I 
116TH CONGRESS 
2D SESSION 
H. R. 7671 
To provide for the establishment of a COVID–19 Small Business Recovery 
Fund, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
JULY 20, 2020 
Mr. VELA (for himself and Mr. GOODEN) introduced the following bill; which 
was referred to the Committee on Financial Services 
A BILL 
To provide for the establishment of a COVID–19 Small 
Business Recovery Fund, and for other purposes. 
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 the ‘‘Small Business Come-
back Act’’. 
SEC. 2. DEFINITIONS. 
In this Act, the following definitions apply: 
(1) APPLICANT.—The term ‘‘applicant’’ means 
a business filing an application for recovery com-
pensation under this Act. 
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(2) BUSINESS.—The term ‘‘business’’ is in-
tended broadly to refer to any type of for-profit busi-
ness concern, nonprofit organization, veteran’s orga-
nization, or Tribal business concern, and shall in-
clude individuals who operate under a sole propri-
etorship or as an independent contractor, and eligi-
ble self-employed individuals. 
(3) COLLATERAL SOURCE.—The term ‘‘collat-
eral source’’ means all compensation received by the 
applicant as a result of the losses for which the ap-
plicant is seeking compensation under this Act, in-
cluding payments by Federal, State, or local govern-
ments, related to losses arising from the COVID–19 
pandemic. 
(4) 
COVID–19 
PANDEMIC.—The 
term 
‘‘COVID–19 pandemic’’ means the national emer-
gency proclaimed by the President on March 13, 
2020. 
(5) ELIGIBLE APPLICANTS.—The term ‘‘eligible 
applicants’’ means any type of for-profit business 
concern, nonprofit organization, veteran’s organiza-
tion, or Tribal business concern, and shall include 
individuals who operate under a sole proprietorship 
or as an independent contractor, and eligible self- 
employed individuals. 
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(6) ELIGIBLE SELF-EMPLOYED INDIVIDUAL.— 
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). 
(7) FINANCIAL
INSTITUTION.—The term ‘‘fi-
nancial institution’’ means any institution the busi-
ness of which is engaging in financial activities as 
described in section 4(k) of the Bank Holding Com-
pany Act (12 U.S.C. 1843(k)). 
(8) LOW-TO-MODERATE INCOME COMMUNITY.— 
The term ‘‘low-to-moderate income community’’ 
means a census tract where the annualized family 
income of the households or residents in the census 
tract are below 80 percent of the HUD median in-
come for the county where the census tract is lo-
cated. 
(9) MINORITY-OWNED
BUSINESS.—The term 
‘‘minority-owned business’’ shall have the same 
meaning given the term under section 342(g)(4) of 
the Dodd-Frank Wall Street Reform and Consumer 
Protection Act (12 U.S.C. 5452(g)(4)). 
(10) 
SECRETARY.—The 
term 
‘‘Secretary’’ 
means the Secretary of the Treasury. 
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their function as strong engines of the economy and em-
ployers by— 
(1) offsetting operating expenses for businesses 
that are partially or completely shut down as a re-
sult of COVID–19 related closures, and supporting 
employers’ ability to retain employees and rehire em-
ployees laid off as a result of the COVID–19 pan-
demic; 
(2) encourage businesses to reopen by providing 
them the necessary assistance and resources to sur-
vive the COVID–19 pandemic; 
(3) assisting employees of eligible employers 
who have contracted or have been exposed during 
their employment to COVID–19, who are unable to 
work and who would otherwise not be eligible for as-
sistance; 
(4) providing support for small businesses and 
women- and minority-owned businesses; and 
(5) providing assistance in a manner that com-
plements the assistance programs established under 
the Coronavirus Aid, Relief, and Economic Security 
Act (Public Law 116–136). 
(b) Any funds paid to an applicant under this Act 
shall be used exclusively for the purpose of domestic eco-
nomic recovery as set forth in subsection (a). 
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(c) PRIORITIZATION.—The Special Administrator 
shall prioritize compensation payments under this Act, 
based on— 
(1) the level of impairment a business is experi-
encing as a result of the COVID–19 pandemic; 
(2) whether the business operates in a rural or 
low-to-moderate income community, as determined 
by the Special Administrator; 
(3) whether the business is a women-owned 
business or a minority-owned business; and 
(4) whether the business is a small business, in-
cluding an independently owned franchise, as deter-
mined by the Special Administrator. 
SEC. 4. ADMINISTRATION. 
