Title: A bill to appropriate additional amounts to provide loans under the paycheck protection program to community development financial institutions and minority depository institutions, and for other purposes.
Policy area: Commerce

Summary:
This bill modifies and provides additional funding for the Paycheck Protection Program established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019).
Specifically, the bill provides an additional $10 billion to guarantee paycheck protection loans, $7.5 billion of which shall be for small loans made by community development financial institutions or minority depository institutions.
The bill also

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 3702 Introduced in Senate (IS)]

<DOC>






116th CONGRESS
  2d Session
                                S. 3702

 To appropriate additional amounts to provide loans under the paycheck 
protection program to community development financial institutions and 
       minority depository institutions, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                              May 12, 2020

    Ms. Duckworth (for Mr. Markey (for himself and Ms. Duckworth)) 
introduced the following bill; which was read twice and referred to the 
            Committee on Small Business and Entrepreneurship

_______________________________________________________________________

                                 A BILL


 
 To appropriate additional amounts to provide loans under the paycheck 
protection program to community development financial institutions and 
       minority depository institutions, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. APPROPRIATIONS FOR CDFIS AND MINORITY DEPOSITORY 
              INSTITUTIONS UNDER THE PAYCHECK PROTECTION PROGRAM.

    (a) Definitions.--In this section--
            (1) the term ``community development financial 
        institution'' has the meaning given the term in section 103 of 
        the Riegle Community Development and Regulatory Improvement Act 
        of 1994 (12 U.S.C. 4702); and
            (2) the term ``minority depository institution'' has the 
        meaning given the term in section 308 of the Financial 
        Institutions Reform, Recovery, and Enforcement Act of 1989 (12 
        U.S.C. 1463 note).
    (b) Additional Appropriations.--
            (1) In general.--There is appropriated, out of amounts in 
        the Treasury not otherwise appropriated, for the fiscal year 
        ending September 30, 2020, to remain available until expended, 
        for an additional amount $10,000,000,000 under the heading 
        ``Small Business Administration--Business Loans Program 
        Account, CARES Act'' for the cost of guaranteed loans as 
        authorized under section 7(a)(36) of the Small Business Act (15 
        U.S.C. 636(a)(36)) made on or after the date of enactment of 
        this Act by community development financial institutions or 
        minority depository institutions under that section.
            (2) Set aside.--Of amounts appropriated under paragraph 
        (1)--
                    (A) $5,000,000,000 shall be for loans of less than 
                $150,000 made by community development financial 
                institutions or minority depository institutions under 
                section 7(a)(36) of the Small Business Act (15 U.S.C. 
                636(a)(36)); and
                    (B) $2,500,000,000 shall be for loans of less than 
                $75,000 made by community development financial 
                institutions or minority depository institutions under 
                section 7(a)(36) of the Small Business Act (15 U.S.C. 
                636(a)(36)).
            (3) Commitment level.--Section 1102(b)(1) of the CARES Act 
        (Public Law 116-136) is amended by striking 
        ``$659,000,000,000'' and inserting ``$669,000,000,000''.
    (c) Technical Assistance.--
            (1) Grant program.--The Secretary of the Treasury shall 
        establish a grant program to provide management and technical 
        assistance to community development financial institutions and 
        minority depository institutions making loans under section 
        7(a)(36) of the Small Business Act (15 U.S.C. 636(a)(36)) for 
        which the average loan amount is less than $50,000.
            (2) Direct appropriations.--There is appropriated to the 
        Secretary of the Treasury, out of amounts in the Treasury not 
        otherwise appropriated, for the fiscal year ending September 
        30, 2020, to remain available until expended, $100,000,000 to 
        provide grants under paragraph (1).
    (d) Certified CDFIs as Lenders Under the Paycheck Protection 
Program.--Section 7(a)(36)(F) of the Small Business Act (15 U.S.C. 
636(a)(36)(F)) is amended by adding at the end the following:
                            ``(vi) Certified cdfis as lenders.--
                                    ``(I) Definition.--In this clause, 
                                the term `certified community 
                                development financial institution' 
                                means an entity that is certified as a 
                                community development financial 
                                institution by the Community 
                                Development Financial Institutions Fund 
                                established under section 104(a) of the 
                                Riegle Community Development and 
                                Regulatory Improvement Act of 1994 (12 
                                U.S.C. 4703(a)).
                                    ``(II) Lenders under program.--A 
                                certified community development 
                                financial institution shall have the 
                                authority to make and approve covered 
                                loans.''.

