Title: Responsible Relief for Americans Act
Policy area: Economics and Public Finance

Summary:
Responsible Relief for Americans Act
This bill revises and establishes economic assistance measures in response to COVID-19 (i.e., coronavirus disease 2019).
Specifically, the bill provides funding for and authorizes the Small Business Administration (SBA) to guarantee paycheck protection loans made to small businesses. Recipients of such loans are eligible for forgiveness of amounts expended for specified costs such as payroll. Small businesses may request an advance of up $10,000 on an SBA disaster loan for which they have applied in response to COVID-19.
Further the bill

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6396 Introduced in House (IH)]

<DOC>






116th CONGRESS
  2d Session
                                H. R. 6396

  To provide tax and regulatory relief and health care flexibility to 
 individuals and businesses affected by the 2020 coronavirus pandemic.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 26, 2020

 Mr. Biggs (for himself, Mr. Harris, Mr. Perry, Mr. Roy, and Mr. Weber 
  of Texas) introduced the following bill; which was referred to the 
   Committee on Ways and Means, and in addition to the Committees on 
Education and Labor, Oversight and Reform, House Administration, Energy 
   and Commerce, Small Business, the Judiciary, Financial Services, 
  Veterans' Affairs, and Agriculture, 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 provide tax and regulatory relief and health care flexibility to 
 individuals and businesses affected by the 2020 coronavirus pandemic.

    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 ``Responsible Relief for Americans Act''.

                TITLE I--ELIMINATING PAID LEAVE MANDATE

SECTION 1. ELIMINATING PAID LEAVE MANDATE.

    (a) Strike section 102(a)(1)(F) of the Family Medical Leave Act of 
1993 (29 U.S.C. 2612(a)(1)(F)).
    (b) Strike section 110 of the Family Medical Leave Act of 1993 (29 
U.S.C. 2920).
    (c) Strike division E of Public Law 116-127.

            TITLE II--ADDRESSING PHARMACEUTICAL SUPPLY CHAIN

SECTION 1. SUPPLY CHAIN REPORTING.

    (a) Section 506C of the Federal Food, Drug, and Cosmetic Act (21 
U.S.C. 356c) is amended--
            (1) in subsection (a)--
                    (A) in paragraph (1)(C), by inserting ``or any such 
                drug that is critical to the public health during a 
                public health emergency determined under section 319 of 
                the Public Health Service Act'' after ``during 
                surgery''; and
                    (B) in the flush text at the end--
                            (i) by inserting ``, or a discontinuance or 
                        an interruption in the manufacture of the 
                        active pharmaceutical ingredients of such 
                        drug,'' before ``that is likely''; and
                            (ii) by adding at the end the following: 
                        ``Notification under this subsection shall 
                        include disclosure of reasons for the 
                        discontinuation or interruption, as applicable; 
                        if an active pharmaceutical ingredient is a 
                        reason for, or risk factor in, such 
                        discontinuation or interruption, the source of 
                        the active pharmaceutical ingredient and any 
                        alternative sources for the active 
                        pharmaceutical ingredient known by the 
                        manufacturer; whether any associated medical 
                        devices used for preparation or administration 
                        included in the finished dosage form is a 
                        reason for, or a risk factor in, such 
                        discontinuation or interruption; the expected 
                        duration of the interruption; and such other 
                        information as the Secretary may require.''; 
                        and
            (2) by adding at the end the following:
    ``(j) Additional Manufacturer Reporting for Essential Drugs and 
Devices.--Each manufacturer of a drug described in subsection (a) shall 
provide to the Food and Drug Administration, on an annual basis, or 
more frequently at the request of the Secretary, information related to 
the manufacturing capacity of such drug. Such information shall 
include--
            ``(1) details about--
                    ``(A) all locations of production;
                    ``(B) the sourcing of all component parts;
                    ``(C) the sourcing of any active pharmaceutical 
                ingredients; and
                    ``(D) the use of any scarce or raw materials; and
            ``(2) any other information determined by the Secretary to 
        be relevant to the security of the supply chain of the drug or 
        device.''.

                TITLE III--SMALL BUSINESS PROSPERITY ACT

SECTION 1. INCREASE AND EXPANSION OF DEDUCTION FOR QUALIFIED BUSINESS 
              INCOME.

    (a) Deduction Made Permanent.--Section 199A of the Internal Revenue 
Code of 1986 is amended by striking subsection (i).
    (b) Deduction To Achieve a Top Rate on Qualified Business Income of 
21 Percent.--Subsections (a)(2), (b)(1)(B), and (b)(2)(A) of section 
199A of such Code are each amended by striking ``20 percent'' and 
inserting ``43 percent (47 percent in the case of any taxable year 
beginning after December 31, 2025)''.
    (c) Repeal of Limitation Based on W-2 Wages Paid With Respect to 
the Trade or Business.--Section 199A(b)(2) of section 199A of such 
Code, as amended by subsection (a), is amended to read as follows:
            ``(2) Determination of deductible amount for each trade or 
        business.--The amount determined under this paragraph with 
        respect to any qualified trade or business is 43 percent (47 
        percent in the case of any taxable year beginning after 
        December 31, 2025) of the taxpayer's qualified business income 
        with respect to the qualified trade or business.''.
    (d) Repeal of Exclusion of Specified Service Trades or 
Businesses.--Section 199A(d) of such Code is amended to read as 
follows:
    ``(d) Qualified Trade or Business.--For purposes of this section, 
the term `qualified trade or business' means any trade or business 
other than the trade or business of performing services as an 
employee.''.
    (e) Conforming Amendments.--
            (1) Section 199A(b) of such Code, as amended by subsection 
        (d), is amended--
                    (A) by striking paragraphs (3), (4), and (6), and 
                redesignating paragraphs (5) and (7) as paragraphs (3) 
                and (4); and
                    (B) by striking ``the lesser of--'' and all that 
                follows in paragraph (4) (as so redesignated) and 
                inserting ``9 percent of so much of the qualified 
                business income with respect to such trade or business 
                as is properly allocable to qualified payments received 
                from such cooperative''.
            (2) Section 199A(e) of such Code is amended by striking 
        paragraph (2).
            (3) Section 199A(f)(1) of such Code is amended to read as 
        follows:
            ``(1) Application to partnerships and s corporations.--
                    ``(A) In general.--In the case of a partnership or 
                S corporation--
                            ``(i) this section shall be applied at the 
                        partner or shareholder level, and
                            ``(ii) each partner or shareholder shall 
                        take into account such person's allocable share 
                        of each qualified item of income, gain, 
                        deduction, and loss.
                For purposes of this subparagraph, in the case of an S 
                corporation, an allocable share shall be the 
                shareholder's pro rata share of an item.
                    ``(B) Treatment of trades or business in puerto 
                rico.--In the case of any taxpayer with qualified 
                business income from sources within the commonwealth of 
                Puerto Rico, if all such income is taxable under 
                section 1 for such taxable year, then for purposes of 
                determining the qualified business income of such 
                taxpayer for such taxable year, the term `United 
                States' shall include the Commonwealth of Puerto 
                Rico.''.
            (4) Section 199A(f)(4)(A) of such Code is amended by 
        striking ``and wages''.
            (5) Section 199A(g)(1) of such Code is amended by striking 
        subparagraph (B) and redesignating subparagraph (C) as 
        subparagraph (B).
            (6) Section 199A of such Code is amended by striking 
        subsection (h).
    (f) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2019.

SEC. 2. NO TAXABLE EVENT FOR CHANGE OF CORPORATE FORM.