(a) IN GENERAL.—The Secretary shall appoint a 
Special Administrator on the basis of integrity and dem-
onstrated ability in accounting, auditing, financial anal-
ysis, law, management analysis, or public administration, 
and acting through such Special Administrator, shall— 
(1) administer the recovery compensation pro-
gram established under this Act; 
(2) promulgate all procedural and substantive 
rules for the administration of this Act; and 
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(3) employ and supervise hearing officers and 
other administrative personnel to perform the duties 
of the Special Administrator under this Act. 
(b) RECOVERY COMPENSATION SERVICES.—To the 
extent the Special Administrator determines is necessary 
to implement the provisions of this Act in a timely man-
ner, the Special Administrator is authorized to contract 
with third parties to review business applications, rec-
ommend compensation determinations, arrange payments, 
and perform audits on behalf of the Special Administrator. 
Any third party contracting to provide recovery compensa-
tion services pursuant to this subsection shall be com-
pensated on a cost basis pursuant to guidelines established 
by the Special Administrator in consultation with the 
Oversight Board. 
(c) LIMITATION OF LIABILITY.— 
(1) The provisions of this Act and the services 
provided under subsection (b) shall be enforced by 
the Secretary. Any party contracting with the Spe-
cial Administrator to assist in recovery compensation 
services pursuant to subsection (b) shall not bear 
any liability for the performance of such duties ex-
cept for gross negligence, willful misconduct, or 
fraud. 
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(2) There shall be no liability imposed on any 
party for not contracting with the Special Adminis-
trator as described in paragraph (1). Any financial 
institution not contracting with the Special Adminis-
trator that provides assistance or information to an 
applicant with respect to the compensation program 
established under this Act without receiving com-
pensation for providing such assistance or informa-
tion shall not bear any liability for the provision of 
such assistance or information except for gross neg-
ligence, willful misconduct, or fraud, provided that 
nothing in this subsection shall be construed to alter 
any duty or obligation owed by such party to an ap-
plicant under otherwise applicable State or Federal 
law or by agreement with the applicant. 
(3) State laws or regulations conflicting with 
the directions of the Special Administrator pursuant 
to subsection (b) are preempted to the extent of 
such actual or implied conflict. 
(4) GOVERNING LAW AND JURISDICTION.—The 
district courts of the United States shall have origi-
nal and exclusive jurisdiction over any action arising 
out of a contract described in subsection (b). 
(d) CONFIDENTIALITY.— 
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(1) RETENTION OF PRIVILEGE.—The submis-
sion of any nonpublicly available data and informa-
tion by an applicant to the Special Administrator 
under this Act shall not constitute a waiver of, or 
otherwise affect, any privilege arising under Federal 
or State law (including the rules of any Federal or 
State court) to which the data or information is oth-
erwise subject. 
(2) CONTINUED APPLICATION OF PRIOR CON-
FIDENTIALITY
AGREEMENTS.—Any 
requirement 
under Federal or State law to the extent otherwise 
applicable, or any requirement pursuant to a written 
agreement in effect between an applicant and any 
third party which provides an applicant’s nonpublicly 
available data or information to the Special Adminis-
trator, regarding the privacy or confidentiality of 
any data or information in the possession of the 
third party, shall continue to apply to such data or 
information after the data or information has been 
provided to the Special Administrator under this 
Act. 
(3) The Special Administrator, and any third 
party which obtains an applicant’s nonpublicly avail-
able data or information, is prohibited from sharing 
or selling such information except as required by 
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law. The Special Administrator or third party may 
share information as necessary to meet the obliga-
tions under this Act, so long as the third party 
agrees in writing to maintain the confidentiality of 
the information. 
(e) AUDIT AUTHORITY.— 
(1) IN GENERAL.—The Secretary, and the Spe-
cial Inspector General established by this Act, shall 
have access, for purposes of audit, to the records 
and other pertinent documents of the Special Ad-
ministrator, any third party described in subsection 
(b), and any applicant, including with respect to col-
lateral source records and documents, used in car-
rying out this Act. 
(f) REPORTS.— 
(1) IN GENERAL.—The Special Administrator 
shall submit weekly reports to Congress that shall 
include— 
(A) a listing of the eligible businesses re-
ceiving recovery compensation under this Act; 
(B) a listing of each contract the Special 
Administrator made with third-party service 
providers under subsection (b), including infor-
mation with respect to the services being pro-
vided under such contracts; 
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(C) a listing of all outstanding appeals of 
compensation determinations; and 
(D) an estimate of the total amount of re-
covery compensation payments made under this 
Act that is current as of the date on which the 
report is submitted. 
(2) TIMING.—The reports required under this 
subsection shall be submitted not later than 7 cal-
endar days after the date that recovery compensa-
tion is first paid under this Act, and every 7 cal-
endar days thereafter. 