SEC. 2. AMENDMENTS TO PAYCHECK PROTECTION PROGRAM AND LOAN FORGIVENESS.

    (a) Covered Loan Period.--Section 7(a)(36)(A)(iii) of the Small 
Business Act (15 U.S.C. 636(a)(36)(A)(iii)) is amended by striking 
``June 30, 2020'' and inserting ``December 31, 2020''.
    (b) Covered Period for Loan Forgiveness and Rehires.--Section 1106 
of the CARES Act (Public Law 116-136) is amended--
            (1) in subsection (a)(3), by striking ``8-week'' and 
        inserting ``24-week''; and
            (2) in subsection (d)(5)(B), by striking ``June 30, 2020'' 
        each place that term appears and inserting ``December 31, 
        2020''.

SEC. 3. REPORTING ON PAYCHECK PROTECTION PROGRAM LOANS.

    (a) Definitions.--In this section--
            (1) the terms ``Administration'' and ``Administrator'' mean 
        the Small Business Administration and the Administrator 
        thereof, respectively; and
            (2) the terms ``covered loan'' and ``eligible recipient'' 
        have the meanings given those terms in section 7(a)(36)(A) of 
        the Small Business Act (15 U.S.C. 636(a)(36)(A)).
    (b) Data Collection.--With respect to each covered loan approved 
under section 7(a)(36) of the Small Business Act (15 U.S.C. 
636(a)(36)), the Administrator shall collect data on the eligible 
recipient of the covered loan, which shall include the gender, race, 
ethnicity, sex, age, Tribal affiliation, socioeconomic status, and 
disability status of each eligible recipient.
    (c) Publication.--
            (1) In general.--The Administrator shall make publicly 
        available on the website of the Administration, in a 
        disaggregated format, the data collected under subsection (b), 
        which shall be updated not later than 7 days after the date on 
        which a covered loan is approved.
            (2) Privacy considerations.--In publishing the data under 
        paragraph (1), the Administrator shall take all necessary steps 
        to protect the privacy of individuals whose personally 
        identifiable information is included in that data.

SEC. 4. APPROPRIATIONS FOR CDFI FUND.

    (a) Definitions.--In this section--
            (1) the term ``Administrator'' means the Administrator of 
        the Fund;
            (2) the term ``community development financial 
        institution'' has the meaning given the term in section 103 of 
        the Riegle Community Development and Regulatory Improvement Act 
        of 1994 (12 U.S.C. 4702); and
            (3) the term ``Fund'' means the Community Development 
        Financial Institutions Fund established under section 104(a)(1) 
        of the Community Development Banking and Financial Institutions 
        Act of 1994 (12 U.S.C. 4703(a)(1)).
    (b) Appropriation.--Subject to subsections (c) and (d), there is 
appropriated to the Fund, out of amounts in the Treasury not otherwise 
appropriated, $1,000,000,000 for fiscal year 2020, to remain available 
until expended.
    (c) Requirements.--In providing assistance from the Fund using 
amounts appropriated under subsection (b), the Administrator shall--
            (1) give priority to minority-led community development 
        financial institutions or community development financial 
        institutions with demonstrable records of serving communities 
        of color to promote economic recovery, including operational 
        support, due to the impact of the novel Coronavirus (COVID-19);
            (2) determine the criteria for the selection of 
        organizations to receive awards from the Fund; and
            (3) make funds available not later than 60 days after the 
        date of enactment of this Act.
    (d) Transfer.--Amounts appropriated under subsection (b) may be 
transferred to and merged with amounts provided for administrative 
expenses of the Fund under the heading ``Community Development 
Financial Institutions Fund Program Account'', including administration 
of Fund programs and the New Markets Tax Credit Program.

SEC. 5. EMERGENCY DESIGNATION.

    (a) In General.--The amounts provided under this Act are designated 
as an emergency requirement pursuant to section 4(g) of the Statutory 
Pay-As-You-Go Act of 2010 (2 U.S.C. 933(g)).
    (b) Designation in Senate.--In the Senate, this Act is designated 
as an emergency requirement pursuant to section 4112(a) of H. Con. Res. 
71 (115th Congress), the concurrent resolution on the budget for fiscal 
year 2018.
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