    Notwithstanding any provision of the Internal Revenue Code of 1986, 
a change in the organizational structure of a corporation, however 
organized, into another organizational structure is not a taxable event 
for the purposes of such Code if there is no change among the owners, 
their ownership interests, or the assets of the organization (other 
than a de minimis change in such assets). The preceding sentence shall 
apply to changes in organizational structure occurring after December 
31, 2019.

SEC. 3. REPEAL OF ESTATE TAX AND RETENTION OF BASIS STEP-UP.

     Effective for estates of decedents dying after December 31, 2019, 
chapter 11 of the Internal Revenue Code of 1986 is repealed.

        TITLE IV--KEEPING AMERICAN WORKERS EMPLOYED AND PAID ACT

SECTION 1. DEFINITIONS.

    In this title--
            (1) the terms ``Administration'' and ``Administrator'' mean 
        the Small Business Administration and the Administrator 
        thereof, respectively;
            (2) the term ``covered small business concern'' means a 
        small business concern that has experienced, as a result of 
        COVID-19--
                    (A) supply chain disruptions, including changes 
                in--
                            (i) quantity and lead time, including the 
                        number of shipments of components and delays in 
                        shipments;
                            (ii) quality, including shortages in supply 
                        for quality control reasons; and
                            (iii) technology, including a compromised 
                        payment network;
                    (B) staffing challenges;
                    (C) a decrease in sales or customers; or
                    (D) a closure; and
            (3) the term ``small business concern'' has the meaning 
        given the term in section 3 of the Small Business Act (15 
        U.S.C. 636).

SEC. 2. PAYCHECK PROTECTION PROGRAM.

    (a) 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 (E)'' and inserting 
                ``(E), and (F)''; and
                    (B) by adding at the end the following:
                    ``(F) Participation in the paycheck protection 
                program.--In an agreement to participate in a loan on a 
                deferred basis under paragraph (36), the participation 
                by the Administration shall be 100 percent.''; and
            (2) by adding at the end the following:
            ``(36) Paycheck protection 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 February 15, 2020, and 
                        ending on June 30, 2020;
                            ``(iv) the term `eligible recipient' means 
                        an individual or entity that 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 `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;
                            ``(vii) the term `payroll costs'--
                                    ``(I) means--
                                            ``(aa) the sum of payments 
                                        of any compensation with 
                                        respect to employees that is 
                                        a--

                                                    ``(AA) salary or 
                                                wage;

                                                    ``(BB) payment of 
                                                cash tip or equivalent;

                                                    ``(CC) payment for 
                                                vacation, parental, 
                                                family, medical, or 
                                                sick leave;

                                                    ``(DD) allowance 
                                                for dismissal or 
                                                separation;

                                                    ``(EE) payment 
                                                required for the 
                                                provisions of group 
                                                health care benefits, 
                                                including insurance 
                                                premiums;

                                                    ``(FF) payment of 
                                                any retirement benefit; 
                                                or

                                                    ``(GG) payment of 
                                                State or local tax 
                                                assessed on the 
                                                compensation of 
                                                employees; and

