I 
116TH CONGRESS 
2D SESSION 
H. R. 6396 
To provide tax and regulatory relief and health care flexibility to individuals 
and businesses affected by the 2020 coronavirus pandemic. 
IN THE HOUSE OF REPRESENTATIVES 
MARCH 26, 2020 
Mr. BIGGS (for himself, Mr. HARRIS, Mr. PERRY, Mr. ROY, and Mr. WEBER 
of Texas) introduced the following bill; which was referred to the Com-
mittee on Ways and Means, and in addition to the Committees on Edu-
cation and Labor, Oversight and Reform, House Administration, Energy 
and Commerce, Small Business, the Judiciary, Financial Services, Vet-
erans’ Affairs, and Agriculture, for a period to be subsequently deter-
mined by the Speaker, in each case for consideration of such provisions 
as fall within the jurisdiction of the committee concerned 
A BILL 
To provide tax and regulatory relief and health care flexi-
bility to individuals and businesses affected by the 2020 
coronavirus pandemic. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as ‘‘Responsible Relief for 
Americans Act’’. 
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tion related to the manufacturing capacity of such drug. 
Such information shall include— 
‘‘(1) details about— 
‘‘(A) all locations of production; 
‘‘(B) the sourcing of all component parts; 
‘‘(C) the sourcing of any active pharma-
ceutical ingredients; and 
‘‘(D) the use of any scarce or raw mate-
rials; and 
‘‘(2) any other information determined by the 
Secretary to be relevant to the security of the supply 
chain of the drug or device.’’. 
TITLE III—SMALL BUSINESS 
PROSPERITY ACT 
SECTION 1. INCREASE AND EXPANSION OF DEDUCTION 
FOR QUALIFIED BUSINESS INCOME. 
(a) DEDUCTION MADE PERMANENT.—Section 199A 
of the Internal Revenue Code of 1986 is amended by strik-
ing subsection (i). 
(b) DEDUCTION TO ACHIEVE
A TOP RATE
ON 
QUALIFIED BUSINESS INCOME OF 21 PERCENT.—Sub-
sections (a)(2), (b)(1)(B), and (b)(2)(A) of section 199A 
of such Code are each amended by striking ‘‘20 percent’’ 
and inserting ‘‘43 percent (47 percent in the case of any 
taxable year beginning after December 31, 2025)’’. 
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(c) REPEAL OF LIMITATION BASED ON W–2 WAGES 
PAID WITH RESPECT TO THE TRADE OR BUSINESS.— 
Section 199A(b)(2) of section 199A of such Code, as 
amended by subsection (a), is amended to read as follows: 
‘‘(2) 
DETERMINATION
OF
DEDUCTIBLE 
AMOUNT
FOR
EACH
TRADE
OR
BUSINESS.—The 
amount determined under this paragraph with re-
spect to any qualified trade or business is 43 percent 
(47 percent in the case of any taxable year begin-
ning after December 31, 2025) of the taxpayer’s 
qualified business income with respect to the quali-
fied trade or business.’’. 
(d) REPEAL OF EXCLUSION OF SPECIFIED SERVICE 
TRADES OR BUSINESSES.—Section 199A(d) of such Code 
is amended to read as follows: 
‘‘(d) QUALIFIED TRADE OR BUSINESS.—For pur-
poses of this section, the term ‘qualified trade or business’ 
means any trade or business other than the trade or busi-
ness of performing services as an employee.’’. 
(e) CONFORMING AMENDMENTS.— 
(1) Section 199A(b) of such Code, as amended 
by subsection (d), is amended— 
(A) by striking paragraphs (3), (4), and 
(6), and redesignating paragraphs (5) and (7) 
as paragraphs (3) and (4); and 
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(B) by striking ‘‘the lesser of—’’ and all 
that follows in paragraph (4) (as so redesig-
nated) and inserting ‘‘9 percent of so much of 
the qualified business income with respect to 
such trade or business as is properly allocable 
to qualified payments received from such coop-
erative’’. 
(2) Section 199A(e) of such Code is amended 
by striking paragraph (2). 
(3) Section 199A(f)(1) of such Code is amended 
to read as follows: 
‘‘(1) APPLICATION
TO
PARTNERSHIPS
AND
S 
CORPORATIONS.— 
‘‘(A) IN GENERAL.—In the case of a part-
nership or S corporation— 
‘‘(i) this section shall be applied at the 
partner or shareholder level, and 
‘‘(ii) each partner or shareholder shall 
take into account such person’s allocable 
share of each qualified item of income, 
gain, deduction, and loss. 
For purposes of this subparagraph, in the case 
of an S corporation, an allocable share shall be 
the shareholder’s pro rata share of an item. 
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‘‘(B) TREATMENT
OF
TRADES
OR
BUSI-
NESS IN PUERTO RICO.—In the case of any tax-
payer with qualified business income from 
sources within the commonwealth of Puerto 
Rico, if all such income is taxable under section 
1 for such taxable year, then for purposes of 
determining the qualified business income of 
such taxpayer for such taxable year, the term 
‘United States’ shall include the Commonwealth 
of Puerto Rico.’’. 
(4) Section 199A(f)(4)(A) of such Code is 
amended by striking ‘‘and wages’’. 
(5) Section 199A(g)(1) of such Code is amend-
ed by striking subparagraph (B) and redesignating 
subparagraph (C) as subparagraph (B). 
(6) Section 199A of such Code is amended by 
striking subsection (h). 
(f) EFFECTIVE DATE.—The amendments made by 
this section shall apply to taxable years beginning after 
December 31, 2019. 
SEC. 2. NO TAXABLE EVENT FOR CHANGE OF CORPORATE 
FORM. 
Notwithstanding any provision of the Internal Rev-
enue Code of 1986, a change in the organizational struc-
ture of a corporation, however organized, into another or-
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ganizational structure is not a taxable event for the pur-
poses of such Code if there is no change among the own-
ers, their ownership interests, or the assets of the organi-
zation (other than a de minimis change in such assets). 
The preceding sentence shall apply to changes in organiza-
tional structure occurring after December 31, 2019. 
SEC. 3. REPEAL OF ESTATE TAX AND RETENTION OF BASIS 
STEP-UP. 
Effective for estates of decedents dying after Decem-
ber 31, 2019, chapter 11 of the Internal Revenue Code 
of 1986 is repealed. 
TITLE IV—KEEPING AMERICAN 
WORKERS 
EMPLOYED 
AND 
PAID ACT 
SECTION 1. DEFINITIONS. 
In this title— 
(1) the terms ‘‘Administration’’ and ‘‘Adminis-
trator’’ mean the Small Business Administration 
and the Administrator thereof, respectively; 
(2) the term ‘‘covered small business concern’’ 
means a small business concern that has experi-
enced, as a result of COVID–19— 
(A) supply chain disruptions, including 
changes in— 
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(i) quantity and lead time, including 
the number of shipments of components 
and delays in shipments; 
(ii) quality, including shortages in 
supply for quality control reasons; and 
(iii) technology, including a com-
promised payment network; 
(B) staffing challenges; 
(C) a decrease in sales or customers; or 
(D) a closure; and 
(3) the term ‘‘small business concern’’ has the 
meaning given the term in section 3 of the Small 
Business Act (15 U.S.C. 636). 
SEC. 2. PAYCHECK PROTECTION PROGRAM. 
(a) IN GENERAL.—Section 7(a) of the Small Busi-
ness Act (15 U.S.C. 636(a)) is amended— 
(1) in paragraph (2)— 
(A) in subparagraph (A), in the matter 
preceding clause (i), by striking ‘‘and (E)’’ and 
inserting ‘‘(E), and (F)’’; and 
(B) by adding at the end the following: 
‘‘(F) PARTICIPATION
IN
THE
PAYCHECK 
PROTECTION
PROGRAM.—In an agreement to 
participate in a loan on a deferred basis under 
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paragraph (36), the participation by the Admin-
istration shall be 100 percent.’’; and 
(2) by adding at the end the following: 
‘‘(36) PAYCHECK PROTECTION PROGRAM.— 
‘‘(A) DEFINITIONS.—In this paragraph— 
‘‘(i) the terms ‘appropriate Federal 
banking agency’ and ‘insured depository 
institution’ have the meanings given those 
terms in section 3 of the Federal Deposit 
Insurance Act (12 U.S.C. 1813); 
‘‘(ii) the term ‘covered loan’ means a 
loan made under this paragraph during the 
covered period; 
‘‘(iii) the term ‘covered period’ means 
the period beginning on February 15, 
2020, and ending on June 30, 2020; 
‘‘(iv) the term ‘eligible recipient’ 
means an individual or entity that is eligi-
ble to receive a covered loan; 
‘‘(v) the term ‘eligible self-employed 
individual’ has the meaning given the term 
in section 7002(b) of the Families First 
Coronavirus Response Act (Public Law 
116–127); 
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‘‘(vi) the term ‘nonprofit organization’ 
means an organization that is described in 
section 501(c)(3) of the Internal Revenue 
Code of 1986 and that is exempt from tax-
ation under section 501(a) of such Code; 
‘‘(vii) the term ‘payroll costs’— 
‘‘(I) means— 
‘‘(aa) the sum of payments 
of any compensation with respect 
to employees that is a— 
‘‘(AA) salary or wage; 
‘‘(BB) payment of cash 
tip or equivalent; 
‘‘(CC) payment for va-
cation, 
parental, 
family, 
medical, or sick leave; 
‘‘(DD) 
allowance 
for 
dismissal or separation; 
‘‘(EE) 
payment 
re-
quired for the provisions of 
group health care benefits, 
including 
insurance 
pre-
miums; 
‘‘(FF) payment of any 
retirement benefit; or 
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‘‘(GG) 
payment 
of 
State or local tax assessed 
on the compensation of em-
ployees; and 
‘‘(bb) the sum of payments 
of any compensation to a sole 
proprietor or independent con-
tractor that is a wage, commis-
sion, or similar compensation and 
that is in an amount that is not 
more than $100,000 in 1 year, as 
prorated for the covered period; 
and 
‘‘(II) shall not include— 
‘‘(aa) the compensation of 
an individual employee in excess 
of an annual salary of $100,000, 
as prorated for the covered pe-
riod; 
‘‘(bb) taxes imposed or with-
held under chapters 21, 22, or 24 
of the Internal Revenue Code of 
1986 during the covered period; 
‘‘(cc) any compensation of 
an 
employee 
whose 
principal 
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place of residence is outside of 
the United States; 
‘‘(dd) qualified sick leave 
wages for which a credit is al-
lowed under section 7001 of the 
Families First Coronavirus Re-
sponse Act (Public Law 116– 
127); or 
‘‘(ee) qualified family leave 
wages for which a credit is al-
lowed under section 7003 of the 
Families First Coronavirus Re-
sponse Act (Public Law 116– 
127); and 
‘‘(viii) the term ‘veterans organization’ 
means an organization that is described in 
section 501(c)(19) of the Internal Revenue 
Code that is exempt from taxation under 
section 501(a) of such Code. 
