1976 
‘‘(B) all other relevant Federal, State, local, 
and other statutory and regulatory requirements 
applicable to the lender are satisfied with respect 
to the initial or second draw PPP loan.’’. 
(b) EFFECTIVE DATE; APPLICABILITY.—The amend-
ment made by subsection (a) shall be effective as if included 
in the CARES Act (Public Law 116–136; 134 Stat. 281) 
and shall apply to any loan made pursuant to section 
7(a)(36) of the Small Business Act (15 U.S.C. 636(a)(36)) 
before, on, or after the date of enactment of this Act, includ-
ing forgiveness of such a loan. 
SEC. 306. SELECTION OF COVERED PERIOD FOR FORGIVE-
NESS. 
Section 7A of the Small Business Act, as redesignated 
and transferred by section 304 of this Act, is amended— 
(A) by amending paragraph (4) of sub-
section (a), as so redesignated by section 304(b) 
of this Act, to read as follows: 
‘‘(4) the term ‘covered period’ means the pe-
riod— 
‘‘(A) beginning on the date of the origina-
tion of a covered loan; and 
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1977 
‘‘(B) ending on a date selected by the eligi-
ble recipient of the covered loan that occurs dur-
ing the period— 
‘‘(i) beginning on the date that is 8 
weeks after such date of origination; and 
‘‘(ii) ending on the date that is 24 
weeks after such date of origination;’’; and 
(1) by striking subsection (l). 
SEC. 307. SIMPLIFIED FORGIVENESS APPLICATION. 
(a) IN GENERAL.—Section 7A of the Small Business 
Act, as redesignated and transferred by section 304 of this 
Act, and as amended by section 306 of this Act, is amend-
ed— 
(1) in subsection (e), in the matter preceding 
paragraph (1), by striking ‘‘An eligible’’ and insert-
ing ‘‘Except as provided in subsection (l), an eligi-
ble’’; 
(2) in subsection (f), by inserting ‘‘or the certifi-
cation required under subsection (l), as applicable’’ 
after ‘‘subsection (e)’’; and 
(3) by adding at the end the following: 
‘‘(l) SIMPLIFIED APPLICATION.— 
‘‘(1) COVERED LOANS UP TO $150,000.— 
‘‘(A) IN GENERAL .—With respect to a cov-
ered loan made to an eligible recipient that is 
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1978 
not more than $150,000, the covered loan 
amount shall be forgiven under this section if the 
eligible recipient— 
‘‘(i) signs and submits to the lender a 
certification, to be established by the Ad-
ministrator not later than 24 days after the 
date of enactment of the Economic Aid to 
Hard-Hit Small Businesses, Nonprofits, 
and Venues Act, which— 
‘‘(I) shall be not more than 1 page 
in length; and 
‘‘(II) shall only require the eligi-
ble recipient to provide— 
‘‘(aa) a description of the 
number of employees the eligible 
recipient was able to retain be-
cause of the covered loan; 
‘‘(bb) the estimated amount 
of the covered loan amount spent 
by the eligible recipient on payroll 
costs; and 
‘‘(cc) the total loan value; 
‘‘(ii) attests that the eligible recipient 
has— 
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1979 
‘‘(I) accurately provided the re-
quired certification; and 
‘‘(II) complied with the require-
ments under section 7(a)(36); and 
‘‘(iii) retains records relevant to the 
form that prove compliance with such re-
quirements— 
‘‘(I) with respect to employment 
records, for the 4-year period following 
submission of the form; and 
‘‘(II) with respect to other records, 
for the 3-year period following submis-
sion of the form. 
‘‘(B) LIMITATION
ON
REQUIRING
ADDI-
TIONAL MATERIALS.—An eligible recipient of a 
covered loan that is not more than $150,000 
shall not, at the time of the application for for-
giveness, be required to submit any application 
or documentation in addition to the certification 
and information required to substantiate forgive-
ness. 
‘‘(C) RECORDS
FOR
OTHER
REQUIRE-
MENTS.—Nothing in subparagraph (A) or (B) 
shall be construed to exempt an eligible recipient 
from having to provide documentation independ-
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1980 
ently to a lender to satisfy relevant Federal, 
State, local, or other statutory or regulatory re-
quirements, or in connection with an audit as 
authorized under subparagraph (E). 
‘‘(D) DEMOGRAPHIC
INFORMATION.—The 
certification established by the Administrator 
under subparagraph (A) shall include a means 
by which an eligible recipient may, at the discre-
tion of the eligible recipient, submit demographic 
information of the owner of the eligible recipient, 
including the sex, race, ethnicity, and veteran 
status of the owner. 
‘‘(E) AUDIT
AUTHORITY.—The Adminis-
trator may— 
‘‘(i) review and audit covered loans de-
scribed in subparagraph (A); 
‘‘(ii) access any records described in 
subparagraph (A)(iii); and 
‘‘(iii) in the case of fraud, ineligibility, 
or other material noncompliance with ap-
plicable loan or loan forgiveness require-
ments, modify— 
‘‘(I) the amount of a covered loan 
described in subparagraph (A); or 
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1981 
‘‘(II) the loan forgiveness amount 
with respect to a covered loan described 
in subparagraph (A). 
‘‘(2) COVERED LOANS OF MORE THAN $150,000.— 
‘‘(A) IN GENERAL.—With respect to a cov-
ered loan in an amount that is more than 
$150,000, the eligible recipient shall submit to 
the lender that is servicing the covered loan the 
documentation described in subsection (e). 
‘‘(B) DEMOGRAPHIC
INFORMATION.—The 
process for submitting the documentation de-
scribed in subsection (e) shall include a means 
by which an eligible recipient may, at the discre-
tion of the eligible recipient, submit demographic 
information of the owner of the eligible recipient, 
including the sex, race, ethnicity, and veteran 
status of the owner. 
‘‘(3) FORGIVENESS AUDIT PLAN.— 
‘‘(A) IN GENERAL.—Not later than 45 days 
after the date of enactment of the Economic Aid 
to Hard-Hit Small Businesses, Nonprofits, and 
Venues Act, the Administrator shall submit to 
the Committee on Small Business and Entrepre-
neurship of the Senate and the Committee on 
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1982 
Small Business of the House of Representatives 
an audit plan that details— 
‘‘(i) the policies and procedures of the 
Administrator for conducting forgiveness re-
views and audits of covered loans; and 
‘‘(ii) the metrics that the Adminis-
trator shall use to determine which covered 
loans will be audited. 
‘‘(B) REPORTS.—Not later than 30 days 
after the date on which the Administrator sub-
mits the audit plan required under subpara-
graph (A), and each month thereafter, the Ad-
ministrator shall submit to the Committee on 
Small Business and Entrepreneurship of the 
Senate and the Committee on Small Business of 
the House of Representatives a report on the for-
giveness review and audit activities of the Ad-
ministrator under this subsection, which shall 
include— 
‘‘(i) the number of active reviews and 
audits; 
‘‘(ii) the number of reviews and audits 
that have been ongoing for more than 60 
days; and 
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1984 
SEC. 309. DEMOGRAPHIC INFORMATION. 
On and after the date of enactment of this Act, any 
loan origination application for a loan under paragraph 
(36) or (37) of section 7(a) of the Small Business Act (15 
U.S.C. 636(a)), as amended and added by this division, 
shall include a means by which the applicant for the loan 
may, at the discretion of the applicant, submit demographic 
information of the owner of the recipient of the loan, includ-
ing the sex, race, ethnicity, and veteran status of the owner. 
SEC. 310. CLARIFICATION OF AND ADDITIONAL LIMITA-
TIONS ON ELIGIBILITY. 
(a) DATE IN OPERATION.— 
(1) IN GENERAL.—Section 7(a)(36) of the Small 
Business Act (15 U.S.C. 636(a)(36)) is amended by 
adding at the end the following: 
‘‘(T) REQUIREMENT
FOR
DATE
IN
OPER-
ATION.—A business or organization that was not 
in operation on February 15, 2020 shall not be 
eligible for a loan under this paragraph.’’. 
(2) 
EFFECTIVE
DATE; 
APPLICABILITY.—The 
amendment made by paragraph (1) shall be effective 
as if included in the CARES Act (Public Law 116– 
136; 134 Stat. 281) and shall apply to any loan 
made pursuant to section 7(a)(36) of the Small Busi-
ness Act (15 U.S.C. 636(a)(36)) before, on, or after 
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1985 
the date of enactment of this Act, including forgive-
ness of such a loan. 
(b) EXCLUSION OF ENTITIES RECEIVING SHUTTERED 
VENUE OPERATOR GRANTS.—Section 7(a)(36) of the Small 
Business Act (15 U.S.C. 636(a)(36)), as amended by sub-
section (a) of this section, is amended by adding at the end 
the following: 
‘‘(U) EXCLUSION OF ENTITIES RECEIVING 
SHUTTERED VENUE OPERATOR GRANTS.—An eli-
gible person or entity (as defined under of sec-
tion 24 of the Economic Aid to Hard-Hit Small 
Businesses, Nonprofits, and Venues Act) that re-
ceives a grant under such section 24 shall not be 
eligible for a loan under this paragraph.’’. 
SEC. 311. PAYCHECK PROTECTION PROGRAM SECOND 
DRAW LOANS. 
(a) IN GENERAL.—Section 7(a) of the Small Business 
Act (15 U.S.C. 636(a)) is amended by adding at the end 
the following: 
‘‘(37) PAYCHECK PROTECTION PROGRAM SECOND 
DRAW LOANS.— 
‘‘(A) DEFINITIONS.—In this paragraph— 
‘‘(i) the terms ‘eligible self-employed 
individual’, ‘housing cooperative’, ‘nonprofit 
organization’, ‘payroll costs’, ‘seasonal em-
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1986 
ployer’, and ‘veterans organization’ have the 
meanings given those terms in paragraph 
(36), except that ‘eligible entity’ shall be 
substituted for ‘eligible recipient’ each place 
it appears in the definitions of those terms; 
‘‘(ii) the term ‘covered loan’ means a 
loan made under this paragraph; 
‘‘(iii) the terms ‘covered mortgage obli-
gation’, ‘covered operating expenditure’, 
‘covered property damage cost’, ‘covered rent 
obligation’, ‘covered supplier cost’, ‘covered 
utility payment’, and ‘covered worker pro-
tection expenditure’ have the meanings 
given those terms in section 7A(a); 
‘‘(iv) the term ‘eligible entity’— 
‘‘(I) means any business concern, 
nonprofit organization, housing cooper-
ative, veterans organization, Tribal 
business concern, eligible self-employed 
individual, 
sole 
proprietor, 
inde-
pendent contractor, or small agricul-
tural cooperative that— 
‘‘(aa) employs not more than 
300 employees; and 
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1987 
‘‘(bb)(AA) except as provided 
in subitems (BB), (CC), and 
(DD), had gross receipts during 
the first, second, third, or, only 
with respect to an application 
submitted on or after January 1, 
2021, fourth quarter in 2020 that 
demonstrate not less than a 25 
percent reduction from the gross 
receipts of the entity during the 
same quarter in 2019; 
‘‘(BB) if the entity was not 
in business during the first or sec-
ond quarter of 2019, but was in 
business during the third and 
fourth quarter of 2019, had gross 
receipts during the first, second, 
third, or, only with respect to an 
application submitted on or after 
January 1, 2021, fourth quarter 
of 2020 that demonstrate not less 
than a 25 percent reduction from 
the gross receipts of the entity 
during the third or fourth quarter 
of 2019; 
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1988 
‘‘(CC) if the entity was not 
in business during the first, sec-
ond, or third quarter of 2019, but 
was in business during the fourth 
quarter of 2019, had gross receipts 
during the first, second, third, or, 
only with respect to an applica-
tion submitted on or after Janu-
ary 1, 2021, fourth quarter of 
2020 that demonstrate not less 
than a 25 percent reduction from 
the gross receipts of the entity 
during the fourth quarter of 2019; 
or 
‘‘(DD) if the entity was not 
in business during 2019, but was 
in operation on February 15, 
2020, had gross receipts during 
the second, third, or, only with re-
spect to an application submitted 
on or after January 1, 2021, 
fourth quarter of 2020 that dem-
onstrate not less than a 25 percent 
reduction from the gross receipts 
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1989 
of the entity during the first quar-
ter of 2020; 
‘‘(II) includes a business concern 
or organization made eligible for a 
loan under paragraph (36) under 
clause (iii)(II), (iv)(IV), or (vii) of 
subparagraph (D) of paragraph (36) 
and that meets the requirements de-
scribed in items (aa) and (bb) of sub-
clause (I); and 
‘‘(III) does not include— 
‘‘(aa) any entity that is a 
type of business concern (or would 
be, if such entity were a business 
concern) 
described 
in 
section 
120.110 of title 13, Code of Fed-
eral Regulations (or in any suc-
cessor regulation or other related 
guidance or rule that may be 
issued by the Administrator) other 
than a business concern described 
in subsection (a) or (k) of such 
section; or 
‘‘(bb) any business concern or 
entity primarily engaged in polit-
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1990 
ical or lobbying activities, which 
shall include any entity that is 
organized for research or for en-
gaging in advocacy in areas such 
as public policy or political strat-
egy or otherwise describes itself as 
a think tank in any public docu-
ments; 
‘‘(cc) any business concern or 
entity— 
‘‘(AA) for which an en-
tity created in or organized 
under the laws of the People’s 
Republic of China or the 
Special Administrative Re-
gion of Hong Kong, or that 
has significant operations in 
the 
People’s 
Republic 
of 
China or the Special Admin-
istrative Region of Hong 
Kong, owns or holds, directly 
or indirectly, not less than 
20 percent of the economic 
interest of the business con-
cern or entity, including as 
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1991 
equity shares or a capital or 
profit interest in a limited 
liability company or part-
nership; or 
‘‘(BB) that retains, as a 
member of the board of direc-
tors of the business concern, 
a person who is a resident of 
the 
People’s 
Republic 
of 
China; 
‘‘(dd) any person required to 
submit a registration statement 
under section 2 of the Foreign 
Agents Registration Act of 1938 
(22 U.S.C. 612); or 
‘‘(ee) an eligible person or 
entity (as defined under section 
24 of the Economic Aid to Hard- 
Hit Small Businesses, Nonprofits, 
and Venues Act) that receives a 
grant under such section 24; and 
‘‘(v) the term ‘Tribal business concern’ 
means a Tribal business concern described 
in section 31(b)(2)(C). 
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1992 
‘‘(B) LOANS.—Except as otherwise provided 
in this paragraph, the Administrator may guar-
antee covered loans to eligible entities under the 
same terms, conditions, and processes as a loan 
made under paragraph (36). 
‘‘(C) MAXIMUM LOAN AMOUNT.— 
‘‘(i) IN GENERAL.—Except as otherwise 
provided in this subparagraph, the max-
imum amount of a covered loan made to an 
eligible entity is the lesser of— 
‘‘(I) the product obtained by mul-
tiplying— 
‘‘(aa) at the election of the el-
igible entity, the average total 
monthly payment for payroll costs 
incurred or paid by the eligible 
entity during— 
‘‘(AA) the 1-year period 
before the date on which the 
loan is made; or 
‘‘(BB) 
calendar 
year 
2019; by 
‘‘(bb) 2.5; or 
‘‘(II) $2,000,000. 
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1993 
‘‘(ii) 
SEASONAL
EMPLOYERS.—The 
maximum amount of a covered loan made 
to an eligible entity that is a seasonal em-
ployer is the lesser of— 
‘‘(I) the product obtained by mul-
tiplying— 
‘‘(aa) at the election of the el-
igible entity, the average total 
monthly payments for payroll 
costs incurred or paid by the eli-
gible entity for any 12-week pe-
riod between February 15, 2019 
and February 15, 2020; by 
‘‘(bb) 2.5; or 
‘‘(II) $2,000,000. 
‘‘(iii) NEW ENTITIES.—The maximum 
amount of a covered loan made to an eligi-
ble entity that did not exist during the 1- 
year period preceding February 15, 2020 is 
the lesser of— 
‘‘(I) the product obtained by mul-
tiplying— 
‘‘(aa) the quotient obtained 
by dividing— 
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1994 
‘‘(AA) the sum of the 
total monthly payments by 
the eligible entity for payroll 
costs paid or incurred by the 
eligible entity as of the date 
on which the eligible entity 
applies for the covered loan; 
by 
‘‘(BB) the number of 
months in which those pay-
roll costs were paid or in-
curred; by 
‘‘(bb) 2.5; or 
‘‘(II) $2,000,000. 
‘‘(iv) NAICS 72 ENTITIES.—The max-
imum amount of a covered loan made to an 
eligible entity that is assigned a North 
American Industry Classification System 
code beginning with 72 at the time of dis-
bursal is the lesser of— 
‘‘(I) the product obtained by mul-
tiplying— 
‘‘(aa) at the election of the el-
igible entity, the average total 
monthly payment for payroll costs 
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1995 
incurred or paid by the eligible 
entity during— 
‘‘(AA) the 1-year period 
before the date on which the 
loan is made; or 
‘‘(BB) 
calendar 
year 
2019; by 
‘‘(bb) 3.5; or 
‘‘(II) $2,000,000. 
‘‘(D) BUSINESS
CONCERNS
WITH
MORE 
THAN 1 PHYSICAL LOCATION.— 
‘‘(i) IN GENERAL.—For a business con-
cern with more than 1 physical location, the 
business concern shall be an eligible entity 
if the business concern would be eligible for 
a loan under paragraph (36) pursuant to 
clause (iii) of subparagraph (D) of such 
paragraph, as applied in accordance with 
clause (ii) of this subparagraph, and meets 
the revenue reduction requirements de-
scribed in item (bb) of subparagraph 
(A)(iv)(I). 
‘‘(ii) SIZE LIMIT.—For purposes of ap-
plying clause (i), the Administrator shall 
substitute ‘not more than 300 employees’ for 
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1997 
‘‘(ii) in lieu of the fee otherwise appli-
cable under paragraph (18)(A), the Admin-
istrator shall collect no fee. 
‘‘(I) GROSS RECEIPTS AND SIMPLIFIED CER-
TIFICATION OF REVENUE TEST.— 
‘‘(i) LOANS OF UP TO $150,000.—For a 
covered loan of not more than $150,000, the 
eligible entity— 
‘‘(I) may submit a certification 
attesting that the eligible entity meets 
the applicable revenue loss requirement 
under 
subparagraph 
(A)(iv)(I)(bb); 
and 
‘‘(II) if the eligible entity submits 
a certification under subclause (I), 
shall, on or before the date on which 
the eligible entity submits an applica-
tion for forgiveness under subpara-
graph (J), produce adequate docu-
mentation that the eligible entity met 
such revenue loss standard. 
‘‘(ii) FOR NONPROFIT AND VETERANS 
ORGANIZATIONS.—For purposes of calcu-
lating gross receipts under subparagraph 
(A)(iv)(I)(bb) for an eligible entity that is a 
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1998 
nonprofit organization, a veterans organiza-
tion, or an organization described in sub-
paragraph (A)(iv)(II), gross receipts means 
gross receipts within the meaning of section 
6033 of the Internal Revenue Code of 1986. 
‘‘(J) LOAN FORGIVENESS.— 
‘‘(i) DEFINITION
OF
COVERED
PE-
RIOD.—In this subparagraph, the term ‘cov-
ered period’ has the meaning given that 
term in section 7A(a). 
‘‘(ii) FORGIVENESS GENERALLY.—Ex-
cept as otherwise provided in this subpara-
graph, an eligible entity shall be eligible for 
forgiveness of indebtedness on a covered loan 
in the same manner as an eligible recipient 
with respect to a loan made under para-
graph (36) of this section, as described in 
section 7A. 
‘‘(iii) FORGIVENESS AMOUNT.—An eli-
gible entity shall be eligible for forgiveness 
of indebtedness on a covered loan in an 
amount equal to the sum of the following 
costs incurred or expenditures made during 
the covered period: 
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1999 
‘‘(I) Payroll costs, excluding any 
payroll costs that are— 
‘‘(aa) qualified wages, as de-
fined in subsection (c)(3) of sec-
tion 2301 of the CARES Act (26 
U.S.C. 3111 note), taken into ac-
count in determining the credit 
allowed under such section; or 
‘‘(bb) qualified wages taken 
into account in determining the 
credit allowed under subsection 
(a) or (d) of section 303 of the 
Taxpayer Certainty and Disaster 
Relief Act of 2020. 
‘‘(II) Any payment of interest on 
any 
covered 
mortgage 
obligation 
(which shall not include any prepay-
ment of or payment of principal on a 
covered mortgage obligation). 
‘‘(III) Any covered operations ex-
penditure. 
‘‘(IV) Any covered property dam-
age cost. 
‘‘(V) Any payment on any covered 
rent obligation. 
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2000 
‘‘(VI) Any covered utility pay-
ment. 
