1386 
cluding requirements for audits) as the Sec-
retary determines appropriate. Any loans made 
by the Secretary under this section shall be at 
a rate not less than a rate determined by the 
Secretary taking into consideration the current 
average yield on outstanding marketable obliga-
tions of the United States of comparable matu-
rity. 
(B) PROCEDURES.—As soon as prac-
ticable, but in no case later than 10 days after 
the date of enactment of this Act, the Secretary 
shall publish procedures for application and 
minimum requirements, which may be supple-
mented by the Secretary in the Secretary’s dis-
cretion, for the making of loans and loan guar-
antees under this section. 
(3) FEDERAL RESERVE PROGRAMS OR FACILI-
TIES.— 
(A) TERMS AND CONDITIONS.— 
(i) IN GENERAL.—The Secretary may 
make a loan, loan guarantee, or other in-
vestment under this section as part of a 
program or facility established by the 
Board of Governors of the Federal Reserve 
System for the purpose of providing liquid-
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ity to the financial system that purchases 
obligations or other interests directly from 
issuers of such obligations or other inter-
ests only to the extent required under a 
contractual obligation in effect as of the 
date of enactment of this Act, the issuer of 
such obligations or interests agrees not to 
repurchase any outstanding equity inter-
ests while the loan, loan guarantee, or 
other interest under this section is out-
standing. 
(ii) PROGRAMS
AND
FACILITIES
AU-
THORIZED
UNDER
THIS
ACT.—Programs 
and facilities described under clause (i) in-
clude those established by the Board of 
Governors pursuant to the authority pro-
vided under section 105(h), 110(g), 201, 
or 203. 
(B) LOAN
FORGIVENESS.—The principal 
amount of any obligation issued by an eligible 
business, State, the District of Columbia, terri-
tory, or municipality that is acquired under a 
program or facility under this section shall not 
be reduced through loan forgiveness. 
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(C) FEDERAL
RESERVE
ACT
REQUIRE-
MENTS
APPLY.—For the avoidance of doubt, 
any applicable requirements under section 13(3) 
of the Federal Reserve Act (12 U.S.C. 343(3)), 
including 
requirements 
relating 
to 
loan 
collateralization, taxpayer protection, and bor-
rower solvency, shall apply with respect to any 
obligation or other interest issued by an eligible 
business, State, the District of Columbia, terri-
tory, or municipality that is acquired under a 
program or facility under this section. 
(d) ADDRESSING PERSISTENT POVERTY IN COUN-
TIES.—In carrying out the authorities provided by this 
section, the Secretary shall, to the greatest extent possible, 
ensure that at least 10 percent of the loans, loan guaran-
tees, and other investments provided under this sections 
are used to support counties with a poverty rate of at least 
20 percent over the last 30 years. The Secretary is also 
authorized to provide technical assistance to such coun-
tries to encourage participation in the program. 
(e) FINANCIAL PROTECTION OF GOVERNMENT.— 
(1) IN GENERAL.—To the extent feasible and 
practicable, the Secretary shall ensure that the Fed-
eral Government is compensated for the risk as-
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sumed in making loans and loan guarantees under 
this section. 
(2) GOVERNMENT PARTICIPATION IN GAINS.—If 
an eligible business receives a loan or loan guarantee 
from the Federal Government under this section, 
subject to Section 408 of Division I, the Secretary 
shall enter into contracts under which the Federal 
Government, contingent on the financial success of 
the eligible business, would participate in the gains 
of the eligible business or its security holders 
through the use of such instruments as warrants, 
stock options, common or preferred stock, or other 
appropriate equity instruments. 
(f) DEPOSIT OF PROCEEDS.—Amounts collected by 
the Secretary under this section, including the proceeds 
of investments, earnings, and interest collected, shall be 
deposited in the Treasury as miscellaneous receipts. 
(g) ADMINISTRATIVE EXPENSES.—Notwithstanding 
any other provision of law, the Secretary may use 
$100,000,000 of the funds made available under this sec-
tion to pay costs and administrative expenses associated 
with the provision of direct loans or guarantees authorized 
under this section. 
(h) TRANSPARENCY OF FINANCIAL ASSISTANCE.— 
The Secretary shall provide a weekly report to the Con-
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gress, including the House Committee on Financial Serv-
ices and the Senate Committee on Banking, Housing, and 
Urban Affairs, providing a detailed description of the sta-
tus of the implementation of this section, including pro-
viding a list of recipients and amounts of any loan, loan 
guarantee, or investment. The Secretary shall make each 
report immediately available to the public. 
(i) CERTIFICATION OF THE SECRETARY.—The Sec-
retary shall certify to Congress in the report described in 
subsection (h) that any corporation that receives aid pur-
suant to this section does not provide a direct financial 
benefit to the President of the United States or to any 
company in which the President owns a controlling inter-
est. 
