Title: COVID–19 Youth Sports and Healthy Working Families Relief Act
Policy area: Commerce

Summary:
COVID-19 Youth Sports and Healthy Working Families Relief Act
This bill establishes measures to provide economic assistance to youth sports providers, programs, and organizations in response to COVID-19 (i.e., coronavirus disease 2019).
Specifically, the bill (1) requires the Small Business Administration to establish a loan program for youth sports providers affected by COVID-19, (2) expands the Child and Dependent Care Tax Credit to include expenses for youth physical activities, (3) makes certain sports and fitness expenses eligible to be paid for with Health Savings Accounts and Flexible Spending Accounts (FSAs), and (4) increases the maximum contribution per household for Dependent Care FSAs.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7562 Introduced in House (IH)]

<DOC>






116th CONGRESS
  2d Session
                                H. R. 7562

To amend the Internal Revenue Code of 1986 to provide for youth sports, 
 to amend the Small Business Act to establish a loan program for youth 
               sports providers, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              July 9, 2020

Mr. Rose of New York (for himself, Mr. Fitzpatrick, Mr. Gottheimer, Mr. 
Cisneros, Ms. Clarke of New York, Mrs. Davis of California, Ms. Norton, 
   Mr. Gonzalez of Texas, Mr. Michael F. Doyle of Pennsylvania, Ms. 
  Scanlon, Mr. Veasey, Mr. Raskin, Ms. Schakowsky, and Ms. Sewell of 
   Alabama) introduced the following bill; which was referred to the 
Committee on Ways and Means, and in addition to the Committee on Small 
Business, for a period to be subsequently determined by the Speaker, in 
   each case for consideration of such provisions as fall within the 
                jurisdiction of the committee concerned

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to provide for youth sports, 
 to amend the Small Business Act to establish a loan program for youth 
               sports providers, 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. SHORT TITLE.

    This Act may be cited as the ``COVID-19 Youth Sports and Healthy 
Working Families Relief Act''.

SEC. 2. MODIFICATION OF CHILD AND DEPENDENT CARE TAX CREDIT.

    (a) Allowance of Expenses for Youth Physical Activities.--Section 
21(b)(2)(A) of the Internal Revenue Code of 1986 is amended by striking 
``and'' at the end of clause (i), by striking the period at the end of 
clause (ii) and inserting ``, and'', and by inserting after clause (ii) 
the following:
                            ``(iii) expenses for youth physical 
                        activities (within the meaning of section 
                        223(d)(5)).''.
    (b) Exception to Camp Rule.--Section 21(b)(2)(A) of such Code (as 
amended by subsection (a)) is amended by striking ``Such term'' and 
inserting ``Except as provided by clause (iii), such term''.
    (c) Dollar Limitations.--Section 221(c) of such Code is amended to 
read as follows:
    ``(c) Dollar Limit on Amount Creditable.--The amount of the 
employment-related expenses incurred during any taxable year which may 
be taken into account under subsection (a) shall not exceed--
            ``(1) if there is 1 qualifying individual with respect to 
        the taxpayer for such taxable year, the sum of--
                    ``(A) $3,000 of so much of employment-related 
                expenses as are described in clauses (i) and (ii) of 
                subsection (b)(2)(A), and
                    ``(B) $6,000 of so much of employment-related 
                expenses as are described in clause (iii) of subsection 
                (b)(2)(A), or
            ``(2) if there are 2 or more qualifying individuals with 
        respect to the taxpayer for such taxable year, the sum of--
                    ``(A) $6,000 of so much of employment-related 
                expenses as are described in clauses (i) and (ii) of 
                subsection (b)(2)(A), and
                    ``(B) $12,000 of so much of employment-related 
                expenses as are described in clause (iii) of subsection 
                (b)(2)(A).
The amounts determined under subparagraphs (A) and (B) of paragraph (1) 
or (2) (whichever is applicable) shall each be reduced by the aggregate 
amount for the same categories of expenses excludable from gross income 
under section 129 for the taxable year.''.
    (d) Refundable.--Section 21(e) of such Code is amended by adding at 
the end the following:
            ``(11) Credit refundable for 2020.--In the case of a 
        taxable year beginning in calendar year 2020, the credit 
        allowed under subsection (a) (determined without regard to this 
        paragraph and section 26(a)) shall be treated as a credit 
        allowable under subpart C (and not allowed under subsection 
        (a)).''.
    (e) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2019.