‘‘(VII) Any covered supplier cost. 
‘‘(VIII) Any covered worker pro-
tection expenditure. 
‘‘(iv) LIMITATION
ON
FORGIVENESS 
FOR
ALL
ELIGIBLE
ENTITIES.—Subject to 
any reductions under section 7A(d), the for-
giveness amount under this subparagraph 
shall be equal to the lesser of— 
‘‘(I) the amount described in 
clause (ii); and 
‘‘(II) the amount equal to the 
quotient obtained by dividing— 
‘‘(aa) the amount of the cov-
ered loan used for payroll costs 
during the covered period; and 
‘‘(bb) 0.60. 
‘‘(v) SUBMISSION OF MATERIALS FOR 
FORGIVENESS.—For purposes of applying 
subsection (l)(1) of section 7A to a covered 
loan of not more than $150,000 under this 
paragraph, an eligible entity may be re-
quired to provide, at the time of the appli-
cation for forgiveness, documentation re-
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2001 
quired to substantiate revenue loss in ac-
cordance with subparagraph (I). 
‘‘(K) LENDER ELIGIBILITY.—Except as oth-
erwise provided in this paragraph, a lender ap-
proved to make loans under paragraph (36) may 
make covered loans under the same terms and 
conditions as in paragraph (36). 
‘‘(L) REIMBURSEMENT
FOR
LOAN
PROC-
ESSING
AND
SERVICING.—The Administrator 
shall reimburse a lender authorized to make a 
covered loan— 
‘‘(i) for a covered loan of not more 
than $50,000, in an amount equal to the 
lesser of— 
‘‘(I) 50 percent of the balance of 
the financing outstanding at the time 
of disbursement of the covered loan; or 
‘‘(II) $2,500; 
‘‘(ii) at a rate, based on the balance of 
the financing outstanding at the time of 
disbursement of the covered loan, of— 
‘‘(I) 5 percent for a covered loan 
of more than $50,000 and not more 
than $350,000; and 
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2002 
‘‘(II) 3 percent for a covered loan 
of more than $350,000. 
‘‘(M) PUBLICATION
OF
GUIDANCE.—Not 
later than 10 days after the date of enactment of 
this paragraph, the Administrator shall issue 
guidance addressing barriers to accessing capital 
for minority, underserved, veteran, and women- 
owned business concerns for the purpose of ensur-
ing equitable access to covered loans. 
‘‘(N) STANDARD OPERATING PROCEDURE.— 
The Administrator shall, to the maximum extent 
practicable, allow a lender approved to make 
covered loans to use existing program guidance 
and standard operating procedures for loans 
made under this subsection. 
‘‘(O) SUPPLEMENTAL COVERED LOANS.—A 
covered loan under this paragraph may only be 
made to an eligible entity that— 
‘‘(i) has received a loan under para-
graph (36); and 
‘‘(ii) on or before the expected date on 
which the covered loan under this para-
graph is disbursed to the eligible entity, has 
used, or will use, the full amount of the loan 
received under paragraph (36).’’. 
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(b) APPLICATION
OF EXEMPTION BASED
ON EM-
PLOYEE AVAILABILITY.— 
(1) IN GENERAL.—Section 7A(d) of the Small 
Business Act, as redesignated and transferred by sec-
tion 304 of this Act, is amended— 
(A) in paragraph (5)(B), by inserting ‘‘(or, 
with respect to a covered loan made on or after 
the date of enactment of the Economic Aid to 
Hard-Hit Small Businesses, Nonprofits, and 
Venues Act, not later than the last day of the 
covered period with respect to such covered 
loan)’’ after ‘‘December 31, 2020’’ each place it 
appears; and 
(B) in paragraph (7)— 
(i) by inserting ‘‘(or, with respect to a 
covered loan made on or after the date of 
enactment of the Economic Aid to Hard-Hit 
Small Businesses, Nonprofits, and Venues 
Act, ending on the last day of the covered 
period with respect to such covered loan)’’ 
after ‘‘December 31, 2020’’ the first and 
third places it appears; and 
(ii) by inserting ‘‘(or, with respect to a 
covered loan made on or after the date of 
enactment of the Economic Aid to Hard-Hit 
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2004 
Small Businesses, Nonprofits, and Venues 
Act, on or before the last day of the covered 
period with respect to such covered loan)’’ 
after ‘‘December 31, 2020’’ the second place 
it appears. 
(2) MODIFICATION
OF
DATES.—The Adminis-
trator and the Secretary of the Treasury may jointly, 
by regulation, modify any date in section 7A(d) of the 
Small Business Act, as redesignated and transferred 
by section 304 of this Act, other than a deadline es-
tablished under an amendment made by paragraph 
(1), in a manner consistent with the purposes of the 
Paycheck Protection Program to help businesses re-
tain workers and meet financial obligations. 
(c) ELIGIBLE CHURCHES AND RELIGIOUS ORGANIZA-
TIONS.— 
(1) SENSE
OF
CONGRESS.—It is the sense of 
Congress that the interim final rule of the Adminis-
tration entitled ‘‘Business Loan Program Temporary 
Changes; Paycheck Protection Program’’ (85 Fed. 
Reg. 20817 (April 15, 2020)) properly clarified the 
eligibility of churches and religious organizations for 
loans made under paragraph (36) of section 7(a) of 
the Small Business Act (15 U.S.C. 636(a)). 
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(2) APPLICABILITY OF PROHIBITION.—The pro-
hibition 
on 
eligibility 
established 
by 
section 
120.110(k) of title 13, Code of Federal Regulations, or 
any successor regulation, shall not apply to a loan 
under paragraph (36) of section 7(a) of the Small 
Business Act (15 U.S.C. 636(a)). 
SEC. 312. INCREASED ABILITY FOR PAYCHECK PROTECTION 
PROGRAM BORROWERS TO REQUEST AN IN-
CREASE IN LOAN AMOUNT DUE TO UPDATED 
REGULATIONS. 
(a) DEFINITIONS.—In this section— 
(1) the terms ‘‘covered loan’’ and ‘‘eligible recipi-
ent’’ have the meanings given those terms in 
7(a)(36)(A) of the Small Business Act (15 U.S.C. 
636(a)(36)(A)); and 
(2) the term ‘‘included covered loan’’ means a 
covered loan for which, as of the date of enactment of 
this Act, the borrower had not received forgiveness 
under section 1106 of the CARES Act, as in effect on 
the day before such date of enactment. 
(b) RULES OR GUIDANCE.—Not later than 17 days 
after the date of enactment of this Act, and without regard 
to the notice requirements under section 553(b) of title 5, 
United States Code, the Administrator shall issue rules or 
guidance to ensure that an eligible recipient of an included 
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2006 
covered loan that returns amounts disbursed under the in-
cluded covered loan or does not accept the full amount of 
the included covered loan for which the eligible recipient 
was approved— 
(1) in the case of an eligible recipient that re-
turned all or part of an included covered loan, the eli-
gible recipient may reapply for a covered loan for an 
amount equal to the difference between the amount re-
tained and the maximum amount applicable; and 
(2) in the case of an eligible recipient that did 
not accept the full amount of an included covered 
loan, the eligible recipient may request a modification 
to increase the amount of the covered loan to the max-
imum amount applicable, subject to the requirements 
of section 7(a)(36) of the Small Business Act (15 
U.S.C. 636(a)(36)). 
(c) INTERIM FINAL RULES.—Notwithstanding the in-
terim final rule issued by the Administration entitled 
‘‘Business Loan Program Temporary Changes; Paycheck 
Protection Program—Loan Increases’’ (85 Fed. Reg. 29842 
(May 19, 2020)), an eligible recipient of an included cov-
ered loan that is eligible for an increased covered loan 
amount as a result of any interim final rule that allows 
for covered loan increases may submit a request for an in-
crease in the included covered loan amount even if— 
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2007 
(1) the initial covered loan amount has been 
fully disbursed; or 
(2) the lender of the initial covered loan has sub-
mitted to the Administration a Form 1502 report re-
lated to the covered loan. 
SEC. 313. CALCULATION OF MAXIMUM LOAN AMOUNT FOR 
FARMERS AND RANCHERS UNDER THE PAY-
CHECK PROTECTION PROGRAM. 
(a) IN GENERAL.—Section 7(a)(36) of the Small Busi-
ness Act (15 U.S.C. 636(a)(36)), as amended by section 310 
of this Act, is amended— 
(1) in subparagraph (E), in the matter pre-
ceding clause (i), by striking ‘‘During’’ and inserting 
‘‘Except as provided in subparagraph (V), during’’; 
and 
(2) by adding at the end the following: 
‘‘(V) CALCULATION
OF
MAXIMUM
LOAN 
AMOUNT FOR FARMERS AND RANCHERS.— 
‘‘(i) DEFINITION.—In this subpara-
graph, the term ‘covered recipient’ means 
an eligible recipient that— 
‘‘(I) operates as a sole proprietor-
ship or as an independent contractor, 
or is an eligible self-employed indi-
vidual; 
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2008 
‘‘(II) reports farm income or ex-
penses on a Schedule F (or any equiva-
lent successor schedule); and 
‘‘(III) was in business as of Feb-
ruary 15, 2020. 
‘‘(ii) NO EMPLOYEES.—With respect to 
covered recipient without employees, the 
maximum covered loan amount shall be the 
lesser of— 
‘‘(I) the sum of— 
‘‘(aa) the product obtained 
by multiplying— 
‘‘(AA) the gross income 
of the covered recipient in 
2019, 
as 
reported 
on 
a 
Schedule F (or any equiva-
lent successor schedule), that 
is not more than $100,000, 
divided by 12; and 
‘‘(BB) 2.5; and 
‘‘(bb) 
the 
outstanding 
amount of a loan under subsection 
(b)(2) that was made during the 
period beginning on January 31, 
2020 and ending on April 3, 2020 
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2009 
that the borrower intends to refi-
nance under the covered loan, not 
including any amount of any ad-
vance under the loan that is not 
required to be repaid; or 
‘‘(II) $2,000,000. 
‘‘(iii) WITH
EMPLOYEES.—With re-
spect to a covered recipient with employees, 
the maximum covered loan amount shall be 
calculated using the formula described in 
subparagraph (E), except that the gross in-
come of the covered recipient described in 
clause (ii)(I)(aa)(AA) of this subparagraph, 
as divided by 12, shall be added to the sum 
calculated under subparagraph (E)(i)(I). 
‘‘(iv) RECALCULATION.—A lender that 
made a covered loan to a covered recipient 
before the date of enactment of this subpara-
graph may, at the request of the covered re-
cipient— 
‘‘(I) recalculate the maximum 
loan amount applicable to that covered 
loan based on the formula described in 
clause (ii) or (iii), as applicable, if 
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2010 
doing so would result in a larger cov-
ered loan amount; and 
‘‘(II) provide the covered recipient 
with additional covered loan amounts 
based on that recalculation.’’. 
(b) EFFECTIVE DATE; APPLICABILITY.— 
(1) IN GENERAL.—Except as provided in para-
graph (2), the amendments made by subsection (a) 
shall be effective as if included in the CARES Act 
(Public Law 116–136; 134 Stat. 281) and shall apply 
to any loan made pursuant to section 7(a)(36) of the 
Small Business Act (15 U.S.C. 636(a)(36)) before, on, 
or after the date of enactment of this Act, including 
forgiveness of such a loan. 
(2) EXCLUSION OF LOANS ALREADY FORGIVEN.— 
The amendments made by subsection (a) shall not 
apply to a loan made pursuant to section 7(a)(36) of 
the Small Business Act (15 U.S.C. 636(a)(36)) for 
which the borrower received forgiveness before the date 
of enactment of this Act under section 1106 of the 
CARES Act, as in effect on the day before such date 
of enactment. 
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2011 
SEC. 314. FARM CREDIT SYSTEM INSTITUTIONS. 
(a) DEFINITION OF FARM CREDIT SYSTEM INSTITU-
TION.—In this section, the term ‘‘Farm Credit System in-
stitution’’— 
(1) means an institution of the Farm Credit 
System chartered under the Farm Credit Act of 1971 
(12 U.S.C. 2001 et seq.); and 
(2) does not include the Federal Agricultural 
Mortgage Corporation. 
(b) FACILITATION OF PARTICIPATION IN PPP AND 
SECOND DRAW LOANS.— 
(1) APPLICABLE RULES.—Solely with respect to 
loans under paragraphs (36) and (37) of section 7(a) 
of the Small Business Act (15 U.S.C. 636(a)), Farm 
Credit Administration regulations and guidance 
issued as of July 14, 2020, and compliance with such 
regulations and guidance, shall be deemed function-
ally equivalent to requirements referenced in section 
3(a)(iii)(II) of the interim final rule of the Adminis-
tration entitled ‘‘Business Loan Program Temporary 
Changes; Paycheck Protection Program’’ (85 Fed. 
Reg. 20811 (April 15, 2020)) or any similar require-
ment referenced in that interim final rule in imple-
menting such paragraph (37). 
(2) APPLICABILITY OF CERTAIN LOAN REQUIRE-
MENTS.—For purposes of making loans under para-
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2012 
graph (36) or (37) of section 7(a) of the Small Busi-
ness Act (15 U.S.C. 636(a)) or forgiving those loans 
in accordance with section 7A of the Small Business 
Act, as redesignated and transferred by section 304 of 
this Act, and subparagraph (J) of such paragraph 
(37), sections 4.13, 4.14, and 4.14A of the Farm Cred-
it Act of 1971 (12 U.S.C. 2199, 2202, 2202a) (includ-
ing regulations issued under those sections) shall not 
apply. 
(3) RISK WEIGHT.— 
(A) IN GENERAL.—With respect to the ap-
plication of Farm Credit Administration capital 
requirements, a loan described in subparagraph 
(B)— 
(i) shall receive a risk weight of zero 
percent; and 
(ii) shall not be included in the cal-
culation of any applicable leverage ratio or 
other applicable capital ratio or calculation. 
(B) LOANS DESCRIBED.—A loan referred to 
in subparagraph (A) is— 
(i) a loan made by a Farm Credit 
Bank described in section 1.2(a) of the 
Farm Credit Act of 1971 (12 U.S.C. 
2002(a)) to a Federal Land Bank Associa-
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tion, a Production Credit Association, or an 
agricultural credit association described in 
that section to make loans under paragraph 
(36) or (37) of section 7(a) of the Small 
Business Act (15 U.S.C. 636(a)) or forgive 
those loans in accordance with section 7A of 
the Small Business Act, as redesignated and 
transferred by section 304 of this Act, and 
subparagraph (J) of such paragraph (37); 
or 
(ii) a loan made by a Federal Land 
Bank Association, a Production Credit As-
sociation, an agricultural credit association, 
or the bank for cooperatives described in 
section 1.2(a) of the Farm Credit Act of 
1971 (12 U.S.C. 2002(a)) under paragraph 
(36) or (37) of section 7(a) of the Small 
Business Act (15 U.S.C. 636(a)). 
(c) EFFECTIVE DATE; APPLICABILITY.—This section 
shall be effective as if included in the CARES Act (Public 
Law 116–136; 134 Stat. 281) and shall apply to any loan 
made pursuant to section 7(a)(36) of the Small Business 
Act (15 U.S.C. 636(a)(36)) before, on, or after the date of 
enactment of this Act, including forgiveness of such a loan. 
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2014 
SEC. 315. DEFINITION OF SEASONAL EMPLOYER. 
(a) PPP LOANS.—Section 7(a)(36)(A) of the Small 
Business Act (15 U.S.C. 636(a)(36)(A)) is amended— 
(1) in clause (xi), by striking ‘‘and’’ at the end; 
(2) in clause (xii), by striking the period at the 
end and inserting a semicolon; and 
(3) by adding at the end the following: 
‘‘(xiii) the term ‘seasonal employer’ 
means an eligible recipient that— 
‘‘(I) does not operate for more 
than 7 months in any calendar year; 
or 
‘‘(II) during the preceding cal-
endar year, had gross receipts for any 
6 months of that year that were not 
more than 33.33 percent of the gross 
receipts of the employer for the other 6 
months of that year;’’. 
(b) LOAN FORGIVENESS.—Paragraph (12) of section 
7A(a) of the Small Business Act, as so redesignated and 
transferred by section 304 of this Act, is amended to read 
as follows: 
‘‘(12) the terms ‘payroll costs’ and ‘seasonal em-
ployer’ have the meanings given those terms in section 
7(a)(36).’’. 
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2015 
(c) EFFECTIVE DATE; APPLICABILITY.—The amend-
ments made by subsections (a) and (b) shall be effective as 
if included in the CARES Act (Public Law 116–136; 134 
Stat. 281) and shall apply to any loan made pursuant to 
section 7(a)(36) of the Small Business Act (15 U.S.C. 
636(a)(36)) before, on, or after the date of enactment of this 
Act, including forgiveness of such a loan. 
SEC. 316. HOUSING COOPERATIVES. 
Section 7(a)(36) of the Small Business Act (15 U.S.C. 
636(a)(36)) is amended— 
(1) in subparagraph (A), as amended by section 
315(a) of this Act, by adding at the end the following: 
‘‘(xiv) the term ‘housing cooperative’ 
means a cooperative housing corporation 
(as defined in section 216(b) of the Internal 
Revenue Code of 1986) that employs not 
more than 300 employees;’’; and 
(2) in subparagraph (D)— 
(A) in clause (i), by inserting ‘‘housing co-
operative,’’ before ‘‘veterans organization,’’ each 
place it appears; and 
(B) in clause (vi), by inserting ‘‘, a housing 
cooperative,’’ before ‘‘a veterans organization’’. 
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2016 
SEC. 317. ELIGIBILITY OF NEWS ORGANIZATIONS FOR 
LOANS UNDER THE PAYCHECK PROTECTION 
PROGRAM. 
(a) ELIGIBILITY
OF INDIVIDUAL STATIONS, NEWS-
PAPERS, AND PUBLIC BROADCASTING ORGANIZATIONS.— 
Section 7(a)(36)(D)(iii) of the Small Business Act (15 
U.S.C. 636(a)(36)(D)(iii)) is amended— 
(1) by striking ‘‘During the covered period’’ and 
inserting the following: 
‘‘(I) IN
GENERAL.—During the 
covered period’’; and 
(2) by adding at the end the following 
‘‘(II) ELIGIBILITY OF NEWS ORGA-
NIZATIONS.— 
‘‘(aa) DEFINITION.—In this 
subclause, the term ‘included busi-
ness concern’ means a business 
concern, including any station 
which broadcasts pursuant to a li-
cense granted by the Federal Com-
munications Commission under 
title III of the Communications 
Act of 1934 (47 U.S.C. 301 et 
seq.) without regard for whether 
such a station is a concern as de-
fined in section 121.105 of title 
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2017 
13, Code of Federal Regulations, 
or any successor thereto— 
‘‘(AA) that employs not 
more than 500 employees, or 
the size standard established 
by the Administrator for the 
North 
American 
Industry 
Classification System code 
applicable to the business 
concern, per physical loca-
tion of such business concern; 
or 
‘‘(BB) any nonprofit or-
ganization or any organiza-
tion otherwise subject to sec-
tion 511(a)(2)(B) of the In-
ternal Revenue Code of 1986 
that is a public broadcasting 
entity (as defined in section 
397(11) of the Communica-
tions Act of 1934 (47 U.S.C. 
397(11))). 
‘‘(bb) ELIGIBILITY.—During 
the covered period, an included 
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2018 
business concern shall be eligible 
to receive a covered loan if— 
‘‘(AA) the included busi-
ness 
concern 
is 
majority 
owned or controlled by a 
business concern that is as-
signed a North American In-
dustry Classification System 
code beginning with 511110 
or 5151 or, with respect to a 
public broadcasting entity 
(as 
defined 
in 
section 
397(11) of the Communica-
tions Act of 1934 (47 U.S.C. 
397(11))), has a trade or 
business that falls under such 
a code; and 
‘‘(BB) 
the 
included 
business concern makes a 
good faith certification that 
proceeds of the loan will be 
used to support expenses at 
the component of the in-
cluded business concern that 
produces or distributes lo-
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2019 
cally focused or emergency 
information.’’. 
(b) ELIGIBILITY OF AFFILIATED ENTITIES.—Section 
7(a)(36)(D)(iv) of the Small Business Act (15 U.S.C. 
636(a)(36)(D)(iv)) is amended— 
(1) in subclause (II), by striking ‘‘and’’ at the 
end; 
(2) in subclause (III), by striking the period at 
the end and inserting ‘‘; and’’; and 
(3) by adding at the end the following: 
‘‘(IV)(aa) any business concern 
(including any station which broad-
casts pursuant to a license granted by 
the Federal Communications Commis-
sion under title III of the Communica-
tions Act of 1934 (47 U.S.C. 301 et 
seq.) without regard for whether such a 
station is a concern as defined in sec-
tion 121.105 of title 13, Code of Fed-
eral Regulations, or any successor 
thereto) that employs not more than 
500 employees, or the size standard es-
tablished by the Administrator for the 
North American Industry Classifica-
tion System code applicable to the 
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2020 
business concern, per physical location 
of such business concern and is major-
ity owned or controlled by a business 
concern that is assigned a North Amer-
ican Industry Classification System 
code beginning with 511110 or 5151; 
or 
‘‘(bb) any nonprofit organization 
that is assigned a North American In-
dustry Classification System code be-
ginning with 5151.’’. 