‘‘(B) SMALL
BUSINESS
INTERRUPTION 
LOANS.—Except as otherwise provided in this 
paragraph, the Administrator may guarantee 
covered loans under the same terms, conditions, 
and processes as a loan made under this sub-
section. 
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‘‘(C) REGISTRATION OF LOANS.—Not later 
than 15 days after the date on which a loan is 
made under this paragraph, the Administration 
shall register the loan using the TIN (as de-
fined in section 7701 of the Internal Revenue 
Code of 1986) assigned to the borrower. 
‘‘(D) INCREASED
ELIGIBILITY
FOR
CER-
TAIN
SMALL
BUSINESSES
AND
ORGANIZA-
TIONS.— 
‘‘(i) IN
GENERAL.—During the cov-
ered period, in addition to small business 
concerns, any business concern, nonprofit 
organization, or veterans organization shall 
be eligible to receive a covered loan if the 
business concern, nonprofit organization, 
or veterans organization employs not more 
than the greater of— 
‘‘(I) 500 employees; or 
‘‘(II) if applicable, the size stand-
ard in number of employees estab-
lished by the Administration for the 
industry in which the business con-
cern, nonprofit organization, or vet-
erans organization operates. 
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‘‘(ii) INCLUSION
OF
SOLE
PROPRI-
ETORS, INDEPENDENT CONTRACTORS, AND 
ELIGIBLE
SELF-EMPLOYED
INDIVID-
UALS.— 
‘‘(I) IN
GENERAL.—During the 
covered period, individuals who oper-
ate under a sole proprietorship or as 
an independent contractor and eligible 
self-employed individuals shall be eli-
gible to receive a covered loan. 
‘‘(II) DOCUMENTATION.—An eli-
gible self-employed individual seeking 
a covered loan shall submit payroll tax 
filings reported to the Internal Rev-
enue Service. 
‘‘(iii) 
BUSINESS
CONCERNS
WITH 
MORE THAN 1 PHYSICAL LOCATION.—Dur-
ing the covered period, any business con-
cern that employs not more than 500 em-
ployees per physical location of the busi-
ness concern and that is assigned a North 
American Industry Classification System 
code beginning with 72 at the time of dis-
bursal shall be eligible to receive a covered 
loan. 
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‘‘(iv) 
WAIVER
OF
AFFILIATION 
RULES.—During the covered period, the 
provisions applicable to affiliations under 
section 121.103 of title 13, Code of Fed-
eral Regulations, or any successor regula-
tion, are waived with respect to eligibility 
for a covered loan for— 
‘‘(I) any business concern with 
not more than 500 employees that, as 
of the date on which the covered loan 
is disbursed, is assigned a North 
American Industry Classification Sys-
tem code beginning with 72; 
‘‘(II) any business concern oper-
ating as a franchise that is assigned a 
franchise identifier code by the Ad-
ministration; and 
‘‘(III) any business concern that 
receives financial assistance from a 
company licensed under section 301 of 
the Small Business Investment Act of 
1958 (15 U.S.C. 681). 
‘‘(v) EMPLOYEE.—For purposes of de-
termining whether a business concern, non-
profit organization, veterans organization, 
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or Tribal business concern described in 
section 31(b)(2)(C) employs not more than 
500 employees under clause (i)(I), the 
term ‘employee’ includes individuals em-
ployed on a full-time, part-time, or other 
basis. 
‘‘(vi) AFFILIATION.—The provisions 
applicable to affiliations under section 
121.103 of title 13, Code of Federal Regu-
lations, or any successor thereto, shall 
apply with respect to a nonprofit organiza-
tion and a veterans organization in the 
same manner as with respect to a small 
business concern. 
‘‘(E) MAXIMUM
LOAN
AMOUNT.—During 
the covered period, with respect to a covered 
loan, the maximum loan amount shall be the 
lesser of— 
‘‘(i)(I) the product obtained by multi-
plying— 
‘‘(aa) the average total monthly 
payments by the applicant for payroll 
costs incurred during the 1-year pe-
riod before the date on which the loan 
is made, except that, in the case of an 
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applicant that is a seasonal employer, 
as determined by the Administrator, 
the average total monthly payments 
for payroll shall be for the 12-week 
period beginning February 15, 2019, 
or at the election of the eligible recipi-
ent, March 1, 2019, and ending June 
30, 2019; by 
‘‘(bb) 2.5; or 
‘‘(II) if requested by an otherwise eli-
gible recipient that was not in business 
during the period beginning on February 
15, 2019, and ending on June 30, 2019, 
the product obtained by multiplying— 
‘‘(aa) the average total monthly 
payments by the applicant for payroll 
costs incurred during the period be-
ginning on January 1, 2020, and end-
ing on February 29, 2020; by 
‘‘(bb) 2.5; or 
‘‘(ii) $10,000,000. 
‘‘(F) ALLOWABLE
USES
OF
COVERED 
LOANS.— 
‘‘(i) IN
GENERAL.—During the cov-
ered period, an eligible recipient may, in 
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addition to the allowable uses of a loan 
made under this subsection, use the pro-
ceeds of the covered loan for— 
‘‘(I) payroll costs; 
‘‘(II) costs related to the continu-
ation of group health care benefits 
during periods of paid sick, medical, 
or family leave, and insurance pre-
miums; 
‘‘(III) employee salaries, commis-
sions, or similar compensations; 
‘‘(IV) mortgage payments; 
‘‘(V) rent (including rent under a 
lease agreement); 
‘‘(VI) utilities; and 
‘‘(VII) interest on any other debt 
obligations that were incurred before 
the covered period. 
‘‘(ii) DELEGATED AUTHORITY.— 
‘‘(I) IN GENERAL.—For purposes 
of making covered loans for the pur-
poses described in clause (i), a lender 
approved under this paragraph shall 
be considered to have delegated au-
thority to make and approve covered 
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loans, subject to the provisions of this 
paragraph. 
‘‘(II) CONSIDERATIONS.—In eval-
uating the eligibility of a borrower for 
a covered loan with the terms de-
scribed in this paragraph, a lender 
shall consider whether the borrower— 
‘‘(aa) was in operation on 
February 15, 2020; 
‘‘(bb)(AA) 
had 
employees 
for whom the borrower paid sala-
ries and payroll taxes; or 
‘‘(BB) 
paid 
independent 
contractors, as reported on a 
Form 1099–MISC; and 
‘‘(cc) is substantially im-
pacted by public health restric-
tions related to the Coronavirus 
2019 (COVID–19). 
‘‘(iii) ADDITIONAL
LENDERS.—The 
authority to make loans under this para-
graph shall be extended to additional lend-
ers determined by the Administrator and 
the Secretary of the Treasury to have the 
necessary qualifications to process, close, 
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disburse and service loans made with the 
guarantee of the Administration. 
‘‘(iv) LIMITATION.—An eligible recipi-
ent of a covered loan for purposes of pay-
ing payroll costs and other obligations de-
scribed in this subparagraph shall not be 
eligible to receive an economic injury dis-
aster loan under subsection (b)(2) for the 
same purpose. 
‘‘(G) BORROWER REQUIREMENTS.— 
‘‘(i) CERTIFICATION.—An eligible re-
cipient applying for a covered loan shall 
make a good faith certification— 
‘‘(I) that the uncertainty of cur-
rent economic conditions makes nec-
essary the loan request to support the 
ongoing operations of the eligible re-
cipient; and 
‘‘(II) acknowledging that funds 
will be used to retain workers and 
maintain payroll or make mortgage 
payments, lease payments, and utility 
payments. 
‘‘(ii) FULL-TIME
EQUIVALENT
EM-
PLOYEES.—An eligible recipient of a cov-
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‘‘(i) no collateral shall be required for 
the covered loan; and 
‘‘(ii) no personal guarantee shall be 
required for the covered loan. 
‘‘(K) MATURITY
FOR
LOANS
WITH
RE-
MAINING
BALANCE
AFTER
APPLICATION
OF 
FORGIVENESS.—With respect to a covered loan 
that has a remaining balance after reduction 
based on the loan forgiveness amount under 
section 1105 of the CARES Act— 
‘‘(i) the remaining balance shall con-
tinue to be guaranteed by the Administra-
tion under this subsection; and 
‘‘(ii) the covered loan shall have a 
maximum maturity of 10 years from the 
date on which the borrower applies for 
loan forgiveness under that section. 
‘‘(L) INTEREST
RATE
REQUIREMENTS.— 
During the covered period, a covered loan shall 
bear an interest rate in accordance with the 
maximum interest rate in effect on February 
15, 2020, for a loan under this subsection. 
‘‘(M) SUBSIDY
RECOUPMENT
FEE.—Not-
withstanding any other provision of law, a cov-
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ered loan shall not be subject to a subsidy 
recoupment fee. 
‘‘(N) LOAN DEFERMENT.— 
‘‘(i) DEFINITION OF IMPACTED BOR-
ROWER.— 
‘‘(I) IN GENERAL.—In this sub-
paragraph, the term ‘impacted bor-
rower’ means an eligible recipient 
that— 
‘‘(aa) is in operation on 
February 15, 2020; and 
‘‘(bb) has an application for 
a covered loan that is approved 
or pending approval on or after 
the date of enactment of this 
paragraph. 
‘‘(II) PRESUMPTION.—For pur-
poses of this subparagraph, an im-
pacted borrower is presumed to have 
been adversely impacted by COVID– 
19. 
‘‘(ii) DEFERRAL.—During the covered 
period, the Administrator shall— 
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‘‘(I) consider each eligible recipi-
ent that applies for a covered loan to 
be an impacted borrower; and 
‘‘(II) require lenders under this 
subsection to provide complete pay-
ment deferment relief for impacted 
borrowers with covered loans for a pe-
riod of not more than 1 year. 
‘‘(iii) SECONDARY
MARKET.—During 
the covered period, with respect to a cov-
ered loan that is sold on the secondary 
market, if an investor declines to approve 
a deferral requested by a lender under 
clause (ii), the Administrator shall exercise 
the authority to purchase the loan so that 
the impacted borrower may receive a defer-
ral for a period of not more than 1 year. 
‘‘(iv) GUIDANCE.—Not later than 30 
days after the date of enactment of this 
paragraph, the Administrator shall provide 
guidance to lenders under this paragraph 
on the deferment process described in this 
subparagraph. 
‘‘(O) SECONDARY MARKET SALES.—A cov-
ered loan shall not be eligible to be sold in the 
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secondary market until the covered recipient of 
the covered loan has requested the loan forgive-
ness authorized under section 1105 of the 
CARES Act and the Administrator has finally 
determined the amount of any forgiveness to 
which the eligible recipient is entitled and has 
made payment to the lender. Any remaining 
balance on the loan after the application of that 
payment may be sold in the secondary market. 
‘‘(P) REGULATORY
CAPITAL
REQUIRE-
MENTS.— 
‘‘(i) RISK WEIGHT.—With respect to 
the appropriate Federal banking agencies 
applying capital requirements under their 
respective risk-based capital requirements, 
a covered loan shall receive a risk weight 
of zero percent. 