SEC. 3. INCREASE IN DOLLAR AMOUNT OF ELECTION FOR DEPENDENT CARE 
              FLEXIBLE SPENDING ARRANGEMENTS.

    (a) In General.--Section 125 of the Internal Revenue Code of 1986 
is amended by redesignating subsections (k) and (l) as subsections (l) 
and (m) and inserting after subsection (j) the following:
    ``(k) Limitation on Dependent Care Flexible Spending 
Arrangements.--
            ``(1) In general.--For purposes of this section, if a 
        benefit is provided under a cafeteria plan through employer 
        contributions to a dependent care flexible spending 
        arrangement, such benefit shall not be treated as a qualified 
        benefit unless the cafeteria plan provides that an employee may 
        not elect for any taxable year to have salary reduction 
        contributions in excess of $10,000 made to such arrangement for 
        each dependent under such arrangement.
            ``(2) Single parent.--In the case that the employee is an 
        individual who is not married as of the beginning of the 
        taxable year for which the employee elects to participate in 
        the arrangement, paragraph (1) shall be applied by substituting 
        `$12,000' for `$10,000'.''.
    (b) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2019.

SEC. 4. YOUTH AND FAMILY PHYSICAL ACTIVITIES.

    (a) In General.--Paragraph (1) of section 213(d) of the Internal 
Revenue Code of 1986 is amended by striking ``or'' at the end of 
subparagraph (C), by striking the period at the end of subparagraph (D) 
and inserting ``, or'', and by inserting after subparagraph (D) the 
following new subparagraph:
                    ``(E) for qualified sports and fitness expenses.''.
    (b) Qualified Sports and Fitness Expenses.--Subsection (d) of 
section 213 of the Internal Revenue Code of 1986 is amended by adding 
at the end the following new paragraph:
            ``(12) Qualified sports and fitness expenses.--
                    ``(A) In general.--The term `qualified sports and 
                fitness expenses' means amounts paid exclusively for 
                the sole purpose of participating in a physical 
                activity including--
                            ``(i) for membership at a fitness facility,
                            ``(ii) for participation or instruction in 
                        physical exercise or physical activity, or
                            ``(iii) for equipment used in a program 
                        (including a self-directed program) of physical 
                        exercise or physical activity.
                    ``(B) Overall dollar limitation.--The aggregate 
                amount treated as qualified sports and fitness expenses 
                with respect to any taxpayer for any taxable year shall 
                not exceed $1,000 ($2,000 in the case of a joint return 
                or a head of household (as defined in section 2(b))).
                    ``(C) Fitness facility.--For purposes of 
                subparagraph (A)(i), the term `fitness facility' means 
                a facility--
                            ``(i) which provides instruction in a 
                        program of physical exercise, offers facilities 
                        for the preservation, maintenance, 
                        encouragement, or development of physical 
                        fitness, or serves as the site of such a 
                        program of a State or local government,
                            ``(ii) which is not a private club owned 
                        and operated by its members,
                            ``(iii) which does not offer golf, hunting, 
                        sailing, or riding facilities,
                            ``(iv) the health or fitness component of 
                        which is not incidental to its overall function 
                        and purpose, and
                            ``(v) which is fully compliant with the 
                        State of jurisdiction and Federal anti-
                        discrimination laws.
                    ``(D) Treatment of exercise videos, etc.--Videos, 
                books, and similar materials shall be treated as 
                described in subparagraph (A)(ii) if the content of 
                such materials constitutes instruction in a program of 
                physical exercise or physical activity.
                    ``(E) Limitations related to sports and fitness 
                equipment.--Amounts paid for equipment described in 
                subparagraph (A)(iii) shall be treated as qualified 
                sports and fitness expenses only--
                            ``(i) if such equipment is utilized 
                        exclusively for participation in fitness, 
                        exercise, sport, or other physical activity,
                            ``(ii) in the case of amounts paid for 
                        apparel or footwear, if such apparel or 
                        footwear is of a type that is necessary for, 
                        and is not used for any purpose other than, a 
                        specific physical activity, and
                            ``(iii) in the case of amounts paid for any 
                        single item of sports equipment (other than 
                        exercise equipment), to the extent such amounts 
                        do not exceed $250.
                    ``(F) Programs which include components other than 
                physical exercise and physical activity.--Rules similar 
                to the rules of paragraph (6) shall apply in the case 
                of any program that includes physical exercise or 
                physical activity and also other components. For 
                purposes of the preceding sentence, travel and 
                accommodations shall be treated as a separate 
                component.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after the date of the enactment of 
this Act.