(g) SPECIAL ADMINISTRATOR.—The Special Admin-
istrator shall be subject to the prohibition on acts affecting 
personal financial interest under section 208 of title 18, 
United States Code, and shall be subject to limitations on 
outside employment and outside income pursuant to title 
V of the Ethics in Government Act of 1978 (5 U.S.C. 
App.). 
(h) AUTHORIZATION
OF APPROPRIATIONS.—There 
are authorized to be appropriated such sums as may be 
necessary to pay the administrative and support costs for 
the Special Administrator (including the contracts de-
scribed in subsection (b)) in carrying out this Act. 
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SEC. 5. DETERMINATION OF ELIGIBILITY FOR RECOVERY 
COMPENSATION. 
(a) FILING OF APPLICATION FOR RECOVERY COM-
PENSATION CLAIM.— 
(1) IN GENERAL.—An applicant may file an ap-
plication for recovery compensation under this Act 
with the Special Administrator. Except as provided 
under paragraph (3), the application for recovery 
compensation shall be on the form developed under 
paragraph (2) and shall state the factual basis for 
eligibility for recovery compensation and the amount 
of recovery compensation sought. 
(2) APPLICATION FORM.— 
(A) IN GENERAL.— 
(i) The Special Administrator shall 
develop an application form that shall be 
simple to file and audit for fraud that ap-
plicants shall use when submitting applica-
tions under paragraph (1). 
(ii) The Special Administrator shall 
ensure that the form described in clause (i) 
can be filed electronically, if determined to 
be practicable. 
(B) MULTIPLE
LANGUAGES.—The form 
developed under subparagraph (A) shall be 
made available in English and Spanish, and the 
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Special Administrator may prioritize translation 
of the form into additional languages in order 
to serve the broadest pool of applicants. 
(C) 
CONTENTS.—The 
form 
developed 
under subparagraph (A) shall require that an 
applicant disclose all known collateral com-
pensation, and shall request information on the 
applicant’s impairment that the Special Admin-
istrator deems necessary, including information 
relating to the applicant’s expenses, payroll, 
and loss of revenue due to the COVID–19 pan-
demic. 
(D) EXPENSES, PAYROLL, AND LOST REV-
ENUE.—In developing the contents of the form 
under subparagraph (C), the Special Adminis-
trator may consider requiring information on 
payroll, operating expenses, lost revenue, and 
payments to employees with potential COVID– 
19-related illness. Such information required 
may include— 
(i) the average total monthly pay-
ments by the applicant for payroll, payroll 
support (including paid sick, medical, or 
family leave, and costs related to the con-
tinuation of group health care benefits dur-
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ing those periods of leave) during the 18- 
month period before March 13, 2020, ex-
cept that, in the case of an applicant that 
is a seasonal employer, as determined by 
the Special Administrator, the average 
total monthly payments for payroll and 
payroll support shall be for the period be-
ginning March 1, 2019, and ending June 
30, 2019; 
(ii) the average total monthly pay-
ments by the applicant for mortgage pay-
ments, rent payments, utilities, insurance 
payments, and payments on any debt obli-
gations incurred prior to July 1, 2020, 
during the 18-month period before July 1, 
2020; 
(iii) to the extent that the Special Ad-
ministrator is making available recovery 
compensation for lost revenue, the average 
monthly revenue, including unpaid ac-
counts receivable, that does not include net 
profits for the applicant during the 18- 
month period before the date on which the 
application for recovery compensation is 
submitted; and 
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(iv) the wages, salary, or other pay-
ments made to employees who are unable 
to work because they tested positive for or 
were exposed to COVID–19. 
(E) CONFIDENTIAL
BUSINESS
INFORMA-
TION.—To the extent the information in the ap-
plication is non-public information, the contents 
shall be deemed Confidential Business Informa-
tion not subject to disclosure. 
(3) INTERIM APPLICATION FILING.—During the 
period beginning on the date of enactment of this 
Act and ending on the date on which regulations are 
promulgated under this Act, an applicant may file 
with the Special Administrator an interim applica-
tion for immediate relief without the use of an ap-
proved form, provided the application includes infor-
mation described in subparagraph (C) of paragraph 
(2) of this subsection. 
(4) LIMITATION.—No application may be filed 
under paragraph (1), or paid by the Special Admin-
istrator, with respect to losses accrued after the ter-
mination of the national emergency proclaimed by 
the President on March 13, 2020. Within a reason-
able time after such termination, and subject to the 
provisions of this Act, the Special Administrator 
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shall notify Congress of the expected closure of the 
program established under this Act, while ensuring 
that all applications filed prior to the termination of 
the national emergency receive due consideration. 
(5) NEW BUSINESSES.—The Special Adminis-
trator shall provide guidelines on how applicants 
that are operating new entities before March 13, 
2020, shall substantiate their Expenses, Payroll, and 
Lost Revenue. 