‘‘(ii) TEMPORARY RELIEF FROM TDR 
DISCLOSURES.—Notwithstanding any other 
provision of law, an insured depository in-
stitution that modifies a covered loan in re-
lation to COVID–19-related difficulties in 
a troubled debt restructuring on or after 
March 13, 2020, shall not be required to 
comply with the Financial Accounting 
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Standards Board Accounting Standards 
Codification Subtopic 310–40 (‘Receiv-
ables—Troubled Debt Restructurings by 
Creditors’) for purposes of compliance with 
the requirements of the Federal Deposit 
Insurance Act (12 U.S.C. 1811 et seq.), 
until such time and under such cir-
cumstances as the appropriate Federal 
banking agency determines appropriate. 
‘‘(Q) 
REIMBURSEMENT
FOR
PROC-
ESSING.— 
‘‘(i) IN GENERAL.—The Administrator 
shall reimburse a lender authorized to 
make a covered loan at a rate of 5 percent 
of the balance of the financing outstanding 
at the time of disbursement of the covered 
loan. 
‘‘(ii) TIMING.—A reimbursement de-
scribed in clause (i) shall be made not later 
than 5 days after the disbursement of the 
covered loan. 
‘‘(R) 
DUPLICATION.—Nothing 
in 
this 
paragraph shall prohibit a recipient of an eco-
nomic injury disaster loan made under sub-
section (b)(2) during the period beginning on 
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February 15, 2020, and ending on March 31, 
2020, from receiving assistance under this 
paragraph.’’. 
(b) COMMITMENTS FOR 7(a) LOANS.—During the pe-
riod beginning on February 15, 2020, and ending on June 
30, 2020— 
(1) the amount authorized for commitments for 
general business loans authorized under section 7(a) 
of the Small Business Act (15 U.S.C. 636(a)), in-
cluding loans made under paragraph (36) of such 
section, as added by subsection (a), shall be 
$349,000,000,000; and 
(2) the amount authorized for commitments for 
such loans under the heading ‘‘BUSINESS
LOANS 
PROGRAM
ACCOUNT’’ under the heading ‘‘SMALL 
BUSINESS ADMINISTRATION’’ under title V of divi-
sion C of the Consolidated Appropriations Act, 2020 
(Public Law 116–93; 133 Stat. 2475) shall not 
apply. 
(c) EXPRESS LOANS.— 
(1) IN GENERAL.—Section 7(a)(31)(D) of the 
Small Business Act (15 U.S.C. 636(a)(31)(D)) is 
amended by striking ‘‘$350,000’’ and inserting 
‘‘$1,000,000’’. 
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(2) PROSPECTIVE REPEAL.—Effective on Janu-
ary 1, 2021, section 7(a)(31)(D) of the Small Busi-
ness Act (15 U.S.C. 636(a)(31)(D)) is amended by 
striking ‘‘$1,000,000’’ and inserting ‘‘$350,000’’. 
(d) INTERIM RULE.—On and after the date of enact-
ment of this Act, the interim final rule published by the 
Administrator entitled ‘‘Express Loan Programs: Affili-
ation Standards’’ (85 Fed. Reg. 7622 (February 10, 
2020)) shall have no force or effect. 
SEC. 3. WAIVER OF MATCHING FUNDS REQUIREMENT 
UNDER THE WOMEN’S BUSINESS CENTER 
PROGRAM. 
During the 3-month period beginning on the date of 
enactment of this Act, the requirement relating to obtain-
ing cash contributions from non-Federal sources under 
section 29(c)(1) of the Small Business Act (15 U.S.C. 
656(c)(1)) is waived for any recipient of assistance under 
such section 29. 
SEC. 4. LOAN FORGIVENESS. 
(a) DEFINITIONS.—In this section— 
(1) the term ‘‘covered loan’’ means a loan guar-
anteed under paragraph (36) of section 7(a) of the 
Small Business Act (15 U.S.C. 636(a)), as added by 
Section 2; 
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(2) the term ‘‘covered mortgage obligation’’ 
means any indebtedness or debt instrument incurred 
in the ordinary course of business that— 
(A) is a liability of the borrower; 
(B) is a mortgage on real or personal 
property; and 
(C) was incurred before February 15, 
2020; 
(3) the term ‘‘covered period’’ means the 8- 
week period beginning on the date of the origination 
of a covered loan; 
(4) the term ‘‘covered rent obligation’’ means 
rent obligated under a leasing agreement in force be-
fore February 15, 2020; 
(5) the term ‘‘covered utility payment’’ means 
payment for a service for the distribution of elec-
tricity, gas, water, transportation, telephone, or 
internet access for which service began before Feb-
ruary 15, 2020; 
(6) the term ‘‘eligible recipient’’ means the re-
cipient of a covered loan; 
(7) the term ‘‘expected forgiveness amount’’ 
means the amount of principal that a lender reason-
ably expects a borrower to expend during the cov-
ered period on the sum of any— 
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(A) payroll costs; 
(B) payments of interest on any covered 
mortgage obligation (which shall not include 
any prepayment of or payment of principal on 
a covered mortgage obligation); 
(C) payments on any covered rent obliga-
tion; and 
(D) covered utility payments; and 
(8) the term ‘‘payroll costs’’ has the meaning 
given that term in paragraph (36) of section 7(a) of 
the Small Business Act (15 U.S.C. 636(a)), as 
added by Section 2 of this Act. 
(b) FORGIVENESS.—An eligible recipient shall be eli-
gible for forgiveness of indebtedness on a covered loan in 
an amount equal to the sum of the following costs incurred 
and payments made during the covered period: 
(1) Payroll costs. 
(2) Any payment of interest on any covered 
mortgage obligation (which shall not include any 
prepayment of or payment of principal on a covered 
mortgage obligation). 
(3) Any payment on any covered rent obliga-
tion. 
(4) Any covered utility payment. 
(c) TREATMENT OF AMOUNTS FORGIVEN.— 
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(1) IN GENERAL.—Amounts which have been 
forgiven under this section shall be considered can-
celed indebtedness by a lender authorized under sec-
tion 7(a) of the Small Business Act (15 U.S.C. 
636(a)). 
(2) PURCHASE OF GUARANTEES.—For purposes 
of the purchase of the guarantee for a covered loan 
by the Administrator, amounts which are forgiven 
under this section shall be treated in accordance 
with the procedures that are otherwise applicable to 
a loan guaranteed under section 7(a) of the Small 
Business Act (15 U.S.C. 636(a)). 
(3) REMITTANCE.—Not later than 90 days 
after the date on which the amount of forgiveness 
under this section is determined, the Administrator 
shall remit to the lender an amount equal to the 
amount of forgiveness, plus any interest accrued 
through the date of payment. 
(4) ADVANCE PURCHASE OF COVERED LOAN.— 
(A) REPORT.—A lender authorized under 
section 7(a) of the Small Business Act (15 
U.S.C. 636(a)) may report to the Administrator 
an expected forgiveness amount on a covered 
loan or on a pool of covered loans of up to 100 
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percent of the principal on the covered loan or 
pool of covered loans, respectively. 
(B) PURCHASE.—The Administrator shall 
purchase the expected forgiveness amount de-
scribed in subparagraph (A) as if the amount 
were the principal amount of a loan guaranteed 
under section 7(a) of the Small Business Act 
636(a)). 
(C) TIMING.—Not later than 5 days after 
the date on which the Administrator receives a 
report under subparagraph (A), the Adminis-
trator shall purchase the expected forgiveness 
amount under subparagraph (B) with respect to 
each covered loan to which the report relates. 
(d) LIMITS ON AMOUNT OF FORGIVENESS.— 
(1) AMOUNT MAY NOT EXCEED PRINCIPAL.— 
The amount of loan forgiveness under this section 
shall not exceed the principal amount of the financ-
ing made available under the applicable covered 
loan. 
(2) REDUCTION BASED ON REDUCTION IN NUM-
BER OF EMPLOYEES.— 
(A) IN
GENERAL.—The amount of loan 
forgiveness under this section shall be reduced, 
but not increased, by multiplying the amount 
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described in subsection (b) by the quotient ob-
tained by dividing— 
(i) the average number of full-time 
equivalent employees per month employed 
by the eligible recipient during the covered 
period; by 
(ii)(I) the average number of full-time 
equivalent employees per month employed 
by the eligible recipient during the period 
beginning on February 15, 2019, and end-
ing on June 30, 2019; 
(II) if the eligible recipient was not in 
operation before June 30, 2019, the aver-
age number of full-time equivalent employ-
ees per month employed by the eligible re-
cipient during the period beginning on 
January 1, 2020, and ending on February 
29, 2020; or 
(III) in the case of an eligible recipi-
ent that is a seasonal employer, as deter-
mined by the Administrator, the average 
number of full-time equivalent employees 
per month employed by the eligible recipi-
ent during the period beginning on Feb-
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ruary 15, 2019, and ending on June 30, 
2019. 
(B) CALCULATION OF AVERAGE NUMBER 
OF
EMPLOYEES.—For purposes of subpara-
graph (A), the average number of full-time 
equivalent employees shall be determined by 
calculating the average number of full-time 
equivalent employees for each pay period falling 
within a month. 
(3) REDUCTION
RELATING
TO
SALARY
AND 
WAGES.— 
(A) IN
GENERAL.—The amount of loan 
forgiveness under this section shall be reduced 
by the amount of any reduction in total salary 
or wages of any employee described in subpara-
graph (B) during the covered period that is in 
excess of 25 percent of the total salary or wages 
of the employee during the most recent full 
quarter during which the employee was em-
ployed before the covered period. 
(B) EMPLOYEES
DESCRIBED.—An em-
ployee described in this subparagraph is any 
employee who did not receive, during any single 
pay period during 2019, wages or salary at an 
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annualized rate of pay in an amount more than 
$100,000. 
(4) EXCEPTION FOR TIPPED WORKERS.—An el-
igible recipient with tipped employees described in 
section 3(m)(2)(A) of the Fair Labor Standards Act 
of 1938 (29 U.S.C. 203(m)(2)(A)) may receive for-
giveness for additional wages paid to those employ-
ees. 
(5) EXEMPTION FOR RE-HIRES.— 
(A) IN GENERAL.—In a circumstance de-
scribed in subparagraph (B), the amount of 
loan forgiveness under this section shall be de-
termined without regard to a reduction in the 
number of full-time equivalent employees of an 
eligible recipient or a reduction in the salary of 
1 or more employees of the eligible recipient, as 
applicable, during the period beginning on Feb-
ruary 15, 2020, and ending on April 1, 2020. 
(B) CIRCUMSTANCES.—A circumstance de-
scribed 
in 
this 
subparagraph 
is 
a 
cir-
cumstance— 
(i) in which— 
(I) during the period beginning 
on February 15, 2020, and ending on 
April 1, 2020, there is a reduction, as 
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compared to February 15, 2020, in 
the number of full-time equivalent em-
ployees of an eligible recipient; and 
(II) not later than June 30, 
2020, the eligible employer has elimi-
nated the reduction in the number of 
full-time equivalent employees; 
(ii) in which— 
(I) during the period beginning 
on February 15, 2020, and ending on 
April 1, 2020, there is a reduction, as 
compared to February 15, 2020, in 
the salary or wages of 1 or more em-
ployees of the eligible recipient; and 
(II) not later than June 30, 
2020, the eligible employer has elimi-
nated the reduction in the salary or 
wages of such employees; or 
(iii) in which the events described in 
clause (i) and (ii) occur. 
