shall— 
‘‘(1) limit the materials required for a special financial 
assistance application to the minimum necessary to make a 
determination on the application; 
‘‘(2) specify effective dates for transfers of special financial 
assistance following approval of an application, based on the 
effective date of the supporting actuarial analysis and the date 
on which the application is submitted; and 
‘‘(3) provide for an alternate application for special financial 
assistance under this section, which may be used by a plan 
that has been approved for a partition under section 4233 
before the date of enactment of this section. 
‘‘(d) TEMPORARY PRIORITY CONSIDERATION OF APPLICATIONS.— 
‘‘(1) IN GENERAL.—The corporation may specify in regula-
tions or guidance under subsection (c) that, during a period 
no longer than the first 2 years following the date of enactment 
of this section, applications may not be filed by an eligible 
multiemployer plan unless— 
‘‘(A) the eligible multiemployer plan is insolvent or 
is likely to become insolvent within 5 years of the date 
of enactment of this section; 
‘‘(B) the corporation projects the eligible multiemployer 
plan to have a present value of financial assistance pay-
ments under section 4261 that exceeds $1,000,000,000 if 
the special financial assistance is not ordered; 
‘‘(C) the eligible multiemployer plan has implemented 
benefit suspensions under section 305(e)(9) as of the date 
of the enactment of this section; or 
‘‘(D) the corporation determines it appropriate based 
on other similar circumstances. 
‘‘(e) ACTUARIAL ASSUMPTIONS.— 
‘‘(1) ELIGIBILITY.—For purposes of determining eligibility 
for special financial assistance, the corporation shall accept 
assumptions incorporated in a multiemployer plan’s determina-
tion that it is in critical status or critical and declining status 
(within the meaning of section 305(b)) for certifications of plan 
status completed before January 1, 2021, unless such assump-
tions are clearly erroneous. For certifications of plan status 
completed after December 31, 2020, a plan shall determine 
whether it is in critical or critical and declining status for 
purposes of eligibility for special financial assistance by using 
the assumptions that the plan used in its most recently com-
pleted certification of plan status before January 1, 2021, unless 
such assumptions (excluding the plan’s interest rate) are 
unreasonable. 
‘‘(2) AMOUNT OF FINANCIAL ASSISTANCE.—In determining 
the amount of special financial assistance in its application, 
an eligible multiemployer plan shall— 
‘‘(A) use the interest rate used by the plan in its 
most recently completed certification of plan status before
H. R. 1319—189 
January 1, 2021, provided that such interest rate may 
not exceed the interest rate limit; and 
‘‘(B) for other assumptions, use the assumptions that 
the plan used in its most recently completed certification 
of plan status before January 1, 2021, unless such assump-
tions are unreasonable. 
‘‘(3) INTEREST RATE LIMIT.—The interest rate limit for pur-
poses of this subsection is the rate specified in section 
303(h)(2)(C)(iii) (disregarding modifications made under clause 
(iv) of such section) for the month in which the application 
for special financial assistance is filed by the eligible multiem-
ployer plan or the 3 preceding months, with such specified 
rate increased by 200 basis points. 
‘‘(4) CHANGES IN ASSUMPTIONS.—If a plan determines that 
use of one or more prior assumptions is unreasonable, the 
plan may propose in its application to change such assumptions, 
provided that the plan discloses such changes in its application 
and describes why such assumptions are no longer reasonable. 
The corporation shall accept such changed assumptions unless 
it determines the changes are unreasonable, individually or 
in the aggregate. The plan may not propose a change to the 
interest rate otherwise required under this subsection for eligi-
bility or financial assistance amount. 
‘‘(f) APPLICATION DEADLINE.—Any application by a plan for 
special financial assistance under this section shall be submitted 
to the corporation (and, in the case of a plan to which section 
432(k)(1)(D) of the Internal Revenue Code of 1986 applies, to the 
Secretary of the Treasury) no later than December 31, 2025, and 
any revised application for special financial assistance shall be 
submitted no later than December 31, 2026. 
‘‘(g) DETERMINATIONS ON APPLICATIONS.—A plan’s application 
for special financial assistance under this section that is timely 
filed in accordance with the regulations or guidance issued under 
subsection (c) shall be deemed approved unless the corporation 
notifies the plan within 120 days of the filing of the application 
that the application is incomplete, any proposed change or assump-
tion is unreasonable, or the plan is not eligible under this section. 
Such notice shall specify the reasons the plan is ineligible for 
special financial assistance, any proposed change or assumption 
is unreasonable, or information is needed to complete the applica-
tion. If a plan is denied assistance under this subsection, the 
plan may submit a revised application under this section. Any 
revised application for special financial assistance submitted by 
a plan shall be deemed approved unless the corporation notifies 
the plan within 120 days of the filing of the revised application 
that the application is incomplete, any proposed change or assump-
tion is unreasonable, or the plan is not eligible under this section. 
Special financial assistance issued by the corporation shall be effec-
tive on a date determined by the corporation, but no later than 
1 year after a plan’s special financial assistance application is 
approved by the corporation or deemed approved. The corporation 
shall not pay any special financial assistance after September 30, 
2030. 
‘‘(h) MANNER OF PAYMENT.—The payment made by the corpora-
tion to an eligible multiemployer plan under this section shall 
be made as a single, lump sum payment. 
‘‘(i) AMOUNT AND MANNER OF SPECIAL FINANCIAL ASSISTANCE.—