(b) REVIEW AND DETERMINATION.— 
(1) REVIEW.—The Special Administrator shall 
review an application submitted under subsection 
(a)(1) and determine— 
(A) whether the applicant is an eligible ap-
plicant under subsection (c); and 
(B) the amount of recovery compensation 
the eligible applicant shall receive, on a monthly 
basis, based on what is necessary to maintain 
continuity of operations for the applicant with 
respect to paying expenses and payroll and 
compensating for lost revenue as described in 
subparagraph (D) of subsection (a)(2); provided 
that— 
(i) the amount of recovery compensa-
tion the eligible applicant receives shall be 
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adjusted each month to take into account 
increases or decreases in such applicant’s 
revenue over the previous month; 
(ii) the total amount of recovery com-
pensation to which the applicant is entitled 
based on this subparagraph shall take into 
account the amount of any interim com-
pensation awarded to the applicant pursu-
ant to paragraph (2); and 
(iii) the maximum amount of recovery 
compensation to which an eligible applicant 
may be entitled shall be the lesser of— 
(I) the applicant’s average total 
monthly expense payments, as deter-
mined under subparagraph (C), for a 
period not to exceed 4 months in ag-
gregate; and 
(II) $50,000,000. 
(C) AVERAGE TOTAL MONTHLY EXPENSE 
PAYMENTS.—For purposes of clause (iii) of 
subparagraph (B), an applicant’s average total 
monthly expense payments shall be the average 
monthly payments by the applicant during the 
1 year prior to the date on which an application 
is made (or in the case of a seasonal business 
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or new business, a period determined by the 
Special Administrator), for— 
(i) payroll costs; 
(ii) costs related to the continuation 
of group health care benefits during peri-
ods of paid sick, medical, or family leave; 
(iii) any insurance premiums; 
(iv) employee salaries, commissions, or 
similar compensations, except that recovery 
compensation may not be used for the 
compensation of an individual employee in 
excess of an annual salary of $100,000, as 
prorated for the relevant compensation pe-
riod; 
(v) payments of interest on any mort-
gage obligation (which shall not include 
any prepayment of or payment of principal 
on a mortgage obligation); 
(vi) rent (including rent under a lease 
agreement); 
(vii) utilities; 
(viii) loan repayment obligations in-
curred by the applicant pursuant to section 
1102 of the Coronavirus Aid, Relief, and 
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Economic Security Act (Public Law 116– 
136); 
(ix) loan repayment obligations in-
curred by the applicant pursuant to a dis-
aster loan authorized under section 7(b) of 
the Small Business Act (15 U.S.C. 
636(b)); 
(x) interest on any other debt obliga-
tions that were incurred before March 1, 
2020; and 
(xi) State and local tax obligations. 
(2) INTERIM APPLICATIONS REVIEW.—The Spe-
cial Administrator shall review an interim applica-
tion submitted under subsection (a)(3) and deter-
mine— 
(A) whether the applicant is an eligible ap-
plicant under subsection (c); and 
(B) with respect to an applicant deter-
mined to be an eligible applicant, the amount of 
interim compensation to which an eligible appli-
cant is entitled under subparagraph (C). 
(C) INTERIM
COMPENSATION
AMOUNT.— 
An eligible applicant under this paragraph shall 
be entitled to interim compensation in such 
amounts as determined by the Special Adminis-
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trator not to exceed, as calculated under sub-
paragraph (C) of paragraph (1)— 
(i) in the case of an applicant with av-
erage monthly payments in excess of 
$1,000,000, 25 percent of such payments; 
(ii) in the case of an applicant with 
average monthly payments in excess of 
$100,000 but less than $1,000,000, 50 
percent of such payments; and 
(iii) in the case of an applicant with 
average monthly payments of $100,000 or 
less, 75 percent of such payments. 
(3) DETERMINATIONS.—A determination under 
this subsection shall be final and not subject to judi-
cial review. 
(A) As soon as practicable, and for appli-
cations given priority by the Special Adminis-
trator under this Act, not later than 30 cal-
endar days after that date on which an applica-
tion is filed under subsection (a)(1), the Special 
Administrator shall either request more infor-
mation from the applicant or complete a review 
and make a determination pursuant to para-
graph (1) of this subsection, and provide writ-
ten notice to the applicant, with respect to the 
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matters that were the subject of the application 
for recovery compensation under review. If the 
Special Administrator requests additional infor-
mation pursuant to this subparagraph, the Spe-
cial Administrator shall absent exigent cir-
cumstances make its determination pursuant to 
paragraph (1) of this subsection within 30 cal-
endar days of receiving a response to its request 
for more information. 