(e) APPLICATION.—An eligible recipient seeking loan 
forgiveness under this section shall submit to the lender 
that originated the covered loan an application, which 
shall include— 
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(1) documentation verifying the number of full- 
time equivalent employees on payroll and pay rates 
for the periods described in subsection (d), includ-
ing— 
(A) payroll tax filings reported to the In-
ternal Revenue Service; and 
(B) State income, payroll, and unemploy-
ment insurance filings; 
(2) documentation, including cancelled checks, 
payment receipts, transcripts of accounts, or other 
documents verifying payments on covered mortgage 
obligations, payments on covered lease obligations, 
and covered utility payments; 
(3) a certification from a representative of the 
eligible recipient authorized to make such certifi-
cations that— 
(A) the documentation presented is true 
and correct; and 
(B) the amount for which forgiveness is re-
quested was used to retain employees, make in-
terest payments on a covered mortgage obliga-
tion, make payments on a covered rent obliga-
tion, or make covered utility payments; and 
(4) any other documentation the Administrator 
determines necessary. 
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(f) PROHIBITION ON FORGIVENESS WITHOUT DOCU-
MENTATION.—No eligible recipient shall receive forgive-
ness under this section without submitting to the lender 
that originated the covered loan the documentation re-
quired under subsection (e). 
(g) DECISION.—Not later than 60 days after the date 
on which a lender receives an application for loan forgive-
ness under this section from an eligible recipient, the lend-
er shall issue a decision on the application. 
(h) SAFE HARBOR.—If a lender determines that an 
eligible recipient has accurately verified the payments for 
payroll costs, payments on covered mortgage obligations, 
payments on covered lease obligations, or covered utility 
payments during the covered period— 
(1) an enforcement action may not be taken 
against the lender under section 47(e) of the Small 
Business Act (15 U.S.C. 657t(e)) relating to loan 
forgiveness for the payments for payroll costs, pay-
ments on covered mortgage obligations, payments on 
covered lease obligations, or covered utility pay-
ments, as the case may be; and 
(2) the lender shall not be subject to any pen-
alties by the Administrator relating to loan forgive-
ness for the payments for payroll costs, payments on 
covered mortgage obligations, payments on covered 
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lease obligations, or covered utility payments, as the 
case may be. 
(i) TAXABILITY.—Canceled indebtedness under this 
section shall be excluded from gross income for purposes 
of the Internal Revenue Code of 1986. 
(j) RULE OF CONSTRUCTION.—The cancellation of 
indebtedness on a covered loan under this section shall not 
otherwise modify the terms and conditions of the covered 
loan. 
(k) REGULATIONS.—Not later than 30 days after the 
date of enactment of this Act, the Administrator shall 
issue guidance and regulations implementing this section. 
SEC. 5. DIRECT APPROPRIATIONS. 
(a) IN GENERAL.—There is appropriated, out of 
amounts in the Treasury not otherwise appropriated, for 
the fiscal year ending September 30, 2020, to remain 
available until September 30, 2021, for additional 
amounts— 
(1) 
$299,400,000,000 
under 
the 
heading 
‘‘SMALL
BUSINESS
ADMINISTRATION—BUSINESS 
LOANS PROGRAM ACCOUNT’’ for the cost of guaran-
teed loans as authorized under paragraph (36) of 
section 7(a) of the Small Business Act (15 U.S.C. 
636(a)), as added by section 2(a) of this title; 
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(2) $700,000,000 under the heading ‘‘SMALL 
BUSINESS
ADMINISTRATION—SALARIES
AND
EX-
PENSES’’ for salaries and expenses of the Adminis-
tration; and 
(3) $25,000,000 under the heading ‘‘SMALL 
BUSINESS ADMINISTRATION—OFFICE
OF
INSPEC-
TOR GENERAL’’ for necessary expenses of the Office 
of Inspector General of the Administration in car-
rying out the provisions of the Inspector General Act 
of 1978 (5 U.S.C. App.). 
SEC. 6. CONTRACTING. 
(a) DEFINITION.—In this section, the term ‘‘covered 
entity’’ means a small business concern or nonprofit orga-
nization— 
(1) that is a party to a contract with a Federal 
agency; and 
(2) for which the contractor performance is ad-
versely impacted as a result of COVID–19. 
(b) 
PROMOTION
OF
SMALL
BUSINESS
CON-
TRACTING.— 
(1) SMALL BUSINESS CONTRACTING RELIEF.— 
(A) IN
GENERAL.—Notwithstanding any 
other provision of law or regulation, and except 
as provided in subparagraph (B), during the pe-
riod beginning on the date of enactment of this 
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Act and ending on September 30, 2021, the 
head of the Federal agency with which a cov-
ered entity has a contract shall provide the cov-
ered entity with the greater of— 
(i) 30 additional days to carry out the 
responsibilities of the covered entity under 
the contract; or 
(ii) an additional amount of time to 
carry out the responsibilities of the covered 
entity under the contract that the head of 
the Federal agency determines to be ap-
propriate after taking into consideration 
the severity of the adverse impact experi-
enced by the covered entity. 
(B) 
EXCLUSION
OF
MISSION-CRITICAL 
CONTRACTS.—Subparagraph (A) shall not apply 
to any contract that the head of the Federal 
agency that is a party to the contract deter-
mines is critical to carrying out the mission of 
the Federal agency. 
(2) PAYMENT CONTINUATION.—If the perform-
ance of all or any part of the work of a Federal 
goods or services contract with a contractor that is 
a small business concern or a nonprofit organization 
in force and effect during the period beginning on 
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the date of enactment of this Act and ending on 
September 30, 2021, is unavoidably delayed or inter-
rupted by the inability of the employees of the small 
business concern or nonprofit organization, as appli-
cable, to access Government facilities, systems, or 
other Government-provided resources due to restric-
tions related to COVID–19 that have been imposed 
by any authority or due to orders or instructions 
issued by the contracting agency in response to 
COVID–19— 
(A) the Government shall pay the small 
business concern or nonprofit organization, as 
applicable, upon the submission of the docu-
mentation required by the contract and accord-
ing to the terms specified in the contract, the 
prices stipulated in the contract for goods or 
services as if the small business concern or non-
profit organization, as applicable, had rendered 
and the Government accepted the goods or serv-
ices; and 
(B) contractor delivery schedules shall be 
revised and the small business concern or non-
profit organization, as applicable, shall be eligi-
ble for equitable adjustments based on the re-
vised schedules. 
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(3) PROMPT PAYMENTS.—Notwithstanding any 
other provision of law or regulation, during any pe-
riod in which the President invokes the authorities 
of the Defense Production Act of 1950 (50 U.S.C. 
4501 et seq.), for any payment due by the head of 
a Federal agency on a contract for an item of prop-
erty or service provided— 
(A) with respect to a prime contractor (as 
defined in section 8701 of title 41, United 
States Code) that is a small business concern or 
nonprofit organization, the head of the Federal 
agency shall, to the fullest extent permitted by 
law and to the maximum extent practicable, es-
tablish an accelerated payment date of 15 days 
after a proper invoice for the amount due is re-
ceived; and 
(B) with respect to a prime contractor (as 
defined in section 8701 of title 41, United 
States Code) that subcontracts with a small 
business concern or nonprofit organization, the 
head of the Federal agency shall, to fullest ex-
tent permitted by law and to the maximum ex-
tent practicable, establish an accelerated pay-
ment date of 15 days after receipt of a proper 
invoice for the amount due if the prime con-
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tractor agrees to make payments to the subcon-
tractor in accordance with the accelerated pay-
ment date, to the maximum extent practicable, 
without any further consideration from or fees 
charged to the subcontractor. 
(4) BAR ON MULTIPLE FORMS OF CONTRACT 
RELIEF.—A small business concern or nonprofit or-
ganization may not receive a modification of terms 
or assistance under more than 1 paragraph of this 
subsection with respect to any single contract. 
(c) RESOLICITATION OF CONTRACTS WITH SMALL 
BUSINESS CONCERNS.—During fiscal years 2021 and 
2022, a Federal agency shall not cancel a contract in 
which the prime contractor (as defined in section 8701 
of title 41, United States Code) is a small business con-
cern that defaulted on the terms of the contract directly 
or indirectly due to the COVID–19 unless the Director 
of Small and Disadvantaged Business Utilization of the 
Federal agency certifies that— 
(1) the contract is mission-critical; 
(2) resolicitation of the contract would allow a 
faster delivery than the small business concern could 
provide; and 
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(3) the resolicitation of the contract is, to the 
greatest extent possible, awarded to another small 
business concern. 
SEC. 7. UNITED STATES TREASURY PROGRAM MANAGE-
MENT AUTHORITY. 
(a) AUTHORITY TO INCLUDE ADDITIONAL FINAN-
CIAL INSTITUTIONS.—The Department of the Treasury, 
in consultation with the Administration, the Farm Credit 
Administration, and the other Federal financial regulatory 
agencies (as defined in section 313(r) of title 31, United 
States Code), shall establish criteria for insured depository 
institutions (as defined in section 3 of the Federal Deposit 
Insurance Act (12 U.S.C. 1813)), institutions of the Farm 
Credit System chartered under the Farm Credit Act of 
1971 (12 U.S.C. 2001 et seq.), and other lenders that do 
not already participate in lending under programs of the 
Administration, to participate in the small business inter-
ruption loans program to provide loans under this section 
until the date on which the national emergency declared 
by the President under the National Emergencies Act (50 
U.S.C. 1601 et seq.) with respect to the Coronavirus Dis-
ease 2019 (COVID–19) expires. 
(b) SAFETY AND SOUNDNESS.—An insured deposi-
tory institution (as defined in section 3 of the Federal De-
posit Insurance Act (12 U.S.C. 1813)), institution of the 
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Farm Credit System chartered under the Farm Credit Act 
of 1971 (12 U.S.C. 2001 et seq.), or other lender may 
only participate in the program established under this sec-
tion if participation does not affect the safety and sound-
ness of the institution or lender. 
(c) REGULATIONS FOR LENDERS AND LOANS.— 
(1) IN GENERAL.—The Secretary of the Treas-
ury, in consultation with the Administrator, shall 
issue regulations and guidance in order to direct ad-
ditional lenders under this section and establish 
terms and conditions for small business interruption 
loans under this section, including terms concerning 
compensation, 
underwriting 
standards, 
interest 
rates, and maturity. 
(2) REQUIREMENTS.—The terms and condi-
tions established under paragraph (1) shall provide 
for the following: 
(A) A rate of interest that does not exceed 
the maximum permissible rate of interest avail-
able on a loan of comparable maturity under 
paragraph (36) of section 7(a) of the Small 
Business Act (15 U.S.C. 636(a)), as added by 
section 2 of this Act. 