SEC. 5. YOUTH SPORT PROVIDERS LOAN PROGRAM.

    (a) Definitions.--In this section, the terms ``Administration'' and 
``Administrator'' mean the Small Business Administration and the 
Administrator thereof, respectively.
    (b) In General.--Section 7(a) of the Small Business Act (15 U.S.C. 
636(a)) is amended--
            (1) in paragraph (2)--
                    (A) in subparagraph (A), in the matter preceding 
                clause (i), by striking ``and (F)'' and inserting 
                ``(F), and (G)''; and
                    (B) by adding at the end the following:
                    ``(G) Participation in the youth sports provider 
                loan program.--In an agreement to participate in a loan 
                on a deferred basis under paragraph (37), the 
                participation by the Administration shall be 100 
                percent.''; and
            (2) by adding at the end the following:
            ``(37) Youth sports provider loan program.--
                    ``(A) Definitions.--In this paragraph--
                            ``(i) the terms `appropriate Federal 
                        banking agency' and `insured depository 
                        institution' have the meanings given those 
                        terms in section 3 of the Federal Deposit 
                        Insurance Act (12 U.S.C. 1813);
                            ``(ii) the term `covered loan' means a loan 
                        made under this paragraph during the covered 
                        period;
                            ``(iii) the term `covered period' means the 
                        period beginning on March 1, 2020, and ending 
                        on December 31, 2020;
                            ``(iv) the term `eligible recipient' means 
                        an individual or entity that is a youth sports 
                        provider and is eligible to receive a covered 
                        loan;
                            ``(v) 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);
                            ``(vi) the term `high priority area' means 
                        a geographic area for which an eligible 
                        recipient is a small business concern owned and 
                        controlled by socially and economically 
                        disadvantaged individuals, a small business 
                        concern owned and controlled by women, or a 
                        small business concern owned and controlled by 
                        veterans--
                                    ``(I) working in or attracting 
                                youth participants from low income, 
                                underserved, or rural communities 
                                (based on ZIP code);
                                    ``(II) working with populations 
                                disproportionately affected by COVID-19 
                                (based on ZIP code); and
                                    ``(III) working with populations of 
                                youth that already have low access to 
                                quality sports programs;
                            ``(vii) the term `insured credit union' has 
                        the meaning given the term in section 101 of 
                        the Federal Credit Union Act (12 U.S.C. 1752);
                            ``(viii) the term `nonprofit organization' 
                        means an organization that is described in 
                        section 501(c)(3) of the Internal Revenue Code 
                        of 1986 and that is exempt from taxation under 
                        section 501(a) of such Code;
                            ``(ix) the term `operating losses' means 
                        regular operating expenses accrued since 
                        January 1, 2020, through the date of the loan 
                        application since January 1, 2020, minus 
                        revenue generated over that period;
                            ``(x) the term `regular operating 
                        expenses'--
                                    ``(I) means expenses incurred in 
                                the regular operations of business and 
                                includes--
                                            ``(aa) payroll costs (as 
                                        defined in paragraph (36));
                                            ``(bb) other expenses 
                                        relating to workforce support, 
                                        including 1099-MISC contractors 
                                        and volunteers, such as 
                                        contractor fees for services, 
                                        training, background 
                                        screenings, or insurance;
                                            ``(cc) regular or necessary 
                                        facilities maintenance and 
                                        upkeep;
                                            ``(dd) supplies or 
                                        materials that due to their 
                                        nature are unusable at a future 
                                        date and maintain only a 
                                        nominal value;
                                            ``(ee) overhead expenses 
                                        for events or programs 