(B) Not later than 15 calendar days after 
the date on which an interim application is filed 
under subsection (a)(3), the Special Adminis-
trator shall complete a review and make a de-
termination on interim compensation pursuant 
to paragraph (2) of this subsection, and provide 
written notice to the applicant with respect to 
that determination. 
(4) COLLATERAL
SOURCES.—In determining 
the amount of recovery compensation to be paid to 
an applicant under paragraph (1)(B) the Special Ad-
ministrator shall consider the amount of the collat-
eral source compensation the applicant received or 
the value of collateral source compensation the appli-
cant is reasonably certain to receive as a result of 
the COVID–19 pandemic. 
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(5) APPEALS.—The Special Administrator shall 
promulgate regulations establishing a procedure by 
which an applicant may appeal directly to the Spe-
cial Administrator an eligibility or compensation de-
termination with respect to such applicant made 
under this Act. The United States Court of Federal 
Claims shall have exclusive jurisdiction of an appeal 
from a final determination by the Special Adminis-
trator under this Act. 
(6) RIGHTS OF AN APPLICANT.—In all matters 
related to its application, an applicant shall have the 
right to be represented by an attorney. Notwith-
standing any contract, a representative of an appli-
cant may not charge, for services rendered in con-
nection with an application under this Act, more 
than 10 percent of the difference between— 
(A) the initial amount of recovery com-
pensation awarded to such applicant as deter-
mined by the Special Administrator under para-
graph (3); and 
(B) the final amount of recovery com-
pensation awarded to such applicant after any 
appeal of such determination. 
(c) ELIGIBILITY.— 
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(1) IN GENERAL.—An applicant shall be deter-
mined to be an eligible applicant for purposes of this 
subsection if the Special Administrator determines 
that such applicant— 
(A) is a business or organization in an im-
paired sector as defined by the Special Adminis-
trator, including 501c(6) organizations; 
(B) is a business or organization that is 
created or organized in the United States or 
under the laws of the United States and has 
significant operations in, and a majority of its 
employees based in, the United States; 
(C) is not eligible for loans or loan guaran-
tees under subsection (b)(1), (b)(2), or (b)(3) of 
section 4003 of the Coronavirus Aid, Relief, 
and Economic Security Act (Public Law 116– 
136); 
(D) in the case of an applicant that has re-
ceived a loan under section 1102 of the 
Coronavirus Aid, Relief, and Economic Security 
Act (Public Law 116–136), has complied with 
all applicable borrower repayment obligations 
under such loan; 
(E) is not registered with the Securities 
and Exchange Commission as a Family Office 
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pursuant to section 275.202(a)(11)(G)–1 of 
title 17, Code of Federal Regulations; 
(F) to the extent not otherwise eligible 
under this paragraph, any business utilizing 
business format franchising as a franchisor or 
franchisee under part 436 of title 16, Code of 
Federal Regulations or a business concern oper-
ating as a franchisor or franchisee that is as-
signed a franchise identifier code by the Small 
Business Administration; and 
(G) meets the requirements of paragraph 
(2). 
(2) REQUIREMENTS.— 
(A) An applicant shall not be determined 
to be an eligible applicant by the Special Ad-
ministrator unless the applicant— 
(i) was in operation on March 1, 
2020; 
(ii) was not a debtor concerning which 
an active case under title 11, United 
States Code, had been commenced prior to 
March 1, 2020; and 
(iii) to the extent the applicant is 
seeking recovery compensation for payroll 
and payroll support as described in this 
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Act, had employees for whom the applicant 
paid salaries or wages, and payroll taxes. 
(B) An applicant requesting recovery com-
pensation for losses described under this Act 
shall not be eligible for such compensation un-
less the applicant continued to pay salaries or 
wages to such employees, or will otherwise pro-
vide relief received under subsection (a)(2)(D) 
to such employees, who— 
(i) tested positive for COVID–19; or 
(ii) were exposed to COVID–19 in the 
workplace. 
(C) SINGLE APPLICATION.—Not more than 
one application may be submitted under this 
Act by an applicant, except that, for purposes 
of this subparagraph— 
(i) an eligible applicant that submitted 
an interim application under subsection 
(a)(3) shall remain eligible to file an appli-
cation for recovery compensation under 
subsection (a)(1); 
(ii) in the event the Secretary notifies 
Congress of a renewed COVID–19 threat 
under this Act, an eligible applicant shall 
remain eligible to file a renewal or updated 
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version of a previously filed application; 
and 
(iii) pursuant to guidelines to be es-
tablished by the Special Administrator, re-
lated entities may submit a joint applica-
tion. 
SEC. 6. PAYMENTS TO ELIGIBLE APPLICANTS. 