(B) Terms and conditions that, to the 
maximum extent practicable, are the same as 
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the terms and conditions required under the fol-
lowing provisions of paragraph (36) of section 
7(a) of the Small Business Act (15 U.S.C. 
636(a)), as added by section 2 of this Act: 
(i) Subparagraph (D), pertaining to 
borrower eligibility. 
(ii) Subparagraph (E), pertaining to 
the maximum loan amount. 
(iii) Subparagraph (F)(i), pertaining 
to allowable uses of program loans. 
(iv) Subparagraph (H), pertaining to 
fee waivers. 
(v) Subparagraph (N), pertaining to 
loan deferment. 
(C) A guarantee percentage that, to the 
maximum extent practicable, is the same as the 
guarantee percentage required under subpara-
graph (F) of section 7(a)(2) of the Small Busi-
ness Act (15 U.S.C. 636(a)(2)), as added by 
section 2 of this Act. 
(d) ADDITIONAL REGULATIONS GENERALLY.—The 
Secretary of the Treasury may issue regulations and guid-
ance as may be necessary to carry out the purposes of 
this section. 
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(e) CERTIFICATION.—As a condition of receiving a 
loan under this section, a borrower shall certify under 
terms acceptable to the Secretary of the Treasury that the 
borrower— 
(1) does not have an application pending for a 
loan under section 7(a) of the Small Business Act 
(15 U.S.C. 636(a)); and 
(2) has not received such a loan during the pe-
riod beginning on February 15, 2020, and ending on 
December 31, 2020. 
(f) PROGRAM ADMINISTRATION.—Under the infra-
structure of the Department of the Treasury and with 
guidance from the Secretary of the Treasury, the Adminis-
trator shall administer the program established under this 
section, including the making and purchasing of guaran-
tees on loans under the program, until the date on which 
the national emergency declared by the President under 
the National Emergencies Act (50 U.S.C. 1601 et seq.) 
with respect to the Coronavirus Disease 2019 (COVID– 
19) expires. 
(g) CRIMINAL PENALTIES.—A loan under this sec-
tion shall be deemed to be a loan under the Small Business 
Act (15 U.S.C. 631 et seq.) for purposes of section 16 
of such Act (15 U.S.C. 645). 
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SEC. 8. EMERGENCY EIDL GRANTS. 
(a) DEFINITIONS.—In this section— 
(1) the term ‘‘covered period’’ means the period 
beginning on January 31, 2020, and ending on De-
cember 31, 2020; and 
(2) the term ‘‘eligible entity’’ means— 
(A) a startup with not more than 500 em-
ployees; 
(B) any individual who operates under a 
sole proprietorship or as an independent con-
tractor; 
(C) a cooperative with not more than 500 
employees; or 
(D) an ESOP (as defined in section 3 of 
the Small Business Act (15 U.S.C. 632)) with 
not more than 500 employees. 
(b) ELIGIBLE ENTITIES.—During the covered period, 
in addition to small business concerns, private nonprofit 
organizations, and small agricultural cooperatives, an eli-
gible entity shall be eligible for a loan made under section 
7(b)(2) of the Small Business Act (15 U.S.C. 636(b)(2)). 
(c) TERMS; CREDIT ELSEWHERE.—With respect to 
a loan made under section 7(b)(2) of the Small Business 
Act (15 U.S.C. 636(b)(2)) in response to COVID–19 dur-
ing the covered period, the Administrator shall waive— 
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(1) any rules related the personal guarantee on 
advances and loans of not more than $200,000 dur-
ing the covered period for all applicants; 
(2) the requirement that an applicant needs to 
be in business for the 1-year period before the dis-
aster; and 
(3) the requirement in the flush matter fol-
lowing subparagraph (E) of section 7(b)(2) of the 
Small Business Act (15 U.S.C. 636(b)(2)), as so re-
designated by subsection (f) of this section, that an 
applicant be unable to obtain credit elsewhere. 
(d) APPROVAL AND ABILITY TO REPAY FOR SMALL 
DOLLAR LOANS.—With respect to a loan made under sec-
tion 7(b)(2) of the Small Business Act (15 U.S.C. 
636(b)(2)) in response to COVID–19 during the covered 
period, a lender may— 
(1) approve an applicant based solely on the 
credit score of the applicant and shall not require an 
applicant to submit a tax return or a tax return 
transcript for such approval; or 
(2) use alternative appropriate methods to de-
termine an applicant’s ability to repay. 
(e) EMERGENCY GRANT.— 
(1) IN GENERAL.—During the covered period, 
an eligible entity that applies for a loan under sec-
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tion 7(b)(2) of the Small Business Act (15 U.S.C. 
636(b)(2)) in response to COVID–19 may request 
that the Administrator provide an advance in the 
amount requested by such applicant (not to exceed 
$10,000) to such applicant within 3 days after the 
Administrator receives an application from such ap-
plicant. 
(2) VERIFICATION.—Before disbursing amounts 
under this subsection, the Administrator shall verify 
that the applicant is an eligible entity. 
(3) USE
OF
FUNDS.—An advance provided 
under this subsection may be used to address any al-
lowable purpose for a loan made under section 
7(b)(2) of the Small Business Act (15 U.S.C. 
636(b)(2)), including— 
(A) providing paid sick leave to employees 
unable to work due to the direct effect of the 
COVID–19; 
(B) maintaining payroll to retain employ-
ees during business disruptions or substantial 
slowdowns; 
(C) meeting increased costs to obtain ma-
terials unavailable from the applicant’s original 
source due to interrupted supply chains; 
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(D) making rent or mortgage payments; 
and 
(E) repaying obligations that cannot be 
met due to revenue losses. 
(4) REPAYMENT.—An applicant shall not be re-
quired to repay any amounts of an advance provided 
under this subsection, even if subsequently denied a 
loan under section 7(b)(2) of the Small Business Act 
(15 U.S.C. 636(b)(2)). 
(5) UNEMPLOYMENT GRANT.—If an applicant 
that receives an advance under this subsection trans-
fers into the loan program under section 7(a) of the 
Small Business Act (15 U.S.C. 636(a)), the advance 
amount shall be considered when determining loan 
forgiveness for a loan for payroll costs made under 
such section 7(a). 
(6) AUTHORIZATION
OF
APPROPRIATIONS.— 
There is authorized to be appropriated to the Ad-
ministration $10,000,000,000 to carry out this sub-
section. 
(7) TERMINATION.—The authority to carry out 
grants under this subsection shall terminate on De-
cember 30, 2020. 
(f) EMERGENCIES INVOLVING FEDERAL PRIMARY 
RESPONSIBILITY QUALIFYING FOR SBA ASSISTANCE.— 
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Section 7(b)(2) of the Small Business Act (15 U.S.C. 
636(b)(2)) is amended— 
(1) in subparagraph (A), by striking ‘‘or’’ at 
the end; 
(2) in subparagraph (B), by striking ‘‘or’’ at 
the end; 
(3) in subparagraph (C), by striking ‘‘or’’ at 
the end; 
(4) by redesignating subparagraph (D) as sub-
paragraph (E); 
(5) by inserting after subparagraph (C) the fol-
lowing: 
‘‘(D) an emergency involving Federal pri-
mary responsibility determined to exist by the 
President under section 501(b) of the Robert T. 
Stafford Disaster Relief and Emergency Assist-
ance Act (42 U.S.C. 5191(b)); or’’; and 
(6) in subparagraph (E), as so redesignated— 
(A) by striking ‘‘or (C)’’ and inserting 
‘‘(C), or (D)’’; 
(B) by striking ‘‘disaster declaration’’ each 
place it appears and inserting ‘‘disaster or 
emergency declaration’’; 
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(C) by striking ‘‘disaster has occurred’’ 
and inserting ‘‘disaster or emergency has oc-
curred’’; 
(D) by striking ‘‘such disaster’’ and insert-
ing ‘‘such disaster or emergency’’; and 
(E) by striking ‘‘disaster stricken’’ and in-
serting ‘‘disaster- or emergency-stricken’’; and 
(7) in the flush matter following subparagraph 
(E), as so redesignated, by striking the period at the 
end and inserting the following: ‘‘: Provided further, 
That for purposes of subparagraph (D), the Admin-
istrator shall deem that such an emergency affects 
each State or subdivision thereof (including coun-
ties), and that each State or subdivision has suffi-
cient economic damage to small business concerns to 
qualify for assistance under this paragraph and the 
Administrator shall accept applications for such as-
sistance immediately.’’. 
SEC. 9. SUBSIDY FOR CERTAIN LOAN PAYMENTS. 
(a) DEFINITION OF COVERED LOAN.—In this sec-
tion, the term ‘‘covered loan’’ means a loan that is— 
(1) guaranteed by the Administration under— 
(A) section 7(a) of the Small Business Act 
(15 U.S.C. 636(a)), including a loan made 
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under the Community Advantage Pilot Program 
of the Administration; or 
(B) title V of the Small Business Invest-
ment Act of 1958 (15 U.S.C. 695 et seq.); or 
(2) made by an intermediary to a small busi-
ness concern using loans or grants received under 
section 7(m) of the Small Business Act (15 U.S.C. 
636(m)). 
(b) SENSE OF CONGRESS.—It is the sense of Con-
gress that— 
(1) all borrowers are adversely affected by 
COVID–19; 
(2) relief payments by the Administration are 
appropriate for all borrowers; and 
(3) in addition to the relief provided under this 
Act, the Administration should encourage lenders to 
provide payment deferments, when appropriate, and 
to extend the maturity of covered loans, so as to 
avoid balloon payments or any requirement for in-
creases in debt payments resulting from deferments 
provided by lenders during the period of the national 
emergency declared by the President under the Na-
tional Emergencies Act (50 U.S.C. 1601 et seq.) 
with respect to the Coronavirus Disease 2019 
(COVID–19). 
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(c) PRINCIPAL AND INTEREST PAYMENTS.— 
(1) IN GENERAL.—The Administrator shall pay 
the principal, interest, and any associated fees that 
are owed on a covered loan in a regular servicing 
status— 
(A) with respect to a covered loan made 
before the date of enactment of this Act and 
not on deferment, for the 6-month period begin-
ning with the next payment due on the covered 
loan; 
(B) with respect to a covered loan made 
before the date of enactment of this Act and on 
deferment, for the 6-month period beginning 
with the next payment due on the covered loan 
after the deferment period; and 
(C) with respect to a covered loan made 
during the period beginning on the date of en-
actment 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. 
(2) TIMING OF PAYMENT.—The Administrator 
shall begin making payments under paragraph (1) 
on a covered loan not later than 30 days after the 
date on which the first such payment is due. 
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(3) APPLICATION OF PAYMENT.—Any payment 
made by the Administrator under paragraph (1) 
shall be applied to the covered loan such that the 
borrower is relieved of the obligation to pay that 
amount. 