                                            ``(bb) the sum of payments 
                                        of any compensation to a sole 
                                        proprietor or independent 
                                        contractor that is a wage, 
                                        commission, or similar 
                                        compensation and that is in an 
                                        amount that is not more than 
                                        $100,000 in 1 year, as prorated 
                                        for the covered period; and
                                    ``(II) shall not include--
                                            ``(aa) the compensation of 
                                        an individual employee in 
                                        excess of an annual salary of 
                                        $100,000, as prorated for the 
                                        covered period;
                                            ``(bb) taxes imposed or 
                                        withheld under chapters 21, 22, 
                                        or 24 of the Internal Revenue 
                                        Code of 1986 during the covered 
                                        period;
                                            ``(cc) any compensation of 
                                        an employee whose principal 
                                        place of residence is outside 
                                        of the United States;
                                            ``(dd) qualified sick leave 
                                        wages for which a credit is 
                                        allowed under section 7001 of 
                                        the Families First Coronavirus 
                                        Response Act (Public Law 116-
                                        127); or
                                            ``(ee) qualified family 
                                        leave wages for which a credit 
                                        is allowed under section 7003 
                                        of the Families First 
                                        Coronavirus Response Act 
                                        (Public Law 116-127); and
                            ``(viii) 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) Small business interruption 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.
                    ``(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) Increased eligibility for certain small 
                businesses and organizations.--
                            ``(i) In general.--During the covered 
                        period, in addition to small business concerns, 
                        any business concern, nonprofit organization, 
                        or veterans organization shall be eligible to 
                        receive a covered loan if the business concern, 
                        nonprofit organization, or veterans 
                        organization employs not more than the greater 
                        of--
                                    ``(I) 500 employees; or
                                    ``(II) if applicable, the size 
                                standard in number of employees 
                                established by the Administration for 
                                the industry in which the business 
                                concern, nonprofit organization, or 
                                veterans organization operates.
                            ``(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 seeking a 
                                covered loan shall submit payroll tax 
                                filings reported to the Internal 
                                Revenue Service.
                            ``(iii) Business concerns with more than 1 
                        physical location.--During the covered period, 
                        any business concern that employs not more than 
                        500 employees per physical location of the 
                        business concern and that is assigned a North 
                        American Industry Classification System code 
                        beginning with 72 at the time of disbursal 
                        shall be eligible to receive a covered loan.
                            ``(iv) Waiver of affiliation rules.--During 
                        the covered period, the provisions applicable 
                        to affiliations under section 121.103 of title 
                        13, Code of Federal Regulations, or any 
                        successor regulation, are waived with respect 
                        to eligibility for a covered loan for--
                                    ``(I) any business concern with not 
                                more than 500 employees that, as of the 
                                date on which the covered loan is 
                                disbursed, is assigned a North American 
                                Industry Classification System code 
                                beginning with 72;
                                    ``(II) any business concern 
                                operating as a franchise that is 
                                assigned a franchise identifier code by 
                                the Administration; and
                                    ``(III) any business concern that 
                                receives financial assistance from a 
                                company licensed under section 301 of 
                                the Small Business Investment Act of 
                                1958 (15 U.S.C. 681).
                            ``(v) Employee.--For purposes of 
                        determining whether a 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, 
                        part-time, or other basis.
                            ``(vi) Affiliation.--The provisions 
                        applicable to affiliations under section 
                        121.103 of title 13, Code of Federal 
                        Regulations, or any successor thereto, shall 
                        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.--During the covered 
                period, with respect to a covered loan, the maximum 
                loan amount shall be the lesser of--
                            ``(i)(I) the product obtained by 
                        multiplying--
                                    ``(aa) the average total monthly 
                                payments by the applicant for payroll 
                                costs incurred during the 1-year period 
                                before the date on which the loan is 
                                made, except that, in the case of an 
                                applicant that is a seasonal employer, 
                                as determined by the Administrator, the 
                                average total monthly payments for 
                                payroll shall be for the 12-week period 
                                beginning February 15, 2019, or at the 
                                election of the eligible recipient, 
                                March 1, 2019, and ending June 30, 
                                2019; by
                                    ``(bb) 2.5; or
                            ``(II) if requested by an otherwise 
                        eligible recipient that was not in business 
                        during the period beginning on February 15, 
                        2019, and ending on June 30, 2019, the product 
                        obtained by multiplying--
                                    ``(aa) the average total monthly 
                                payments by the applicant for payroll 
                                costs incurred during the period 
                                beginning on January 1, 2020, and 
                                ending on February 29, 2020; by
                                    ``(bb) 2.5; or
                            ``(ii) $10,000,000.
                    ``(F) Allowable uses of covered loans.--
                            ``(i) In general.--During the covered 
                        period, an eligible recipient may, in addition 
                        to the allowable uses of a loan made under this 
                        subsection, use the proceeds of the covered 
                        loan for--
                                    ``(I) payroll costs;
                                    ``(II) costs related to the 
                                continuation of group health care 
                                benefits during periods of paid sick, 
                                medical, or family leave, and insurance 
                                premiums;
                                    ``(III) employee salaries, 
                                commissions, or similar compensations;
                                    ``(IV) mortgage payments;
                                    ``(V) rent (including rent under a 
                                lease agreement);
                                    ``(VI) utilities; and
                                    ``(VII) interest on any other debt 
                                obligations that were incurred before 
                                the covered period.
                            ``(ii) Delegated authority.--
                                    ``(I) In general.--For purposes of 
                                making covered loans for the purposes 
                                described in clause (i), a lender 
                                approved under this paragraph shall be 
                                considered to have delegated authority 
                                to make and approve covered loans, 
                                subject to the provisions of this 
                                paragraph.
                                    ``(II) Considerations.--In 
                                evaluating the eligibility of a 
                                borrower for a covered loan with the 
                                terms described in this paragraph, a 
                                lender shall consider whether the 
                                borrower--
                                            ``(aa) was in operation on 
                                        February 15, 2020;
                                            ``(bb)(AA) had employees 
                                        for whom the borrower paid 
                                        salaries and payroll taxes; or
                                            ``(BB) paid independent 
                                        contractors, as reported on a 
                                        Form 1099-MISC; and
                                            ``(cc) is substantially 
                                        impacted by public health 
                                        restrictions related to the 
                                        Coronavirus 2019 (COVID-19).
                            ``(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) Limitation.--An eligible recipient 
                        of a covered loan for purposes of paying 
                        payroll costs and other obligations described 
                        in this subparagraph shall not be eligible to 
                        receive an economic injury disaster loan under 
                        subsection (b)(2) for the same purpose.
                    ``(G) Borrower requirements.--
                            ``(i) Certification.--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; and
                                    ``(II) acknowledging that funds 
                                will be used to retain workers and 
                                maintain payroll or make mortgage 
                                payments, lease payments, and utility 
                                payments.
                            ``(ii) Full-time equivalent employees.--An 
                        eligible recipient of a covered loan shall 
                        maintain an average monthly number of full-time 
                        equivalent employees (as defined in section 
                        45R(d)(2) of the Internal Revenue Code of 1986) 
                        during the covered period that is not less than 
                        the average monthly number of full-time 
                        equivalent employees during the applicable 
                        period described in subclause (I)(aa) or 
                        subclause (II)(aa) of subparagraph (E)(i).
                    ``(H) Fee waiver.--During the covered period, with 
                respect to a covered loan--
                            ``(i) in lieu of the fee otherwise 
                        applicable under paragraph (23)(A), the 
                        Administrator shall collect no fee; and
                            ``(ii) in lieu of the fee otherwise 
                        applicable under paragraph (18)(A), the 
                        Administrator shall collect no fee.
                    ``(I) Credit elsewhere.--During the covered period, 
                the requirement that a small business concern is unable 
                to obtain credit elsewhere, as defined in section 3(h), 
                shall not apply to a covered loan.
                    ``(J) Collateral and personal guarantee 
                requirements.--During the covered period, with respect 
                to a covered loan--
                            ``(i) no collateral shall be required for 
                        the covered loan; and
                            ``(ii) no personal guarantee shall be 
                        required for the covered loan.
                    ``(K) Maturity for loans with remaining balance 
                after application of forgiveness.--With respect to a 
                covered loan that has a remaining balance after 
                reduction based on the loan forgiveness amount under 
                section 1105 of the CARES Act--
                            ``(i) the remaining balance shall continue 
                        to be guaranteed by the Administration under 
                        this subsection; and
                            ``(ii) the covered loan shall have a 
                        maximum maturity of 10 years from the date on 
                        which the borrower applies for loan forgiveness 
                        under that section.
                    ``(L) Interest rate requirements.--During the 
                covered period, a covered loan shall bear an interest 
                rate in accordance with the maximum interest rate in 
                effect on February 15, 2020, for a loan under this 
                subsection.
                    ``(M) Subsidy recoupment fee.--Notwithstanding any 
                other provision of law, a covered loan shall not be 
                subject to a subsidy recoupment fee.
                    ``(N) Loan deferment.--
                            ``(i) Definition of impacted borrower.--
                                    ``(I) In general.--In this 
                                subparagraph, the term `impacted 
                                borrower' means an eligible recipient 
                                that--
                                            ``(aa) is in operation on 
                                        February 15, 2020; and
                                            ``(bb) has an application 
                                        for a covered loan that is 
                                        approved or pending approval on 
                                        or after the date of enactment 
                                        of this paragraph.
                                    ``(II) Presumption.--For purposes 
                                of this subparagraph, an impacted 
                                borrower is presumed to have been 
                                adversely impacted by COVID-19.
                            ``(ii) Deferral.--During the covered 
                        period, the Administrator shall--
                                    ``(I) consider each eligible 
                                recipient that applies for a covered 
                                loan to be an impacted borrower; and
                                    ``(II) require lenders under this 
                                subsection to provide complete payment 
                                deferment relief for impacted borrowers 
                                with covered loans for a period of not 
                                more than 1 year.
                            ``(iii) Secondary market.--During the 
                        covered period, with respect to a covered loan 
                        that is sold on the secondary market, if an 
                        investor declines to approve a deferral 
                        requested by a lender under clause (ii), the 
                        Administrator shall exercise the authority to 
                        purchase the loan so that the impacted borrower 
                        may receive a deferral for a period of not more 
                        than 1 year.
                            ``(iv) Guidance.--Not later than 30 days 
                        after the date of enactment of this paragraph, 
                        the Administrator shall provide guidance to 
                        lenders under this paragraph on the deferment 
                        process described in this subparagraph.
                    ``(O) Secondary market sales.--A covered loan shall 
                not be eligible to be sold in the secondary market 
                until the covered recipient of the covered loan has 
                requested the loan forgiveness authorized under section 
                1105 of the CARES Act and the Administrator has finally 
                determined the amount of any forgiveness to which the 
                eligible recipient is entitled and has made payment to 
                the lender. Any remaining balance on the loan after the 
                application of that payment may be sold in the 
                secondary market.
                    ``(P) Regulatory capital requirements.--
                            ``(i) Risk weight.--With respect to the 
                        appropriate Federal banking agencies applying 
                        capital requirements under their respective 
                        risk-based capital requirements, a covered loan 
                        shall receive a risk weight of zero percent.
                            ``(ii) Temporary relief from tdr 
                        disclosures.--Notwithstanding any other 
                        provision of law, an insured depository 
                        institution that modifies a covered loan in 
                        relation to COVID-19-related difficulties in a 
                        troubled debt restructuring on or after March 
                        13, 2020, shall not be required to comply with 
                        the Financial Accounting Standards Board 
                        Accounting Standards Codification Subtopic 310-
                        40 (`Receivables--Troubled Debt Restructurings 
                        by Creditors') for purposes of compliance with 
                        the requirements of the Federal Deposit 
                        Insurance Act (12 U.S.C. 1811 et seq.), until 
                        such time and under such circumstances as the 
                        appropriate Federal banking agency determines 
                        appropriate.
                    ``(Q) Reimbursement for processing.--
                            ``(i) In general.--The Administrator shall 
                        reimburse a lender authorized to make a covered 
                        loan at a rate of 5 percent of the balance of 
                        the financing outstanding at the time of 
                        disbursement of the covered loan.
                            ``(ii) Timing.--A reimbursement described 
                        in clause (i) shall be made not later than 5 
                        days after the disbursement of the covered 
                        loan.
                    ``(R) Duplication.--Nothing in this paragraph shall 
                prohibit a recipient of an economic injury disaster 
                loan made under subsection (b)(2) during the period 
                beginning on February 15, 2020, and ending on March 31, 
                2020, from receiving assistance under this 
                paragraph.''.
    (b) Commitments for 7(a) Loans.--During the period beginning on 
February 15, 2020, and ending on June 30, 2020--
            (1) the amount authorized for commitments for general 
        business loans authorized under section 7(a) of the Small 
        Business Act (15 U.S.C. 636(a)), including loans made under 
        paragraph (36) of such section, as added by subsection (a), 
        shall be $349,000,000,000; and
            (2) the amount authorized for commitments for such loans 
        under the heading ``business loans program account'' under the 
        heading ``Small Business Administration'' under title V of 
        division C of the Consolidated Appropriations Act, 2020 (Public 
        Law 116-93; 133 Stat. 2475) shall not apply.
    (c) Express Loans.--
            (1) In general.--Section 7(a)(31)(D) of the Small Business 
        Act (15 U.S.C. 636(a)(31)(D)) is amended by striking 
        ``$350,000'' and inserting ``$1,000,000''.
            (2) Prospective repeal.--Effective on January 1, 2021, 
        section 7(a)(31)(D) of the Small Business Act (15 U.S.C. 
        636(a)(31)(D)) is amended by striking ``$1,000,000'' and 
        inserting ``$350,000''.
    (d) Interim Rule.--On and after the date of enactment of this Act, 
the interim final rule published by the Administrator entitled 
``Express Loan Programs: Affiliation Standards'' (85 Fed. Reg. 7622 
(February 10, 2020)) shall have no force or effect.