(a) IN GENERAL.—As soon as practicable, but not 
later than 5 calendar days after the date on which a deter-
mination is made by the Special Administrator regarding 
the amount of recovery compensation or interim com-
pensation due to an applicant under this Act, the Special 
Administrator shall authorize payment to such applicant 
of the amount determined with respect to the applicant. 
(b) ALLOWABLE USES OF RECOVERY COMPENSA-
TION.— 
(1) IN
GENERAL.—An eligible applicant may 
use recovery compensation proceeds only for— 
(A) payroll costs; 
(B) costs related to the continuation of 
group health care benefits during periods of 
paid sick, medical, or family leave; 
(C) any insurance premiums; 
(D) employee salaries, commissions, or 
similar compensations, except that recovery 
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compensation may not be used for the com-
pensation of an individual employee in excess of 
an annual salary of $100,000, as prorated for 
the relevant compensation period; 
(E) payments of interest on any mortgage 
obligation (which shall not include any prepay-
ment of or payment of principal on a mortgage 
obligation); 
(F) rent (including rent under a lease 
agreement); 
(G) utilities; 
(H) loan repayment obligations incurred by 
the applicant pursuant to section 1102 of the 
Coronavirus Aid, Relief, and Economic Security 
Act (Public Law 116–136); 
(I) loan repayment obligations incurred by 
the applicant pursuant to a disaster loan au-
thorized under section 7(b) of the Small Busi-
ness Act (15 U.S.C. 636(b)); 
(J) interest on any other debt obligations 
that were incurred before March 1, 2020; and 
(K) Federal, State, and local tax obliga-
tions. 
(2) CERTIFICATION ON USE OF FUNDS.—As a 
condition for receipt of recovery compensation under 
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this Act, an eligible applicant shall make a good- 
faith certification that— 
(A) the uncertainty of economic conditions 
as of the date of the application makes nec-
essary the recovery compensation request to 
support the ongoing operations of the applicant; 
(B) the funds the applicant receives will be 
used to retain at least 90 percent of the appli-
cant’s workforce as of the date of application, 
at full compensation and benefits, for the period 
that they receive compensation; 
(C) the applicant intends to restore com-
pensation and benefits to not less than 75 per-
cent of the workforce of the applicant that ex-
isted as of March 1, 2020, no later than 4 
months after the termination date of the public 
health emergency declared by the Secretary of 
Health and Human Services on January 31, 
2020, under section 319 of the Public Health 
Service Act (42 U.S.C. 247d) in response to 
COVID–19; 
(D) the applicant is an entity or business 
that is created or organized in the United 
States or under the laws of the United States 
and has significant operations in, and a major-
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ity of its employees based in, the United States; 
and 
(E) the funds the applicant receives will 
not be used for a restricted purpose under sub-
section (c). 
(c) RESTRICTIONS.—The Special Administrator shall 
make a payment of recovery compensation to an applicant 
only if such applicant agrees— 
(1) until the date 12 months after the date on 
which the payment is made, not to repurchase an 
equity security that is listed on a national securities 
exchange of the applicant or any parent company of 
the applicant, except to the extent required under a 
contractual obligation that is in effect as of the date 
of enactment of this Act; 
(2) until the date 12 months after the date on 
which the payment is made, not to pay dividends or 
make other capital distributions with respect to the 
common stock of the applicant, during the eligible 
period a recipient that is an S corporation or pass-
through entity may provide a distribution to pay tax 
obligations; and 
(3) no funds received by the applicant may be 
used for payment of an expense to a foreign person 
which is a related party of the applicant to which a 
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deduction is allowable under chapter 1 of the Inter-
nal Revenue Code of 1986. 
(d) FINAL NETTING.— 
(1) IN
GENERAL.—Not later than 6 months 
after the end of an eligible applicant’s covered pe-
riod, an eligible applicant shall report, pursuant to 
rules prescribed by the Special Administrator, a final 
accounting of all eligible operating costs incurred 
during the covered period, and all eligible revenue 
received during the covered period. 
(2) REVIEW.—The Special Administrator shall 
determine, based on a report submitted under para-
graph (1), whether an applicant received any excess 
recovery compensation under this title during the 
covered period. 
(3) OVERPAYMENTS.—To the extent an eligible 
applicant received excess recovery compensation as 
determined by the Special Administrator, an eligible 
applicant shall return such excess recovery com-
pensation to the Treasury in a manner prescribed by 
the Special Administrator. 
(e) PAYMENT AUTHORITY.—This Act constitutes 
budget authority in advance of appropriations Acts and 
represents the obligation of the Federal Government to 
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provide for the payment of amounts for compensation 
under this Act. 