(j) CONFORMING AMENDMENT.—Section 5302(a)(1) 
of title 31, United States Code, is amended— 
(1) by striking ‘‘and’’ before ‘‘section 3’’; and 
(2) by inserting ‘‘Financial Protections and As-
sistance for America’s Consumers, States, Busi-
nesses, and Vulnerable Populations Act,’’ before 
‘‘and for investing’’. 
SEC. 102. LIMITATION ON CERTAIN EMPLOYEE COMPENSA-
TION. 
(a) IN GENERAL.—The Secretary may only enter into 
a loan or loan agreement under section 101(a) of this divi-
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sion with an eligible business after the eligible business 
enters into a legally binding agreement with the Secretary 
that, during the period beginning March 1, 2020, and end-
ing March 1, 2022 or the termination of the loan or loan 
agreement under section 101(a) of this division, which is 
later, no officer or employee of the eligible business— 
(1) will receive from the eligible business total 
compensation which exceeds $425,000, during any 
12 consecutive months of such period; and 
(2) will receive from the eligible business sever-
ance pay or other benefits upon termination of em-
ployment with the eligible business which exceeds 
twice the compensation described in paragraph (1). 
(b) TOTAL COMPENSATION DEFINED.—In this sec-
tion, the term ‘‘total compensation’’ includes salary, bo-
nuses, awards of stock, and other financial benefits pro-
vided by an eligible business to an officer or employee of 
the eligible business. 
SEC. 103. REQUIREMENT TO PROVIDE EMPLOYEE HEALTH 
INSURANCE BENEFITS. 
(a) IN GENERAL.—The Secretary may not provide 
any loans or loan guarantees under paragraph (1), (2), 
or (3) of section 4101(b) to an eligible business, unless 
the eligible business certifies that the eligible business cur-
rently provides, or will provide within 60 days from receipt 
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of the loan or loan guarantee, and any contractor, subcon-
tractor, or affiliate of the eligible business, currently pro-
vides, or will provide within 60 days from receipt of the 
loan or loan guarantee, to any employee based in the 
United States, health insurance benefits equal to or great-
er than the hourly health and welfare fringe benefit rate 
published by the Department of Labor pursuant to the 
McNamara-O’Hara Service Contract Act of 1965 (41 
U.S.C. 6710–6707) and section 4.52 of title 28, Code of 
Federal Regulations, for all hours worked by each em-
ployee, and shall continue to do so for at least the 5-year 
period after any loan or loan guarantee provided to the 
eligible business under this subtitle ends. 
SEC. 104. PROHIBITION ON OUTSOURCING AND REQUIRE-
MENT FOR ON-SHORING. 
(a) IN GENERAL.—The Secretary may not provide 
any loan, or enter into a loan guarantee to an eligible busi-
ness under of section 4101(b) unless the eligible business 
enters into a legally binding agreement with the Secretary 
that during the 5-year period beginning on the date on 
which the eligible business receives the funds or, in the 
case of a loan, during the period of the loan and for 5 
years after that period, the eligible business shall— 
(1) not outsource to any other business, includ-
ing through contracting, any job, function, or labor 
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that was previously performed by direct employees of 
the eligible business who were laid off or furloughed 
after January 1, 2020; 
(2) on-shore to a State any job, function, or 
labor that— 
(A) the eligible business needs additional 
employees, contractors, or hours of labor to ful-
fill; and 
(B) arise after the date on which the le-
gally binding agreement is executed; and 
(3) require that any contractor supplying goods 
or services to the eligible business under a contract 
comply with the paragraphs (1) and (2). 
(b) SUSPENSION
OF ASSISTANCE.—If an eligible 
business does not comply with the requirements under 
subsection (a), the Secretary— 
(1) shall suspend all financial assistance to the 
eligible business; and 
(2) may not provide any additional financial as-
sistance to the eligible business until the date on 
which the eligible business complies with all such re-
quirements. 
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SEC. 105. REQUIREMENT TO BE NEUTRAL IN UNION ORGA-
NIZING CAMPAIGNS. 
(a) RAILWAY LABOR ACT.—Section 2 of the Railway 
Labor Act (45 U.S.C. 152) is amended by adding at the 
end the following: 
‘‘Thirteenth. Any carrier by air (including carriers by 
air) who received a loan or loan guarantee under para-
graph (1), (2), or (3) of section 4101(b) of the 
Coronavirus Economic Stabilization Act of 2020 shall not, 
during the term of the loan or guarantee, and for the 5- 
year period beginning on the date on which the loan or 
guarantee is repaid— 
‘‘(1) require or coerce an employee of the car-
rier to attend or participate in such carrier’s cam-
paign activities unrelated to the employee’s job du-
ties, including activities that would be subject to the 
requirements under section 203(b) of the Labor- 
Management Reporting and Disclosure Act of 1959 
(29 U.S.C. 433(b)) as though the carrier by air were 
an employer under that Act; or 
‘‘(2) engage any person or entity to carry out 
the activities described in paragraph (1), or provide 
other related services to employees. 