SEC. 3. WAIVER OF MATCHING FUNDS REQUIREMENT UNDER THE WOMEN'S BUSINESS 
              CENTER PROGRAM.

    During the 3-month period beginning on the date of enactment of 
this Act, the requirement relating to obtaining cash contributions from 
non-Federal sources under section 29(c)(1) of the Small Business Act 
(15 U.S.C. 656(c)(1)) is waived for any recipient of assistance under 
such section 29.

SEC. 4. LOAN FORGIVENESS.

    (a) Definitions.--In this section--
            (1) the term ``covered loan'' means a loan guaranteed under 
        paragraph (36) of section 7(a) of the Small Business Act (15 
        U.S.C. 636(a)), as added by Section 2;
            (2) the term ``covered mortgage obligation'' means any 
        indebtedness or debt instrument incurred in the ordinary course 
        of business that--
                    (A) is a liability of the borrower;
                    (B) is a mortgage on real or personal property; and
                    (C) was incurred before February 15, 2020;
            (3) the term ``covered period'' means the 8-week period 
        beginning on the date of the origination of a covered loan;
            (4) the term ``covered rent obligation'' means rent 
        obligated under a leasing agreement in force before February 
        15, 2020;
            (5) the term ``covered utility payment'' means payment for 
        a service for the distribution of electricity, gas, water, 
        transportation, telephone, or internet access for which service 
        began before February 15, 2020;
            (6) the term ``eligible recipient'' means the recipient of 
        a covered loan;
            (7) the term ``expected forgiveness amount'' means the 
        amount of principal that a lender reasonably expects a borrower 
        to expend during the covered period on the sum of any--
                    (A) payroll costs;
                    (B) payments of interest on any covered mortgage 
                obligation (which shall not include any prepayment of 
                or payment of principal on a covered mortgage 
                obligation);
                    (C) payments on any covered rent obligation; and
                    (D) covered utility payments; and
            (8) the term ``payroll costs'' has the meaning given that 
        term in paragraph (36) of section 7(a) of the Small Business 
        Act (15 U.S.C. 636(a)), as added by Section 2 of this Act.
    (b) Forgiveness.--An eligible recipient shall be eligible for 
forgiveness of indebtedness on a covered loan in an amount equal to the 
sum of the following costs incurred and payments made during the 
covered period:
            (1) Payroll costs.
            (2) Any payment of interest on any covered mortgage 
        obligation (which shall not include any prepayment of or 
        payment of principal on a covered mortgage obligation).
            (3) Any payment on any covered rent obligation.
            (4) Any covered utility payment.
    (c) Treatment of Amounts Forgiven.--
            (1) In general.--Amounts which have been forgiven under 
        this section shall be considered canceled indebtedness by a 
        lender authorized under section 7(a) of the Small Business Act 
        (15 U.S.C. 636(a)).
            (2) 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)).
            (3) 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.
            (4) Advance purchase of covered loan.--
                    (A) Report.--A lender authorized under section 7(a) 
                of the Small Business Act (15 U.S.C. 636(a)) may report 
                to the Administrator an expected forgiveness amount on 
                a covered loan or on a pool of covered loans of up to 
                100 percent of the principal on the covered loan or 
                pool of covered loans, respectively.
                    (B) Purchase.--The Administrator shall purchase the 
                expected forgiveness amount described in subparagraph 
                (A) as if the amount were the principal amount of a 
                loan guaranteed under section 7(a) of the Small 
                Business Act 636(a)).
                    (C) Timing.--Not later than 5 days after the date 
                on which the Administrator receives a report under 
                subparagraph (A), the Administrator shall purchase the 
                expected forgiveness amount under subparagraph (B) with 
                respect to each covered loan to which the report 
                relates.
    (d) Limits on Amount of Forgiveness.--
            (1) Amount may not exceed principal.--The amount of loan 
        forgiveness under this section shall not exceed the principal 
        amount of the financing made available under the applicable 
        covered loan.
            (2) Reduction based on reduction in number of employees.--
                    (A) In general.--The amount of loan forgiveness 
                under this section shall be reduced, but not increased, 
                by multiplying the amount described in subsection (b) 
                by the quotient obtained by dividing--
                            (i) the average number of full-time 
                        equivalent employees per month employed by the 
                        eligible recipient during the covered period; 
                        by
                            (ii)(I) the average number of full-time 
                        equivalent employees per month employed by the 
                        eligible recipient during the period beginning 
                        on February 15, 2019, and ending on June 30, 
                        2019;
                            (II) if the eligible recipient was not in 
                        operation before June 30, 2019, the average 
                        number of full-time equivalent employees per 
                        month employed by the eligible recipient during 
                        the period beginning on January 1, 2020, and 
                        ending on February 29, 2020; or
                            (III) in the case of an eligible recipient 
                        that is a seasonal employer, as determined by 
                        the Administrator, the average number of full-
                        time equivalent employees per month employed by 
                        the eligible recipient during the period 
                        beginning on February 15, 2019, and ending on 
                        June 30, 2019.
                    (B) Calculation of average number of employees.--
                For purposes of subparagraph (A), the average number of 
                full-time equivalent employees shall be determined by 
                calculating the average number of full-time equivalent 
                employees for each pay period falling within a month.
            (3) Reduction relating to salary and wages.--
                    (A) In general.--The amount of loan forgiveness 
                under this section shall be reduced by the amount of 
                any reduction in total salary or wages of any employee 
                described in subparagraph (B) during the covered period 
                that is in excess of 25 percent of the total salary or 
                wages of the employee during the most recent full 
                quarter during which the employee was employed before 
                the covered period.
                    (B) Employees described.--An employee described in 
                this subparagraph is any employee who did not receive, 
                during any single pay period during 2019, wages or 
                salary at an annualized rate of pay in an amount more 
                than $100,000.
            (4) Exception for tipped workers.--An eligible recipient 
        with tipped employees described in section 3(m)(2)(A) of the 
        Fair Labor Standards Act of 1938 (29 U.S.C. 203(m)(2)(A)) may 
        receive forgiveness for additional wages paid to those 
        employees.
            (5) Exemption for re-hires.--
                    (A) In general.--In a circumstance described in 
                subparagraph (B), the amount of loan forgiveness under 
                this section shall be determined without regard to a 
                reduction in the number of full-time equivalent 
                employees of an eligible recipient or a reduction in 
                the salary of 1 or more employees of the eligible 
                recipient, as applicable, during the period beginning 
                on February 15, 2020, and ending on April 1, 2020.
                    (B) Circumstances.--A circumstance described in 
                this subparagraph is a circumstance--
                            (i) in which--
                                    (I) during the period beginning on 
                                February 15, 2020, and ending on April 
                                1, 2020, there is a reduction, as 
                                compared to February 15, 2020, in the 
                                number of full-time equivalent 
                                employees of an eligible recipient; and
                                    (II) not later than June 30, 2020, 
                                the eligible employer has eliminated 
                                the reduction in the number of full-
                                time equivalent employees;
                            (ii) in which--
                                    (I) during the period beginning on 
                                February 15, 2020, and ending on April 
                                1, 2020, there is a reduction, as 
                                compared to February 15, 2020, in the 
                                salary or wages of 1 or more employees 
                                of the eligible recipient; and
                                    (II) not later than June 30, 2020, 
                                the eligible employer has eliminated 
                                the reduction in the salary or wages of 
                                such employees; or
                            (iii) in which the events described in 
                        clause (i) and (ii) occur.
    (e) Application.--An eligible recipient seeking loan forgiveness 
under this section shall submit to the lender that originated the 
covered loan an application, which shall include--
            (1) documentation verifying the number of full-time 
        equivalent employees on payroll and pay rates for the periods 
        described in subsection (d), including--
                    (A) payroll tax filings reported to the Internal 
                Revenue Service; and
                    (B) State income, payroll, and unemployment 
                insurance filings;
            (2) documentation, including cancelled checks, payment 
        receipts, transcripts of accounts, or other documents verifying 
        payments on covered mortgage obligations, payments on covered 
        lease obligations, and covered utility payments;
            (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 retain employees, make interest payments on 
                a covered mortgage obligation, make payments on a 
                covered rent obligation, or make covered utility 
                payments; and
            (4) any other documentation the Administrator determines 
        necessary.
    (f) Prohibition on Forgiveness Without Documentation.--No eligible 
recipient shall receive forgiveness under this section without 
submitting to the lender that originated the covered loan the 
documentation required under subsection (e).
    (g) 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.
    (h) Safe Harbor.--If a lender determines that an 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 the 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.
    (i) Taxability.--Canceled indebtedness under this section shall be 
excluded from gross income for purposes of the Internal Revenue Code of 
1986.
    (j) 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.
    (k) Regulations.--Not later than 30 days after the date of 
enactment of this Act, the Administrator shall issue guidance and 
regulations implementing this section.