(d) OTHER
REQUIREMENTS.—The Administrator 
shall— 
(1) communicate and coordinate with the Fed-
eral Deposit Insurance Corporation, the Office of the 
Comptroller of the Currency, and State bank regu-
lators to encourage those entities to not require 
lenders to increase their reserves on account of re-
ceiving payments made by the Administrator under 
subsection (c); 
(2) waive statutory limits on maximum loan 
maturities for any covered loan durations where the 
lender provides a deferral and extends the maturity 
of covered loans during the 1-year period following 
the date of enactment of this Act; and 
(3) when necessary to provide more time be-
cause of the potential of higher volumes, travel re-
strictions, and the inability to access some properties 
during the COVID–19 pandemic, extend lender site 
visit requirements to— 
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(A) not more than 60 days (which may be 
extended at the discretion of the Administra-
tion) after the occurrence of an adverse event, 
other than a payment default, causing a loan to 
be classified as in liquidation; and 
(B) not more than 90 days after a pay-
ment default. 
(e) RULE OF CONSTRUCTION.—Nothing in this sec-
tion may be construed to limit the authority of the Admin-
istrator to make payments pursuant to subsection (c) with 
respect to a covered loan solely because the covered loan 
has been sold in the secondary market. 
(f) AUTHORIZATION OF APPROPRIATIONS.—There is 
authorized to be appropriated to the Administrator 
$16,800,000,000 to carry out this section. 
SEC. 10. EMERGENCY RULEMAKING AUTHORITY. 
Not later than 15 days after the date of enactment 
of this Act, the Administrator shall issue regulations to 
carry out this Act and the amendments made by this Act 
without regard to the notice requirements under section 
553(b) of title 5, United States Code. 
TITLE V—REGULATORY RELIEF 
SECTION 1. REPEALING BURDENSOME REGULATIONS. 
(a) Within 7 days of enactment of this Act, each 
agency (as defined in 5 U.S.C. 551) shall identify major 
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regulations (as defined in 5 U.S.C. 804(2)) that, if amend-
ed, suspended, or repealed, would provide immediate fi-
nancial or economic relief. 
(b) Within 15 days of enactment, each agency shall 
submit to the President a plan to immediately suspend 
enforcement of the regulations identified in accordance 
with subsection (a). 
(c) Regulations suspended in accordance with this 
section may not be reinstated unless approved by a joint 
resolution of Congress. 
(d) The requirements under chapter 5 of title 5, 
United States Code, shall not apply to the suspension of 
regulations identified under this section. 
TITLE VI—TEMPORARY RELIEF 
FROM HOME AND AUTO LOANS 
SECTION 1. FORECLOSURE MORATORIUM AND CONSUMER 
RIGHT TO REQUEST FORBEARANCE. 
(a) DEFINITIONS.—In this section: 
(1) 
COVID–19 
EMERGENCY.—The 
term 
‘‘COVID–19 emergency’’ means the national emer-
gency concerning the novel coronavirus disease 
(COVID–19) outbreak declared by the President on 
March 13, 2020, under the National Emergencies 
Act (50 U.S.C. 1601 et seq.). 
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(2) FEDERALLY BACKED MORTGAGE LOAN.— 
The term ‘‘Federally backed mortgage loan’’ in-
cludes any loan which is secured by a first or subor-
dinate lien on residential real property (including in-
dividual units of condominiums and cooperatives) de-
signed principally for the occupancy of from 1 to 4 
families that is— 
(A) insured by the Federal Housing Ad-
ministration under title II of the National 
Housing Act (12 U.S.C. 1707 et seq.); 
(B) insured under section 255 of the Na-
tional Housing Act (12 U.S.C. 1715z–20); 
(C) guaranteed under section 184 or 184A 
of the Housing and Community Development 
Act of 1992 (12 U.S.C. 1715z–13a, 1715z– 
13b); 
(D) guaranteed or insured by the Depart-
ment of Veterans Affairs; 
(E) guaranteed or insured by the Depart-
ment of Agriculture; 
(F) made by the Department of Agri-
culture; or 
(G) purchased or securitized by the Fed-
eral Home Loan Mortgage Corporation or the 
Federal National Mortgage Association. 
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(3) COVERED PERIOD.—The term ‘‘covered pe-
riod’’ means the period beginning on the date of en-
actment of this Act and ending on the sooner of— 
(A) the termination date of the national 
emergency concerning the novel coronavirus dis-
ease (COVID–19) outbreak declared by the 
President on March 13, 2020, under the Na-
tional Emergencies Act (50 U.S.C. 1601 et 
seq.); or 
(B) December 31, 2020. 
(4) FINANCIAL HARDSHIP.—The term ‘‘finan-
cial hardship’’ means an inability to meet basic liv-
ing expenses for goods and services necessary for the 
borrower and his or her spouse and dependents. 
(b) FORBEARANCE.— 
(1) IN GENERAL.—During the covered period, a 
borrower with a Federally backed mortgage loan ex-
periencing a financial hardship due, directly or indi-
rectly, to the COVID–19 emergency may request 
forbearance on the Federally backed mortgage loan, 
regardless of delinquency status, by— 
(A) submitting a request to the borrower’s 
servicer; and 
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(B) affirming that the borrower is experi-
encing a financial hardship during the COVID– 
19 emergency. 
(2) DURATION OF FORBEARANCE.—Upon a re-
quest by a borrower for forbearance under para-
graph (1), such forbearance shall be granted for up 
to 60 days, and shall be extended for up to 4 periods 
of 30 days each at the request of the borrower, pro-
vided that, the borrower’s request for an extension 
is made during the covered period, and, at the bor-
rower’s request, either the initial or extended period 
of forbearance may be shortened. 
(3) ACCRUAL OF INTEREST OR FEES.—During 
a period of forbearance described in this subsection, 
no fees, penalties, or interest beyond the amounts 
scheduled or calculated as if the borrower made all 
contractual payments on time and in full under the 
terms of the mortgage contract, shall accrue on the 
borrower’s account. 
(c) REQUIREMENTS FOR SERVICERS.— 
(1) IN GENERAL.—Upon receiving a request for 
forbearance from a borrower under subsection (b), 
the servicer shall— 
(A) with no additional documentation re-
quired other than the borrower’s attestation to 
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a financial hardship caused by the COVID–19 
emergency and with no fees, penalties, or inter-
est (beyond the amounts scheduled or cal-
culated as if the borrower made all contractual 
payments on time and in full under the terms 
of the mortgage contract) charged to the bor-
rower in connection with the forbearance, pro-
vide the forbearance for up to 60 days, which 
may be extended for up to 4 periods of 30 days 
each at the request of the borrower, provided 
that, the borrower’s request for an extension is 
made during the covered period, and, at the 
borrower’s request, either the initial or extended 
period of forbearance may be shortened; 
(B) while such forbearance is in effect, pay 
or advance funds to make disbursements in a 
timely manner from any escrow account estab-
lished on the mortgage loan, and maintain reg-
ular communication with such borrower; and 
(C) before the end of such forbearance, 
evaluate the borrower’s ability to return to 
making regular mortgage payments, and based 
on that evaluation; 
(D) if the borrower is able to return to 
making regular mortgage payments at the end 
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of the forbearance period, at the borrower’s re-
quest and in accordance with the borrower’s 
choice— 
(i) reinstate the loan with no pen-
alties, fees, or interest accrued beyond the 
amounts scheduled or calculated as if the 
borrower made all contractual payments on 
time and in full under the terms of the 
mortgage contract and with no modifica-
tion fees charged to the borrower; 
(ii) provide a written repayment plan 
with no penalties, fees, or interest accrued 
beyond the amounts scheduled or cal-
culated as if the borrower made all con-
tractual payments on time and in full 
under the terms of the mortgage contract 
and with no modification fees charged to 
the borrower; or 
(iii)(I) at the borrower’s request, mod-
ify the borrower’s loan to extend the term 
for a period that is at least the same pe-
riod as the length of the forbearance, with 
all payments that were not made during 
the forbearance distributed across the pay-
ments added by the extension at the same 
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intervals as the borrower’s existing pay-
ment schedule and evenly distributed 
across those intervals, with no penalties, 
fees, or interest accrued beyond the 
amounts scheduled or calculated as if the 
borrower made all contractual payments on 
time and in full under the terms of the 
mortgage contract and with no modifica-
tion fees charged to the borrower; and 
(II) notify the borrower in writing of 
the extension, including provision of a new 
payment schedule and date of maturity, 
and that the borrower shall have the elec-
tion of prepaying the forborne payments at 
any time, in a lump sum or otherwise; 
(iv)(I) if the borrower elects to modify 
the loan to capitalize a resulting escrow 
shortage or deficiency, the servicer may 
modify the borrower’s loan by re-amor-
tizing the principal balance and extending 
the term of the loan sufficient to maintain 
the regular mortgage payments, with no 
penalties, fees, or interest accrued beyond 
the amounts scheduled or calculated as if 
the borrower made all contractual pay-
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ments on time and in full under the terms 
of the mortgage contract and with no 
modification fees charged to the borrower; 
and 
(II) notify the borrower in writing of 
the extension, including provision of a new 
payment schedule and date of maturity, 
and that the borrower shall have the elec-
tion of prepaying the suspended payments 
at any time, in a lump sum or otherwise; 
or 
(v) if the borrower is financially un-
able to return to making regular mortgage 
payments at the end of the forbearance pe-
riod and if the borrower elects, or if the 
borrower is able to return to making reg-
ular mortgage payments but so elects— 
(I) evaluate the borrower for all 
loan modification options without re-
gard to whether the borrower has pre-
viously requested, been offered, or 
provided a loan modification or other 
loss mitigation option, including— 
(aa) further extending the 
borrower’s repayment period; or 
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(bb) other modification op-
tions available to the servicer 
under the terms of their loan and 
existing laws and policies; and 
(II) if the borrower qualifies for 
such a modification, modify the bor-
rower’s loan to provide a loan with 
such terms as to provide an affordable 
payment, with no penalties, additional 
interest beyond the amounts sched-
uled to be calculated as if the bor-
rower made all contractual payments 
on time and in full under the terms of 
the mortgage contract in effect at the 
time the borrower entered into the 
forbearance, and with no modification 
fees charged to the borrower. 
(2) NOTIFICATION.— 
(A) IN GENERAL.—Each servicer of a Fed-
erally backed mortgage loan shall notify the 
borrower of their right to request forbearance 
under this section throughout the period of the 
COVID–19 emergency— 
(i) on, or accompanying, each periodic 
statement provided to the borrower; and 
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(ii) in any oral or written communica-
tion by the servicer with or to the bor-
rower. 
(B) MANNER OF NOTIFICATION.— 
(i) 
WRITTEN
NOTIFICATION.—Any 
written notification required under sub-
paragraph (A)— 
(I) shall be provided— 
(aa) in English and Spanish 
at a minimum; and 
(bb) at least as clearly and 
conspicuously as the most clear 
and conspicuous disclosure on the 
document; 
(II) shall include the notification 
of the availability of language assist-
ance and housing counseling; and 
(III) may be provided by first- 
class mail or electronically, if the bor-
rower has otherwise consented to elec-
tronic 
communication 
with 
the 
servicer and has not revoked such 
consent. 