SEC. 7. REGULATIONS. 
Not later than 30 calendar days after the date of en-
actment of this Act, the Secretary, in consultation with 
the Special Administrator, shall promulgate regulations to 
carry out this Act, including regulations with respect to— 
(1) forms to be used in submitting applications 
under this Act; 
(2) the information to be included in such 
forms; 
(3) procedures to assist an applicant in filing 
and pursuing applications under this Act; 
(4) the amount of the fee paid by the Special 
Administrator for services provided under this Act; 
and 
(5) other matters determined appropriate by 
the Secretary. 
SEC. 
8. 
PROGRAM 
RENEWAL 
FOR 
RESURGENCE 
OF 
CORONAVIRUS THREAT. 
In the event that the Secretary determines that a re-
surgence of the COVID–19 threat has resulted in eco-
nomic conditions that warrant an extension or renewal of 
recovery compensation assistance to businesses under this 
Act, the Secretary shall— 
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(1) notify Congress of such determination no 
later than 2 calendar days after making such deter-
mination; and 
(2) direct the Special Administrator to accept 
new and updated applications for recovery com-
pensation under this Act. 
SEC. 9. SPECIAL INSPECTOR GENERAL FOR COVID–19 RE-
COVERY FUNDS. 
(a) OFFICE
OF INSPECTOR GENERAL.—There is 
hereby established within the Department of the Treasury 
the Office of the Special Inspector General for COVID– 
19 Recovery Funds. 
(b) APPOINTMENT
OF INSPECTOR GENERAL; RE-
MOVAL.— 
(1) IN GENERAL.—The head of the Office of 
the Special Inspector General for COVID–19 Recov-
ery Funds shall be the Special Inspector General for 
COVID–19 Recovery Funds (referred to in this sec-
tion as the ‘‘Special Inspector General’’), who shall 
be appointed by the President, by and with the ad-
vice and consent of the Senate. 
(2) NOMINATION.—The nomination of the Spe-
cial Inspector General shall be made on the basis of 
integrity and demonstrated ability in accounting, au-
diting, financial analysis, law, management analysis, 
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public administration, or investigations. The nomina-
tion of an individual as Special Inspector General 
shall be made within 30 calendar days of enactment 
of this Act. 
(3) REMOVAL.—The Special Inspector General 
shall be removable from office in accordance with 
the provisions of section 3(b) of the Inspector Gen-
eral Act of 1978 (5 U.S.C. App.), provided that such 
removal is made in concurrence with the Congres-
sional Oversight Board established under this Act. 
(4) POLITICAL ACTIVITY.—For purposes of sec-
tion 7324 of Act 5, United States Code, the Special 
Inspector General shall not be considered an em-
ployee who determines policies to be pursued by the 
United States in the nationwide administration of 
Federal law. 
(5) BASIC PAY.—The annual rate of basic pay 
of the Special Inspector General shall be the annual 
rate of basic pay for an Inspector General under sec-
tion 3(e) of the Inspector General Act of 1978 (5 
U.S.C. App.). 
(c) DUTIES.— 
(1) IN GENERAL.—It shall be the duty of the 
Special Inspector General to, in accordance with sec-
tion 4(b)(1) of the Inspector General Act of 1978 (5 
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U.S.C. App.), conduct, supervise, and coordinate au-
dits and investigations of the payment of recovery 
compensation by the Special Administrator under 
this Act, and the administration of the provisions of 
this Act by the Special Administrator, including by 
collecting and summarizing the following informa-
tion: 
(A) A listing of the eligible businesses re-
ceiving recovery compensation under this Act. 
(B) An explanation of the reasons the Spe-
cial Administrator determined it to be appro-
priate to make each recovery compensation de-
termination. 
(C) A listing of each contract the Special 
Administrator made with third-party service 
providers under this Act, including information 
with respect to the fees and the services being 
provided under such contracts. 
(D) A current, as of the date on which the 
information is collected, estimate of the total 
amount of recovery compensation payments 
made under this Act. 
(2) MAINTENANCE OF SYSTEMS.—The Special 
Inspector General shall establish, maintain, and 
oversee such systems, procedures, and controls as 
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initial determination by the Attorney General under 
section 6(f)(2) of that Act. 
(e) PERSONNEL, FACILITIES, AND
OTHER
RE-
SOURCES.— 
(1) APPOINTMENT OF OFFICERS AND EMPLOY-
EES.—The Special Inspector General may select, ap-
point, and employ such officers and employees as 
may be necessary for carrying out the duties of the 
Special Inspector General, subject to the provisions 
of title 5, United States Code, governing appoint-
ments in the competitive service, and the provisions 
of chapter 51 and subchapter III of chapter 53 of 
that title, relating to classification and General 
Schedule pay rates. 