SEC. 5. DIRECT APPROPRIATIONS.

    (a) 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 September 30, 2021, for 
additional amounts--
            (1) $299,400,000,000 under the heading ``Small Business 
        Administration--business loans program account'' for the cost 
        of guaranteed loans as authorized under paragraph (36) of 
        section 7(a) of the Small Business Act (15 U.S.C. 636(a)), as 
        added by section 2(a) of this title;
            (2) $700,000,000 under the heading ``Small Business 
        Administration--salaries and expenses'' for salaries and 
        expenses of the Administration; and
            (3) $25,000,000 under the heading ``Small Business 
        Administration--office of inspector general'' for necessary 
        expenses of the Office of Inspector General of the 
        Administration in carrying out the provisions of the Inspector 
        General Act of 1978 (5 U.S.C. App.).

SEC. 6. CONTRACTING.

    (a) Definition.--In this section, the term ``covered entity'' means 
a small business concern or nonprofit organization--
            (1) that is a party to a contract with a Federal agency; 
        and
            (2) for which the contractor performance is adversely 
        impacted as a result of COVID-19.
    (b) Promotion of Small Business Contracting.--
            (1) Small business contracting relief.--
                    (A) In general.--Notwithstanding any other 
                provision of law or regulation, and except as provided 
                in subparagraph (B), during the period beginning on the 
                date of enactment of this Act and ending on September 
                30, 2021, the head of the Federal agency with which a 
                covered entity has a contract shall provide the covered 
                entity with the greater of--
                            (i) 30 additional days to carry out the 
                        responsibilities of the covered entity under 
                        the contract; or
                            (ii) an additional amount of time to carry 
                        out the responsibilities of the covered entity 
                        under the contract that the head of the Federal 
                        agency determines to be appropriate after 
                        taking into consideration the severity of the 
                        adverse impact experienced by the covered 
                        entity.
                    (B) Exclusion of mission-critical contracts.--
                Subparagraph (A) shall not apply to any contract that 
                the head of the Federal agency that is a party to the 
                contract determines is critical to carrying out the 
                mission of the Federal agency.
            (2) Payment continuation.--If the performance of all or any 
        part of the work of a Federal goods or services contract with a 
        contractor that is a small business concern or a nonprofit 
        organization in force and effect during the period beginning on 
        the date of enactment of this Act and ending on September 30, 
        2021, is unavoidably delayed or interrupted by the inability of 
        the employees of the small business concern or nonprofit 
        organization, as applicable, to access Government facilities, 
        systems, or other Government-provided resources due to 
        restrictions related to COVID-19 that have been imposed by any 
        authority or due to orders or instructions issued by the 
        contracting agency in response to COVID-19--
                    (A) the Government shall pay the small business 
                concern or nonprofit organization, as applicable, upon 
                the submission of the documentation required by the 
                contract and according to the terms specified in the 
                contract, the prices stipulated in the contract for 
                goods or services as if the small business concern or 
                nonprofit organization, as applicable, had rendered and 
                the Government accepted the goods or services; and
                    (B) contractor delivery schedules shall be revised 
                and the small business concern or nonprofit 
                organization, as applicable, shall be eligible for 
                equitable adjustments based on the revised schedules.
            (3) Prompt payments.--Notwithstanding any other provision 
        of law or regulation, during any period in which the President 
        invokes the authorities of the Defense Production Act of 1950 
        (50 U.S.C. 4501 et seq.), for any payment due by the head of a 
        Federal agency on a contract for an item of property or service 
        provided--
                    (A) with respect to a prime contractor (as defined 
                in section 8701 of title 41, United States Code) that 
                is a small business concern or nonprofit organization, 
                the head of the Federal agency shall, to the fullest 
                extent permitted by law and to the maximum extent 
                practicable, establish an accelerated payment date of 
                15 days after a proper invoice for the amount due is 
                received; and
                    (B) with respect to a prime contractor (as defined 
                in section 8701 of title 41, United States Code) that 
                subcontracts with a small business concern or nonprofit 
                organization, the head of the Federal agency shall, to 
                fullest extent permitted by law and to the maximum 
                extent practicable, establish an accelerated payment 
                date of 15 days after receipt of a proper invoice for 
                the amount due if the prime contractor agrees to make 
                payments to the subcontractor in accordance with the 
                accelerated payment date, to the maximum extent 
                practicable, without any further consideration from or 
                fees charged to the subcontractor.
            (4) Bar on multiple forms of contract relief.--A small 
        business concern or nonprofit organization may not receive a 
        modification of terms or assistance under more than 1 paragraph 
        of this subsection with respect to any single contract.
    (c) Resolicitation of Contracts With Small Business Concerns.--
During fiscal years 2021 and 2022, a Federal agency shall not cancel a 
contract in which the prime contractor (as defined in section 8701 of 
title 41, United States Code) is a small business concern that 
defaulted on the terms of the contract directly or indirectly due to 
the COVID-19 unless the Director of Small and Disadvantaged Business 
Utilization of the Federal agency certifies that--
            (1) the contract is mission-critical;
            (2) resolicitation of the contract would allow a faster 
        delivery than the small business concern could provide; and
            (3) the resolicitation of the contract is, to the greatest 
        extent possible, awarded to another small business concern.