‘‘Fourteenth. Any carrier by air (including carriers 
by air) who received a loan or loan guarantee under para-
graph (1), (2), or (3) of section 4101(b) of the 
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Coronavirus Economic Stabilization Act of 2020 shall, 
during the term of the loan or guarantee, and for the 5- 
year period beginning on the date on which the loan or 
guarantee is repaid, remain neutral during any organizing 
campaign for a representative by the employees of the car-
rier.’’. 
(b) NATIONAL LABOR RELATIONS ACT.—Section 
8(a)(5) of the National Labor Relations Act (29 U.S.C. 
158(a)(5)) is amended— 
(1) by striking ‘‘to refuse’’ and inserting ‘‘(A) 
to refuse’’; 
(2) by striking the period at the end and insert-
ing ‘‘; or’’; and 
(3) by adding at the end the following: 
‘‘(B) in the case of any employer who re-
ceived a loan or loan guarantee under para-
graph (1), (2), or (3) of section 4101(b) of the 
Coronavirus Economic Stabilization Act of 
2020, any other employer who provides goods 
or services under a contract to such an em-
ployer, or any other employer who provides 
goods or services to a person subject to the 
Railway Labor Act (45 U.S.C. 151 et seq.) who 
received a loan or loan guarantee under such a 
paragraph of such section 4101(b)— 
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‘‘(i) to, during the term of the loan or 
guarantee, and for the 5-year period begin-
ning on the date on which the loan or 
guarantee is repaid, require or coerce an 
employee to attend or participate in such 
employer’s campaign activities unrelated to 
the employee’s job duties, including activi-
ties that are subject to the requirements 
under section 203(b) of the Labor-Manage-
ment Reporting and Disclosure Act of 
1959 (29 U.S.C. 433(b)); 
‘‘(ii) to, during the term of the loan or 
guarantee, and for the 5-year period begin-
ning on the date on which the loan or 
guarantee is repaid, engage any person or 
entity to carry out the activities described 
in clause (i), or provide other related serv-
ices to employees; or 
‘‘(iii) to, during the term of the loan 
or guarantee, and for the 5-year period be-
ginning on the date on which the loan or 
guarantee is repaid, fail to remain neutral 
during any organizing campaign by the 
employees of the employer on behalf of 
representation by a labor organization.’’. 
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SEC. 106. MAINTENANCE OF EMPLOYEE RETIREMENT 
PLANS. 
(a) IN GENERAL.—The Secretary shall only make a 
loan, or enter into a loan guarantee, under paragraph (1), 
(2), or (3) of section 4101(b) to an eligible business after 
the eligible business enters into a legally binding agree-
ment with the Secretary that, during the period beginning 
March 1, 2020, and ending 5 years after the repayment 
of any such loan— 
(1) the eligible business will not amend any 
plan described in section 401(a) of the Internal Rev-
enue Code of 1986 maintained by the eligible busi-
ness to eliminate coverage of any employee under 
such plan who was eligible in the plan year imme-
diately preceding the plan year in which the eligible 
business enters into a loan agreement under para-
graph (1), (2), or (3) of section 4101(b) of this Act; 
and 
(2) the eligible business will maintain all ac-
crual rates (including any matching contributions or 
nonelective employer contributions) for any plan de-
scribed in section 401(a) of such Code maintained 
by the eligible employer at a rate equal to the rate 
under such plan for the plan year immediately pre-
ceding the plan year in which the eligible business 
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enters into a loan agreement under paragraph (1), 
(2), or (3) of section 4101(b) of this Act. 
(b) AFFILIATES OF ELIGIBLE BUSINESS.—Any busi-
nesses treated as a single employer under the rules of sub-
section (b), (c), (m), or (o) of section 414 of the Internal 
Revenue Code (applied as modified by section 415(h) of 
the Internal Revenue Code) shall be treated as a single 
employer for purposes of this section. 
SEC. 107. EXPANSION OF ELIGIBILITY FOR HEALTH CARE 
TAX CREDIT; EXTENSION OF CREDIT. 
(a) EXPANSION OF ELIGIBILITY.— 
(1) IN
GENERAL.—Paragraph (1) of section 
35(c) of the Internal Revenue Code of 1986 is 
amended by striking ‘‘and’’ at the end of subpara-
graph (B), by striking the period at the end of sub-
paragraph (C) and inserting ‘‘, and’’, and by adding 
at the end the following new subparagraph: 
‘‘(D) an eligible national defense or infra-
structure worker.’’. 
