(1) while the United States is committed to 
promoting cultural and technological exchange with 
other countries, it is our responsibility to protect the 
United States when channels for such exchange are 
exploited by adversaries; and 
(2) the People’s Republic of China consistently 
seeks to exploit those channels, not only in its theft 
of intellectual property but also in its manipulation 
of lawful acquisition of companies in the United 
States in ways that directly support its military ob-
jectives and threaten those of the United States. 
SEC. 3. GUARANTEES. 
(a) IN GENERAL.—The Secretary of the Treasury is 
authorized to make guarantees to investors to cover up 
to 50 percent of the costs of an investment in an eligible 
business made during the emergency period (as defined 
in paragraph (1)(B) of section 1135(g) of the Social Secu-
rity Act (42 U.S.C. 1320b–5(g))). 
(b) CRITERIA FOR AWARDING GUARANTEES.— 
(1) IN GENERAL.—In making guarantees pur-
suant to subsection (a), the Secretary of the Treas-
ury shall, in consultation with the Secretary of De-
fense and the Secretary of Commerce, establish cri-
teria to award guarantees to investors. 
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(2) NATIONAL SECURITY INTEREST.—In estab-
lishing the criteria under paragraph (1), the Sec-
retary of the Treasury shall, in consultation with the 
Secretary of Defense and the Secretary of State, de-
termine 
which 
eligible 
businesses 
should 
be 
prioritized based on the objectives of the 2018 Na-
tional Defense Strategy. 
(3) REPORT
REQUIRED.—Not later than 15 
days after the date of the enactment of this Act, the 
Secretary of the Treasury, the Secretary of Defense, 
and the Secretary of Commerce shall jointly submit 
to Congress a report outlining the criteria estab-
lished under paragraph (1). 
(c) FUNDING.—In carrying out this section, the Sec-
retary of the Treasury shall redirect, from the funds avail-
able under section 4003(b)(4) of the CARES Act (Public 
Law 116–136), $10,000,000,000 to fund the guarantees 
under subsection (a). 
(d) DURATION.—The Secretary of the Treasury may 
make the guarantees authorized under subsection (a) dur-
ing the period beginning on the date of the submission 
of the report required under subsection (b)(3) and ending 
on the date that is 1 year after the date of the enactment 
of this Act. 
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(e) LIMITATIONS.—With respect to an investment 
guaranteed under this section by an investor in an eligible 
business, if such business fails— 
(1) such investor may only receive monetary 
compensation for up to 3 years after the last day of 
the emergency period (as defined in paragraph 
(1)(B) of section 1135(g) of the Social Security Act 
(42 U.S.C. 1320b–5(g))), if the reason for the fail-
ure of such business is reasonably related to issues 
stemming from COVID–19; and 
(2) the Secretary of the Treasury shall deter-
mine how much money such investor may recover 
and whether such investor may recover money before 
or after the liquidation of such business. 
(f) ELIGIBLE BUSINESS DEFINED.—In this section, 
the term ‘‘eligible business’’ means a company that— 
(1) incurred losses as a result of COVID–19; 
(2) advances a national security interest; and 
(3) is susceptible to being purchased by an enti-
ty from, associated with, or located within China (as 
defined in paragraph (1)(B) of section 1135(g) of 
the Social Security Act (42 U.S.C. 1320b–5(g))). 
Æ 
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