SEC. 7. UNITED STATES TREASURY PROGRAM MANAGEMENT AUTHORITY.

    (a) Authority To Include Additional Financial Institutions.--The 
Department of the Treasury, in consultation with the Administration, 
the Farm Credit Administration, and the other Federal financial 
regulatory agencies (as defined in section 313(r) of title 31, United 
States Code), shall establish criteria for insured depository 
institutions (as defined in section 3 of the Federal Deposit Insurance 
Act (12 U.S.C. 1813)), institutions of the Farm Credit System chartered 
under the Farm Credit Act of 1971 (12 U.S.C. 2001 et seq.), and other 
lenders that do not already participate in lending under programs of 
the Administration, to participate in the small business interruption 
loans program to provide loans under this section until the date on 
which the national emergency declared by the President under the 
National Emergencies Act (50 U.S.C. 1601 et seq.) with respect to the 
Coronavirus Disease 2019 (COVID-19) expires.
    (b) Safety and Soundness.--An insured depository institution (as 
defined in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 
1813)), institution of the Farm Credit System chartered under the Farm 
Credit Act of 1971 (12 U.S.C. 2001 et seq.), or other lender may only 
participate in the program established under this section if 
participation does not affect the safety and soundness of the 
institution or lender.
    (c) Regulations for Lenders and Loans.--
            (1) In general.--The Secretary of the Treasury, in 
        consultation with the Administrator, shall issue regulations 
        and guidance in order to direct additional lenders under this 
        section and establish terms and conditions for small business 
        interruption loans under this section, including terms 
        concerning compensation, underwriting standards, interest 
        rates, and maturity.
            (2) Requirements.--The terms and conditions established 
        under paragraph (1) shall provide for the following:
                    (A) A rate of interest that does not exceed the 
                maximum permissible rate of interest available on a 
                loan of comparable maturity under paragraph (36) of 
                section 7(a) of the Small Business Act (15 U.S.C. 
                636(a)), as added by section 2 of this Act.
                    (B) Terms and conditions that, to the maximum 
                extent practicable, are the same as the terms and 
                conditions required under the following provisions of 
                paragraph (36) of section 7(a) of the Small Business 
                Act (15 U.S.C. 636(a)), as added by section 2 of this 
                Act:
                            (i) Subparagraph (D), pertaining to 
                        borrower eligibility.
                            (ii) Subparagraph (E), pertaining to the 
                        maximum loan amount.
                            (iii) Subparagraph (F)(i), pertaining to 
                        allowable uses of program loans.
                            (iv) Subparagraph (H), pertaining to fee 
                        waivers.
                            (v) Subparagraph (N), pertaining to loan 
                        deferment.
                    (C) A guarantee percentage that, to the maximum 
                extent practicable, is the same as the guarantee 
                percentage required under subparagraph (F) of section 
                7(a)(2) of the Small Business Act (15 U.S.C. 
                636(a)(2)), as added by section 2 of this Act.
    (d) Additional Regulations Generally.--The Secretary of the 
Treasury may issue regulations and guidance as may be necessary to 
carry out the purposes of this section.
    (e) Certification.--As a condition of receiving a loan under this 
section, a borrower shall certify under terms acceptable to the 
Secretary of the Treasury that the borrower--
            (1) does not have an application pending for a loan under 
        section 7(a) of the Small Business Act (15 U.S.C. 636(a)); and
            (2) has not received such a loan during the period 
        beginning on February 15, 2020, and ending on December 31, 
        2020.
    (f) Program Administration.--Under the infrastructure of the 
Department of the Treasury and with guidance from the Secretary of the 
Treasury, the Administrator shall administer the program established 
under this section, including the making and purchasing of guarantees 
on loans under the program, until the date on which the national 
emergency declared by the President under the National Emergencies Act 
(50 U.S.C. 1601 et seq.) with respect to the Coronavirus Disease 2019 
(COVID-19) expires.
    (g) Criminal Penalties.--A loan under this section shall be deemed 
to be a loan under the Small Business Act (15 U.S.C. 631 et seq.) for 
purposes of section 16 of such Act (15 U.S.C. 645).

SEC. 8. EMERGENCY EIDL GRANTS.

    (a) Definitions.--In this section--
            (1) the term ``covered period'' means the period beginning 
        on January 31, 2020, and ending on December 31, 2020; and
            (2) the term ``eligible entity'' means--
                    (A) a startup with not more than 500 employees;
                    (B) any individual who operates under a sole 
                proprietorship or as an independent contractor;
                    (C) a cooperative with not more than 500 employees; 
                or
                    (D) an ESOP (as defined in section 3 of the Small 
                Business Act (15 U.S.C. 632)) with not more than 500 
                employees.
    (b) Eligible Entities.--During the covered period, in addition to 
small business concerns, private nonprofit organizations, and small 
agricultural cooperatives, an eligible entity shall be eligible for a 
loan made under section 7(b)(2) of the Small Business Act (15 U.S.C. 
636(b)(2)).
    (c) Terms; Credit Elsewhere.--With respect to a loan made under 
section 7(b)(2) of the Small Business Act (15 U.S.C. 636(b)(2)) in 
response to COVID-19 during the covered period, the Administrator shall 
waive--
            (1) any rules related the personal guarantee on advances 
        and loans of not more than $200,000 during the covered period 
        for all applicants;
            (2) the requirement that an applicant needs to be in 
        business for the 1-year period before the disaster; and
            (3) the requirement in the flush matter following 
        subparagraph (E) of section 7(b)(2) of the Small Business Act 
        (15 U.S.C. 636(b)(2)), as so redesignated by subsection (f) of 
        this section, that an applicant be unable to obtain credit 
        elsewhere.
    (d) Approval and Ability To Repay for Small Dollar Loans.--With 
respect to a loan made under section 7(b)(2) of the Small Business Act 
(15 U.S.C. 636(b)(2)) in response to COVID-19 during the covered 
period, a lender may--
            (1) approve an applicant based solely on the credit score 
        of the applicant and shall not require an applicant to submit a 
        tax return or a tax return transcript for such approval; or
            (2) use alternative appropriate methods to determine an 
        applicant's ability to repay.
    (e) Emergency Grant.--
            (1) In general.--During the covered period, an eligible 
        entity that applies for a loan under section 7(b)(2) of the 
        Small Business Act (15 U.S.C. 636(b)(2)) in response to COVID-
        19 may request that the Administrator provide an advance in the 
        amount requested by such applicant (not to exceed $10,000) to 
        such applicant within 3 days after the Administrator receives 
        an application from such applicant.
            (2) Verification.--Before disbursing amounts under this 
        subsection, the Administrator shall verify that the applicant 
        is an eligible entity.
            (3) Use of funds.--An advance provided under this 
        subsection may be used to address any allowable purpose for a 
        loan made under section 7(b)(2) of the Small Business Act (15 
        U.S.C. 636(b)(2)), including--
                    (A) providing paid sick leave to employees unable 
                to work due to the direct effect of the COVID-19;
                    (B) maintaining payroll to retain employees during 
                business disruptions or substantial slowdowns;
                    (C) meeting increased costs to obtain materials 
                unavailable from the applicant's original source due to 
                interrupted supply chains;
                    (D) making rent or mortgage payments; and
                    (E) repaying obligations that cannot be met due to 
                revenue losses.
            (4) Repayment.--An applicant shall not be required to repay 
        any amounts of an advance provided under this subsection, even 
        if subsequently denied a loan under section 7(b)(2) of the 
        Small Business Act (15 U.S.C. 636(b)(2)).
            (5) Unemployment grant.--If an applicant that receives an 
        advance under this subsection transfers into the loan program 
        under section 7(a) of the Small Business Act (15 U.S.C. 
        636(a)), the advance amount shall be considered when 
        determining loan forgiveness for a loan for payroll costs made 
        under such section 7(a).
            (6) Authorization of appropriations.--There is authorized 
        to be appropriated to the Administration $10,000,000,000 to 
        carry out this subsection.
            (7) Termination.--The authority to carry out grants under 
        this subsection shall terminate on December 30, 2020.
    (f) Emergencies Involving Federal Primary Responsibility Qualifying 
for SBA Assistance.--Section 7(b)(2) of the Small Business Act (15 
U.S.C. 636(b)(2)) is amended--
            (1) in subparagraph (A), by striking ``or'' at the end;
            (2) in subparagraph (B), by striking ``or'' at the end;
            (3) in subparagraph (C), by striking ``or'' at the end;
            (4) by redesignating subparagraph (D) as subparagraph (E);
            (5) by inserting after subparagraph (C) the following:
                    ``(D) an emergency involving Federal primary 
                responsibility determined to exist by the President 
                under section 501(b) of the Robert T. Stafford Disaster 
                Relief and Emergency Assistance Act (42 U.S.C. 
                5191(b)); or''; and
            (6) in subparagraph (E), as so redesignated--
                    (A) by striking ``or (C)'' and inserting ``(C), or 
                (D)'';
                    (B) by striking ``disaster declaration'' each place 
                it appears and inserting ``disaster or emergency 
                declaration'';
                    (C) by striking ``disaster has occurred'' and 
                inserting ``disaster or emergency has occurred'';
                    (D) by striking ``such disaster'' and inserting 
                ``such disaster or emergency''; and
                    (E) by striking ``disaster stricken'' and inserting 
                ``disaster- or emergency-stricken''; and
            (7) in the flush matter following subparagraph (E), as so 
        redesignated, by striking the period at the end and inserting 
        the following: ``: Provided further, That for purposes of 
        subparagraph (D), the Administrator shall deem that such an 
        emergency affects each State or subdivision thereof (including 
        counties), and that each State or subdivision has sufficient 
        economic damage to small business concerns to qualify for 
        assistance under this paragraph and the Administrator shall 
        accept applications for such assistance immediately.''.