                                        cancelled due to COVID-19 that 
                                        are not reimbursable through 
                                        insurance or other means, such 
                                        as nonreimbursable deposits and 
                                        cancellation fees;
                                            ``(ff) rent (including rent 
                                        under a lease agreement);
                                            ``(gg) payments of interest 
                                        or mandatory principal payment 
                                        on any mortgage obligation 
                                        (which shall not include any 
                                        prepayment of principal or 
                                        interest on a mortgage 
                                        obligation);
                                            ``(hh) utilities;
                                            ``(ii) interest or 
                                        mandatory principal payment on 
                                        any other debt obligations that 
                                        were incurred before the 
                                        covered period (which shall not 
                                        include any prepayment of 
                                        principal or interest on a debt 
                                        obligation);
                                            ``(jj) marketing;
                                            ``(kk) insurance; or
                                            ``(ll) any other 
                                        operational expenses, including 
                                        program fee refunds, costs for 
                                        referees or sports officials, 
                                        software and technology, 
                                        equipment, and supplies or 
                                        materials that due to their 
                                        nature are unusable at a future 
                                        date and maintain only a 
                                        nominal value; and
                                    ``(II) does not include--
                                            ``(aa) expenses permitted 
                                        to be reimbursed under contract 
                                        or otherwise reimbursable;
                                            ``(bb) expenses 
                                        reimbursable under currently 
                                        held insurance; or
                                            ``(cc) any compensation of 
                                        an employee whose principal 
                                        place of residence is outside 
                                        of the United States;
                            ``(xi) the term `youth sports provider'--
                                    ``(I) means any entity or 
                                organization that has a primary purpose 
                                to provide direct sports programming or 
                                sports events to youth 18 and under, 
                                including--
                                            ``(aa) sports-based youth 
                                        development organizations;
                                            ``(bb) interscholastic 
                                        sports programs;
                                            ``(cc) youth sports 
                                        providers such as coaches, 
                                        trainers, and instructors; and
                                            ``(dd) youth sport league, 
                                        camp, or event providers; and
                            ``(xii) the term `veterans organization' 
                        means an organization that is described in 
                        section 501(c)(19) of the Internal Revenue Code 
                        that is exempt from taxation under section 
                        501(a) of such code.
                    ``(B) Covered loans.--
                            ``(i) Youth sports provider loans.--Except 
                        as otherwise provided in this paragraph, the 
                        Administrator may guarantee covered loans under 
                        the same terms, conditions, and processes as a 
                        loan made under this subsection.
                            ``(ii) Delegated authority.--For purposes 
                        of making covered loans under this paragraph, a 
                        lender approved to make loans under this 
                        subsection shall be deemed to have been 
                        delegated authority by the Administrator to 
                        make and approve covered loans, subject to the 
                        provisions of this paragraph.
                            ``(iii) Additional lenders.--The authority 
                        to make loans under this paragraph shall be 
                        extended to additional lenders determined by 
                        the Administrator and the Secretary of the 
                        Treasury to have the necessary qualifications 
                        to process, close, disburse, and service loans 
                        made with the guarantee of the Administration.