(2) EXPERTS AND CONSULTANTS.—The Special 
Inspector General may obtain services as authorized 
under section 3109 of title 5, United States Code, 
at daily rates not to exceed the equivalent rate pre-
scribed for grade GS–15 of the General Schedule by 
section 5332 of that title. 
(3) CONTRACTS.—The Special Inspector Gen-
eral may enter into contracts and other arrange-
ments for audits, studies, analyses, and other serv-
ices with public agencies and with private persons 
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and make such payments as may be necessary to 
carry out the duties of the Inspector General. 
(4) REQUESTS FOR INFORMATION.— 
(A) IN
GENERAL.—Upon request of the 
Special Inspector General for information or as-
sistance from any department, agency, or other 
entity of the Federal Government, the head of 
that department, agency, or entity shall, to the 
extent practicable and not in contravention of 
any existing law, furnish that information or 
assistance to the Special Inspector General, or 
an authorized designee. 
(B) REFUSAL TO PROVIDE REQUESTED IN-
FORMATION.—Whenever information or assist-
ance requested by the Special Inspector General 
is, in the judgment of the Special Inspector 
General, unreasonably refused or not provided, 
the Special Inspector General shall report the 
circumstances to the appropriate committees of 
Congress without delay. 
(f) REPORTS.— 
(1) QUARTERLY REPORTS.— 
(A) IN GENERAL.—Not later than 60 cal-
endar days after the date on which the Special 
Inspector General is confirmed, and once every 
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calendar quarter thereafter, the Special Inspec-
tor General shall submit to the appropriate 
committees of Congress a report summarizing 
the activities of the Special Inspector General 
during the 3-month period ending on the date 
on which the Special Inspector General submits 
the report. 
(B) CONTENTS.—Each report submitted 
under subparagraph (A) shall include, for the 
period covered by the report, a detailed state-
ment of all recovery compensation payments 
made under this Act, as well as the information 
collected under subsection (c)(1). 
(2) RULE OF CONSTRUCTION.—Nothing in this 
subsection may be construed to authorize the public 
disclosure of information that is— 
(A) specifically prohibited from disclosure 
by any other provision of law; 
(B) specifically required by Executive order 
to be protected from disclosure in the interest 
of national defense or national security or in 
the conduct of foreign affairs; or 
(C) a part of an ongoing criminal inves-
tigation. 
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(g) AUTHORIZATION
OF APPROPRIATIONS.—There 
are authorized to be appropriated such sums as may be 
necessary to pay the administrative and support costs for 
the Special Inspector General to carry out this section. 
(h) TERMINATION.—The Office of the Special Inspec-
tor General shall terminate on the date that is 1 year after 
the closure of the Fund by the Special Administrator 
under this Act. 
(i) COUNCIL OF THE INSPECTORS GENERAL ON IN-
TEGRITY AND EFFICIENCY.—The Special Inspector Gen-
eral shall be a member of the Council of the Inspectors 
General on Integrity and Efficiency established under sec-
tion 11 of the Inspector General Act of 1978 (5 U.S.C. 
App.) until the date of termination of the Office of the 
Special Inspector General. 
(j) CORRECTIVE
RESPONSES
TO
AUDIT
PROB-
LEMS.—The Secretary shall— 
(1) take action to address deficiencies identified 
by a report or investigation of the Special Inspector 
General; or 
(2) with respect to a deficiency identified under 
paragraph (1), certify to the Committee on Banking, 
Housing, and Urban Affairs of the Senate, the Com-
mittee on Finance of the Senate, the Committee on 
Financial Services of the House of Representatives, 
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and the Committee on Ways and Means of the 
House of Representatives that no action is necessary 
or appropriate. 
SEC. 10. CONGRESSIONAL OVERSIGHT BOARD. 
(a) ESTABLISHMENT.—There is hereby established 
the Congressional Oversight Board (hereafter in this sec-
tion referred to as the ‘‘Oversight Board’’) as an establish-
ment in the legislative branch. 
(b) DUTIES.— 
(1) IN GENERAL.—The Oversight Board shall— 
(A) conduct oversight of the implementa-
tion of this Act by the Department of the 
Treasury, including efforts of the Special Ad-
ministrator to provide economic support for 
businesses as a result of the coronavirus disease 
2019 (COVID–19) pandemic of 2020; 
(B) submit to Congress reports under 
paragraph (2); and 
(C) review the implementation of this Act 
by the Federal Government. 
(2) REGULAR REPORTS.— 
(A) IN GENERAL.—Reports of the Over-
sight Board shall include the following: 
(i) The use by the Special Adminis-
trator of authority under this Act, includ-
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