SEC. 9. SUBSIDY FOR CERTAIN LOAN PAYMENTS.

    (a) Definition of Covered Loan.--In this section, the term 
``covered loan'' means a loan that is--
            (1) guaranteed by the Administration under--
                    (A) section 7(a) of the Small Business Act (15 
                U.S.C. 636(a)), including a loan made under the 
                Community Advantage Pilot Program of the 
                Administration; or
                    (B) title V of the Small Business Investment Act of 
                1958 (15 U.S.C. 695 et seq.); or
            (2) made by an intermediary to a small business concern 
        using loans or grants received under section 7(m) of the Small 
        Business Act (15 U.S.C. 636(m)).
    (b) Sense of Congress.--It is the sense of Congress that--
            (1) all borrowers are adversely affected by COVID-19;
            (2) relief payments by the Administration are appropriate 
        for all borrowers; and
            (3) in addition to the relief provided under this Act, the 
        Administration should encourage lenders to provide payment 
        deferments, when appropriate, and to extend the maturity of 
        covered loans, so as to avoid balloon payments or any 
        requirement for increases in debt payments resulting from 
        deferments provided by lenders during the period of the 
        national emergency declared by the President under the National 
        Emergencies Act (50 U.S.C. 1601 et seq.) with respect to the 
        Coronavirus Disease 2019 (COVID-19).
    (c) Principal and Interest Payments.--
            (1) In general.--The Administrator shall pay the principal, 
        interest, and any associated fees that are owed on a covered 
        loan in a regular servicing status--
                    (A) with respect to a covered loan made before the 
                date of enactment of this Act and not on deferment, for 
                the 6-month period beginning with the next payment due 
                on the covered loan;
                    (B) with respect to a covered loan made before the 
                date of enactment of this Act and on deferment, for the 
                6-month period beginning with the next payment due on 
                the covered loan after the deferment period; and
                    (C) with respect to a covered loan made during the 
                period beginning on the date of enactment of this Act 
                and ending on the date that is 6 months after such date 
                of enactment, for the 6-month period beginning with the 
                first payment due on the covered loan.
            (2) Timing of payment.--The Administrator shall begin 
        making payments under paragraph (1) on a covered loan not later 
        than 30 days after the date on which the first such payment is 
        due.
            (3) Application of payment.--Any payment made by the 
        Administrator under paragraph (1) shall be applied to the 
        covered loan such that the borrower is relieved of the 
        obligation to pay that amount.
    (d) Other Requirements.--The Administrator shall--
            (1) communicate and coordinate with the Federal Deposit 
        Insurance Corporation, the Office of the Comptroller of the 
        Currency, and State bank regulators to encourage those entities 
        to not require lenders to increase their reserves on account of 
        receiving payments made by the Administrator under subsection 
        (c);
            (2) waive statutory limits on maximum loan maturities for 
        any covered loan durations where the lender provides a deferral 
        and extends the maturity of covered loans during the 1-year 
        period following the date of enactment of this Act; and
            (3) when necessary to provide more time because of the 
        potential of higher volumes, travel restrictions, and the 
        inability to access some properties during the COVID-19 
        pandemic, extend lender site visit requirements to--
                    (A) not more than 60 days (which may be extended at 
                the discretion of the Administration) after the 
                occurrence of an adverse event, other than a payment 
                default, causing a loan to be classified as in 
                liquidation; and
                    (B) not more than 90 days after a payment default.
    (e) Rule of Construction.--Nothing in this section may be construed 
to limit the authority of the Administrator to make payments pursuant 
to subsection (c) with respect to a covered loan solely because the 
covered loan has been sold in the secondary market.
    (f) Authorization of Appropriations.--There is authorized to be 
appropriated to the Administrator $16,800,000,000 to carry out this 
section.

SEC. 10. 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 Act and the 
amendments made by this Act without regard to the notice requirements 
under section 553(b) of title 5, United States Code.

                       TITLE V--REGULATORY RELIEF

SECTION 1. REPEALING BURDENSOME REGULATIONS.

    (a) Within 7 days of enactment of this Act, each agency (as defined 
in 5 U.S.C. 551) shall identify major regulations (as defined in 5 
U.S.C. 804(2)) that, if amended, suspended, or repealed, would provide 
immediate financial or economic relief.
    (b) Within 15 days of enactment, each agency shall submit to the 
President a plan to immediately suspend enforcement of the regulations 
identified in accordance with subsection (a).
    (c) Regulations suspended in accordance with this section may not 
be reinstated unless approved by a joint resolution of Congress.
    (d) The requirements under chapter 5 of title 5, United States 
Code, shall not apply to the suspension of regulations identified under 
this section.

          TITLE VI--TEMPORARY RELIEF FROM HOME AND AUTO LOANS

SECTION 1. FORECLOSURE MORATORIUM AND CONSUMER RIGHT TO REQUEST 
              FORBEARANCE.