(c) APPLICATION
OF
PROHIBITION
ON
PUBLICLY 
TRADED COMPANIES.—Clause (viii) of section 7(a)(36)(D) 
of the Small Business Act (15 U.S.C. 636(a)(36)(D), as 
added by section 342 of this Act is amended— 
(1) by striking ‘‘Notwithstanding’’ and inserting 
the following: 
‘‘(I) IN
GENERAL.—Subject to 
subclause (II), and notwithstanding’’; 
and 
(2) by adding at the end— 
‘‘(II) RULE FOR AFFILIATED EN-
TITIES.—With respect to a business 
concern 
made 
eligible 
by 
clause 
(iii)(II) or clause (iv)(IV) of this sub-
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2021 
paragraph, the Administrator shall not 
consider whether any affiliated entity, 
which for purposes of this subclause 
shall include any entity that owns or 
controls such business concern, is an 
issuer.’’. 
SEC. 318. ELIGIBILITY OF 501(c)(6) AND DESTINATION MAR-
KETING ORGANIZATIONS FOR LOANS UNDER 
THE PAYCHECK PROTECTION PROGRAM. 
Section 7(a)(36) of the Small Business Act (15 U.S.C. 
636(a)(36)) is amended— 
(1) in subparagraph (A), as amended by section 
316 of this Act, by adding at the end the following: 
‘‘(xv) the term ‘destination marketing 
organization’ means a nonprofit entity that 
is— 
‘‘(I) an organization described in 
section 501(c) of the Internal Revenue 
Code of 1986 and exempt from tax 
under section 501(a) of such Code; or 
‘‘(II) a State, or a political sub-
division of a State (including any in-
strumentality of such entities)— 
‘‘(aa) engaged in marketing 
and promoting communities and 
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facilities to businesses and leisure 
travelers through a range of ac-
tivities, including— 
‘‘(AA) assisting with the 
location of meeting and con-
vention sites; 
‘‘(BB) providing travel 
information on area attrac-
tions, lodging accommoda-
tions, and restaurants; 
‘‘(CC) providing maps; 
and 
‘‘(DD) organizing group 
tours of local historical, rec-
reational, and cultural at-
tractions; or 
‘‘(bb) that is engaged in, and 
derives the majority of the oper-
ating budget of the entity from 
revenue attributable to, providing 
live events; and’’; and 
(2) in subparagraph (D), as amended by section 
316 of this Act— 
(A) in clause (v), by inserting ‘‘or for pur-
poses of determining the number of employees of 
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2023 
a housing cooperative or a business concern or 
organization made eligible for a loan under this 
paragraph under clause (iii)(II), (iv)(IV), or 
(vii),’’ after ‘‘clause (i)(I),’’; 
(B) in clause (vi), by inserting ‘‘a business 
concern or organization made eligible for a loan 
under this paragraph under clause (vii),’’ after 
‘‘a nonprofit organization,’’; and 
(C) by adding at the end the following: 
‘‘(vii) 
ELIGIBILITY
FOR
CERTAIN 
501(c)(6) ORGANIZATIONS.— 
‘‘(I) IN GENERAL.—Any organiza-
tion that is described in section 
501(c)(6) of the Internal Revenue Code 
and that is exempt from taxation 
under section 501(a) of such Code (ex-
cluding professional sports leagues and 
organizations with the purpose of pro-
moting or participating in a political 
campaign or other activity) shall be el-
igible to receive a covered loan if— 
‘‘(aa) the organization does 
not receive more than 15 percent 
of its receipts from lobbying ac-
tivities; 
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‘‘(bb) the lobbying activities 
of the organization do not com-
prise more than 15 percent of the 
total activities of the organization; 
‘‘(cc) the cost of the lobbying 
activities of the organization did 
not exceed $1,000,000 during the 
most recent tax year of the orga-
nization that ended prior to Feb-
ruary 15, 2020; and 
‘‘(dd) the organization em-
ploys not more than 300 employ-
ees. 
‘‘(II) DESTINATION
MARKETING 
ORGANIZATIONS.—Any 
destination 
marketing organization shall be eligible 
to receive a covered loan if— 
‘‘(aa) the destination mar-
keting organization does not re-
ceive more than 15 percent of its 
receipts from lobbying activities; 
‘‘(bb) the lobbying activities 
of the destination marketing orga-
nization do not comprise more 
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2025 
than 15 percent of the total activi-
ties of the organization; 
‘‘(cc) the cost of the lobbying 
activities of the destination mar-
keting organization did not exceed 
$1,000,000 during the most recent 
tax year of the destination mar-
keting organization that ended 
prior to February 15, 2020; and 
‘‘(dd) the destination mar-
keting organization employs not 
more than 300 employees; and 
‘‘(ee) the destination mar-
keting organization— 
‘‘(AA) is described in 
section 501(c) of the Internal 
Revenue Code and is exempt 
from taxation under section 
501(a) of such Code; or 
‘‘(BB) is a quasi-gov-
ernmental entity or is a po-
litical subdivision of a State 
or local government, includ-
ing any instrumentality of 
those entities.’’. 
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SEC. 319. PROHIBITION ON USE OF LOAN PROCEEDS FOR 
LOBBYING ACTIVITIES. 
Section 7(a)(36)(F) of the Small Business Act (15 
U.S.C. 636(a)(36)(F)) is amended by adding at the end the 
following: 
‘‘(vi) PROHIBITION.—None of the pro-
ceeds of a covered loan may be used for— 
‘‘(I) lobbying activities, as defined 
in section 3 of the Lobbying Disclosure 
Act of 1995 (2 U.S.C. 1602); 
‘‘(II) lobbying expenditures re-
lated to a State or local election; or 
‘‘(III) expenditures designed to in-
fluence the enactment of legislation, 
appropriations, regulation, adminis-
trative action, or Executive order pro-
posed or pending before Congress or 
any State government, State legisla-
ture, or local legislature or legislative 
body.’’. 
SEC. 320. BANKRUPTCY PROVISIONS. 
(a) IN GENERAL.—Section 364 of title 11, United 
States Code, is amended by adding at the end the following: 
‘‘(g)(1) The court, after notice and a hearing, may au-
thorize a debtor in possession or a trustee that is authorized 
to operate the business of the debtor under section 1183, 
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2027 
1184, 1203, 1204, or 1304 of this title to obtain a loan 
under paragraph (36) or (37) of section 7(a) of the Small 
Business Act (15 U.S.C. 636(a)), and such loan shall be 
treated as a debt to the extent the loan is not forgiven in 
accordance with section 7A of the Small Business Act or 
subparagraph (J) of such paragraph (37), as applicable, 
with priority equal to a claim of the kind specified in sub-
section (c)(1) of this section. 
‘‘(2) The trustee may incur debt described in para-
graph (1) notwithstanding any provision in a contract, 
prior order authorizing the trustee to incur debt under this 
section, prior order authorizing the trustee to use cash col-
lateral under section 363, or applicable law that prohibits 
the debtor from incurring additional debt. 
‘‘(3) The court shall hold a hearing within 7 days after 
the filing and service of the motion to obtain a loan de-
scribed in paragraph (1). Notwithstanding the Federal 
Rules of Bankruptcy Procedure, at such hearing, the court 
may grant relief on a final basis.’’. 
(b) ALLOWANCE
OF ADMINISTRATIVE EXPENSES.— 
Section 503(b) of title 11, United States Code, is amend-
ed— 
(1) in paragraph (8)(B), by striking ‘‘and’’ at 
the end; 
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2029 
(e) CONFIRMATION OF PLAN FOR INDIVIDUALS.—Sec-
tion 1325 of title 11, United States Code, is amended by 
adding at the end the following: 
‘‘(d) Notwithstanding section 1322(a)(2) of this title 
and subsection (b)(1) of this section, a plan that provides 
for payment of a claim of a kind specified in section 
503(b)(10) of this title may be confirmed if the plan pro-
poses to make payments on account of such claim when due 
under the terms of the loan giving rise to such claim.’’. 
(f) EFFECTIVE DATE; SUNSET.— 
(1) EFFECTIVE DATE.—The amendments made 
by subsections (a) through (e) shall— 
(A) take effect on the date on which the Ad-
ministrator submits to the Director of the Execu-
tive Office for United States Trustees a written 
determination that, subject to satisfying any 
other eligibility requirements, any debtor in pos-
session or trustee that is authorized to operate 
the business of the debtor under section 1183, 
1184, 1203, 1204, or 1304 of title 11, United 
States Code, would be eligible for a loan under 
paragraphs (36) and (37) of section 7(a) of the 
Small Business Act (15 U.S.C. 636(a)); and 
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(B) apply to any case pending on or com-
menced on or after the date described in sub-
paragraph (A). 
(2) SUNSET.— 
(A) IN GENERAL.—If the amendments made 
by subsections (a) through (e) take effect under 
paragraph (1), effective on the date that is 2 
years after the date of enactment of this Act— 
(i) section 364 of title 11, United 
States Code, is amended by striking sub-
section (g); 
(ii) section 503(b) of title 11, United 
States Code, is amended— 
(I) in paragraph (8)(B), by add-
ing ‘‘and’’ at the end; 
(II) in paragraph (9), by striking 
‘‘; and’’ at the end and inserting a pe-
riod; and 
(III) by striking paragraph (10); 
(iii) section 1191 of title 11, United 
States Code, is amended by striking sub-
section (f); 
(iv) section 1225 of title 11, United 
States Code, is amended by striking sub-
section (d); and 
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(v) section 1325 of title 11, United 
States Code, is amended by striking sub-
section (d). 
(B) APPLICABILITY.—Notwithstanding the 
amendments made by subparagraph (A) of this 
paragraph, if the amendments made by sub-
sections (a) through (e) take effect under para-
graph (1) of this subsection, such amendments 
shall apply to any case under title 11, United 
States Code, commenced before the date that is 2 
years after the date of enactment of this Act. 
SEC. 321. OVERSIGHT. 
(a) 
COMPLIANCE
WITH
OVERSIGHT
REQUIRE-
MENTS.— 
(1) IN GENERAL.—Except as provided in para-
graph (2), on and after the date of enactment of this 
Act, the Administrator shall comply with any data or 
information requests or inquiries made by the Comp-
troller General of the United States not later than 15 
days (or such later date as the Comptroller General 
may specify) after receiving the request or inquiry. 
(2) EXCEPTION.—If the Administrator is unable 
to comply with a request or inquiry described in 
paragraph (1) before the applicable date described in 
that paragraph, the Administrator shall, before such 
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2032 
applicable date, submit to the Committee on Small 
Business and Entrepreneurship of the Senate and the 
Committee on Small Business of the House of Rep-
resentatives a notification that includes a detailed 
justification for the inability of the Administrator to 
comply with the request or inquiry. 
(b) TESTIMONY.—Not later than the date that is 120 
days after the date of enactment of this Act, and not less 
than twice each year thereafter until the date that is 2 years 
after the date of enactment of this Act, the Administrator 
and the Secretary of the Treasury shall testify before the 
Committee on Small Business and Entrepreneurship of the 
Senate and the Committee on Small Business of the House 
of Representatives regarding implementation of this Act 
and the amendments made by this Act. 
SEC. 322. CONFLICTS OF INTEREST. 
(a) DEFINITIONS.—In this section: 
(1) CONTROLLING
INTEREST.—The term ‘‘con-
trolling interest’’ means owning, controlling, or hold-
ing not less than 20 percent, by vote or value, of the 
outstanding amount of any class of equity interest in 
an entity. 
(2) COVERED ENTITY.— 
(A) DEFINITION.—The term ‘‘covered enti-
ty’’ means an entity in which a covered indi-
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2033 
vidual directly or indirectly holds a controlling 
interest. 
(B) TREATMENT OF SECURITIES.—For the 
purpose of determining whether an entity is a 
covered entity, the securities owned, controlled, 
or held by 2 or more individuals who are related 
as described in paragraph (3)(B) shall be aggre-
gated. 
(3) COVERED INDIVIDUAL.—The term ‘‘covered 
individual’’ means— 
(A) the President, the Vice President, the 
head of an Executive department, or a Member 
of Congress; and 
(B) the spouse, as determined under appli-
cable common law, of an individual described in 
subparagraph (A). 
(4) EXECUTIVE DEPARTMENT.—The term ‘‘Exec-
utive department’’ has the meaning given the term in 
section 101 of title 5, United States Code. 
(5) MEMBER OF CONGRESS.—The term ‘‘Member 
of Congress’’ means a Member of the Senate or House 
of Representatives, a Delegate to the House of Rep-
resentatives, and the Resident Commissioner from 
Puerto Rico. 
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2034 
(6) EQUITY INTEREST.—The term ‘‘equity inter-
est’’ means— 
(A) a share in an entity, without regard to 
whether the share is— 
(i) transferable; or 
(ii) classified as stock or anything 
similar; 
(B) a capital or profit interest in a limited 
liability company or partnership; or 
(C) a warrant or right, other than a right 
to convert, to purchase, sell, or subscribe to a 
share or interest described in subparagraph (A) 
or (B), respectively. 
(b) REQUIREMENT FOR DISCLOSURE REGARDING EX-
ISTING LOANS.—For any loan under paragraph (36) of sec-
tion 7(a) of the Small Business Act (15 U.S.C. 636(a)) 
made to a covered entity before the date of enactment of 
this Act— 
(1) if, before the date of enactment of this Act, 
the covered entity submitted an application for for-
giveness under section 1106 of the CARES Act (15 
U.S.C. 9005) (as such section was in effect on the day 
before the date of enactment of this Act) with respect 
to such loan, not later than 30 days after the date of 
enactment of this Act, the principal executive officer, 
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2035 
or individual performing a similar function, of the 
covered entity shall disclose to the Administrator that 
the entity is a covered entity; and 
(2) if, on or after the date of enactment of this 
Act, the covered entity submits an application for for-
giveness under section 7A of the Small Business Act, 
as redesignated and transferred by section 304 of this 
Act, with respect to such loan, not later than 30 days 
after submitting the application, the principal execu-
tive officer, or individual performing a similar func-
tion, of the covered entity shall disclose to the Admin-
istrator that the entity is a covered entity. 
(c) BAN ON NEW LOANS.—On and after the date of 
enactment of this Act, a loan under paragraph (36) or (37) 
of section 7(a) of the Small Business Act (15 U.S.C. 
636(a)), as added and amended by this Act, may not be 
made to a covered entity. 
SEC. 323. COMMITMENT AUTHORITY AND APPROPRIATIONS. 
(a) COMMITMENT AUTHORITY.—Section 1102(b) of the 
CARES Act (Public Law 116–136) is amended— 
(1) in paragraph (1)— 
(A) in the paragraph heading, by inserting 
‘‘AND SECOND DRAW’’ after ‘‘PPP’’; 
(B) by striking ‘‘August 8, 2020’’ and in-
serting ‘‘March 31, 2021’’; 
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(C) by striking ‘‘paragraph (36)’’ and in-
serting ‘‘paragraphs (36) and (37)’’; and 
(D) by striking ‘‘ $659,000,000,000’’ and 
inserting ‘‘ $806,450,000,000’’; and 
(2) by adding at the end the following: 
‘‘(3) 2021 7(a) LOAN PROGRAM LEVEL AND FUND-
ING.—Notwithstanding the amount authorized under 
the heading ‘Small Business Administration—Busi-
ness Loans Program Account’under the Financial 
Services and General Government Appropriations 
Act, 2021 for commitments for general business loans 
authorized under paragraphs (1) through (35) of sec-
tion 7(a) of the Small Business Act (15 U.S.C. 
636(a)), commitments for general business loans au-
thorized under paragraphs (1) through (35) of section 
7(a) of the Small Business Act (15 U.S.C. 636(a)) 
shall not exceed $75,000,000,000 for a combination of 
amortizing term loans and the aggregated maximum 
line of credit provided by revolving loans during the 
period beginning on the date of enactment of this Act 
and ending on September 30, 2021.’’. 
(b) CLARIFICATION OF SECONDARY MARKET CAP.— 
Section 1107(b) of the CARES Act (15 U.S.C. 9006(b)) is 
amended by inserting ‘‘with respect to loans under any 
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paragraph of section 7(a) of the Small Business Act (15 
U.S.C. 636(a))’’ before ‘‘shall not exceed’’. 
(c) RESCISSION.—With respect to unobligated balances 
under the heading ‘‘Small Business Administration—Busi-
ness Loans Program Account, CARES Act’’ as of the day 
before the date of enactment of this Act, $146,500,000,000 
shall be rescinded and deposited into the general fund of 
the Treasury. 
(d) DIRECT APPROPRIATIONS.— 
(1) NEW
DIRECT
APPROPRIATIONS
FOR
PPP 
LOANS, SECOND DRAW LOANS, AND THE MBDA.—There 
is appropriated, out of amounts in the Treasury not 
otherwise appropriated, for the fiscal year ending 
September 30, 2021, to remain available until ex-
pended, for additional amounts— 
(A) $284,450,000,000 under the heading 
‘‘Small 
Business 
Administration—Business 
Loans Program Account, CARES Act’’, for the 
cost of guaranteed loans as authorized under 
paragraph (36) or (37) of section 7(a) of the 
Small Business Act (15 U.S.C. 636(a)), as 
amended and added by this Act, including the 
cost of any modifications to any loans guaran-
teed under such paragraph (36) that were ap-
proved on or before August 8, 2020, of which— 
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2038 
(i) not less than $15,000,000,000 shall 
be for guaranteeing loans under such para-
graph (36) or (37) made by community fi-
nancial institutions, as defined in section 
7(a)(36)(A) of the Small Business Act (15 
U.S.C. 636(a)(36)(A)); 
(ii) not less than $15,000,000,000 shall 
be for guaranteeing loans under such para-
graph (36) or (37) made by— 
(I) insured depository institutions 
(as defined in section 3 of the Federal 
Deposit Insurance Act (12 U.S.C. 
1813)) with consolidated assets of less 
than $10,000,000,000; 
(II) credit unions (as defined in 
section 7(a)(36)(A) of the Small Busi-
ness Act (15 U.S.C. 636(a)(36)(A))) 
with consolidated assets of less than 
$10,000,000,000; or 
(III) institutions of the Farm 
Credit System chartered under the 
Farm Credit Act of 1971 (12 U.S.C. 
2001 et seq.) with consolidated assets of 
less than $10,000,000,000 (not includ-
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2039 
ing the Federal Agricultural Mortgage 
Corporation); 
(iii) not less than $15,000,000,000 
shall be for guaranteeing loans under para-
graph (36) of section 7(a) of the Small 
Business Act (15 U.S.C. 636(a)), as amend-
ed by this Act, that are— 
(I) made to eligible recipients 
with not more than 10 employees; or 
(II) in an amount that is not 
more than $250,000 and made to an 
eligible recipient that is located in a 
neighborhood that is a low-income 
neighborhood or a moderate-income 
neighborhood, for the purposes of the 
Community Reinvestment Act of 1977 
(12 U.S.C. 2901 et seq.); 
(iv) not less than $35,000,000,000 shall 
be for guaranteeing loans under paragraph 
(36) of section 7(a) of the Small Business 
Act (15 U.S.C. 636(a)), as amended by this 
Act, to eligible recipients that have not pre-
viously received a loan under such para-
graph (36); and 
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(v) not less than $25,000,000,000 shall 
be for guaranteeing loans under paragraph 
(37) of section 7(a) of the Small Business 
Act (15 U.S.C. 636(a)), as added by this 
Act, that are— 
(I) made to eligible entities with 
not more than 10 employees; or 
(II) in an amount that is not 
more than $250,000 and made to an 
eligible entity that is located in a 
neighborhood that is a low-income 
neighborhood or a moderate-income 
neighborhood, for the purposes of the 
Community Reinvestment Act of 1977 
(12 U.S.C. 2901 et seq.); 
(B) $25,000,000 under the heading ‘‘De-
partment of Commerce—Minority Business De-
velopment Agency’’ for the Minority Business 
Development Centers Program, including Spe-
cialty Centers, for necessary expenses, including 
any cost sharing requirements that may exist, 
for assisting minority business enterprises to 
prevent, prepare for, and respond to coronavirus, 
including identifying and accessing local, State, 
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2041 
and Federal government assistance related to 
such virus; 
(C) $50,000,000 under the heading ‘‘Small 
Business Administration—Salaries and Ex-
penses’’ for the cost of carrying out reviews and 
audits of loans under subsection (l) of section 7A 
of the Small Business Act, as redesignated, 
transferred, and amended by this Act; 
(D) $20,000,000,000 under the heading 
‘‘Small 
Business 
Administration—Targeted 
EIDL Advance’’ to carry out section 331 of this 
Act, of which $20,000,000 shall be made avail-
able to the Inspector General of the Small Busi-
ness Administration to prevent waste, fraud, and 
abuse with respect to funding made available 
under that section; 
(E) $57,000,000 for the program established 
under section 7(m) of the Small Business Act (15 
U.S.C. 636(m)) of which— 
(i) $50,000,000 shall be to provide 
technical assistance grants under such sec-
tion 7(m) under the heading ‘‘Small Busi-
ness Administration—Entrepreneurial De-
velopment Programs’’; and 
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2042 
(ii) $7,000,000 shall be to provide di-
rect loans under such section 7(m) under 
the heading ‘‘Small Business Administra-
tion—Business Loans Program Account’’; 
(F) $1,918,000,000 under the heading 
‘‘Small 
Business 
Administration—Business 
Loans Program Account’’ for the cost of guaran-
teed loans as authorized by paragraphs (1) 
through (35) of section 7(a) of the Small Busi-
ness Act (15 U.S.C. 636(a)), including the cost 
of carrying out sections 326, 327, and 328 of this 
Act; 
(G) $3,500,000,000 under the heading 
‘‘Small 
Business 
Administration—Business 
Loans Program Account, CARES Act’’ for car-
rying out section 325 of this Act; and 
(H) $15,000,000,000 under the heading 
‘‘Small 
Business 
Administration—Shuttered 
Venue Operators’’ to carry out section 324 of this 
Act. 
