(A) business concerns that— 
(i) have fewer than 25 full-time equiv-
alent employees as of February 15, 2020, 
and do not have a strong relationship with 
a bank; 
(ii) are owned or controlled by minori-
ties; 
(iii) are owned or controlled by 
women; 
(iv) are owned or controlled by vet-
erans, including service-disabled veterans 
(as those terms are defined in section 3(q) 
of the Small Business Act (15 U.S.C. 
632(q))); or 
(v) are located in low-income and 
rural communities, including low-income 
communities as defined in section 45D(e) 
of the Internal Revenue Code of 1986; and 
(B) Tribal business concerns. 
(b) ESTABLISHMENT.—The Administrator shall es-
tablish a program to guarantee loans made to eligible re-
cipients affected by COVID–19. 
(c) PARTICIPATION.—In an agreement to participate 
in a covered loan on a deferred basis, the participation 
by the Administration shall be 100 percent. 
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(d) TERMS AND REQUIREMENTS.— 
(1) DURATION.—Except as provided in para-
graph (4), the duration of a covered loan shall be for 
not more than 7 years. 
(2) AMOUNT.— 
(A) IN GENERAL.—The amount of a cov-
ered loan made to an eligible recipient shall be 
not more than the lesser of— 
(i) 45 percent of the 2019 gross re-
ceipts of the eligible recipient; and 
(ii) $12,000,000. 
(B) DUPLICATION OF ASSISTANCE.—An el-
igible recipient of a covered loan shall not use 
proceeds of the covered loan for the same ex-
penses that are covered using funds received 
under subsection (a)(36) or (b)(2) of section 7 
of the Small Business Act (15 U.S.C. 636), sec-
tion 1110 of the CARES Act (Public Law 116– 
136), or section 4003 of the CARES Act (Pub-
lic Law 116–136). 
(3) INTEREST RATE.— 
(A) IN GENERAL.—Except as provided in 
paragraph (4), the interest rate on a covered 
loan shall be, as determined by the Adminis-
trator and the Secretary— 
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(i) for the first 2 years of the covered 
loan, not less than 2 percent and not more 
than 4 percent; and 
(ii) for the third through seventh 
years of the covered loan, the Applicable 
Federal Rate plus 250 to 600 basis points 
based on the decline in gross receipts of 
the eligible recipient. 
(B) NO PAYMENTS FOR 12 MONTHS.—No 
interest payments shall be due on a covered 
loan for the first 12 months of the covered loan. 
(4) SPECIAL PROVISIONS FOR NONPROFIT OR-
GANIZATIONS.—At the time of application for a cov-
ered loan, a nonprofit organization described in sub-
section (a)(5)(B) shall make an election— 
(A) for a covered loan with a maturity of 
not more than 14 years and an interest rate of 
not more than 2 percent for the first 4 years 
and the Applicable Federal Rate plus 100 to 
300 basis points for the remaining duration of 
a covered loan, with no eligibility for forgiveness 
of the covered loan under subsection (j); or 
(B) for a covered loan with the maturity 
and interest rate terms described in paragraphs 
(1) and (3), respectively, with the ability to ob-
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tain forgiveness of the covered loan if the non-
profit organization qualifies under subsection 
(j)(2). 
(5) PAYMENT DEFERRAL.— 
(A) IN GENERAL.—No payment of prin-
cipal shall be due on a covered loan for the first 
2 years of the covered loan. 
(B) ADDITIONAL DEFERRAL.—After the 2- 
year deferral period described in subparagraph 
(A), the Administrator may grant not more 
than an additional 2 years of principal deferral 
to an eligible recipient of a covered loan if the 
eligible recipient is certified by the Adminis-
trator and the Secretary as economically dis-
tressed based on publicly available criteria es-
tablished by the Administrator and the Sec-
retary. 
(6) ORIGINATION FEES.— 
(A) IN GENERAL.—The origination fee for 
a covered loan shall be as follows: 
(i) 3.75 percent for a covered loan of 
not more than $100,000. 
(ii) 3.5 percent for a covered loan of 
more than $100,000 and not more than 
$250,000. 
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(iii) 3.25 percent for a covered loan of 
more than $250,000 and not more than 
$500,000. 
(iv) 3 percent for a covered loan of 
more than $500,000 and not more than 
$750,000. 
(v) 2.75 percent for a covered loan of 
more than $750,000 and not more than 
$1,000,000. 
(vi) 2.5 percent for a covered loan of 
more than $1,000,000 and not more than 
$1,500,000. 
(vii) 2.25 percent for a covered loan of 
more than $1,500,000 and not more than 
$1,750,000. 
(viii) 2 percent for a covered loan of 
more than $1,750,000 and not more than 
$2,000,000. 
(ix) 1.75 percent for a covered loan of 
more than $2,000,000 and not more than 
$2,500,000. 
(x) 1.5 percent for a covered loan of 
more than $2,500,000 and not more than 
$3,000,000. 
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(xi) 1.25 percent for a covered loan of 
more than $3,000,000 and not more than 
$3,500,000. 
(xii) 1 percent for a covered loan of 
more than $3,500,000 and not more than 
$4,000,000. 
(xiii) 0.75 percent for a covered loan 
of more than $4,000,000 and not more 
than $12,000,000. 
(B) PAYMENT
BY
FEDERAL
GOVERN-
MENT.—The Administrator shall— 
(i) for any covered loan that is made 
to an eligible recipient with not more than 
500 full-time employees as of February 15, 
2020, together with all its affiliates in the 
aggregate, without regard to any waiver of 
applicable affiliation rules, pay the applica-
ble origination fee described in subpara-
graph (A); and 
(ii) for any covered loan of not more 
than $10,000,000 that is made to an eligi-
ble recipient with more than 500 full-time 
employees as of February 15, 2020, in the 
aggregate, without regard to any waiver of 
applicable affiliation rules, pay 50 percent 
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