                            ``(iv) Refinance.--A loan made under 
                        subsection (b)(2) during the period beginning 
                        on January 31, 2020, and ending on the date on 
                        which covered loans are made available may be 
                        refinanced as part of a covered loan.
                            ``(v) Nonrecourse.--Notwithstanding the 
                        waiver of the personal guarantee requirement or 
                        collateral under subparagraph (J), the 
                        Administrator shall have no recourse against 
                        any individual shareholder, member, or partner 
                        of an eligible recipient of a covered loan for 
                        nonpayment of any covered loan, except to the 
                        extent that such shareholder, member, or 
                        partner uses the covered loan proceeds for a 
                        purpose not authorized under clause (ii).
                    ``(C) Registration of loans.--Not later than 15 
                days after the date on which a loan is made under this 
                paragraph, the Administration shall register the loan 
                using the TIN (as defined in section 7701 of the 
                Internal Revenue Code of 1986) assigned to the 
                borrower.
                    ``(D) Eligibility for certain small businesses and 
                organizations.--
                            ``(i) In general.--During the covered 
                        period, any youth sports provider business 
                        concern, nonprofit organization, veterans 
                        organization, or Tribal business concern 
                        described in section 31(b)(2)(C) shall be 
                        eligible to receive a covered loan if the youth 
                        sports provider concern or organization employs 
                        not more than 500 full-time employees. An 
                        eligible recipient applying for a covered loan 
                        shall make a good faith certification--
                                    ``(I) that the uncertainty of 
                                current economic conditions makes 
                                necessary the loan request to support 
                                the ongoing operations of the eligible 
                                recipient;
                                    ``(II) that the eligible recipient 
                                provides direct sports programming or 
                                sports events to youth 18 and under;
                                    ``(III) that the eligible recipient 
                                does not have an application pending 
                                for a loan under this subsection for 
                                the same purpose and duplicative of 
                                amounts applied for or received under a 
                                covered loan; and
                                    ``(IV) during the period beginning 
                                on February 15, 2020, and ending on 
                                December 31, 2020, that the eligible 
                                recipient has not received amounts 
                                under this subsection for the same 
                                purpose that when added to the applied 
                                for loan amount under this program will 
                                exceed $2 million.
                            ``(ii) Inclusion of sole proprietors, 
                        independent contractors, and eligible self-
                        employed individuals.--
                                    ``(I) In general.--During the 
                                covered period, individuals who operate 
                                under a sole proprietorship or as an 
                                independent contractor and eligible 
                                self-employed individuals shall be 
                                eligible to receive a covered loan.
                                    ``(II) Documentation.--An eligible 
                                self-employed individual, independent 
                                contractor, or sole proprietorship 
                                seeking a covered loan shall submit 
                                such documentation as is necessary to 
                                establish such individual as eligible, 
                                including payroll tax filings reported 
                                to the Internal Revenue Service, Forms 
                                1099-MISC, and income and expenses from 
                                the sole proprietorship, as determined 
                                by the Administrator and the Secretary.
                            ``(iii) Payroll protection program 
                        eligibility.--No youth sports provider that 
                        received a covered loan under paragraph (36) 
                        shall be deemed ineligible for a covered loan 
                        under this paragraph.
                            ``(iv) Employee.--For purposes of 
                        determining whether a youth sports provider 
                        business concern, nonprofit organization, 
                        veterans organization, or Tribal business 
                        concern described in section 31(b)(2)(C) 