(2) MODIFICATION OF SET-ASIDES.— 
(A) IN GENERAL.—Notwithstanding para-
graph (1)(A), if the Administrator makes the de-
termination described in subparagraph (B) of 
this paragraph, the Administrator may reduce 
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2043 
the amount of any allocation under paragraph 
(1)(A) to be such amount as the Administrator 
may determine necessary. 
(B) 
REQUIREMENTS
FOR
DETERMINA-
TION.—The determination described in this sub-
paragraph is a determination by the Adminis-
trator that— 
(i) is not made earlier than 25 days 
after the date of enactment of this Act; 
(ii) it is not reasonably expected that 
a type of entity described in paragraph 
(1)(A) will make, or receive, as applicable, 
the minimum amount of loans necessary to 
meet the applicable allocation under para-
graph(1)(A); and 
(iii) it is reasonably expected that the 
total amount of loans guaranteed under 
paragraph (36) or (37) of section 7(a) of the 
Small Business Act (15 U.S.C. 636(a)), as 
amended and added by this Act, will equal 
substantially all of the amount permitted by 
available funds by March 31, 2021. 
(3) APPROPRIATIONS FOR THE OFFICE OF IN-
SPECTOR GENERAL.— 
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(A) IN GENERAL.—Effective on the date of 
enactment of this Act, the remaining unobligated 
balances of funds from amounts made available 
for ‘‘Small Business Administration—Office of 
Inspector General’’ under section 1107(a)(3) of 
the CARES Act (15 U.S.C. 9006(a)(3)), are 
hereby rescinded. 
(B) FUNDING.— 
(i) IN
GENERAL.—There is appro-
priated, for an additional amount, for the 
fiscal year ending September 30, 2021, out 
of amounts in the Treasury not otherwise 
appropriated, an amount equal to the 
amount rescinded under subparagraph (A), 
to remain available until expended, under 
the heading ‘‘Small Business Administra-
tion—Office of Inspector General’’. 
(ii) USE
OF
FUNDS.—The amounts 
made available under clause (i) shall be 
available for the same purposes, in addition 
to other funds as may be available for such 
purposes, and under the same authorities as 
the amounts made available under section 
1107(a)(3) of the CARES Act (15 U.S.C. 
9006(a)(3)). 
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2045 
SEC. 324. GRANTS FOR SHUTTERED VENUE OPERATORS. 
(a) DEFINITIONS.—In this section: 
(1) ELIGIBLE PERSON OR ENTITY.— 
(A) IN GENERAL.—The term ‘‘eligible per-
son or entity’’ means a live venue operator or 
promoter, theatrical producer, or live performing 
arts organization operator, a relevant museum 
operator, a motion picture theatre operator, or a 
talent representative that meets the following re-
quirements: 
(i) The live venue operator or pro-
moter, theatrical producer, or live per-
forming arts organization operator, the rel-
evant museum operator, the motion picture 
theatre operator, or the talent representa-
tive— 
(I) was fully operational as a live 
venue operator or promoter, theatrical 
producer, or live performing arts orga-
nization operator, a relevant museum 
operator, a motion picture theatre op-
erator, or a talent representative on 
February 29, 2020; and 
(II) has gross earned revenue dur-
ing the first, second, third, or, only 
with respect to an application sub-
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2046 
mitted on or after January 1, 2021, 
fourth quarter in 2020 that dem-
onstrates not less than a 25 percent re-
duction from the gross earned revenue 
of the live venue operator or promoter, 
theatrical producer, or live performing 
arts organization operator, the relevant 
museum operator, the motion picture 
theatre operator, or the talent rep-
resentative during the same quarter in 
2019. 
(ii) As of the date of the grant under 
this section— 
(I) the live venue operator or pro-
moter, theatrical producer, or live per-
forming arts organization operator is 
or intends to resume organizing, pro-
moting, 
producing, 
managing, 
or 
hosting future live events described in 
paragraph (3)(A)(i); 
(II) the motion picture theatre op-
erator is open or intends to reopen for 
the primary purpose of public exhi-
bition of motion pictures; 
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(III) the relevant museum oper-
ator is open or intends to reopen; or 
(IV) the talent representative is 
representing or managing artists and 
entertainers. 
(iii) The venues at which the live venue 
operator or promoter, theatrical producer, 
or live performing arts organization oper-
ator promotes, produces, manages, or hosts 
events described in paragraph (3)(A)(i) or 
the artists and entertainers represented or 
managed by the talent representative per-
form have the following characteristics: 
(I) A defined performance and 
audience space. 
(II) Mixing equipment, a public 
address system, and a lighting rig. 
(III) Engages 1 or more individ-
uals to carry out not less than 2 of the 
following roles: 
(aa) A sound engineer. 
(bb) A booker. 
(cc) A promoter. 
(dd) A stage manager. 
(ee) Security personnel. 
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2048 
(ff) A box office manager. 
(IV) There is a paid ticket or 
cover charge to attend most perform-
ances and artists are paid fairly and 
do not play for free or solely for tips, 
except for fundraisers or similar chari-
table events. 
(V) For a venue owned or oper-
ated by a nonprofit entity that pro-
duces free events, the events are pro-
duced and managed primarily by paid 
employees, not by volunteers. 
(VI) Performances are marketed 
through listings in printed or elec-
tronic publications, on websites, by 
mass email, or on social media. 
(iv) A motion picture theatre or mo-
tion picture theatres operated by the motion 
picture theatre operator have the following 
characteristics: 
(I) At least 1 auditorium that in-
cludes a motion picture screen and 
fixed audience seating. 
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(II) A projection booth or space 
containing not less than 1 motion pic-
ture projector. 
(III) A paid ticket charge to at-
tend exhibition of motion pictures. 
(IV) Motion picture exhibitions 
are marketed through showtime listings 
in printed or electronic publications, 
on websites, by mass mail, or on social 
media. 
(v) The relevant museum or relevant 
museums for which the relevant museum op-
erator is seeking a grant under this section 
have the following characteristics: 
(I) Serving as a relevant museum 
as its principal business activity. 
(II) Indoor exhibition spaces that 
are a component of the principal busi-
ness activity and which have been sub-
jected to pandemic-related occupancy 
restrictions. 
(III) At least 1 auditorium, the-
ater, or performance or lecture hall 
with fixed audience seating and reg-
ular programming. 
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(vi)(I) The live venue operator or pro-
moter, theatrical producer, or live per-
forming arts organization operator, the rel-
evant museum operator, the motion picture 
theatre operator, or the talent representative 
does not have, or is not majority owned or 
controlled by an entity with, any of the fol-
lowing characteristics: 
(aa) Being an issuer, the securi-
ties of which are listed on a national 
securities exchange. 
(bb) Receiving more than 10 per-
cent of gross revenue from Federal 
funding 
during 
2019, 
excluding 
amounts received by the live venue op-
erator or promoter, theatrical pro-
ducer, or live performing arts organi-
zation operator, the relevant museum 
operator, the motion picture theatre 
operator, or the talent representative 
under the Robert T. Stafford Disaster 
Relief and Emergency Assistance Act 
(42 U.S.C. 5121 et seq.). 
(II) The live venue operator or pro-
moter, theatrical producer, or live per-
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2051 
forming arts organization operator, the rel-
evant museum operator, the motion picture 
theatre operator, or the talent representative 
does not have, or is not majority owned or 
controlled by an entity with, more than 2 of 
the following characteristics: 
(aa) Owning or operating venues, 
relevant museums, motion picture the-
atres, or talent agencies or talent man-
agement companies in more than 1 
country. 
(bb) Owning or operating venues, 
relevant museums, motion picture the-
atres, or talent agencies or talent man-
agement companies in more than 10 
States. 
(cc) Employing more than 500 
employees as of February 29, 2020, de-
termined on a full-time equivalent 
basis in accordance with subparagraph 
(C). 
(III) The live venue operator or pro-
moter, theatrical producer, or live per-
forming arts organization operator, the rel-
evant museum operator, the motion picture 
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2052 
theatre operator, or the talent representative 
has not received, on or after the date of en-
actment of this Act, a loan guaranteed 
under paragraph (36) or (37) of section 
7(a) of the Small Business Act (15 U.S.C. 
636(a)), as amended and added by this di-
vision. 
(IV) For purposes of applying the 
characteristics described in subclauses (I), 
(II), and (III) to an entity owned by a 
State or a political subdivision of a State, 
the relevant entity— 
(aa) shall be the live venue oper-
ator or promoter, theatrical producer, 
or live performing arts organization 
operator, the relevant museum oper-
ator, the motion picture theatre oper-
ator, or the talent representative; and 
(bb) shall not include entities of 
the State or political subdivision other 
than the live venue operator or pro-
moter, theatrical producer, or live per-
forming arts organization operator, the 
relevant museum operator, the motion 
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2053 
picture theatre operator, or the talent 
representative. 
(B) EXCLUSION.—The term ‘‘eligible person 
or entity’’ shall not include a live venue operator 
or promoter, theatrical producer, or live per-
forming arts organization operator, a relevant 
museum operator, a motion picture theatre oper-
ator, or a talent representative that— 
(i) presents live performances of a pru-
rient sexual nature; or 
(ii) derives, directly or indirectly, more 
than de minimis gross revenue through the 
sale of products or services, or the presen-
tation of any depictions or displays, of a 
prurient sexual nature. 
(C) CALCULATION OF FULL-TIME EMPLOY-
EES.—For purposes of determining the number 
of full-time equivalent employees under subpara-
graph (A)(vi)(II)(cc) of this paragraph and 
under paragraph (2)(E)— 
(i) any employee working not fewer 
than 30 hours per week shall be considered 
a full-time employee; and 
(ii) any employee working not fewer 
than 10 hours and fewer than 30 hours per 
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2054 
week shall be counted as one-half of a full- 
time employee. 
(D) MULTIPLE BUSINESS ENTITIES.—Each 
business entity of an eligible person or entity 
that also meets the requirements under subpara-
graph (A) and that is not described in subpara-
graph (B) shall be treated by the Administrator 
as an independent, non-affiliated entity for the 
purposes of this section. 
(2) EXCHANGE; ISSUER; SECURITY.—The terms 
‘‘exchange’’, ‘‘issuer’’, and ‘‘security’’ have the mean-
ings given those terms in section 3(a) of the Securities 
Exchange Act of 1934 (15 U.S.C. 78c(a)). 
(3) LIVE VENUE OPERATOR OR PROMOTER, THE-
ATRICAL PRODUCER, OR LIVE PERFORMING ARTS OR-
GANIZATION OPERATOR.—The term ‘‘live venue oper-
ator or promoter, theatrical producer, or live per-
forming arts organization operator’’— 
(A) means— 
(i) an individual or entity— 
(I) that, as a principal business 
activity, organizes, promotes, produces, 
manages, or hosts live concerts, comedy 
shows, theatrical productions, or other 
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2055 
events 
by 
performing 
artists 
for 
which— 
(aa) a cover charge through 
ticketing or front door entrance 
fee is applied; and 
(bb) performers are paid in 
an amount that is based on a per-
centage of sales, a guarantee (in 
writing or standard contract), or 
another mutually beneficial for-
mal agreement; and 
(II) for which not less than 70 
percent of the earned revenue of the in-
dividual or entity is generated through, 
to the extent related to a live event de-
scribed in subclause (I), cover charges 
or ticket sales, production fees or pro-
duction reimbursements, nonprofit edu-
cational initiatives, or the sale of event 
beverages, food, or merchandise; or 
(ii) an individual or entity that, as a 
principal business activity, makes available 
for purchase by the public an average of not 
less than 60 days before the date of the event 
tickets to events— 
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2056 
(I) described in clause (i)(I); and 
(II) for which performers are paid 
in an amount that is based on a per-
centage of sales, a guarantee (in writ-
ing or standard contract), or another 
mutually beneficial formal agreement; 
and 
(B) includes an individual or entity de-
scribed in subparagraph (A) that— 
(i) operates for profit; 
(ii) is a nonprofit organization; 
(iii) is government-owned; or 
(iv) is a corporation, limited liability 
company, or partnership or operated as a 
sole proprietorship. 
(4) MOTION PICTURE THEATRE OPERATOR.—The 
term ‘‘motion picture theatre operator’’ means an in-
dividual or entity that— 
(A) as the principal business activity of the 
individual or entity, owns or operates at least 1 
place of public accommodation for the purpose of 
motion picture exhibition for a fee; and 
(B) includes an individual or entity de-
scribed in subparagraph (A) that— 
(i) operates for profit; 
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2057 
(ii) is a nonprofit organization; 
(iii) is government-owned; or 
(iv) is a corporation, limited liability 
company, or partnership or operated as a 
sole proprietorship. 
(5) NATIONAL
SECURITIES
EXCHANGE.—The 
term ‘‘national securities exchange’’ means an ex-
change registered as a national securities exchange 
under section 6 of the Securities Exchange Act of 
1934 (15 U.S.C. 78f). 
(6) NONPROFIT.—The term ‘‘nonprofit’’, with re-
spect to an organization, means that the organization 
is exempt from taxation under section 501(a) of the 
Internal Revenue Code of 1986. 
(7) RELEVANT
MUSEUM.—The term ‘‘relevant 
museum’’— 
(A) has the meaning given the term ‘‘mu-
seum’’ in section 273 of the Museum and Li-
brary Services Act (20 U.S.C. 9172); and 
(B) shall not include any entity that is or-
ganized as a for-profit entity. 
(8) SEASONAL EMPLOYER.—The term ‘‘seasonal 
employer’’ has the meaning given that term in sub-
paragraph (A) of section 7(a)(36) of the Small Busi-
ness Act (15 U.S.C. 636(a)), as amended by this Act. 
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2058 
(9) STATE.—The term ‘‘State’’ means— 
(A) a State; 
(B) the District of Columbia; 
(C) the Commonwealth of Puerto Rico; and 
(D) any other territory or possession of the 
United States. 
(10) TALENT REPRESENTATIVE.—The term ‘‘tal-
ent representative’’— 
(A) means an agent or manager that— 
(i) as not less than 70 percent of the 
operations of the agent or manager, is en-
gaged in representing or managing artists 
and entertainers; 
(ii) books or represents musicians, co-
medians, actors, or similar performing art-
ists primarily at live events in venues or at 
festivals; and 
(iii) represents performers described in 
clause (ii) that are paid in an amount that 
is based on the number of tickets sold, or a 
similar basis; and 
(B) includes an agent or manager described 
in subparagraph (A) that— 
(i) operates for profit; 
(ii) is a nonprofit organization; 
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2059 
(iii) is government-owned; or 
(iv) is a corporation, limited liability 
company, or partnership or operated as a 
sole proprietorship. 
(b) AUTHORITY.— 
(1) IN GENERAL.— 
(A) ADMINISTRATION.—The Associate Ad-
ministrator for the Office of Disaster Assistance 
of the Administration shall coordinate and for-
mulate policies relating to the administration of 
grants made under this section. 
(B) CERTIFICATION OF NEED.—An eligible 
person or entity applying for a grant under this 
section shall submit a good faith certification 
that the uncertainty of current economic condi-
tions makes necessary the grant to support the 
ongoing operations of the eligible person or enti-
ty. 
(2) INITIAL GRANTS.— 
(A) IN GENERAL.—The Administrator may 
make initial grants to eligible persons or entities 
in accordance with this section. 
(B) INITIAL
PRIORITIES
FOR
AWARDING 
GRANTS.— 
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2060 
(i) FIRST
PRIORITY
IN
AWARDING 
GRANTS.—During the initial 14-day period 
during which the Administrator awards 
grants under this paragraph, the Adminis-
trator shall only award grants to an eligible 
person or entity with revenue, during the 
period beginning on April 1, 2020 and end-
ing on December 31, 2020, that is not more 
than 10 percent of the revenue of the eligible 
person or entity during the period begin-
ning on April 1, 2019 and ending on De-
cember 31, 2019, due to the COVID–19 pan-
demic. 
(ii) SECOND
PRIORITY
IN
AWARDING 
GRANTS.—During the 14-day period imme-
diately following the 14-day period de-
scribed in clause (i), the Administrator 
shall only award grants to an eligible per-
son or entity with revenue, during the pe-
riod beginning on April 1, 2020 and ending 
on December 31, 2020, that is not more 
than 30 percent of the revenue of the eligible 
person or entity during the period begin-
ning on April 1, 2019 and ending on De-
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2061 
cember 31, 2019, due to the COVID–19 pan-
demic. 
(iii) DETERMINATION OF REVENUE.— 
For purposes of clauses (i) and (ii)— 
(I) any amounts received by an 
eligible person or entity under the 
CARES Act (Public Law 116–136; 134 
Stat. 281) or an amendment made by 
the CARES Act shall not be counted as 
revenue of an eligible person or entity; 
(II) the Administrator shall use 
an accrual method of accounting for 
determining revenue; and 
(III) the Administrator may use 
alternative methods to establish rev-
enue losses for an eligible person or en-
tity that is a seasonal employer and 
that would be adversely impacted if 
January, February, and March are ex-
cluded from the calculation of year- 
over-year revenues. 
(iv) LIMIT ON USE OF AMOUNTS FOR 
PRIORITY APPLICANTS.—The Administrator 
may use not more than 80 percent of the 
amounts 
appropriated 
under 
section 
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2062 
323(d)(1)(H) of this Act to carry out this 
section to make initial grants under this 
paragraph to eligible persons or entities de-
scribed in clause (i) or (ii) of this subpara-
graph that apply for a grant under this 
paragraph during the initial 28-day period 
during which the Administrator awards 
grants under this paragraph. 
(C) GRANTS AFTER PRIORITY PERIODS.— 
After the end of the initial 28-day period during 
which the Administrator awards grants under 
this paragraph, the Administrator may award 
an initial grant to any eligible person or entity. 
(D) LIMITS ON NUMBER OF INITIAL GRANTS 
TO AFFILIATES.—Not more than 5 business enti-
ties of an eligible person or entity that would be 
considered affiliates under the affiliation rules of 
the Administration may receive a grant under 
this paragraph. 
(E) SET-ASIDE FOR SMALL EMPLOYERS.— 
(i) IN
GENERAL.—Subject to clause 
(ii), not less than $2,000,000,000 of the 
total amount of grants made available 
under this paragraph shall be awarded to 
eligible persons or entities which employ not 
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2063 
more than 50 full-time employees, deter-
mined 
in 
accordance 
with 
subsection 
(a)(1)(C). 
(ii) TIME LIMIT.—Clause (i) shall not 
apply on and after the date that is 60 days 
after the Administrator begins awarding 
grants under this section and, on and after 
such date, amounts available for grants 
under this section may be used for grants 
under this section to any eligible person or 
entity. 
(3) SUPPLEMENTAL GRANTS.— 
(A) IN GENERAL.—Subject to subparagraph 
(B), the Administrator may make a supple-
mental grant in accordance with this section to 
an eligible person or entity that receives a grant 
under paragraph (2) if, as of April 1, 2021, the 
revenues of the eligible person or entity for the 
most recent calendar quarter are not more than 
30 percent of the revenues of the eligible person 
or entity for the corresponding calendar quarter 
during 2019 due to the COVID–19 pandemic. 