(ii) ORAL
NOTIFICATION.—Any oral 
notification required under subparagraph 
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(A) shall be provided in the language the 
servicer otherwise uses to communicate 
with the borrower. 
(iii) 
WRITTEN
TRANSLATIONS.—In 
providing written notifications in languages 
other than English under clause (i), a 
servicer may rely on written translations 
developed by the Federal Housing Finance 
Agency or the Bureau of Consumer Finan-
cial Protection. 
(3) FORECLOSURE MORATORIUM.—Except with 
respect to a vacant or abandoned property, a 
servicer of a Federally backed mortgage loan may 
not initiate any judicial or non-judicial foreclosure 
process, move for a foreclosure judgment or order of 
sale, or execute a foreclosure-related eviction or fore-
closure sale for not less than the 60-day period be-
ginning on March 18, 2020. 
(d) ENFORCEMENT.—The provisions of this section 
shall be enforceable using the remedies available— 
(1) to the Federal agency insurer, guarantor, 
originator, or purchaser of the Federally backed 
mortgage loan; and 
(2) under the Real Estate Settlement Proce-
dures Act of 1974 (12 U.S.C. 2601 et seq.). 
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SEC. 2. FORBEARANCE OF RESIDENTIAL MORTGAGE LOAN 
PAYMENTS FOR MULTIFAMILY PROPERTIES 
WITH FEDERALLY BACKED LOANS. 
(a) IN GENERAL.—During the covered period, a mul-
tifamily borrower with a Federally backed multifamily 
mortgage loan experiencing a financial hardship due, di-
rectly or indirectly, to the COVID–19 emergency may re-
quest a forbearance under the terms set forth in this sec-
tion. 
(b) REQUEST FOR RELIEF.—A multifamily borrower 
with a Federally backed multifamily mortgage loan that 
was current on its payments as of February 1, 2020, may 
submit an oral or written request for forbearance under 
subsection (a) to the borrower’s servicer affirming that the 
multifamily borrower is experiencing a financial hardship 
during the COVID–19 emergency. 
(c) FORBEARANCE PERIOD.— 
(1) IN GENERAL.—Upon receipt of an oral or 
written request for forbearance from a multifamily 
borrower, a servicer shall— 
(A) document the financial hardship; 
(B) provide the forbearance for up to 30 
days; and 
(C) extend the forbearance for up to 2 ad-
ditional 30-day periods upon the request of the 
borrower provided that, the borrower’s request 
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for an extension is made during the covered pe-
riod, and, at least 15 days prior to the end of 
the forbearance period described under sub-
paragraph (B). 
(2) RIGHT
TO
DISCONTINUE.—A multifamily 
borrower shall have the option to discontinue the 
forbearance at any time. 
(d) RENTER PROTECTIONS DURING FORBEARANCE 
PERIOD.—A multifamily borrower that receives a forbear-
ance under this section may not, for the duration of the 
forbearance— 
(1) evict or initiate the eviction of a tenant 
from a dwelling unit located in or on the applicable 
property solely for nonpayment of rent or other fees 
or charges; or 
(2) charge any late fees, penalties, or other 
charges to a tenant described in paragraph (1) for 
late payment of rent. 
(e) NOTICE.—A multifamily borrower that receives a 
forbearance under this section— 
(1) may not require a tenant to vacate a dwell-
ing unit located in or on the applicable property be-
fore the date that is 30 days after the date on which 
the borrower provides the tenant with a notice to va-
cate; and 
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(2) may not issue a notice to vacate under 
paragraph (1) until after the expiration of the for-
bearance. 
(f) DEFINITIONS.—In this section: 
(1) APPLICABLE PROPERTY.—The term ‘‘appli-
cable property’’, with respect to a Federally backed 
multifamily mortgage loan, means the residential 
multifamily property against which the mortgage 
loan is secured by a lien. 
(2) FEDERALLY BACKED MULTIFAMILY MORT-
GAGE
LOAN.—The term ‘‘Federally backed multi-
family mortgage loan’’ includes any loan (other than 
temporary financing such as a construction loan) 
that— 
(A) is secured by a first or subordinate lien 
on residential multifamily real property de-
signed principally for the occupancy of 5 or 
more families, including any such secured loan, 
the proceeds of which are used to prepay or pay 
off an existing loan secured by the same prop-
erty; and 
(B) is made in whole or in part, or in-
sured, guaranteed, supplemented, or assisted in 
any way, by any officer or agency of the Fed-
eral Government or under or in connection with 
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a housing or urban development program ad-
ministered by the Secretary of Housing and 
Urban Development or a housing or related 
program administered by any other such officer 
or agency, or is purchased or securitized by the 
Federal Home Loan Mortgage Corporation or 
the Federal National Mortgage Association. 
(3) 
MULTIFAMILY
BORROWER.—The 
term 
‘‘multifamily borrower’’ means a borrower of a resi-
dential mortgage loan that is secured by a lien 
against a property comprising 5 or more dwelling 
units. 
(4) 
COVID–19 
EMERGENCY.—The 
term 
‘‘COVID–19 emergency’’ means the national emer-
gency concerning the novel coronavirus disease 
(COVID–19) outbreak declared by the President on 
March 13, 2020, under the National Emergencies 
Act (50 U.S.C. 1601 et seq.). 
(5) COVERED PERIOD.—The term ‘‘covered pe-
riod’’ means the period beginning on the date of en-
actment of this Act and ending on the sooner of— 
(A) the termination date of the national 
emergency concerning the novel coronavirus dis-
ease (COVID–19) outbreak declared by the 
President on March 13, 2020, under the Na-
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tional Emergencies Act (50 U.S.C. 1601 et 
seq.); or 
(B) December 31, 2020. 
TITLE VII—CURRENT EXPECTED 
CREDIT 
LOSSES 
IMPACT 
STUDY 
AND 
OPERATING 
DELAY 
SECTION 1. DEFINITIONS. 
In this Act— 
(1) the term ‘‘appropriate committees of Con-
gress’’ means— 
(A) the Committee on Banking, Housing, 
and Urban Affairs of the Senate; and 
(B) the Committee on Financial Services 
of the House of Representatives; 
(2) the term ‘‘CECL’’ means the accounting 
standard in ‘‘Accounting Standards Update 2016– 
13, Financial Instruments—Credit Losses (Topic 
326)’’, issued by the Financial Accounting Stand-
ards Board in June 2016, as amended by ‘‘Account-
ing Standards Update 2018–19, Codification Im-
provements to Topic 326, Financial Instruments— 
Credit Losses’’, issued by the Financial Accounting 
Standards Board in November 2018; 
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(3) the term ‘‘Commission’’ means the Securi-
ties and Exchange Commission; 
(4) the term ‘‘Federal financial regulators’’ 
means— 
(A) the Secretary of the Treasury; 
(B) the Board of Governors of the Federal 
Reserve System; 
(C) the Bureau of Consumer Financial 
Protection; 
(D) the Comptroller of the Currency; 
(E) the Commodity Futures Trading Com-
mission; 
(F) the Federal Deposit Insurance Cor-
poration; 
(G) the Director of the Federal Housing 
Finance Agency; and 
(H) the National Credit Union Administra-
tion; and 
(5) the term ‘‘small business concern’’ has the 
meaning given the term in section 3(a) of the Small 
Business Act (15 U.S.C. 632(a)). 
SEC. 2. STUDY AND REPORT. 
(a) IN GENERAL.—The Commission and the Federal 
financial regulators, in consultation with the Financial Ac-
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counting Standards Board, shall conduct a quantitative 
study of— 
(1) the potential impact that the implementa-
tion of CECL may have on the availability of credit, 
with a particular focus on the impact on that avail-
ability— 
(A) for consumers and small business con-
cerns; and 
(B) with respect to the credit products on 
which consumers and small business concerns 
rely during periods of economic expansion and 
during recessions; 
(2) whether implementing CECL could— 
(A) accelerate the depletion of regulatory 
capital that is available for lending purposes 
during a recession; 
(B) have a greater impact on regulatory 
capital, or extend the period in which regulatory 
capital is reduced, during a recession; or 
(C) pose any other systemic risks to the 
economy of the United States; 
(3) the potentially disproportionate impact that 
the implementation of CECL may have on financial 
institutions, taking into account— 
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(A) the various sizes and levels of com-
plexity of those financial institutions; and 
(B) the different amounts of resources that 
are available to those financial institutions; 
(4) the potential impact that the implementa-
tion of CECL may have on the decisions made by 
investors; and 
(5) the potential competitive impact that the 
implementation of CECL may have on institutions 
in the United States as a result of differing inter-
national accounting standards used to measure cred-
it loss. 
(b) REPORT.—Not later than 1 year after the date 
of enactment of this Act, the Commission and the Federal 
financial regulators shall submit to the Financial Account-
ing Standards Board and the appropriate committees of 
Congress a report— 
(1) regarding the results of the study conducted 
under subsection (a); and 
(2) that shall include— 
(A) the identification of any negative im-
pacts resulting from the implementation of 
CECL; and 
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(B) 
recommendations 
for 
changes 
to 
CECL to eliminate or mitigate the negative im-
pacts described in subparagraph (A). 
SEC. 3. COST-BENEFIT STUDY OF CECL IMPACT ON NON-FI-
NANCIAL 
INSTITUTIONS, 
INSURERS, 
AND 
GOVERNMENT-SPONSORED ENTERPRISES. 
(a) STUDY.—The Commission and the Federal finan-
cial regulators, in consultation with the Financial Ac-
counting Standards Board, shall carry out a study on the 
potential costs and benefits of the impact of CECL on 
non-financial institutions, the insurance industry (includ-
ing reinsurance), and Government-sponsored enterprises. 
(b) REPORT.—Not later than 1 year after the date 
of enactment of this Act, the Commission and the Federal 
financial regulators shall submit to the Financial Account-
ing Standards Board and the appropriate committees of 
Congress a report containing all findings and determina-
tions made in carrying out the study required under sub-
section (a). 
SEC. 4. DELAY IN IMPLEMENTATION OF CECL. 
Beginning on the date of enactment of this Act nei-
ther the Commission nor any of the Federal financial reg-
ulators may require a person to comply with CECL. 
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TITLE VIII—PERSONALIZED 
CARE ACT 
SECTION 1. HEALTH SAVINGS ACCOUNT ELIGIBILITY. 
(a) IN GENERAL.—Paragraph (1) of section 223(c) 
of the Internal Revenue Code of 1986 is amended to read 
as follows: 
‘‘(1) ELIGIBLE INDIVIDUAL.—The term ‘eligible 
individual’ means, with respect to any month, any 
individual if such individual is— 
‘‘(A) covered under— 
‘‘(i) a group or individual health plan, 
‘‘(ii) health insurance coverage, in-
cluding a short term limited duration plan 
or medical indemnity plan, or 
‘‘(iii) a government plan, including 
coverage under the Medicare program 
under part A or part B of title XVIII of 
the Social Security Act, the Medicaid pro-
gram under title XIX of such Act, the 
CHIP program under title XXI of such 
Act or a qualified CHIP look-alike pro-
gram (as defined in section 2107(g) of 
such Act), medical coverage under chapter 
55 of title 10, United States Code (includ-
ing coverage under the TRICARE pro-
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gram), a health care program under chap-
ter 17 or 18 of title 38, United States 
Code, as determined by the Secretary of 
Veterans Affairs in coordination with the 
Secretary of Health and Human Services 
and the Secretary, a medical care program 
of the Indian Health Service or a tribal or-
ganization, or coverage under chapter 89 
of title 5, United States Code, or 
‘‘(B) a participant in a health care sharing 
ministry 
(as 
defined 
in 
section 
5000A(d)(2)(B)(ii)), 
as of the 1st day of such month.’’. 
