‘‘(aa) with respect to cov-
ered institutions in good stand-
ing, including the covered institu-
tions described in subparagraph 
(F), shall be maintained at a 
level equal to 3 percent of the 
outstanding guaranteed portion 
of the loans; and 
‘‘(bb) with respect to any 
other covered institution, shall be 
maintained at a level equal to 5 
percent of the outstanding guar-
anteed portion of the loans; and 
‘‘(V) allow the Administrator to 
require additional amounts to be de-
posited into a loan loss reserve fund 
established by a covered institution 
under subclause (IV) based on the 
risk characteristics or performance of 
the covered institution and the loan 
portfolio of the covered institution. 
‘‘(ii) PILOT PROGRAM.— 
‘‘(I) REVERSION.—Beginning on 
the date of enactment of this para-
graph and ending on the day before
the date on which the regulations pro-
mulgated by the Administrator under 
clause (i) take effect, the Adminis-
trator may only carry out the Commu-
nity Advantage Pilot Program of the 
Administration based on applicable 
program guidelines, requirements, and 
other policy in effect on September 1, 
2018, except that the definition of un-
derserved market shall include— 
‘‘(aa) a community and an 
area described in items (ee) and 
(ff), respectively, of subpara-
graph (B)(viii)(I); and 
‘‘(bb) small business con-
cerns described in clauses (IV) 
and 
(V) 
of 
subparagraph 
(B)(viii). 
‘‘(II) TERMINATION.—Beginning 
on the date on which the regulations 
promulgated by the Administrator 
under clause (i) take effect, the Ad-
ministrator may not carry out the 
Community Advantage Pilot Program 
of the Administration.
‘‘(M) REPORTING.— 
‘‘(i) WEEKLY REPORTS.— 
‘‘(I) IN GENERAL.—The Admin-
istration shall report on the website of 
the Administration, as part of the 
weekly reports on lending approvals 
under this subsection— 
‘‘(aa) on and after the date 
of enactment of this paragraph 
until the date on which the regu-
lations promulgated under sub-
paragraph (L)(i) take effect, the 
number and dollar amount of 
loans guaranteed under the Com-
munity Advantage Pilot Program 
of the Administration; and 
‘‘(bb) on and after the date 
on which the Administration be-
gins to approve loans under the 
program, the number and dollar 
amount 
of 
loans 
guaranteed 
under the program. 
‘‘(II) SEPARATE ACCOUNTING.— 
The number and dollar amount of 
loans reported in a weekly report
under subclause (I) for loans guaran-
teed under the Community Advantage 
Pilot Program of the Administration 
and under the program shall include a 
breakdown by the categories of race, 
ethnicity, and gender of the owners of 
the small business concerns. 
‘‘(ii) ANNUAL REPORTS.— 
‘‘(I) IN GENERAL.—For each of 
the first 5 fiscal years in which the 
program is in effect, the Administra-
tion shall submit to the Committee on 
Small Business and Entrepreneurship 
of the Senate and the Committee on 
Small Business of the House of Rep-
resentatives, and make publicly avail-
able on the internet, information 
about loans provided under the pro-
gram and under the Community Ad-
vantage Pilot Program of the Admin-
istration. 
‘‘(II) CONTENTS.—Each report 
submitted and made publicly available 
under subclause (I) shall include—
‘‘(aa) the number and dollar 
amounts of loans provided to 
small business concerns under 
the program and under the Com-
munity Advantage Pilot Program 
of the Administration, including 
a breakdown by— 
‘‘(AA) the gender of the 
owners of the small business 
concern; 
‘‘(BB) the race and 
ethnicity of the owners of 
the small business concern, 
disaggregated in a manner 
that captures all the racial 
groups 
specified 
in 
the 
American Community Sur-
vey conducted by the Bu-
reau of the Census; 
‘‘(CC) 
whether 
the 
small business concern is lo-
cated in an urban or rural 
area; and 
‘‘(DD) 
whether 
the 
small business concern is a
tion, and under each category of 
loans described in item (bb), bro-
ken down by— 
‘‘(AA) 
loans 
of 
not 
more than $50,000; 
‘‘(BB) loans of more 
than $50,000 and not more 
than $150,000; 
‘‘(CC) loans of more 
than $150,000 and not more 
than $250,000; and 
‘‘(DD) loans of more 
than $250,000 and not more 
than $350,000; 
‘‘(dd) the number and dollar 
amounts of loans provided to 
small business concerns under 
the program and under the Com-
munity Advantage Pilot Program 
of the Administration by State, 
and the jobs created or retained 
within each State; 
‘‘(ee) with respect to loans 
provided to small business con-
cerns under the program and
under the Community Advantage 
Pilot Program of the Administra-
tion— 
‘‘(AA) the performance 
of the loans provided by 
each type of covered institu-
tion; 
‘‘(BB) the performance 
of the loans broken down by 
loan size; 
‘‘(CC) the performance 
of the loans broken down by 
whether the credit score of 
the borrower is above, below, 
or equal to 140; 
‘‘(DD) the predictive 
purchase rate of the loans; 
‘‘(EE) the early default 
rate of the loans; 
‘‘(FF) 
the 
12-month 
default rate of the loans; 
‘‘(GG) the cumulative 
default rate for the loans for 
the 5-year period preceding 
the report;
‘‘(HH) the charge-off 
rates of the loans; 
‘‘(II) 
the 
charge-off 
rates as a percent of the un-
paid principal balance as in 
table 9 of the annual budget 
submitted by the Adminis-
tration; and 
‘‘(JJ) 
the 
purchase 
rates as a percent of the un-
paid principal balance as in 
table 8 of the annual budget 
submitted by the Adminis-
tration; 
‘‘(ff) a list of covered insti-
tutions participating in the pro-
gram and the Community Advan-
tage Pilot Program of the Ad-
ministration, including— 
‘‘(AA) the name, loca-
tion, and contact informa-
tion, such as the website and 
telephone number, of each 
covered institution; and
‘‘(BB) a breakdown by 
the 
number 
and 
dollar 
amount of the loans ap-
proved for small business 
concerns; and 
‘‘(gg) the benchmarks estab-
lished by the working group 
under subparagraph (N)(i). 
‘‘(III) TIMING.—An annual re-
port 
required 
under 
this 
clause 
shall— 
‘‘(aa) 
be 
submitted 
and 
made publicly available not later 
than October 15 of each year; 
and 
‘‘(bb) cover the lending ac-
tivity for the fiscal year that 
ended on September 30 of that 
same year. 
‘‘(iii) GAO REPORT.—Not later than 
3 years after the date of enactment of this 
paragraph, the Comptroller General of the 
United States shall submit to the Adminis-
trator, the Committee on Small Business 
and Entrepreneurship of the Senate, and