(B) PROCESSING TIMELY INITIAL GRANT AP-
PLICATIONS FIRST.—The Administrator may not 
award a supplemental grant under subpara-
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2064 
graph (A) until the Administrator has completed 
processing (including determining whether to 
award a grant) each application for an initial 
grant under paragraph (2) that is submitted by 
an eligible person or entity on or before the date 
that is 60 days after the date on which the Ad-
ministrator begins accepting such applications. 
(4) CERTIFICATION.—An eligible person or enti-
ty applying for a grant under this section that is an 
eligible business described in the matter preceding 
subclause (I) of section 4003(c)(3)(D)(i) of the 
CARES Act (15 U.S.C. 9042(c)(3)(D)(i)), shall make 
a good-faith certification described in subclauses (IX) 
and (X) of such section. 
(c) AMOUNT.— 
(1) INITIAL GRANTS.— 
(A) IN
GENERAL.—A grant under sub-
section (b)(2) shall be in the amount equal to the 
lesser of— 
(i)(I) for an eligible person or entity 
that was in operation on January 1, 2019, 
the amount equal to 45 percent of the gross 
earned revenue of the eligible person or enti-
ty during 2019; or 
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2065 
(II) for an eligible person or entity 
that began operations after January 1, 
2019, the amount equal to the product ob-
tained by multiplying— 
(aa) the average monthly gross 
earned revenue for each full month 
during which the eligible person or en-
tity was in operation during 2019; by 
(bb) 6; or 
(ii) $10,000,000. 
(B) APPLICATION
TO
RELEVANT
MUSEUM 
OPERATORS.—A relevant museum operator may 
not receive grants under subsection (b)(2) in a 
total amount that is more than $10,000,000 with 
respect to all relevant museums operated by the 
relevant museum operator. 
(2) SUPPLEMENTAL
GRANTS.—A grant under 
subsection (b)(3) shall be in the amount equal to 50 
percent of the grant received by the eligible person or 
entity under subsection (b)(2). 
(3) OVERALL MAXIMUMS.—The total amount of 
grants received under paragraphs (2) and (3) of sub-
section (b) by an eligible person or entity shall be not 
more than $10,000,000. 
(d) USE OF FUNDS.— 
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2066 
(1) TIMING.— 
(A) EXPENSES INCURRED.— 
(i) IN GENERAL.—Except as provided 
in clause (ii), amounts received under a 
grant under this section may be used for 
costs incurred during the period beginning 
on March 1, 2020, and ending on December 
31, 2021. 
(ii) EXTENSION
FOR
SUPPLEMENTAL 
GRANTS.—If an eligible person or entity re-
ceives a grant under subsection (b)(3), 
amounts received under either grant under 
this section may be used for costs incurred 
during the period beginning on March 1, 
2020, and ending on June 30, 2022. 
(B) EXPENDITURE.— 
(i) IN GENERAL.—Except as provided 
in clause (ii), an eligible person or entity 
shall return to the Administrator any 
amounts received under a grant under this 
section that are not expended on or before 
the date that is 1 year after the date of dis-
bursement of the grant. 
(ii) EXTENSION
FOR
SUPPLEMENTAL 
GRANTS.—If an eligible person or entity re-
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2067 
ceives a grant under subsection (b)(3), the 
eligible person or entity shall return to the 
Administrator any amounts received under 
either grant under this section that are not 
expended on or before the date that is 18 
months after the date of disbursement to the 
eligible person or entity of the grant under 
subsection (b)(2). 
(2) ALLOWABLE EXPENSES.— 
(A) DEFINITIONS.—In this paragraph— 
(i) the terms ‘‘covered mortgage obliga-
tion’’, ‘‘covered rent obligation’’, ‘‘covered 
utility payment’’, and ‘‘covered worker pro-
tection expenditure’’ have the meanings 
given those terms in section 7A(a) of the 
Small Business Act, as redesignated, trans-
ferred, and amended by this Act; and 
(ii) the term ‘‘payroll costs’’ has the 
meaning 
given 
that 
term 
in 
section 
7(a)(36)(A) of the Small Business Act (15 
U.S.C. 636(a)(36)(A). 
(B) EXPENSES.—An eligible person or enti-
ty may use amounts received under a grant 
under this section for— 
(i) payroll costs; 
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2068 
(ii) payments on any covered rent obli-
gation; 
(iii) any covered utility payment; 
(iv) scheduled payments of interest or 
principal on any covered mortgage obliga-
tion (which shall not include any prepay-
ment of principal on a covered mortgage ob-
ligation); 
(v) scheduled payments of interest or 
principal on any indebtedness or debt in-
strument (which shall not include any pre-
payment of principal) incurred in the ordi-
nary course of business that is a liability of 
the eligible person or entity and was in-
curred prior to February 15, 2020; 
(vi) covered worker protection expendi-
tures; 
(vii) payments made to independent 
contractors, as reported on Form–1099 
MISC, not to exceed a total of $100,000 in 
annual compensation for any individual 
employee of an independent contractor; and 
(viii) other ordinary and necessary 
business expenses, including— 
(I) maintenance expenses; 
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2069 
(II) administrative costs, includ-
ing fees and licensing costs; 
(III) State and local taxes and 
fees; 
(IV) operating leases in effect as 
of February 15, 2020; 
(V) payments required for insur-
ance on any insurance policy; and 
(VI) 
advertising, 
production 
transportation, and capital expendi-
tures related to producing a theatrical 
or live performing arts production, 
concert, exhibition, or comedy show, ex-
cept that a grant under this section 
may not be used primarily for such ex-
penditures. 
(3) PROHIBITED EXPENSES.—An eligible person 
or entity may not use amounts received under a 
grant under this section— 
(A) to purchase real estate; 
(B) for payments of interest or principal on 
loans originated after February 15, 2020; 
(C) to invest or re-lend funds; 
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2070 
(D) for contributions or expenditures to, or 
on behalf of, any political party, party com-
mittee, or candidate for elective office; or 
(E) for any other use as may be prohibited 
by the Administrator. 
(e) INCREASED OVERSIGHT OF SHUTTERED VENUE 
OPERATOR GRANTS.—The Administrator shall increase 
oversight of eligible persons and entities receiving grants 
under this section, which may include the following: 
(1) DOCUMENTATION.—Additional documenta-
tion requirements that are consistent with the eligi-
bility and other requirements under this section, in-
cluding requiring an eligible person or entity that re-
ceives a grant under this section to retain records that 
document compliance with the requirements for 
grants under this section— 
(A) with respect to employment records, for 
the 4-year period following receipt of the grant; 
and 
(B) with respect to other records, for the 3- 
year period following receipt of the grant. 
(2) REVIEWS OF USE.—Reviews of the use of the 
grant proceeds by an eligible person or entity to en-
sure compliance with requirements established under 
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this section and by the Administrator, including that 
the Administrator may— 
(A) review and audit grants under this sec-
tion; and 
(B) in the case of fraud or other material 
noncompliance with respect to a grant under 
this section— 
(i) require repayment of misspent 
funds; or 
(ii) pursue legal action to collect funds. 
(f) SHUTTERED
VENUE
OVERSIGHT
AND
AUDIT 
PLAN.— 
(1) IN GENERAL.—Not later than 45 days after 
the date of enactment of this Act, the Administrator 
shall submit to the Committee on Small Business and 
Entrepreneurship of the Senate and the Committee on 
Small Business of the House of Representatives an 
audit plan that details— 
(A) the policies and procedures of the Ad-
ministrator for conducting oversight and audits 
of grants under this section; and 
(B) the metrics that the Administrator shall 
use to determine which grants under this section 
will be audited pursuant to subsection (e). 
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(2) REPORTS.—Not later than 60 days after the 
date of enactment of this Act, and each month there-
after until the date that is 1 year after the date on 
which all amounts made available under section 
323(d)(1)(H) of this Act have been expended, the Ad-
ministrator shall submit to the Committee on Small 
Business and Entrepreneurship of the Senate and the 
Committee on Small Business of the House of Rep-
resentatives a report on the oversight and audit ac-
tivities of the Administrator under this subsection, 
which shall include— 
(A) the total number of initial grants ap-
proved and disbursed; 
(B) the total amount of grants received by 
each eligible person or entity, including any sup-
plemental grants; 
(C) the number of active investigations and 
audits of grants under this section; 
(D) the number of completed reviews and 
audits of grants under this section, including a 
description of any findings of fraud or other ma-
terial noncompliance. 
(E) any substantial changes made to the 
oversight and audit plan submitted under para-
graph (1). 
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SEC. 325. EXTENSION OF THE DEBT RELIEF PROGRAM. 
(a) IN GENERAL.—Section 1112 of the CARES Act (15 
U.S.C. 9011) is amended— 
(1) in subsection (c)— 
(A) by striking paragraph (1) and inserting 
the following: 
‘‘(1) IN GENERAL.—Subject to the other provi-
sions of this section, the Administrator shall pay the 
principal, interest, and any associated fees that are 
owed on a covered loan in a regular servicing status, 
without regard to the date on which the covered loan 
is fully disbursed, and subject to availability of funds, 
as follows: 
‘‘(A) With respect to a covered loan made 
before the date of enactment of this Act and not 
on deferment, the Administrator shall make those 
payments as follows: 
‘‘(i) The Administrator shall make 
those payments for the 6-month period be-
ginning with the next payment due on the 
covered loan. 
‘‘(ii) In addition to the payments 
under clause (i)— 
‘‘(I) with respect to a covered loan 
other than a covered loan described in 
paragraph (1)(A)(i) or (2) of sub-
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section (a), the Administrator shall 
make those payments for— 
‘‘(aa) the 3-month period be-
ginning with the first payment 
due on the covered loan on or 
after February 1, 2021; and 
‘‘(bb) an additional 5-month 
period immediately following the 
end of the 3-month period pro-
vided under item (aa) if the cov-
ered loan is made to a borrower 
that, according to records of the 
Administration, is assigned a 
North American Industry Classi-
fication System code beginning 
with 61, 71, 72, 213, 315, 448, 
451, 481, 485, 487, 511, 512, 515, 
532, or 812; and 
‘‘(II) with respect to a covered 
loan described in paragraph (1)(A)(i) 
or (2) of subsection (a), the Adminis-
trator shall make those payments for 
the 8-month period beginning with the 
first payment due on the covered loan 
on or after February 1, 2021. 
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2075 
‘‘(B) With respect to a covered loan made 
before the date of enactment of this Act and on 
deferment, the Administrator shall make those 
payments as follows: 
‘‘(i) The Administrator shall make 
those payments for the 6-month period be-
ginning with the next payment due on the 
covered loan after the deferment period. 
‘‘(ii) In addition to the payments 
under clause (i)— 
‘‘(I) with respect to a covered loan 
other than a covered loan described in 
paragraph (1)(A)(i) or (2) of sub-
section (a), the Administrator shall 
make those payments for— 
‘‘(aa) the 3-month period (be-
ginning on or after February 1, 
2021) beginning with the later 
of— 
‘‘(AA) the next payment 
due on the covered loan after 
the deferment period; or 
‘‘(BB) the first month 
after the Administrator has 
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completed 
the 
payments 
under clause (i); and 
‘‘(bb) an additional 5-month 
period immediately following the 
end of the 3-month period pro-
vided under item (aa) if the cov-
ered loan is made to a borrower 
that, according to records of the 
Administration, is assigned a 
North American Industry Classi-
fication System code beginning 
with 61, 71, 72, 213, 315, 448, 
451, 481, 485, 487, 511, 512, 515, 
532, or 812; and 
‘‘(II) with respect to a loan de-
scribed in paragraph (1)(A)(i) or (2) 
of subsection (a), the 8-month period 
(beginning on or after February 1, 
2021) beginning with the later of— 
‘‘(aa) the next payment due 
on the covered loan after the 
deferment period; or 
‘‘(bb) the first month after 
the payments under clause (i) are 
complete. 
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‘‘(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 
6 months after such date of enactment, for the 6- 
month period beginning with the first payment 
due on the covered loan. 
‘‘(D) With respect to a covered loan ap-
proved during the period beginning on February 
1, 2021, and ending on September 30, 2021, for 
the 6-month period beginning with the first pay-
ment due on the covered loan.’’; and 
(B) by adding at the end the following: 
‘‘(4) LIMITATION.— 
‘‘(A) IN GENERAL.—No single monthly pay-
ment of principal, interest, and associated fees 
made by the Administrator under subparagraph 
(A)(ii), (B)(ii), or (D) of paragraph (1) with re-
spect to a covered loan may be in a total amount 
that is more than $9,000. 
‘‘(B) TREATMENT OF ADDITIONAL AMOUNTS 
OWED.—If, for a month, the total amount of 
principal, interest, and associated fees that are 
owed on a covered loan for which the Adminis-
tration makes payments under paragraph (1) is 
more than $9,000 the Administrator may require 
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2078 
the lender with respect to the covered loan to add 
the amount by which those costs exceed $9,000 
for that month as interest to be paid by the bor-
rower with respect to the covered loan at the end 
of the loan period. 
‘‘(5) 
ADDITIONAL
PROVISIONS
FOR
NEW 
LOANS.—With respect to a loan described in para-
graph (1)(C)— 
‘‘(A) the Administrator may further extend 
the 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 over the 
entire period of maturity of the loan. 
‘‘(6) 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. 
‘‘(7) AUTHORITY TO REVISE EXTENSIONS.— 
‘‘(A) IN
GENERAL.—The Administrator 
shall monitor whether amounts made available 
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2079 
to make payments under this subsection are suf-
ficient to make the payments for the periods de-
scribed 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), 
while ensuring all amounts made available 
to make payments under this subsection are 
fully expended; and 
‘‘(ii) before taking action under the 
plan developed under clause (i), submit to 
Congress a report regarding the plan, which 
shall include the data that informs the plan. 
‘‘(8) ADDITIONAL REQUIREMENTS.—With respect 
to the payments made under this subsection— 
‘‘(A) no lender may charge a late fee to a 
borrower with respect to a covered loan during 
any period in which the Administrator makes 
payments with respect to the covered loan under 
paragraph (1); and 
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2080 
‘‘(B) the Administrator shall, with respect 
to a covered loan, make all payments with re-
spect to the covered loan under paragraph (1) 
not later than the 15th day of the applicable 
month. 
‘‘(9) RULE OF CONSTRUCTION.—Except as pro-
vided in paragraph (4), nothing in this subsection 
may be construed to preclude a borrower from receiv-
ing full payments of principal, interest, and any as-
sociated fees authorized under this subsection with re-
spect to a covered loan.’’; 
(2) by redesignating subsection (f) as subsection 
(i); and 
(3) by inserting after subsection (e) the following: 
‘‘(f) ELIGIBILITY FOR NEW LOANS.—For each indi-
vidual lending program under this section, the Adminis-
trator may establish a minimum loan maturity period, tak-
ing into consideration the normal underwriting require-
ments for each such program, with the goal of preventing 
abuse under the program. 
‘‘(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.— 
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2081 
‘‘(1) UPDATED INFORMATION.— 
‘‘(A) IN GENERAL.—Not later than 14 days 
after the date of enactment of the Economic Aid 
to Hard-Hit Small Businesses, Nonprofits, and 
Venues Act, the Administrator shall make pub-
licly available information regarding the modi-
fications to the assistance provided under this 
section under the amendments made by such Act. 
‘‘(B) GUIDANCE.—Not later than 21 days 
after the date of enactment of the Economic Aid 
to Hard-Hit Small Businesses, Nonprofits, and 
Venues Act the Administrator shall issue guid-
ance on implementing the modifications to the 
assistance provided under this section under the 
amendments made by such Act. 
‘‘(2) PUBLICATION
OF
LIST.—Not later than 
March 1, 2021, 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, based on the records of the Administration, 
to assist the lenders in identifying which borrowers 
qualify for an extension of payments under subsection 
(c). 
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2082 
‘‘(3) EDUCATION AND OUTREACH.—The Admin-
istrator shall provide education, outreach, and com-
munication to lenders, borrowers, district offices, and 
resource partners of the Administration in order to 
ensure full and proper compliance with this section, 
encourage broad participation with respect to covered 
loans that have not yet been approved by the Admin-
istrator, and help lenders transition borrowers from 
subsidy payments under this section directly to a de-
ferral when suitable for the borrower. 
‘‘(4) NOTIFICATION.—Not later than 30 days 
after the date of enactment of the Economic Aid to 
Hard-Hit Small Businesses, Nonprofits, and Venues 
Act, the Administrator shall mail a letter to each bor-
rower of a covered loan that includes— 
‘‘(A) an overview of assistance provided 
under this section; 
‘‘(B) the rights of the borrower to receive 
that assistance; 
‘‘(C) how to seek recourse with the Adminis-
trator or the lender of the covered loan if the bor-
rower has not received that assistance; 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 
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2083 
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 Economic Aid to Hard-Hit Small Busi-
nesses, Nonprofits, and Venues Act, the Administrator 
shall submit to Congress a report on assistance pro-
vided 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-
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 
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2084 
‘‘(C) an update on the education and out-
reach activities of the Administration carried out 
under paragraph (3).’’. 
(b) EFFECTIVE DATE; APPLICABILITY.—The amend-
ments made by subsection (a) shall be effective as if included 
in the CARES Act (Public Law 116–136; 134 Stat. 281). 
SEC. 326. 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-
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 
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2085 
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.— 
(1) LOAN AMOUNT.—Section 1102(c)(2) of the 
CARES Act (Public Law 116–136; 15 U.S.C. 636 
note) is amended to read as follows: 
‘‘(2) PROSPECTIVE REPEAL.—Effective on Octo-
ber 1, 2021, section 7(a)(31)(D) of the Small Business 
Act (15 U.S.C. 636(a)(31)(D)) is amended by striking 
‘ $1,000,000’ and inserting ‘ $500,000’.’’. 
(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-
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2086 
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.’’. 
(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)(iv)), 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. 327. 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 
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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— 
(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)). 
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(b) TEMPORARY FEE ELIMINATION FOR THE 504 LOAN 
PROGRAM.— 
(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 the cost of such 
elimination in fees is offset by appropriations, with 
respect to each project or loan guaranteed by the Ad-
ministrator pursuant to title V of the Small Business 
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 Act— 
(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 
(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 regula-
tion, 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-
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2089 
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 clause (i) shall be in an 
amount equal to 1.5 percent of the net debenture 
proceeds for which the development company 
does not collect a processing fee pursuant to 
paragraph (1)(B). 
SEC. 328. LOW-INTEREST REFINANCING. 
(a) 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 
(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— 
(A) in subparagraph (B), in the matter pre-
ceding clause (i), by striking ‘‘50’’ and inserting 
‘‘100’’; and 
(B) by adding at the end the following: 
‘‘(C) REFINANCING NOT INVOLVING EXPAN-
SIONS.— 
‘‘(i) DEFINITIONS.—In this subpara-
graph— 
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2090 
‘‘(I) the term ‘borrower’ means a 
small business concern that submits an 
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— 
‘‘(aa) that was incurred not 
less than 6 months before the date 
of the application for assistance 
under this subparagraph; 
‘‘(bb) that is a commercial 
loan; 
‘‘(cc) the proceeds of which 
were used to acquire an eligible 
fixed asset; 
‘‘(dd) that was incurred for 
the benefit of the small business 
concern; and 
‘‘(ee) that is collateralized by 
eligible fixed assets. 
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‘‘(ii) AUTHORITY.—A project that does 
not involve the expansion of a small busi-
ness concern may include the refinancing of 
qualified debt if— 
‘‘(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. 
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‘‘(iii) FINANCING
FOR
BUSINESS
EX-
PENSES.— 
‘‘(I) FINANCING
FOR
BUSINESS 
EXPENSES.—The Administrator may 
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.— 
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‘‘(aa) IN GENERAL.—The Ad-
ministrator may provide financ-
ing under this subparagraph for a 
borrower that meets the job cre-
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 ap-
plies for a loan under this sub-
paragraph; and 
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‘‘(bb) the product obtained by 
multiplying— 
‘‘(AA) the number of 
part-time employees of the 
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. 
‘‘(v) 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.’’. 
(b) EXPRESS LOAN AUTHORITY
FOR ACCREDITED 
LENDERS.— 
(1) IN
GENERAL.—Section 507 of the Small 
Business Investment Act of 1958 (15 U.S.C. 697d) is 
amended by striking subsection (e) and inserting the 
following: 
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‘‘(e) EXPRESS LOAN AUTHORITY.—A local develop-
ment company designated as an accredited lender in ac-
cordance with subsection (b)— 
‘‘(1) may— 
‘‘(A) approve, authorize, close, and service 
covered loans that are funded with proceeds of a 
debenture issued by the company; and 
‘‘(B) authorize the guarantee of a debenture 
described in subparagraph (A); and 
‘‘(2) with respect to a covered loan, shall be sub-
ject to final approval as to eligibility of any guar-
antee by the Administration pursuant to section 
503(a), but such final approval shall not include re-
view of decisions by the lender involving creditworthi-
ness, loan closing, or compliance with legal require-
ments imposed by law or regulation. 