                        employs not more than 500 employees under 
                        clause (i)(I), the term `employee' includes 
                        individuals employed on a full-time basis.
                            ``(v) Affiliation.--The provisions 
                        applicable to affiliations under section 
                        121.103 of title 13, Code of Federal 
                        Regulations, or any successor thereto, shall 
                        not apply with respect to a nonprofit 
                        organization and a veterans organization in the 
                        same manner as with respect to a small business 
                        concern.
                    ``(E) Maximum loan amount.--
                            ``(i) Allocation.--During the covered 
                        period, with respect to a covered loan, the 
                        maximum loan amount shall not exceed $2,000,000 
                        and be the greater of--
                                    ``(I) gross receipts in 2019; or
                                    ``(II) 85 percent of regular 
                                operating expenses accrued since 
                                January 1, 2020, minus revenue 
                                generated over that period.
                            ``(ii) Disbursement.--Priority 
                        consideration in the loan disbursement shall be 
                        given to nonprofits representing youth sports 
                        providers serving high priority areas. This 
                        consideration may include designating a 
                        specific amount of the loan funding allocated 
                        to be used exclusively for nonprofit providers 
                        serving high priority areas.
                    ``(F) Allowable uses of covered loans.--During the 
                covered period, an eligible recipient may use the 
                proceeds of the covered loan for regular operating 
                expenses.
                    ``(G) Loan forgiveness.--
                            ``(i)(I) Forgiveness.--An eligible 
                        recipient shall be eligible for forgiveness of 
                        indebtedness on a covered loan in an amount 
                        equal to percentage forgiveness multiplied by 
                        the loan amount.
                            ``(II) Eligible expenses.--Up to 50 percent 
                        of forgiveness shall be granted for use for the 
                        eligible expenses enumerated above.
                            ``(III) Additional forgiveness.--Additional 
                        forgiveness of the remaining 50 percent shall 
                        be prorated based on the number of youth 
                        participants in the program participating in 
                        some capacity (i.e. virtual) by December 2021 
                        (as compared to participation rates over a 
                        comparable period in 2019). Criteria shall be 
                        developed to define this standard and take into 
                        account factors that would limit or reduce 
                        participation, such as continuing COVID-19 
                        concerns.
                            ``(IV) Treatment of amounts forgiven.--
                                    ``(aa) In general.--Amounts which 
                                have been forgiven under this section 
                                shall be considered cancelled 
                                indebtedness by a lender authorized 
                                under section 7(a) of the Small 
                                Business Act (15 U.S.C. 636(a)).
                                    ``(bb) Purchase of guarantees.--For 
                                purposes of the purchase of the 
                                guarantee for a covered loan by the 
                                Administrator, amounts which are 
                                forgiven under this section shall be 
                                treated in accordance with the 
                                procedures that are otherwise 
                                applicable to a loan guaranteed under 
                                section 7(a) of the Small Business Act 
                                (15 U.S.C. 636(a)).
                                    ``(cc) Remittance.--Not later than 
                                90 days after the date on which the 
                                amount of forgiveness under this 
                                section is determined, the 
                                Administrator shall remit to the lender 
                                an amount equal to the amount of 
                                forgiveness, plus any interest accrued 
                                through the date of payment.''.
            (c) Application.--An eligible recipient seeking loan 
        forgiveness under this section shall submit to the lender that 
        is servicing the covered loan an application, which shall 
        include--
                    (1) documentation verifying youth under the age of 
                18 participation numbers during the forgiveness 
                calculation periods;
                    (2) documentation showing expenditures of the 
                covered loan on allowed uses;
                    (3) a certification from a representative of the 
                eligible recipient authorized to make such 
