section 433(j)(5)(D)) of such Code), the amount de-
scribed in 433(j)(1)(B) of such Code. 
(3) 
COORDINATION
WITH
OTHER
ASSIST-
ANCE.—Such term shall not include any amount 
taken into account in determining any loan amount 
forgiven under section 1106 or 1109(d)(1)(D) of the 
Coronavirus Aid, Relief, and Economic Security Act. 
(4) APPLICABLE RETIREMENT PLAN.— 
(A) IN GENERAL.—For purposes of this 
section, the term ‘‘applicable retirement plan’’ 
means any plan, annuity contract, pension, or 
account described in clause (i), (ii), (iv), (v), or 
(vi) of section 219(g)(5)(A) of such Code (other 
than a governmental plan (within the meaning 
of section 414(d))). 
(B) PLANS
WITH
CONTRIBUTION
LEVEL 
REDUCTION
NOT
ELIGIBLE.—Such term shall 
not include any plan, annuity contract, pension, 
or account which for any plan year which in-
cludes the taxable year— 
(i) is amended after December 31, 
2019, to reduce allocations or benefit ac-
cruals; or 
(ii) in any case in which the employer 
has discretion over allocations, has a rate 
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of contribution for any class of employees 
that includes an employee who is not a 
highly compensated employee which is less 
than the greater of— 
(I) the rate of contribution for 
such class for the last plan year end-
ing before January 1, 2019; or 
(II) the rate of contribution for 
such class for the last plan year end-
ing before January 1, 2020. 
For purposes of the preceding sentence, the 
rate of contribution shall be expressed as a per-
centage of compensation (as defined for the 
plan year for which such rate is being deter-
mined). 
(d) OTHER DEFINITIONS AND SPECIAL RULES.—For 
purposes of this section— 
(1) ELIGIBLE EMPLOYER.— 
(A) IN GENERAL.—The term ‘‘eligible em-
ployer’’ means any employer— 
(i) that has a temporary substantial 
business hardship (within the meaning of 
section 412(c)(2) of such Code) for the 
taxable year; and 
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pbinns on DSKJLVW7X2PROD with BILLS
(ii) in the case of employer that is not 
a tax-exempt or cooperative organization, 
the gross receipts (within the meaning of 
section 448(c) of the Internal Revenue 
Code of 1986) of which during the pre-
ceding taxable year were not more than 
$41,500,000. 
(B) PRE-GUIDANCE
DETERMINATION
OF 
HARDSHIP.—In the case of any determination 
of the credit under subsection (a) prior to the 
issuance of guidance by the Secretary of the 
Treasury as to what constitutes a temporary 
substantial business hardship under subpara-
graph (A), the taxpayer may rely on a reason-
able good faith determination of whether such 
a hardship exists. 
(2) TAX-EXEMPT OR COOPERATIVE ORGANIZA-
TION.—The term ‘‘tax exempt or cooperative organi-
zation’’ means— 
(A) any organization exempt from tax 
under chapter 1 of the Internal Revenue Code 
of 1986; 
(B) any organization to which subchapter 
T of chapter 1 of such Code applies; or 
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(C) any organization described in section 
1381(a)(2)(C) of such Code. 
(3) RECAPTURE.—In the case of an employer 
allowed a credit under this section for a taxable year 
with respect to an applicable retirement plan, if such 
plan fails to meet the requirements of subsection 
(c)(4)(B) for the following taxable year, then the tax 
of the taxpayer under chapter 1 of such Code for 
such following taxable year shall be increased by an 
amount equal to the amount of the credit so allowed. 
(4) AGGREGATION RULES.—All employees who 
are treated as employed by a single employer under 
subsections (b), (c), (m), and (o) of section 414 of 
such Code shall be treated as employed by a single 
employer for purposes of this section. In the case of 
a plan maintained by more than one employer, each 
such employer shall be treated separately for pur-
poses of this section. 
(5) THIRD-PARTY PAYORS.—Any credit allowed 
under this section shall be treated as a credit de-
scribed in section 3511(d)(2) of such Code. 
(e) CREDIT REFUNDABLE FOR TAX-EXEMPT AND 
COOPERATIVE EMPLOYERS.—In the case of an employer 
that is a tax exempt or cooperative organization, the credit 
allowed under this section shall be treated as a credit al-
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lowed under subpart C of part IV of subchapter A of chap-
ter 1 of such Code. Section 512(c)(12)(A) of such Code 
shall be applied without taking into account any such cred-
it as income. 
(f) APPLICATION OF SECTION.—This section shall 
apply to the taxable year of any taxpayer that includes 
June 30, 2020, and such taxpayer’s first succeeding tax-
able year. 
Æ 
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