‘‘(f) DEFINITIONS.—In this section— 
‘‘(1) the term ‘accredited lender certified com-
pany’ means a certified development company that 
meets the requirements under subsection (b), includ-
ing a certified development company that the Admin-
istration has designated as an accredited lender under 
that subsection; 
‘‘(2) the term ‘covered loan’— 
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2096 
‘‘(A) means a loan made under section 502 
in an amount that is not more than $500,000; 
and 
‘‘(B) does not include a loan made to a bor-
rower that is in an industry that has a high rate 
of default, as annually determined by the Ad-
ministrator and reported in rules of the Admin-
istration; and 
‘‘(3) the term ‘qualified State or local develop-
ment company’ has the meaning given the term in 
section 503(e).’’. 
(2) PROSPECTIVE
REPEAL.—Effective on Sep-
tember 30, 2023, section 507 of the Small Business 
Investment Act of 1958 (15 U.S.C. 697d), as amended 
by paragraph (1), is amended by striking subsections 
(e) and (f) and inserting the following: 
‘‘(e) DEFINITION.—In this section, the term ‘qualified 
State or local development company’ has the meaning given 
the term in section 503(e).’’. 
(c) REFINANCING SENIOR PROJECT DEBT.—During 
the 1-year period beginning on the date of enactment of this 
Act, a development company described in 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 senior loan 
on an existing project in an amount that, when combined 
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2097 
with the outstanding balance on the development company 
loan, is not more than 90 percent of the total loan to value. 
Proceeds of such refinancing can be used to support business 
operating expenses. 
SEC. 329. 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)— 
(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 
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2098 
(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 1 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 
‘‘(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 fol-
lowing: 
‘‘(G) GRANT AMOUNTS BASED ON APPRO-
PRIATIONS.—In any fiscal year in which the 
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2099 
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.’’; and 
(C) 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-
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2100 
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 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’’. 
(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 Act 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 for the provision of 
technical assistance under clause (ii) of such section 
7(m)(4)(E). 
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2101 
(c) TEMPORARY
DURATION
OF
LOANS
TO
BOR-
ROWERS.— 
(1) IN GENERAL.—During the period beginning 
on the date of enactment of this Act 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 
(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: 
‘‘(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 
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2102 
‘‘(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; 133 Stat. 2317) 
for the program established under section 7(m) of the Small 
Business Act (15 U.S.C. 636(m)) and amounts provided for 
fiscal year 2021 for that program, there is authorized to 
be appropriated for fiscal year 2021, to remain available 
until expended— 
(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. 330. 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 (15 
U.S.C. 637(a)) on or before September 9, 2020, may elect 
to extend such participation by a period of 1 year, regard-
less of whether the small business concern previously elected 
to suspend participation in the program pursuant to guid-
ance of the Administrator. 
(b) EMERGENCY RULEMAKING AUTHORITY.—Not later 
than 15 days after the date of enactment of this Act, the 
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2103 
Administrator shall issue regulations to carry out this sec-
tion without regard to the notice requirements under section 
553(b) of title 5, United States Code. 
SEC. 331. TARGETED EIDL ADVANCE FOR SMALL BUSINESS 
CONTINUITY, ADAPTATION, AND RESILIENCY. 
(a) DEFINITIONS.—In this section: 
(1) AGRICULTURAL
ENTERPRISE.—The term 
‘‘agricultural enterprise’’ has the meaning given the 
term in section 18(b) of the Small Business Act (15 
U.S.C. 647(b)). 
(2) COVERED ENTITY.—The term ‘‘covered enti-
ty’’— 
(A) means an eligible entity that— 
(i) applies for a loan under section 
7(b)(2) of the Small Business Act (15 
U.S.C. 636(b)(2)) during the covered period, 
including before the date of enactment of 
this Act; 
(ii) is located in a low-income commu-
nity; 
(iii) has suffered an economic loss of 
greater than 30 percent; and 
(iv) employs not more than 300 em-
ployees; and 
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2104 
(B) except with respect to an entity in-
cluded under section 123.300(c) of title 13, Code 
of Federal Regulations, or any successor regula-
tion, does not include an agricultural enterprise. 
(3) COVERED PERIOD.—The term ‘‘covered pe-
riod’’ has the meaning given the term in section 
1110(a)(1) of the CARES Act (15 U.S.C. 9009(a)(1)), 
as amended by section 332 of this Act. 
(4) ECONOMIC LOSS.—The term ‘‘economic loss’’ 
means, with respect to a covered entity— 
(A) the amount by which the gross receipts 
of the covered entity declined during an 8-week 
period between March 2, 2020, and December 31, 
2021, relative to a comparable 8-week period im-
mediately preceding March 2, 2020, or during 
2019; or 
(B) if the covered entity is a seasonal busi-
ness concern, such other amount determined ap-
propriate by the Administrator. 
(5) ELIGIBLE ENTITY.—The term ‘‘eligible enti-
ty’’ means an entity that, during the covered period, 
is eligible for a loan made under section 7(b)(2) of the 
Small Business Act (15 U.S.C. 636(b)(2)), as de-
scribed in section 1110(b) of the CARES Act (15 
U.S.C. 9009(b)). 
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2105 
(6) LOW-INCOME COMMUNITY.—The term ‘‘low- 
income community’’ has the meaning given the term 
in section 45D(e) of the Internal Revenue Code of 
1986. 
(b) ENTITLEMENT TO FULL AMOUNT.— 
(1) IN GENERAL.—Subject to paragraph (2), a 
covered entity, after submitting a request to the Ad-
ministrator that the Administrator verifies under sub-
section (c), shall receive a total of $10,000 under sec-
tion 1110(e) of the CARES Act (15 U.S.C. 9009(e)), 
without regard to whether— 
(A) the applicable loan for which the cov-
ered entity applies or applied under section 
7(b)(2) of the Small Business Act (15 U.S.C. 
636(b)(2)) is or was approved; 
(B) the covered entity accepts or accepted 
the offer of the Administrator with respect to an 
approved loan described in subparagraph (A); or 
(C) the covered entity has previously re-
ceived a loan under section 7(a)(36) of the Small 
Business Act (15 U.S.C. 636(a)(36)). 
(2) 
EFFECT
OF
PREVIOUSLY
RECEIVED 
AMOUNTS.— 
(A) IN GENERAL.—With respect to a covered 
entity that received an emergency grant under 
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2106 
section 1110(e) of the CARES Act (15 U.S.C. 
9009(e)) before the date of enactment of this Act, 
the amount of the payment that the covered enti-
ty shall receive under this subsection (after satis-
faction of the procedures required under sub-
paragraph (B)) shall be the difference between 
$10,000 and the amount of that previously re-
ceived grant. 
(B) PROCEDURES.—If the Administrator 
receives a request under paragraph (1) from a 
covered entity described in subparagraph (A) of 
this paragraph, the Administrator shall, not 
later than 21 days after the date on which the 
Administrator receives the request— 
(i) perform the verification required 
under subsection (c); 
(ii) if the Administrator, under sub-
section (c), verifies that the entity is a cov-
ered entity, provide to the covered entity a 
payment in the amount described in sub-
paragraph (A); and 
(iii) with respect to a covered entity 
that the Administrator determines is not 
entitled to a payment under this section, 
provide the covered entity with a notifica-
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2107 
tion explaining why the Administrator 
reached that determination. 
(C) RULE OF CONSTRUCTION.—Nothing in 
this paragraph may be construed to require any 
entity that received an emergency grant under 
section 1110(e) of the CARES Act (15 U.S.C. 
9009(e)) before the date of enactment of this Act 
to repay any amount of that grant. 
(c) VERIFICATION.—In carrying out this section, the 
Administrator shall require any information, including 
any tax records, from an entity submitting a request under 
subsection (b) that the Administrator determines to be nec-
essary to verify that the entity is a covered entity, without 
regard to whether the entity has previously submitted such 
information to the Administrator. 
(d) ORDER OF PROCESSING.—The Administrator shall 
process and approve requests for payments under subsection 
(b) in the order that the Administrator receives the requests, 
except that the Administrator shall give— 
(1) first priority to covered entities described in 
subsection (b)(2)(A); and 
(2) second priority to covered entities that have 
not received emergency grants under section 1110(e) 
of the CARES Act (15 U.S.C. 9009(e)), as of the date 
on which the Administrator receives such a request, 
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2108 
because of the unavailability of funding to carry out 
such section 1110(e). 
(e) APPLICABILITY.—In addition to any other restric-
tion imposed under this section, any eligibility restriction 
applicable to a loan made under section 7(b)(2) of the Small 
Business Act (15 U.S.C. 636(b)(2)), including any restric-
tion under section 123.300 or 123.301 of title 13, Code of 
Federal Regulations, or any successor regulation, shall 
apply with respect to funding provided under this section. 
(f) NOTIFICATION
REQUIRED.—The Administrator 
shall provide notice to each of the following entities stating 
that the entity may be eligible for a payment under this 
section if the entity satisfies the requirements under clauses 
(ii), (iii), and (iv) of subsection (a)(2)(A): 
(1) Each entity that received an emergency grant 
under section 1110(e) of the CARES Act (15 U.S.C. 
9009(e)) before the date of enactment of this Act. 
(2) Each entity that, before the date of enactment 
of this Act— 
(A) applied for a loan under section 7(b)(2) 
of the Small Business Act (15 U.S.C. 636(b)(2)); 
and 
(B) did not receive an emergency grant 
under section 1110(e) of the CARES Act (15 
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2109 
U.S.C. 9009(e)) because of the unavailability of 
funding to carry out such section 1110(e). 
(g) ADMINISTRATION.—In carrying out this section, 
the Administrator may rely on loan officers and other per-
sonnel of the Office of Disaster Assistance of the Adminis-
tration and other resources of the Administration, including 
contractors of the Administration. 
(h) AUTHORIZATION OF APPROPRIATIONS.—There are 
authorized to be appropriated to the Administrator 
$20,000,000,000 to carry out this section— 
(1) which shall remain available through Decem-
ber 31, 2021; and 
(2) of which $20,000,000 is authorized to be ap-
propriated to the Inspector General of the Adminis-
tration to prevent waste, fraud, and abuse with re-
spect to funding provided under this section. 
SEC. 332. EMERGENCY EIDL GRANTS. 
Section 1110 of the CARES Act (15 U.S.C. 9009) is 
amended— 
(1) in subsection (a)(1), by striking ‘‘December 
31, 2020’’ and inserting ‘‘December 31, 2021’’; 
(2) in subsection (d), by striking paragraphs (1) 
and (2) and inserting the following: 
‘‘(1) approve an applicant— 
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2110 
‘‘(A) based solely on the credit score of the 
applicant; or 
‘‘(B) by using alternative appropriate meth-
ods to determine an applicant’s ability to repay; 
and 
‘‘(2) use information from the Department of the 
Treasury to confirm that— 
‘‘(A) an applicant is eligible to receive such 
a loan; or 
‘‘(B) the information contained in an ap-
plication for such a loan is accurate.’’; and 
(3) in subsection (e)— 
(A) in paragraph (1)— 
(i) by striking ‘‘During the covered pe-
riod’’ and inserting the following: 
‘‘(A) ADVANCES.—During the covered pe-
riod’’; 
(ii) in subparagraph (A), as so des-
ignated, by striking ‘‘within 3 days after 
the Administrator receives an application 
from such applicant’’; and 
(iii) by adding at the end the fol-
lowing: 
‘‘(B) TIMING.—With respect to each request 
submitted to the Administrator under subpara-
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2111 
graph (A), the Administrator shall, not later 
than 21 days after the date on which the Admin-
istrator receives the request— 
‘‘(i) verify whether the entity is an en-
tity that is eligible for a loan made under 
section 7(b)(2) of the Small Business Act 
(15 U.S.C. 636(b)(2)) during the covered pe-
riod, as described in subsection (b); 
‘‘(ii) if the Administrator, under clause 
(i), verifies that the entity submitting the 
request is an entity that is eligible, as de-
scribed in that clause, provide the advance 
requested by the entity; and 
‘‘(iii) with respect to an entity that the 
Administrator determines is not entitled to 
receive an advance under this subsection, 
provide the entity with a notification ex-
plaining why the Administrator reached 
that determination.’’; 
(B) in paragraph (7), by striking ‘‘ 
$20,000,000,000’’ 
and 
inserting 
‘‘ 
$40,000,000,000’’; and 
(C) in paragraph (8), by striking ‘‘Decem-
ber 31, 2020’’ and inserting ‘‘December 31, 
2021’’. 
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2112 
SEC. 333. REPEAL OF EIDL ADVANCE DEDUCTION. 
(a) DEFINITIONS.—In this section— 
(1) the term ‘‘covered entity’’ means an entity 
that receives an advance under section 1110(e) of the 
CARES Act (15 U.S.C. 9009(e)), including an entity 
that received such an advance before the date of enact-
ment of this Act; and 
(2) the term ‘‘covered period’’ has the meaning 
given the term in section 1110(a)(1) of the CARES 
Act (15 U.S.C. 9009(a)(1)), as amended by section 
332 of this Act. 
(b) SENSE OF CONGRESS.—It is the sense of Congress 
that borrowers of loans made under section 7(b)(2) of the 
Small Business Act (15 U.S.C. 636(b)(2)) in response to 
COVID–19 during the covered period should be made whole, 
without regard to whether those borrowers are eligible for 
forgiveness with respect to those loans. 
(c) REPEAL.—Section 1110(e)(6) of the CARES Act 
(15 U.S.C. 9009(e)(6)) is repealed. 
(d) EFFECTIVE DATE; APPLICABILITY.—The amend-
ment made by subsection (c) shall be effective as if included 
in the CARES Act (Public Law 116–136; 134 Stat. 281). 
(e) RULEMAKING.— 
(1) IN GENERAL.—Not later than 15 days after 
the date of enactment of this Act, the Administrator 
shall issue rules that ensure the equal treatment of all 
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2113 
covered entities with respect to the amendment made 
by subsection (c), which shall include consideration of 
covered entities that, before the date of enactment of 
this Act, completed the loan forgiveness process de-
scribed in section 1110(e)(6) of the CARES Act (15 
U.S.C. 9009(e)(6)), as in effect before that date of en-
actment. 
(2) NOTICE AND COMMENT.— The notice and 
comment requirements under section 553 of title 5, 
United States Code, shall not apply with respect to 
the rules issued under paragraph (1). 
SEC. 334. 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) in subparagraph (A), as so designated, by in-
serting ‘‘and interest’’ after ‘‘principal’’; and 
(3) by adding at the end the following: 
‘‘(B) DEFERRAL REQUIREMENTS.—With re-
spect to a deferral provided under this para-
graph, the Administrator may allow lenders 
under this subsection— 
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2114 
‘‘(i) to provide full payment deferment 
relief (including payment of principal and 
interest) for a period of not more than 1 
year; and 
‘‘(ii) 
to 
provide 
an 
additional 
deferment period if the borrower provides 
documentation justifying such additional 
deferment. 
‘‘(C) SECONDARY MARKET.— 
‘‘(i) IN GENERAL.—Except as provided 
in clause (ii), if an investor declines to ap-
prove a deferral or additional deferment re-
quested by a lender under subparagraph 
(B), the Administrator shall exercise the au-
thority to purchase the loan so that the bor-
rower may receive full payment deferment 
relief (including payment of principal and 
interest) or an additional deferment as de-
scribed in subparagraph (B). 
‘‘(ii) EXCEPTION.—If, in a fiscal year, 
the Administrator determines that the cost 
of implementing clause (i) is greater than 
zero, the Administrator shall not implement 
that clause.’’. 
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SEC. 335. DOCUMENTATION REQUIRED FOR CERTAIN ELIGI-
BLE RECIPIENTS. 
(a) IN GENERAL.—Section 7(a)(36)(D)(ii)(II) of the 
Small Business Act (15 U.S.C. 636(a)(36)(D)(ii)(II)) is 
amended by striking ‘‘as is necessary’’ and all that follows 
through the period at the end and inserting ‘‘as determined 
necessary by the Administrator and the Secretary, to estab-
lish the applicant as eligible.’’. 
(b) EFFECTIVE DATE; APPLICABILITY.—The amend-
ment made by subsection (a) shall be effective as if included 
in the CARES Act (Public Law 116–136; 134 Stat. 281) 
and shall apply to any loan made pursuant to section 
7(a)(36) of the Small Business Act (15 U.S.C. 636(a)(36)) 
before, on, or after the date of enactment of this Act, includ-
ing forgiveness of such a loan. 
SEC. 336. ELECTION OF 12-WEEK PERIOD BY SEASONAL EM-
PLOYERS. 
(a) IN GENERAL.—Section 7(a)(36)(E)(i)(I)(aa)(AA) 
of 
the 
Small 
Business 
Act 
(15 
U.S.C. 
636(a)(36)(E)(i)(I)(aa)(AA)) is amended by striking ‘‘, in 
the case of an applicant’’ and all that follows through ‘‘June 
30, 2019’’ and inserting the following: ‘‘an applicant that 
is a seasonal employer shall use the average total monthly 
payments for payroll for any 12-week period selected by the 
seasonal employer between February 15, 2019, and Feb-
ruary 15, 2020’’. 
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(b) EFFECTIVE DATE; APPLICABILITY.— 
(1) IN GENERAL.—Except as provided in para-
graph (2), the amendment made by subsection (a) 
shall be effective as if included in the CARES Act 
(Public Law 116–136; 134 Stat. 281) and shall apply 
to any loan made pursuant to section 7(a)(36) of the 
Small Business Act (15 U.S.C. 636(a)(36)) before, on, 
or after the date of enactment of this Act, including 
forgiveness of such a loan. 
(2) EXCLUSION OF LOANS ALREADY FORGIVEN.— 
The amendment made by subsection (a) shall not 
apply to a loan made pursuant to section 7(a)(36) of 
the Small Business Act (15 U.S.C. 636(a)(36)) for 
which the borrower received forgiveness before the date 
of enactment of this Act under section 1106 of the 
CARES Act, as in effect on the day before such date 
of enactment. 
SEC. 337. INCLUSION OF CERTAIN REFINANCING IN NON-
RECOURSE REQUIREMENTS. 
(a) IN GENERAL.—Section 7(a)(36)(F)(v) of the Small 
Business Act (15 U.S.C. 636(a)(36)(F)(v)) is amended by 
striking ‘‘clause (i)’’ and inserting ‘‘clause (i) or (iv)’’. 
(b) EFFECTIVE DATE; APPLICABILITY.—The amend-
ment made by subsection (a) shall be effective as if included 
in the CARES Act (Public Law 116–136; 134 Stat. 281) 
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and shall apply to any loan made pursuant to section 
7(a)(36) of the Small Business Act (15 U.S.C. 636(a)(36)) 
before, on, or after the date of enactment of this Act, includ-
ing forgiveness of such a loan. 
SEC. 338. APPLICATION OF CERTAIN TERMS THROUGH LIFE 
OF COVERED LOAN. 
(a) IN GENERAL.—Section 7(a)(36) of the Small Busi-
ness Act (15 U.S.C. 636(a)(36)) is amended— 
(1) in subparagraph (H), in the matter pre-
ceding clause (i), by striking ‘‘During the covered pe-
riod, with’’ and inserting ‘‘With’’; 
(2) in subparagraph (J), in the matter preceding 
clause (i), by striking ‘‘During the covered period, 
with’’ and inserting ‘‘With’’; and 
(3) in subparagraph (M)— 
(A) in clause (ii), in the matter preceding 
subclause (I), by striking ‘‘During the covered 
period, the’’ and inserting ‘‘The’’; and 
(B) in clause (iii), by striking ‘‘During the 
covered period, with’’ and inserting ‘‘With’’. 
(b) EFFECTIVE DATE; APPLICABILITY.—The amend-
ments made by subsection (a) shall be effective as if included 
in the CARES Act (Public Law 116–136; 134 Stat. 281) 
and shall apply to any loan made pursuant to section 
7(a)(36) of the Small Business Act (15 U.S.C. 636(a)(36)) 
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2118 
before, on, or after the date of enactment of this Act, includ-
ing forgiveness of such a loan. 
SEC. 339. INTEREST CALCULATION ON COVERED LOANS. 
(a) DEFINITIONS.—In this section, the terms ‘‘covered 
loan’’ and ‘‘eligible recipient’’ have the meanings given the 
terms in section 7(a)(36)(A) of the Small Business Act (15 
U.S.C. 636(a)(36)(A)). 
(b) CALCULATION.—Section 7(a)(36)(L) of the Small 
Business Act (15 U.S.C. 636(a)(36)(L)) is amended by in-
serting ‘‘, calculated on a non-compounding, non-adjustable 
basis’’ after ‘‘4 percent’’. 