                certifications that--
                            (A) the documentation presented is true and 
                        correct; and
                            (B) the amount for which forgiveness is 
                        requested was used to provide sports programing 
                        and sports events for youth under the age of 
                        18; and
                    (4) any other documentation the Administrator 
                determines necessary.
            (d) Prohibition on forgiveness without documentation.--No 
        eligible recipient shall receive forgiveness under this section 
        without submitting, to the lender that is servicing the covered 
        loan, the documentation required under subsection (f).
            (e) Decision.--Not later than 60 days after the date on 
        which a lender receives an application for loan forgiveness 
        under this section from an eligible recipient, the lender shall 
        issue a decision on the application.
            (f) Hold harmless.--If a lender has received the 
        documentation required under this section from an eligible 
        recipient attesting that the eligible recipient has accurately 
        verified the payments for payroll costs, payments on covered 
        mortgage obligations, payments on covered lease obligations, or 
        covered utility payments during covered period--
                    (1) an enforcement action may not be taken against 
                the lender under section 47(e) of the Small Business 
                Act (15 U.S.C. 657t(e)) relating to loan forgiveness 
                for the payments for payroll costs, payments on covered 
                mortgage obligations, payments on covered lease 
                obligations, or covered utility payments, as the case 
                may be; and
                    (2) the lender shall not be subject to any 
                penalties by the Administrator relating to loan 
                forgiveness for the payments for payroll costs, 
                payments on covered mortgage obligations, payments on 
                covered lease obligations, or covered utility payments, 
                as the case may be.
            (g) Taxability.--For purposes of the Internal Revenue Code 
        of 1986, any amount which (but for this subsection) would be 
        includible in gross income of the eligible recipient by reason 
        of forgiveness described in subsection (b) shall be excluded 
        from gross income.
            (h) Rule of construction.--The cancellation of indebtedness 
        on a covered loan under this section shall not otherwise modify 
        the terms and conditions of the covered loan.
            (i) Regulations.--Not later than 30 days after the date of 
        enactment of this Act, the Administrator shall issue guidance 
        and regulations implementing this section.
    (j) Direct Appropriations.--There is appropriated, out of amounts 
in the Treasury not otherwise appropriated, for the fiscal year ending 
September 30, 2020, to remain available until September 30, 2021, for 
additional amounts $8,500,000,000 under the heading ``Small Business 
Administration--Business Loans Program Account, CARES Act'' for the 
cost of guaranteed loans as authorized under paragraph (37) of section 
7(a) of the Small Business Act (15 U.S.C. 636(a)), as added by section 
5 of this Act.
    (k) Emergency Rulemaking Authority.--Not later than 15 days after 
the date of enactment of this Act, the Administrator shall issue 
regulations to carry out this title and the amendments made by this 
title without regard to the notice requirements under section 553(b) of 
title 5, United States Code.
    (l) Loan Education.--
            (1) The SBA shall have authority to provide additional 
        financial awards to resource partners (Small Business 
        Development Centers, Women's Business Centers) to provide 
        counseling, training, and education to youth sports providers 
        on use of loans.
            (2) The SBA or Treasury shall provide nonprofits 
        representing youth sports providers serving high priority areas 
        with grants to establish a training program on accessing 
        resources under the program, and general financial management.
    (m) Fee Waiver.--During the covered period, with respect to a 
covered loan--
            (1) in lieu of the fee otherwise applicable under paragraph 
        (23)(A), the Administrator shall collect no fee; and
            (2) in lieu of the fee otherwise applicable under paragraph 
        (18)(A), the Administrator shall collect no fee.
    (n) Interest Rate Requirements.--A covered loan shall bear an 
interest rate--
            (1) for the first two years, and shall be no greater than 4 
        percent;
            (2) for years 3 through 7, and shall have Applicable 
        Federal Rate (AFR) plus 250-450 base points (bps) as determined 
        by the Administrator based on revenue decline.
    (o) Loan Deferment.--
            (1) Definition of impacted borrower.--In this section, the 
        term ``impacted borrower'' means an eligible recipient that--
                    (A) is in operation on February 15, 2020; and
                    (B) has an application for a covered loan that is 
                approved or pending approval on or after the date of 
                enactment of this section.
            (2) Presumption.--For purposes of this subsection, an 
        impacted borrower is presumed to have been adversely impacted 
        by COVID-19.
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