(b) CONFORMING AMENDMENTS.— 
(1) Subsection (c) of section 223 of such Code 
is amended by striking paragraphs (2) and (3) and 
by redesignating paragraphs (4) and (5) as para-
graphs (2) and (3), respectively. 
(2) Paragraphs (2)(A) and (2)(B) of section 
223(b) of such Code are each amended by striking 
‘‘a high deductible health plan’’ and inserting ‘‘a 
health plan, insurance, or ministry described in sub-
section (c)(1)’’. 
(3) Paragraph (8)(A)(ii) of section 223(b) of 
such Code is amended by striking ‘‘high deductible 
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health plan’’ and inserting ‘‘health plan, insurance, 
or ministry described in subsection (c)(1)’’. 
(4) Section 223(g)(1) of such Code is amend-
ed— 
(A) by striking ‘‘subsections (b)(2) and 
(c)(2)(A)’’ both places it appears and inserting 
‘‘subsection (b)(2)’’; and 
(B) by striking ‘‘for ‘calendar year 2016’ ’’ 
in subparagraph (B) and all that follows 
through ‘‘ ‘calendar year 2003’.’’ and inserting 
‘‘ ‘calendar year 1997’ for ‘calendar year 2016’ 
in subparagraph (A)(ii) thereof.’’. 
(5) The heading of subparagraph (B) of section 
223(b)(8) of such Code is amended by striking 
‘‘HIGH DEDUCTIBLE HEALTH PLAN’’. 
(6) Section 26(b)(2)(S) of such Code is amend-
ed by striking ‘‘high deductible health plan’’. 
(7) The heading of paragraph (3) of section 
106(e) of such Code is amended by striking ‘‘HIGH 
DEDUCTIBLE HEALTH PLAN’’. 
(8) Clause (ii) of section 106(e)(5)(B) of such 
Code is amended by striking ‘‘a high deductible 
health plan’’ and inserting ‘‘a health plan’’. 
(9) Paragraph (9) of section 408(d) of such 
Code is amended— 
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(A) by striking ‘‘the high deductible health 
plan covering’’ in subparagraph (C)(i)(I) and 
inserting ‘‘health plan, insurance, or ministry 
of’’; 
(B) by striking ‘‘a high deductible health 
plan’’ the first place it appears in subparagraph 
(C)(ii)(II) and inserting ‘‘a health plan, insur-
ance, 
or 
ministry 
described 
in 
section 
223(c)(1)’’; 
(C) by striking ‘‘a high deductible health 
plan’’ the second place it appears in subpara-
graph (C)(ii)(II) and inserting ‘‘any such plan, 
insurance, or ministry’’; and 
(D) 
by 
striking 
‘‘HIGH
DEDUCTIBLE 
HEALTH PLAN’’ in the heading of subparagraph 
(D). 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to taxable years beginning after 
December 31, 2019. 
SEC. 2. INCREASE IN HSA CONTRIBUTION LIMITS. 
(a) IN GENERAL.—Paragraph (2) of section 223(b) 
of the Internal Revenue Code of 1986 is amended— 
(1) by striking ‘‘$2,250’’ in subparagraph (A) 
and inserting ‘‘$10,800’’; and 
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(2) by striking ‘‘$4,500’’ in subparagraph (B) 
and inserting ‘‘$29,500’’. 
(b) COST-OF-LIVING ADJUSTMENT.—Paragraph (1) 
of section 223(g) of the Internal Revenue Code of 1986, 
as amended by section 2, is amended— 
(1) by striking ‘‘Each’’ and inserting ‘‘In the 
case of a taxable year beginning after 2020, each’’; 
and 
(2) by striking ‘‘calendar year 1997’’ and in-
serting ‘‘calendar year 2019’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to taxable years beginning after 
December 31, 2019. 
SEC. 3. PAYMENT OF HEALTH PLAN AND HEALTH INSUR-
ANCE PREMIUMS FROM HSA. 
(a) IN GENERAL.—Paragraph (2) of section 223(d) 
of the Internal Revenue Code of 1986 is amended— 
(1) by striking subparagraph (B); 
(2) by redesignating subparagraph (C) as sub-
paragraph (B); 
(3) by striking ‘‘Subparagraph (B) shall not 
apply to any expense for coverage under’’ in sub-
paragraph (B), as so redesignated, and inserting 
‘‘Subparagraph (A) shall not apply to any payment 
for insurance other than’’; and 
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(4) in subparagraph (B), as so redesignated— 
(A) by striking ‘‘or’’ at the end of clause 
(iii); 
(B) by striking the period at the end of 
clause (iv) and inserting ‘‘, or’’; and 
(C) by adding at the end the following new 
clause: 
‘‘(v) a health plan or health insurance 
coverage 
described 
in 
subsection 
(c)(1)(A).’’. 
(b) EFFECTIVE DATE.—The amendments made by 
this section shall apply to taxable years beginning after 
December 31, 2019. 
SEC. 4. TREATMENT OF MEDICAL CARE SERVICE ARRANGE-
MENTS. 
(a) INCLUSION AS MEDICAL EXPENSES.—Paragraph 
(2) of section 223(d) of the Internal Revenue Code of 
1986, as amended by section 4, is further amended by 
adding at the end the following new subparagraph: 
‘‘(C) INCLUSION OF MEDICAL CARE SERV-
ICE ARRANGEMENTS.—The term ‘qualified med-
ical expenses’ shall include— 
‘‘(i) periodic fees paid to a physician 
for a defined set of medical services or for 
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the right to receive medical services on an 
as-needed basis; and 
‘‘(ii) amounts prepaid for medical 
services designed to screen for, diagnose, 
cure, mitigate, treat, or prevent disease 
and promote wellness.’’. 
(b) ARRANGEMENT
NOT
TO
BE
TREATED
AS 
HEALTH INSURANCE.—Subsection (c) of section 223 of 
the Internal Revenue Code of 1986, as amended by section 
2(b), is further amended by adding at the end the fol-
lowing new paragraph: 
‘‘(4) TREATMENT OF MEDICAL CARE SERVICE 
ARRANGEMENTS.—An arrangement under which an 
individual is provided medical services in exchange 
for a fixed periodic fee or payment for such services 
shall not be treated as a health plan, insurance, or 
arrangement described in paragraph (1).’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to taxable years beginning after 
December 31, 2019. 
SEC. 5. PERIODIC PROVIDER FEES TREATED AS MEDICAL 
CARE. 
(a) IN GENERAL.—Section 213(d) of the Internal 
Revenue Code of 1986 is amended by adding at the end 
the following new paragraph: 
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‘‘(12) PERIODIC
PROVIDER
FEES.—Periodic 
fees paid for a defined set of medical services pro-
vided on an as-needed basis shall be treated as 
amounts paid for medical care.’’. 
(b) EFFECTIVE DATE.—The amendment made by 
this section shall apply to taxable years beginning after 
December 31, 2019. 
SEC. 6. EXPANDING OVER-THE-COUNTER DRUG COVERAGE 
AND RESTORING LOWER PENALTY FOR NON-
QUALIFIED DISTRIBUTIONS. 
(a) 
OVER-THE-COUNTER
COVERAGE.—Section 
223(d)(2)(A) of the Internal Revenue Code of 1986 is 
amended by striking the last sentence and inserting the 
following: ‘‘Such term shall include an amount paid for 
any prescription or over-the-counter medicine or drug.’’. 
(b) PENALTY.—Section 223(e)(4)(A) of the Internal 
Revenue Code of 1986 is amended by striking ‘‘20 per-
cent’’ and inserting ‘‘10 percent’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to distributions made in taxable 
years beginning after December 31, 2019. 
SEC. 7. TREATMENT OF HEALTH CARE SHARING MIN-
ISTRIES. 
(a) INCLUSION AS MEDICAL EXPENSES.—Paragraph 
(2) of section 223(d) of the Internal Revenue Code of 
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1986, as amended by sections 4 and 5, is further amended 
by adding at the end the following new subparagraph: 
‘‘(D) INCLUSION OF HEALTH CARE SHAR-
ING MINISTRIES.—The term ‘qualified medical 
expenses’ shall include amounts paid by a mem-
ber of a health care sharing ministry (as de-
fined in section 5000A(d)(2)(B)(ii)) for— 
‘‘(i) the sharing of medical expenses 
among members, and 
‘‘(ii) administrative fees of the min-
istry.’’. 
(b) HEALTH CARE SHARING MINISTRY NOT TO BE 
TREATED AS HEALTH INSURANCE.—Subsection (c) of 
section 223 of the Internal Revenue Code of 1986, as 
amended by sections 2 and 5, is further amended by add-
ing at the end the following new paragraph: 
‘‘(5) TREATMENT OF HEALTH CARE SHARING 
MINISTRIES.—A health care sharing ministry (as de-
fined in section 5000A(d)(2)(B)(ii)) shall not be 
treated as a health plan or insurance for purposes 
of this title.’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to taxable years beginning after 
December 31, 2019. 
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TITLE IX—2019 TAX FILING 
DEADLINE EXTENSION 
SECTION 1. EXTENDING DEADLINE TO NOVEMBER 15, 2020. 
(a) IN GENERAL.—For purposes of any return made 
under section 6012(a)(1), 6013, or 6017 on the basis of 
calendar year 2019, section 6072(a) of the Internal Rev-
enue Code of 1986 shall be applied by substituting ‘‘15th 
day of November’’ for ‘‘15th day of April’’. 
(b) INTEREST ON WITHHOLDING OVERPAYMENTS.— 
For the purposes of any tax deducted and withheld at the 
source during calendar year 2019, section 6513(b)(1) of 
the Internal Revenue Code of 1986 shall be applied by 
inserting ‘‘(the 15th day of November in the case of a 
taxable year ending on December 31, 2019)’’ before the 
period at the end. 
(c) FAILURE BY INDIVIDUAL TO PAY ESTIMATED IN-
COME TAX.—In the case of an installment of estimated 
tax with respect to 2019, section 6654(b)(2)(A) of the In-
ternal Revenue Code of 1986 shall be applied by inserting 
‘‘(the 15th day of November in the case of a taxable year 
ending on December 31, 2019)’’ before the comma at the 
end. 
Æ 
VerDate Sep 11 2014 
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Jkt 099200
PO 00000
Frm 00089
Fmt 6652
Sfmt 6301
E:\BILLS\H6396.IH
H6396
pbinns on DSKJLVW7X2PROD with BILLS