(c) APPLICABILITY.—The amendment made by sub-
section (b) may apply with respect to a covered loan made 
before the date of enactment of this Act, upon the agreement 
of the lender and the eligible recipient with respect to the 
covered loan. 
SEC. 340. REIMBURSEMENT FOR PROCESSING. 
(a) REIMBURSEMENT.—Section 7(a)(36)(P) of the 
Small Business Act (15 U.S.C. 636(a)(36)(P)) is amend-
ed— 
(1) by amending clause (i) to read as follows: 
‘‘(i) IN GENERAL.—The Administrator 
shall reimburse a lender authorized to make 
a covered loan as follows: 
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2119 
‘‘(I) With respect to a covered 
loan made during the period beginning 
on the date of enactment of this para-
graph and ending on the day before the 
date of enactment of the Economic Aid 
to Hard-Hit Small Businesses, Non-
profits, and Venues Act, the Adminis-
trator shall reimburse such a lender at 
a rate, based on the balance of the fi-
nancing outstanding at the time of dis-
bursement of the covered loan, of— 
‘‘(aa) 5 percent for loans of 
not more than $350,000; 
‘‘(bb) 3 percent for loans of 
more than $350,000 and less than 
$2,000,000; and 
‘‘(cc) 1 percent for loans of 
not less than $2,000,000. 
‘‘(II) With respect to a covered 
loan made on or after the date of en-
actment of the Economic Aid to Hard- 
Hit Small Businesses, Nonprofits, and 
Venues Act, the Administrator shall re-
imburse such a lender— 
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2120 
‘‘(aa) for a covered loan of 
not more than $50,000, in an 
amount equal to the lesser of— 
‘‘(AA) 50 percent of the 
balance of the financing out-
standing at the time of dis-
bursement 
of 
the 
covered 
loan; or 
‘‘(BB) $2,500; and 
‘‘(bb) at a rate, based on the 
balance of the financing out-
standing at the time of disburse-
ment of the covered loan, of— 
‘‘(AA) 5 percent for a 
covered loan of more than 
$50,000 and not more than 
$350,000; 
‘‘(BB) 3 percent for a 
covered loan of more than 
$350,000 
and 
less 
than 
$2,000,000; and 
‘‘(CC) 1 percent for a 
covered loan of not less than 
$2,000,000.’’; and 
(2) by amending clause (iii) to read as follows: 
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‘‘(iii) TIMING.—A reimbursement de-
scribed in clause (i) shall be made not later 
than 5 days after the reported disbursement 
of the covered loan and may not be required 
to be repaid by a lender unless the lender is 
found guilty of an act of fraud in connec-
tion with the covered loan.’’. 
(b) FEE LIMITS.— 
(1) IN GENERAL.—Section 7(a)(36)(P)(ii) of the 
Small Business Act (15 U.S.C. 636(a)(36)(P)(ii)) is 
amended by adding at the end the following: ‘‘If an 
eligible recipient has knowingly retained an agent, 
such fees shall be paid by the eligible recipient and 
may not be paid out of the proceeds of a covered loan. 
A lender shall only be responsible for paying fees to 
an agent for services for which the lender directly con-
tracts with the agent.’’. 
(2) 
EFFECTIVE
DATE; 
APPLICABILITY.—The 
amendment made by paragraph (1) shall be effective 
as if included in the CARES Act (Public Law 116– 
136; 134 Stat. 281) and shall apply to any loan 
made pursuant to section 7(a)(36) of the Small Busi-
ness Act (15 U.S.C. 636(a)(36)) before, on, or after 
the date of enactment of this Act, including forgive-
ness of such a loan. 
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2122 
SEC. 341. DUPLICATION REQUIREMENTS FOR ECONOMIC 
INJURY DISASTER LOAN RECIPIENTS. 
Section 7(a)(36)(Q) of the Small Business Act (15 
U.S.C. 636(a)(36)(Q)) is amended by striking ‘‘during the 
period beginning on January 31, 2020, and ending on the 
date on which covered loans are made available’’. 
SEC. 342. PROHIBITION OF ELIGIBILITY FOR PUBLICLY- 
TRADED COMPANIES. 
Section 7(a)(36) of the Small Business Act (15 U.S.C. 
636(a)(36)) is amended— 
(1) in subparagraph (A), as amended by section 
318 of this Act, by adding at the end the following: 
‘‘(xvi) the terms ‘exchange’, ‘issuer’, 
and ‘security’ have the meanings given those 
terms in section 3(a) of the Securities Ex-
change Act of 1934 (15 U.S.C. 78c(a)).’’; 
and 
(2) in subparagraph (D), as amended by section 
318 of this Act by adding at the end the following: 
‘‘(viii) INELIGIBILITY
OF
PUBLICLY- 
TRADED
ENTITIES.—Notwithstanding any 
other provision of this paragraph, on and 
after the date of enactment of the Economic 
Aid to Hard-Hit Small Businesses, Non-
profits, and Venues Act, an entity that is 
an issuer, the securities of which are listed 
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2123 
on an exchange registered as a national se-
curities exchange under section 6 of the Se-
curities Exchange Act of 1934 (15 U.S.C. 
78f), shall be ineligible to receive a covered 
loan under this paragraph.’’. 
SEC. 343. COVERED PERIOD FOR NEW PARAGRAPH (36) 
LOANS. 
(a) IN GENERAL.—Section 7(a)(36)(A)(iii) of the 
Small Business Act (15 U.S.C. 636(a)(36)(A)(iii)) is 
amended by striking ‘‘December 31, 2020’’ and inserting 
‘‘March 31, 2021’’. 
(b) EFFECTIVE DATE; APPLICABILITY.—The amend-
ment made by subsection (a) shall be effective as if included 
in the CARES Act (Public Law 116–136; 134 Stat. 281) 
and shall apply to any loan made pursuant to section 
7(a)(36) of the Small Business Act (15 U.S.C. 636(a)(36)) 
before, on, or after the date of enactment of this Act, includ-
ing forgiveness of such a loan. 
SEC. 344. APPLICABLE PERIODS FOR PRORATION. 
Section 7(a)(36)(A)(viii) of the Small Business Act (15 
U.S.C. 636(a)(36)(A)(viii)) is amended— 
(1) in subclause (I)(bb), by striking ‘‘in 1 year, 
as prorated for the covered period’’ and inserting ‘‘on 
an annualized basis, as prorated for the period dur-
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2124 
ing which the payments are made or the obligation to 
make the payments is incurred’’; and 
(2) in subclause (II)— 
(A) in item (aa), by striking ‘‘an annual 
salary of $100,000, as prorated for the covered 
period’’ and inserting ‘‘ $100,000 on an 
annualized basis, as prorated for the period dur-
ing which the compensation is paid or the obli-
gation to pay the compensation is incurred’’; 
and 
(B) in item (bb), by striking ‘‘covered’’ and 
inserting ‘‘applicable’’. 
SEC. 345. EXTENSION OF WAIVER OF MATCHING FUNDS RE-
QUIREMENT UNDER THE WOMEN’S BUSINESS 
CENTER PROGRAM. 
(a) IN GENERAL.—Section 1105 of the CARES Act (15 
U.S.C. 9004) is amended by striking ‘‘the 3-month period 
beginning on the date of enactment of this Act’’ and insert-
ing ‘‘the period beginning on the date of enactment of this 
Act and ending on June 30, 2021’’. 
(b) EFFECTIVE DATE; APPLICABILITY.—The amend-
ment made by subsection (a) shall be effective as if included 
in the CARES Act (Public Law 116–136; 134 Stat. 281). 
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2125 
SEC. 346. CLARIFICATION OF USE OF CARES ACT FUNDS 
FOR SMALL BUSINESS DEVELOPMENT CEN-
TERS. 
(a) IN
GENERAL.—Section 1103(b)(3)(A) of the 
CARES Act (15 U.S.C. 9002(b)(3)(A)) is amended— 
(1) by striking ‘‘The Administration’’ and in-
serting the following: 
‘‘(i) IN
GENERAL.—The Administra-
tion’’; and 
(2) by adding at the end the following: 
‘‘(ii) CLARIFICATION OF USE.—Awards 
made under clause (i) shall be in addition 
to, and separate from, any amounts appro-
priated to make grants under section 21(a) 
of the Small Business Act (15 U.S.C. 
648(a)) and such an award may be used to 
complement and support such a grant, ex-
cept that priority with respect to the receipt 
of that assistance shall be given to small 
business development centers that have been 
affected by issues described in paragraph 
(2).’’. 
(b) EFFECTIVE DATE; APPLICABILITY.—The amend-
ments made by subsection (a) shall be effective as if included 
in the CARES Act (Public Law 116–136; 134 Stat. 281). 
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2126 
SEC. 347. GAO REPORT. 
Not later than 120 days after the date of enactment 
of this Act, the Comptroller General of the United States 
shall submit to the Committee on Small Business and En-
trepreneurship of the Senate and the Committee on Small 
Business of the House of Representatives a report regarding 
the use by the Administration of funds made available to 
the Administration through supplemental appropriations 
in fiscal year 2020, the purpose of which was for adminis-
trative expenses. 
SEC. 348. EFFECTIVE DATE; APPLICABILITY. 
Except as otherwise provided in this Act, this Act and 
the amendments made by this Act shall take effect on the 
date of enactment of this Act and apply to loans and grants 
made on or after the date of enactment of this Act. 
TITLE IV—TRANSPORTATION 
Subtitle A—Airline Worker Support 
Extension 
SEC. 401. DEFINITIONS. 
Unless otherwise specified, the definitions in section 
40102(a) of title 49, United States Code, shall apply to this 
subtitle, except that in this subtitle— 
(1) the term ‘‘catering functions’’ means prepa-
ration, assembly, or both, of food, beverages, provi-
sions and related supplies for delivery, and the deliv-
ery of such items, directly to aircraft or to a location 
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2127 
on or near airport property for subsequent delivery to 
aircraft; 
(2) the term ‘‘contractor’’ means— 
(A) a person that performs, under contract 
with a passenger air carrier conducting oper-
ations under part 121 of title 14, Code of Fed-
eral Regulations— 
(i) catering functions; or 
(ii) functions on the property of an 
airport that are directly related to the air 
transportation of persons, property, or 
mail, including, but not limited to, the 
loading and unloading of property on air-
craft, assistance to passengers under part 
382 of title 14, Code of Federal Regulations, 
security, airport ticketing and check-in 
functions, ground-handling of aircraft, or 
aircraft cleaning and sanitization functions 
and waste removal; or 
(B) a subcontractor that performs such 
functions; 
(3) the term ‘‘employee’’ means an individual, 
other than a corporate officer, who is employed by an 
air carrier or a contractor; 
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2128 
(4) the term ‘‘recall’’ means the dispatch of a no-
tice by a passenger air carrier or a contractor, via 
mail, courier, or electronic mail, to an involuntarily 
furloughed employee notifying the employee that— 
(A) the employee must, within a specified 
period of time, elect either— 
(i) to return to employment or bypass 
return to employment, in accordance with 
an applicable collective bargaining agree-
ment or, in the absence of a collective bar-
gaining agreement, company policy; or 
(ii) to permanently separate from em-
ployment with the passenger air carrier or 
contractor; and 
(B) failure to respond within such time pe-
riod specified shall be considered an election 
under subparagraph (A)(ii); 
(5) the term ‘‘returning employee’’ means an in-
voluntarily furloughed employee who has elected to re-
turn to employment pursuant to a recall notice; and 
(6) the term ‘‘Secretary’’ means the Secretary of 
the Treasury. 
SEC. 402. PANDEMIC RELIEF FOR AVIATION WORKERS. 
(a) FINANCIAL ASSISTANCE FOR EMPLOYEE WAGES, 
SALARIES, AND BENEFITS.—Notwithstanding any other 
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2129 
provision of law, to preserve aviation jobs and compensate 
air carrier industry workers, the Secretary shall provide fi-
nancial assistance that shall exclusively be used for the con-
tinuation of payment of employee wages, salaries, and bene-
fits to— 
(1) passenger air carriers, in an aggregate 
amount up to $15,000,000,000; and 
(2) contractors, in an aggregate amount up to 
$1,000,000,000. 
(b) ADMINISTRATIVE
EXPENSES.—Notwithstanding 
any other provision of law, the Secretary may use funds 
made available under section 4112(b) of the CARES Act 
(15 U.S.C. 9072(b)) for costs and administrative expenses 
associated with providing financial assistance under this 
subtitle. 
SEC. 403. PROCEDURES FOR PROVIDING PAYROLL SUP-
PORT. 
(a) AWARDABLE AMOUNTS.—The Secretary shall pro-
vide financial assistance under this subtitle— 
(1) to a passenger air carrier required to file re-
ports pursuant to part 241 of title 14, Code of Fed-
eral Regulations, as of March 27, 2020, in an amount 
equal to— 
(A) the amount such air carrier was ap-
proved to receive (without taking into account 
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2130 
any pro rata reduction) under section 4113 of 
the CARES Act (15 U.S.C. 9073); or 
(B) at the request of such air carrier, or in 
the event such air carrier did not receive assist-
ance under section 4113 of the CARES Act (15 
U.S.C. 9073), the amount of the salaries and 
benefits reported by the air carrier to the De-
partment of Transportation pursuant to such 
part 241, for the period from October 1, 2019, 
through March 31, 2020; 
(2) to a passenger air carrier that was not re-
quired to transmit reports under such part 241, as of 
March 27, 2020, in an amount equal to— 
(A) the amount such air carrier was ap-
proved to receive (without taking into account 
any pro rata reduction) under section 4113 of 
the CARES Act (15 U.S.C. 9073), plus an addi-
tional 15 percent of such amount; 
(B) at the request of such air carrier, pro-
vided such air carrier received assistance under 
section 4113 of the CARES Act (15 U.S.C. 
9073), the sum of— 
(i) the amount that such air carrier 
certifies, using sworn financial statements 
or other appropriate data, as the amount of 
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total salaries and related fringe benefits 
that such air carrier incurred and would be 
required to be reported to the Department of 
Transportation pursuant to such part 241, 
if such air carrier was required to transmit 
such information during the period from 
April 1, 2019, through September 30, 2019; 
and 
(ii) an additional amount equal to the 
difference between the amount certified 
under clause (i) and the amount the air 
carrier received under section 4113 of the 
CARES Act (15 U.S.C. 9073); or 
(C) in the event such air carrier did not re-
ceive assistance under section 4113 of the 
CARES Act (15 U.S.C. 9073), an amount that 
such an air carrier certifies, using sworn finan-
cial statements or other appropriate data, as the 
amount of total salaries and related fringe bene-
fits that such air carrier incurred and would be 
required to be reported to the Department of 
Transportation pursuant to such part 241, if 
such air carrier was required to transmit such 
information during the period from October 1, 
2019, through March 31, 2020; and 
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(3) to a contractor in an amount equal to— 
(A) the amount such contractor was ap-
proved to receive (without taking into account 
any pro rata reduction) under section 4113 of 
the CARES Act (15 U.S.C. 9073); or 
(B) in the event such contractor did not re-
ceive assistance under section 4113 of the 
CARES Act (15 U.S.C. 9073), an amount that 
the contractor certifies, using sworn financial 
statements or other appropriate data, as the 
amount of wages, salaries, benefits, and other 
compensation that such contractor paid the em-
ployees of such contractor during the period from 
October 1, 2019, through March 31, 2020. 
(b) DEADLINES AND PROCEDURES.— 
(1) IN GENERAL.— 
(A) FORMS; TERMS AND CONDITIONS.—Fi-
nancial assistance provided to a passenger air 
carrier or contractor under this subtitle shall— 
(i) be, to the maximum extent prac-
ticable, in the same form and on the same 
terms and conditions (including require-
ments for audits and the clawback of any fi-
nancial assistance provided upon failure by 
a passenger air carrier or contractor to 
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honor the assurances specified in section 
404), as agreed to by the Secretary and the 
recipient for assistance received under sec-
tion 4113 of the CARES Act (15 U.S.C. 
9073), except if inconsistent with this sub-
title; or 
(ii) in the event such a passenger air 
carrier or a contractor did not receive as-
sistance under section 4113 of the CARES 
Act (15 U.S.C. 9073), be, to the maximum 
extent practicable, in the same form and on 
the same terms and conditions (including 
requirements for audits and the clawback of 
any financial assistance provided upon fail-
ure by a passenger air carrier or contractor 
to honor the assurances specified in section 
404), as agreed to by the Secretary and 
similarly situated recipients of assistance 
under such section 4113. 
(B) PROCEDURES.—The Secretary shall, to 
the maximum extent practicable, publish stream-
lined and expedited procedures not later than 5 
days after the date of enactment of this subtitle 
for passenger air carriers and contractors to sub-
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2134 
mit requests for financial assistance under this 
subtitle. 
(2) DEADLINE FOR IMMEDIATE PAYROLL ASSIST-
ANCE.—Not later than 10 days after the date of enact-
ment of this subtitle, the Secretary shall make initial 
payments to passenger air carriers and contractors 
that submit requests for financial assistance approved 
by the Secretary. 
(3) SUBSEQUENT
PAYMENTS.—The Secretary 
shall determine an appropriate method for the timely 
distribution of payments to passenger air carriers 
and contractors with approved requests for financial 
assistance from any funds remaining available after 
providing initial financial assistance payments under 
paragraph (2). 
(c) PRO RATA REDUCTIONS.—The Secretary shall have 
the authority to reduce, on a pro rata basis, the amounts 
due to passenger air carriers and contractors under sub-
section (a) in order to address any shortfall in assistance 
that would otherwise be provided under such subsection. 
(d) AUDITS.—The Inspector General of the Depart-
ment of the Treasury shall audit certifications made under 
subsection (a). 
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SEC. 404. REQUIRED ASSURANCES. 
(a) IN GENERAL.—To be eligible for financial assist-
ance under this subtitle, a passenger air carrier or a con-
tractor shall enter into an agreement with the Secretary, 
or otherwise certify in such form and manner as the Sec-
retary shall prescribe, that the passenger air carrier or con-
tractor shall— 
(1) refrain from conducting involuntary fur-
loughs or reducing pay rates and benefits until— 
(A) with respect to passenger air carriers, 
March 31, 2021; or 
(B) with respect to contractors, March 31, 
2021, or the date on which the contractor ex-
pends such financial assistance, whichever is 
later; 
(2) ensure that neither the passenger air carrier 
or contractor nor any affiliate of the passenger air 
carrier or contractor may, in any transaction, pur-
chase an equity security of the passenger air carrier 
or contractor or the parent company of the passenger 
air carrier or contractor that is listed on a national 
securities exchange through— 
(A) with respect to passenger air carriers, 
March 31, 2022; or 
(B) with respect to contractors, March 31, 
2022, or the date on which the contractor ex-
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2136 
pends such financial assistance, whichever is 
later; 
(3) ensure that the passenger air carrier or con-
tractor shall not pay dividends, or make other capital 
distributions, with respect to common stock (or equiv-
alent interest) of the air carrier or contractor 
through— 
(A) with respect to passenger air carriers, 
March 31, 2022; or 
(B) with respect to contractors, March 31, 
2022, or the date on which the contractor ex-
pends such financial assistance, whichever is 
later; and 
(4) meet the requirements of sections 405 and 
406. 
(b) RECALLS OF EMPLOYEES.—An agreement or cer-
tification under this section shall require a passenger air 
carrier or contractor to perform the following actions: 
(1) In the case of a passenger air carrier or con-
tractor that received financial assistance under title 
IV of the CARES Act— 
(A) recall (as defined in section 401), not 
later than 72 hours after executing such agree-
ment or certification, any employees involun-
tarily furloughed by such passenger air carrier 
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2139 
which such contractor enters into an agree-
ment with the Secretary with respect to fi-
nancial assistance under this subtitle; and 
(C) restore the rights and protections for 
such returning employees as if such employees 
had not been involuntarily furloughed. 
SEC. 
405. 
PROTECTION 
OF 
COLLECTIVE 
BARGAINING 
AGREEMENTS. 
(a) IN GENERAL.—Neither the Secretary, nor any 
other actor, department, or agency of the Federal Govern-
ment, shall condition the issuance of financial assistance 
under this subtitle on a passenger air carrier’s or contrac-
tor’s implementation of measures to enter into negotiations 
with the certified bargaining representative of a craft or 
class of employees of the passenger air carrier or contractor 
under the Railway Labor Act (45 U.S.C. 151 et seq.) or 
the National Labor Relations Act (29 U.S.C. 151 et seq.), 
regarding pay or other terms and conditions of employ-
ment. 
(b) PASSENGER AIR CARRIER PERIOD OF EFFECT.— 
With respect to any passenger air carrier to which financial 
assistance is provided under this subtitle, this section shall 
be in effect with respect to the passenger air carrier for the 
period beginning on the date on which the passenger air 
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carrier is first issued such financial assistance and ending 
on March 31, 2021. 