(2) ELIGIBLE NATIONAL DEFENSE OR INFRA-
STRUCTURE WORKER.—Subsection (c) of section 35 
of the Internal Revenue Code of 1986 is amended by 
adding at the end the following new paragraph: 
‘‘(5) ELIGIBLE NATIONAL DEFENSE OR INFRA-
STRUCTURE WORKER.— 
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‘‘(A) IN GENERAL.—The term ‘eligible na-
tional defense or infrastructure worker’ means 
an individual who— 
‘‘(i) as of January 31, 2020, was em-
ployed in a critical industry, 
‘‘(ii) who filed for unemployment com-
pensation (as defined in section 85(b)) 
after January 31, 2020, and before the ap-
plicable date, and 
‘‘(iii) who is covered under qualified 
health insurance described in subsection 
(e)(1)(A). 
‘‘(B) CRITICAL INDUSTRY.—For purposes 
of this paragraph, the term ‘critical industry’ 
means— 
‘‘(i) an industry related to critical na-
tional infrastructure or national defense, or 
‘‘(ii) a critical industry which is se-
verely distressed in connection with the 
coronavirus national emergency, as deter-
mined by the Secretary, including the air-
port, air carrier (as defined in section 
40102 of title 49, United States Code), 
and aerospace industries. 
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‘‘(C) APPLICABLE DATE.—For purposes of 
this paragraph, the term ‘applicable date’ 
means the earlier of— 
‘‘(i) the date which is 6 months after 
the last day on which the coronavirus na-
tional emergency declaration is in effect, or 
‘‘(ii) January 1, 2023. 
‘‘(D) 
CORONAVIRUS
NATIONAL
EMER-
GENCY.—For purposes of this paragraph— 
‘‘(i) IN
GENERAL.—The coronavirus 
national emergency is the emergency with 
respect to which the President made the 
declarations described in clause (ii). 
‘‘(ii) DECLARATIONS.—The last day 
on which the coronavirus national emer-
gency declaration is in effect is the later 
of— 
‘‘(I) the last day on which the 
declaration of the emergency involving 
Federal primary responsibility deter-
mined to exist by the President under 
the section 501(b) of the Robert T. 
Stafford Disaster Relief and Emer-
gency Assistance Act (42 U.S.C. 
5191(b)) with respect to coronavirus 
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disease 2019 (COVID-19) is in effect; 
or 
‘‘(II) the last day on which the 
declaration of the national emergency 
declared by the President under the 
National Emergencies Act (50 U.S.C. 
1601 
et 
seq.) 
with 
respect 
to 
coronavirus disease 2019 (COVID-19) 
is in effect.’’. 
(3) ADVANCE
PAYMENT
OF
CREDIT.—Para-
graph (1) of section 7527(d) of the Internal Revenue 
Code of 1986 is amended by striking ‘‘or’’ at the 
end of subparagraph (A), by striking the period at 
the end of subparagraph (B) and inserting ‘‘, or’’, 
and by adding at the end the following new subpara-
graph: 
‘‘(C) in the case of an eligible national de-
fense or infrastructure worker (as defined in 
section 35(c)(5)), is certified by the Secretary 
(or by any other person or entity designated by 
the Secretary) (in consultation with the Sec-
retary of Transportation (or any other person 
or entity designated by such Secretary), in the 
case of a worker in aviation- or aerospace-re-
lated industries).’’. 
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(4) EFFECTIVE DATE.—The amendments made 
by this subsection shall apply to months beginning 
after January 31, 2020. 
(b) EXTENSION OF CREDIT.— 
(1) IN GENERAL.—Subparagraph (B) of section 
35(b)(1) of the Internal Revenue Code of 1986 is 
amended by striking ‘‘January 1, 2021’’ and insert-
ing ‘‘January 1, 2023’’. 
(2) EFFECTIVE DATE.—The amendment made 
by this subsection shall apply to months beginning 
after December 31, 2020. 
SEC. 108. DEFINITIONS. 
In this division: 
(1) COVERED LOSS.—The term ‘‘covered loss’’ 
includes losses, direct or incremental, incurred as a 
result of COVID–19, as determined by the Sec-
retary. 
(2) ELIGIBLE
BUSINESS.—The term ‘‘eligible 
business’’ means a United States business that has 
incurred covered losses such that the continued oper-
ations of the business are jeopardized, as determined 
by the Secretary, and that has not otherwise applied 
for or received economic relief in the form of loans 
or loan guarantees provided under any other provi-
sion of this Act. 
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