(c) CONTRACTOR PERIOD OF EFFECT.—With respect 
to any contractor to which financial assistance is provided 
under this subtitle, this section shall be in effect with respect 
to the contractor beginning on the date on which the con-
tractor is first issued such financial assistance and ending 
on March 31, 2021, or until the date on which all funds 
are expended, whichever is later. 
SEC. 406. LIMITATION ON CERTAIN EMPLOYEE COMPENSA-
TION. 
(a) IN GENERAL.—The Secretary may only provide fi-
nancial assistance under this subtitle to a passenger air 
carrier or contractor after such carrier or contractor enters 
into an agreement with the Secretary that provides that, 
during the 2-year period beginning October 1, 2020, and 
ending October 1, 2022— 
(1) no officer or employee of the passenger air 
carrier or contractor whose total compensation exceed-
ed $425,000 in calendar year 2019 (other than an 
employee whose compensation is determined through 
an existing collective bargaining agreement entered 
into prior to the date of enactment of this subtitle) 
will receive from the passenger air carrier or con-
tractor— 
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(A) total compensation that exceeds, during 
any 12 consecutive months of such 2-year period, 
the total compensation received by the officer or 
employee from the passenger air carrier or con-
tractor in calendar year 2019; or 
(B) severance pay or other benefits upon 
termination of employment with the passenger 
air carrier or contractor which exceeds twice the 
maximum total compensation received by the of-
ficer or employee from the passenger air carrier 
or contractor in calendar year 2019; and 
(2) no officer or employee of the passenger air 
carrier or contractor whose total compensation exceed-
ed $3,000,000 in calendar year 2019 may receive dur-
ing any 12 consecutive months of such period total 
compensation in excess of the sum of— 
(A) $3,000,000; and 
(B) 50 percent of the excess over $3,000,000 
of the total compensation received by the officer 
or employee from the passenger air carrier or 
contractor in calendar year 2019. 
(b) TOTAL COMPENSATION DEFINED.—In this section, 
the term ‘‘total compensation’’ includes salary, bonuses, 
awards of stock, and other financial benefits provided by 
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2142 
a passenger air carrier or contractor to an officer or em-
ployee of the passenger air carrier or contractor. 
SEC. 407. MINIMUM AIR SERVICE GUARANTEES. 
(a) IN GENERAL.—The Secretary of Transportation is 
authorized to require, to the extent reasonable and prac-
ticable, an air carrier provided financial assistance under 
this subtitle to maintain scheduled air transportation, as 
the Secretary of Transportation determines necessary, to en-
sure services to any point served by that air carrier before 
March 1, 2020. 
(b) REQUIRED CONSIDERATIONS.—When considering 
whether to exercise the authority provided by this section, 
the Secretary of Transportation shall take into consider-
ation the air transportation needs of small and remote com-
munities, the need to maintain well-functioning health care 
supply chains, including medical devices and supplies, and 
pharmaceutical supply chains. 
(c) SUNSET.—The authority provided under this sec-
tion shall terminate on March 1, 2022, and any require-
ments issued by the Secretary of Transportation under this 
section shall cease to apply after that date. 
(d) SENSE OF CONGRESS.—It is the sense of Congress 
that, when implementing this section, the Secretary of 
Transportation should take into consideration the following: 
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(1) A number of airports and communities have 
lost air service as a result of consolidated operations 
by covered air carriers, as permitted by the Depart-
ment of Transportation, including smaller airports 
that are located near larger airports. 
(2) Airports covering common points, as deter-
mined by the Department of Transportation, do not 
align with the grouping commonly used by many air 
carriers, other Federal agencies, and distribution 
channels used by consumers to purchase air travel. 
(3) The demographic, geographic, economic, and 
other characteristics of an area and affected commu-
nities when determining whether consolidated oper-
ations at a single airport effectively serve the needs of 
the point. 
(4) Maintaining a robust air transportation sys-
tem, including maintaining air service to airports 
throughout the United States, plays an important role 
in the effective distribution of a coronavirus vaccine. 
(5) The objections from community respondents 
on whether a specific airport should or should not be 
included in a consolidated point, including those ob-
jections noting the importance of the required consid-
erations set forth in subsection (b). 
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2144 
SEC. 408. TAXPAYER PROTECTION. 
(a) CARES ACT ASSISTANCE RECIPIENTS.—With re-
spect to a recipient of financial assistance under section 
4113 of the CARES Act (15 U.S.C. 9073) that receives fi-
nancial assistance under this subtitle, the Secretary may 
receive warrants, options, preferred stock, debt securities, 
notes, or other financial instruments issued by such recipi-
ent that are, to the maximum extent practicable, in the 
same form and amount, and under the same terms and con-
ditions, as agreed to by the Secretary and such recipient 
to provide appropriate compensation to the Federal Govern-
ment for the provision of the financial assistance under this 
subtitle. 
(b) OTHER APPLICANTS.—With respect to a recipient 
of financial assistance under this subtitle that did not re-
ceive financial assistance under section 4113 of the CARES 
Act (15 U.S.C. 9073), the Secretary may receive warrants, 
options, preferred stock, debt securities, notes, or other fi-
nancial instruments issued by such recipient in a form and 
amount that are, to the maximum extent practicable, under 
the same terms and conditions as agreed to by the Secretary 
and similarly situated recipients of financial assistance 
under such section to provide appropriate compensation to 
the Federal Government for the provision of the financial 
assistance under this subtitle. 
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2146 
(b) INTERNET UPDATES.—The Secretary shall update 
the website of the Department of the Treasury, at minimum, 
on a weekly basis as necessary to reflect new or revised dis-
tributions of financial assistance under this subtitle with 
respect to each passenger air carrier or contractor that re-
ceives such assistance, the identification of any applicant 
that applied for financial assistance under this subtitle, and 
the date of application for such assistance. 
(c) SUPPLEMENTAL UPDATE.—Not later than the last 
day of the 1-year period following the date of enactment 
of this subtitle, the Secretary shall update and submit to 
the Committee on Transportation and Infrastructure and 
the Committee on Financial Services of the House of Rep-
resentatives and the Committee on Commerce, Science, and 
Transportation and the Committee on Banking, Housing, 
and Urban Affairs of the Senate, the report submitted under 
subsection (a). 
(d) PROTECTION OF CERTAIN DATA.—The Secretary 
may withhold information that would otherwise be required 
to be made available under this section only if the Secretary 
determines to withhold the information in accordance with 
section 552 of title 5, United States Code. 
SEC. 410. COORDINATION. 
In implementing this subtitle, the Secretary shall co-
ordinate with the Secretary of Transportation. 
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2147 
SEC. 411. FUNDING. 
There is appropriated, out of amounts in the Treasury 
not otherwise appropriated, $16,000,000,000 to carry out 
this subtitle, to remain available until expended. 
SEC. 412. CARES ACT AMENDMENTS. 
(a) CONTINUED APPLICATION OF REQUIRED ASSUR-
ANCES.—Section 4114 of the CARES Act (15 U.S.C. 9074) 
is amended by adding at the end the following new sub-
sections: 
‘‘(c) CONTINUED APPLICATION.— 
‘‘(1) IN GENERAL.—If, after the date of enact-
ment of this subsection, a contractor expends any 
funds made available pursuant to section 4112 and 
distributed pursuant to section 4113, the assurances 
in paragraphs (1) through (3) of subsection (a) shall 
continue to apply until the dates included in such 
paragraphs, or the date on which the contractor fully 
expends such financial assistance, whichever is later. 
‘‘(2) SPECIAL RULE.—Not later than April 5, 
2021, 
each 
contractor 
described 
in 
section 
4111(3)(A)(i) that has received funds pursuant to 
such section 4112 shall report to the Secretary on the 
amount of such funds that the contractor has ex-
pended through March 31, 2021. If the contractor has 
expended an amount that is less than 100 percent of 
the total amount of funds the contractor received 
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2148 
under such section, the Secretary shall initiate an ac-
tion to recover any funds that remain unexpended as 
of April 30, 2021. 
‘‘(d) RECALL OF EMPLOYEES.— 
‘‘(1) IN
GENERAL.—Subject to paragraph (2), 
any contractor that has unspent financial assistance 
provided under this subtitle as of the date of enact-
ment of this subsection and conducted involuntary 
furloughs or reduced pay rates and benefits, between 
March 27, 2020, and the date on which the contractor 
entered into an agreement with the Secretary related 
to financial assistance under this subtitle, shall recall 
(as defined in section 4111) employees who were in-
voluntarily furloughed during such period by not 
later than January 4, 2021. 
‘‘(2) WAIVER.—The Secretary of the Treasury 
shall waive the requirement under paragraph (1) for 
a contractor to recall employees if the contractor cer-
tifies that the contractor has or will have insufficient 
remaining financial assistance provided under this 
subtitle to keep recalled employees employed for more 
than two weeks upon returning to work. 
‘‘(3) AUDITS.—The Inspector General of the De-
partment of the Treasury shall audit certifications 
made under paragraph (2).’’. 
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2149 
(b) DEFINITION
OF RECALL.—Section 4111 of the 
CARES Act (15 U.S.C. 9071) is amended— 
(1) in paragraph (4) by striking ‘‘and’’ at the 
end; 
(2) by redesignating paragraph (5) as para-
graph (6); and 
(3) by inserting after paragraph (4) the fol-
lowing: 
‘‘(5) the term ‘recall’ means the dispatch of a no-
tice by a contractor, via mail, courier, or electronic 
mail, to an involuntarily furloughed employee noti-
fying the employee that— 
‘‘(A) the employee must, within a specified 
period of time that is not less than 14 days, elect 
either— 
‘‘(i) to return to employment or bypass 
return to employment in accordance with 
an applicable collective bargaining agree-
ment or, in the absence of a collective bar-
gaining agreement, company policy; or 
‘‘(ii) to permanently separate from em-
ployment with the contractor; and 
‘‘(B) failure to respond within such time 
period specified will be deemed to be an election 
under subparagraph (A)(ii); and’’. 
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2150 
(c) DEFINITION OF BUSINESSES CRITICAL TO MAIN-
TAINING
NATIONAL
SECURITY.—Section 4002 of the 
CARES Act (15 U.S.C. 9041) is amended by adding at the 
end the following: 
‘‘(11) AEROSPACE-RELATED
BUSINESSES
CRIT-
ICAL
TO
MAINTAINING
NATIONAL
SECURITY.—The 
term ‘businesses critical to maintaining national se-
curity’ means those businesses that manufacture or 
produce aerospace-related products, civil or defense, 
including those that design, integrate, assemble, sup-
ply, maintain, and repair such products, and other 
businesses involved in aerospace-related manufac-
turing or production as further defined by the Sec-
retary, in consultation with the Secretary of Defense 
and the Secretary of Transportation. For purposes of 
the preceding sentence, aerospace-related products in-
clude, but are not limited to, components, parts, or 
systems of aircraft, aircraft engines, or appliances for 
inclusion in an aircraft, aircraft engine, or appli-
ance.’’. 
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2151 
Subtitle B—Coronavirus Economic 
Relief for Transportation Serv-
ices Act 
SEC. 420. SHORT TITLE. 
This subtitle may be cited as the ‘‘Coronavirus Eco-
nomic Relief for Transportation Services Act’’. 
SEC. 421. ASSISTANCE FOR PROVIDERS OF TRANSPOR-
TATION SERVICES AFFECTED BY COVID–19. 
(a) DEFINITIONS.—In this section: 
(1) COVERED PERIOD.—The term ‘‘covered pe-
riod’’, with respect to a provider of transportation 
services, means the period— 
(A) beginning on the date of enactment of 
this Act; and 
(B) ending on the later of— 
(i) March 31, 2021; or 
(ii) the date on which all funds pro-
vided to the provider of transportation serv-
ices under subsection (c) are expended. 
(2) COVID–19.—The term ‘‘COVID–19’’ means 
the Coronavirus Disease 2019. 
(3) PAYROLL COSTS.— 
(A) IN GENERAL.—The term ‘‘payroll costs’’ 
means— 
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2153 
(cc) income; 
(dd) net earnings from self- 
employment; or 
(ee) similar compensation; 
and 
(II) in an amount equal to not 
more than $100,000 during 1 calendar 
year, as prorated for the covered pe-
riod. 
(B) EXCLUSIONS.—The term ‘‘payroll costs’’ 
does not include— 
(i) any compensation of an individual 
employee in excess of an annual salary of 
$100,000, as prorated for the covered pe-
riod; 
(ii) any tax imposed or withheld under 
chapter 21, 22, or 24 of the Internal Rev-
enue Code of 1986 during the covered pe-
riod; 
(iii) any compensation of an employee 
whose principal place of residence is outside 
the United States; 
(iv) any qualified sick leave wages for 
which a credit is allowed under section 
7001 of the Families First Coronavirus Re-
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2154 
sponse Act (26 U.S.C. 3111 note; Public 
Law 116–127); 
(v) any qualified family leave wages 
for which a credit is allowed under section 
7003 of that Act (26 U.S.C. 3111 note; Pub-
lic Law 116–127); or 
(vi) any bonus, raise in excess of infla-
tion, or other form of additional employee 
compensation. 
(4) PROVIDER OF TRANSPORTATION SERVICES.— 
The term ‘‘provider of transportation services’’ means 
an entity that— 
(A) is established or organized— 
(i) in the United States; or 
(ii) pursuant to Federal law; 
(B) has significant operations, and a ma-
jority of employees based, in the United States; 
(C) was in operation on March 1, 2020; 
and 
(D) is the operator of— 
(i) a vessel of the United States (as de-
fined in section 116 of title 46, United 
States Code) that is— 
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2155 
(I) a passenger vessel (as defined 
in section 2101 of that title) carrying 
fewer than 2,400 passengers; 
(II) a small passenger vessel (as 
defined in section 2101 of that title); or 
(III) a vessel providing pilotage 
services and regulated by a State in 
accordance with chapter 85 of that 
title; 
(ii) a company providing transpor-
tation services using a bus characterized by 
an elevated passenger deck located over a 
baggage compartment (commonly known as 
an ‘‘over-the-road bus’’), including local and 
intercity fixed-route service, commuter serv-
ice, and charter or tour service (including 
tour or excursion service that includes fea-
tures in addition to bus transportation, 
such as meals, lodging, admission to points 
of interest or special attractions, or the serv-
ices of a guide); 
(iii) a company providing transpor-
tation services using a school bus (as de-
fined in section 571.3 of title 49, Code of 
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2156 
Federal Regulations (or successor regula-
tions)); or 
(iv) any other passenger transportation 
service company subject to regulation by the 
Department of Transportation as the Sec-
retary, in consultation with the Secretary of 
Transportation, determines to be appro-
priate. 
(5) SECRETARY.—The term ‘‘Secretary’’ means 
the Secretary of the Treasury. 
(b) FUNDING.—Out of any funds in the Treasury not 
otherwise appropriated, there are appropriated to provide 
grants to eligible providers of transportation services under 
this section, $2,000,000,000 for fiscal year 2021, to remain 
available until expended. 
(c) PROVISION OF ASSISTANCE.— 
(1) IN GENERAL.—The Secretary, in consultation 
with the Secretary of Transportation, shall use the 
amounts made available under subsection (b) to pro-
vide grants to eligible providers of transportation 
services described in paragraph (2) that certify to the 
Secretary that the providers of transportation services 
have experienced a revenue loss of 25 percent or more, 
on an annual basis, as a direct or indirect result of 
COVID–19. 
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(2) DESCRIPTION OF ELIGIBLE PROVIDERS OF 
TRANSPORTATION SERVICES.— 
(A) IN GENERAL.—An eligible provider of 
transportation services referred to in paragraph 
(1) is— 
(i) a provider of transportation serv-
ices that, on March 1, 2020— 
(I) had 500 or fewer full-time, 
part-time, or temporary employees; 
and 
(II) was not a subsidiary, parent, 
or affiliate of any other entity with a 
combined total workforce of more than 
500 full-time, part-time, or temporary 
employees; or 
(ii) a provider of transportation serv-
ices that— 
(I) on March 1, 2020, had more 
than 500 full-time, part-time, or tem-
porary employees; and 
(II) has not received assistance 
under paragraph (1), (2), or (3) of sec-
tion 4003(b), or subtitle B of title IV 
of division A, of the Coronavirus Aid, 
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2158 
Relief, and Economic Security Act 
(Public Law 116–136; 134 Stat. 281). 
(B) SCOPE OF ELIGIBILITY FOR CERTAIN 
COMPANIES.— 
(i) IN GENERAL.—A provider of trans-
portation services that has entered into or 
maintains a contract or agreement de-
scribed in clause (ii) shall not be deter-
mined to be ineligible for assistance under 
this subsection on the basis of that contract 
or agreement, subject to clause (iv). 
(ii) CONTRACT
OR
AGREEMENT
DE-
SCRIBED.—A contract or agreement referred 
to in clause (i) is a contract or agreement 
for transportation services that is supported 
by a public entity using funds received 
under the Emergency Appropriations for 
Coronavirus Health Response and Agency 
Operations (division B of Public Law 116– 
136; 134 Stat. 505). 
(iii) ADJUSTMENT
OF
ASSISTANCE.— 
The Secretary may reduce the amount of as-
sistance available under this subsection to a 
provider of transportation services described 
in clause (i) based on the amount of funds 
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2159 
provided under this section or the Emer-
gency 
Appropriations 
for 
Coronavirus 
Health Response and Agency Operations 
(division B of Public Law 116–136; 134 
Stat. 505) that have supported a contract or 
agreement described in clause (ii) to which 
the provider of transportation services is a 
party. 
(iv) NOTICE
REQUIREMENT.—A pro-
vider of transportation services that has en-
tered into or maintains a contract or agree-
ment described in clause (ii), and that ap-
plies for assistance under this subsection, 
shall submit to the Secretary a notice de-
scribing the contract or agreement, includ-
ing the amount of funds provided for the 
contract or agreement under this subsection 
or 
the 
Emergency 
Appropriations 
for 
Coronavirus Health Response and Agency 
Operations (division B of Public Law 116– 
136; 134 Stat. 505). 
(3) AMOUNT.— 
(A) FACTORS FOR CONSIDERATION.—In de-
termining the amount of assistance to be pro-
vided to an eligible provider of transportation 
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2162 
that are small, minority-owned, and women-owned 
businesses. 
(6) CONDITIONS OF RECEIPT.—As a condition of 
receipt of assistance under this subsection, the Sec-
retary shall require that a provider of transportation 
services shall agree— 
(A) subject to paragraph (7)— 
(i) to commence using the funds, on a 
priority basis and to the extent the funds 
are available, to maintain through the ap-
plicable covered period, expenditures on 
payroll costs for all employees as of the date 
of enactment of this Act, after making any 
adjustments required for— 
(I) retirement; or 
(II) voluntary employee separa-
tion; 
(ii) not to impose, during the covered 
period— 
(I) any involuntary furlough; or 
(II) any reduction in pay rates or 
benefits for nonexecutive employees; 
and 
(iii) to recall or rehire any employees 
laid off, furloughed, or terminated after 
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2163 
March 27, 2020, to the extent warranted by 
increased service levels; 
(B) to return to the Secretary any funds re-
ceived under this subsection that are not used by 
the provider of transportation services by the 
date that is 1 year after the date of receipt of the 
funds; and 
(C) to examine the anticipated expenditure 
of the funds by the provider of transportation 
services for the purposes described in subpara-
graph (A) not less frequently than once every 90 
days after the date of receipt of the funds. 
(7) RAMP-UP
PERIOD.—The requirement de-
scribed in paragraph (6)(A)(iii) shall not apply to a 
provider of transportation services until the later of— 
(A) the date that is 30 days after the date 
of receipt of the funds; and 
(B) the date that is 90 days after the date 
of enactment of this Act. 
(8) ADDITIONAL
CONDITIONS
OF
CERTAIN
RE-
CEIPTS.— 
(A) PRIORITIZATION OF PAYROLL COSTS.— 
As a condition of receipt of a grant under this 
subsection, the Secretary shall require that, ex-
cept as provided in subparagraph (B), a pro-
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2164 
vider of transportation services shall agree to use 
an amount equal to not less than 60 percent of 
the funds on payroll costs of the provider of 
transportation services. 
(B) EXCEPTION.—Subparagraph (A) shall 
not apply to a provider of transportation serv-
ices if the provider of transportation services cer-
tifies to the Secretary that, after making any ad-
justments required for retirement or voluntary 
employee separation— 
(i) each nonseasonal employee on the 
payroll of the provider of transportation 
services on January 1, 2020— 
(I) if laid off, furloughed, or ter-
minated by the provider of transpor-
tation services as described in para-
graph (6)(A)(iii), is rehired, or has 
been offered rehire, by the provider of 
transportation services; and 
(II) if rehired under clause (i) or 
subject to a reduction in salary before 
the date of receipt by the provider of 
transportation services of assistance 
under this subsection, receives not less 
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