    (a) Definitions.--In this section:
            (1) COVID-19 emergency.--The term ``COVID-19 emergency'' 
        means the national emergency concerning the novel coronavirus 
        disease (COVID-19) outbreak declared by the President on March 
        13, 2020, under the National Emergencies Act (50 U.S.C. 1601 et 
        seq.).
            (2) Federally backed mortgage loan.--The term ``Federally 
        backed mortgage loan'' includes any loan which is secured by a 
        first or subordinate lien on residential real property 
        (including individual units of condominiums and cooperatives) 
        designed principally for the occupancy of from 1 to 4 families 
        that is--
                    (A) insured by the Federal Housing Administration 
                under title II of the National Housing Act (12 U.S.C. 
                1707 et seq.);
                    (B) insured under section 255 of the National 
                Housing Act (12 U.S.C. 1715z-20);
                    (C) guaranteed under section 184 or 184A of the 
                Housing and Community Development Act of 1992 (12 
                U.S.C. 1715z-13a, 1715z-13b);
                    (D) guaranteed or insured by the Department of 
                Veterans Affairs;
                    (E) guaranteed or insured by the Department of 
                Agriculture;
                    (F) made by the Department of Agriculture; or
                    (G) purchased or securitized by the Federal Home 
                Loan Mortgage Corporation or the Federal National 
                Mortgage Association.
            (3) Covered period.--The term ``covered period'' means the 
        period beginning on the date of enactment of this Act and 
        ending on the sooner of--
                    (A) the termination date of the national emergency 
                concerning the novel coronavirus disease (COVID-19) 
                outbreak declared by the President on March 13, 2020, 
                under the National Emergencies Act (50 U.S.C. 1601 et 
                seq.); or
                    (B) December 31, 2020.
            (4) Financial hardship.--The term ``financial hardship'' 
        means an inability to meet basic living expenses for goods and 
        services necessary for the borrower and his or her spouse and 
        dependents.
    (b) Forbearance.--
            (1) In general.--During the covered period, a borrower with 
        a Federally backed mortgage loan experiencing a financial 
        hardship due, directly or indirectly, to the COVID-19 emergency 
        may request forbearance on the Federally backed mortgage loan, 
        regardless of delinquency status, by--
                    (A) submitting a request to the borrower's 
                servicer; and
                    (B) affirming that the borrower is experiencing a 
                financial hardship during the COVID-19 emergency.
            (2) Duration of forbearance.--Upon a request by a borrower 
        for forbearance under paragraph (1), such forbearance shall be 
        granted for up to 60 days, and shall be extended for up to 4 
        periods of 30 days each at the request of the borrower, 
        provided that, the borrower's request for an extension is made 
        during the covered period, and, at the borrower's request, 
        either the initial or extended period of forbearance may be 
        shortened.
            (3) Accrual of interest or fees.--During a period of 
        forbearance described in this subsection, no fees, penalties, 
        or interest beyond the amounts scheduled or calculated as if 
        the borrower made all contractual payments on time and in full 
        under the terms of the mortgage contract, shall accrue on the 
        borrower's account.
    (c) Requirements for Servicers.--
            (1) In general.--Upon receiving a request for forbearance 
        from a borrower under subsection (b), the servicer shall--
                    (A) with no additional documentation required other 
                than the borrower's attestation to a financial hardship 
                caused by the COVID-19 emergency and with no fees, 
                penalties, or interest (beyond the amounts scheduled or 
                calculated as if the borrower made all contractual 
                payments on time and in full under the terms of the 
                mortgage contract) charged to the borrower in 
                connection with the forbearance, provide the 
                forbearance for up to 60 days, which may be extended 
                for up to 4 periods of 30 days each at the request of 
                the borrower, provided that, the borrower's request for 
                an extension is made during the covered period, and, at 
                the borrower's request, either the initial or extended 
                period of forbearance may be shortened;
                    (B) while such forbearance is in effect, pay or 
                advance funds to make disbursements in a timely manner 
                from any escrow account established on the mortgage 
                loan, and maintain regular communication with such 
                borrower; and
                    (C) before the end of such forbearance, evaluate 
                the borrower's ability to return to making regular 
                mortgage payments, and based on that evaluation;
                    (D) if the borrower is able to return to making 
                regular mortgage payments at the end of the forbearance 
                period, at the borrower's request and in accordance 
                with the borrower's choice--
                            (i) reinstate the loan with no penalties, 
                        fees, or interest accrued beyond the amounts 
                        scheduled or calculated as if the borrower made 
                        all contractual payments on time and in full 
                        under the terms of the mortgage contract and 
                        with no modification fees charged to the 
                        borrower;
                            (ii) provide a written repayment plan with 
                        no penalties, fees, or interest accrued beyond 
                        the amounts scheduled or calculated as if the 
                        borrower made all contractual payments on time 
                        and in full under the terms of the mortgage 
                        contract and with no modification fees charged 
                        to the borrower; or
                            (iii)(I) at the borrower's request, modify 
                        the borrower's loan to extend the term for a 
                        period that is at least the same period as the 
                        length of the forbearance, with all payments 
                        that were not made during the forbearance 
                        distributed across the payments added by the 
                        extension at the same intervals as the 
                        borrower's existing payment schedule and evenly 
                        distributed across those intervals, with no 
                        penalties, fees, or interest accrued beyond the 
                        amounts scheduled or calculated as if the 
                        borrower made all contractual payments on time 
                        and in full under the terms of the mortgage 
                        contract and with no modification fees charged 
                        to the borrower; and
                            (II) notify the borrower in writing of the 
                        extension, including provision of a new payment 
                        schedule and date of maturity, and that the 
                        borrower shall have the election of prepaying 
                        the forborne payments at any time, in a lump 
                        sum or otherwise;
                            (iv)(I) if the borrower elects to modify 
                        the loan to capitalize a resulting escrow 
                        shortage or deficiency, the servicer may modify 
                        the borrower's loan by re-amortizing the 
                        principal balance and extending the term of the 
                        loan sufficient to maintain the regular 
                        mortgage payments, with no penalties, fees, or 
                        interest accrued beyond the amounts scheduled 
                        or calculated as if the borrower made all 
                        contractual payments on time and in full under 
                        the terms of the mortgage contract and with no 
                        modification fees charged to the borrower; and
                            (II) notify the borrower in writing of the 
                        extension, including provision of a new payment 
                        schedule and date of maturity, and that the 
                        borrower shall have the election of prepaying 
                        the suspended payments at any time, in a lump 
                        sum or otherwise; or
                            (v) if the borrower is financially unable 
                        to return to making regular mortgage payments 
                        at the end of the forbearance period and if the 
                        borrower elects, or if the borrower is able to 
                        return to making regular mortgage payments but 
                        so elects--
                                    (I) evaluate the borrower for all 
                                loan modification options without 
                                regard to whether the borrower has 
                                previously requested, been offered, or 
                                provided a loan modification or other 
                                loss mitigation option, including--
                                            (aa) further extending the 
                                        borrower's repayment period; or
                                            (bb) other modification 
                                        options available to the 
                                        servicer under the terms of 
                                        their loan and existing laws 
                                        and policies; and
                                    (II) if the borrower qualifies for 
                                such a modification, modify the 
                                borrower's loan to provide a loan with 
                                such terms as to provide an affordable 
                                payment, with no penalties, additional 
                                interest beyond the amounts scheduled 
                                to be calculated as if the borrower 
                                made all contractual payments on time 
                                and in full under the terms of the 
                                mortgage contract in effect at the time 
                                the borrower entered into the 
                                forbearance, and with no modification 
                                fees charged to the borrower.
            (2) Notification.--
                    (A) In general.--Each servicer of a Federally 
                backed mortgage loan shall notify the borrower of their 
                right to request forbearance under this section 
                throughout the period of the COVID-19 emergency--
                            (i) on, or accompanying, each periodic 
                        statement provided to the borrower; and
                            (ii) in any oral or written communication 
                        by the servicer with or to the borrower.
                    (B) Manner of notification.--
                            (i) Written notification.--Any written 
                        notification required under subparagraph (A)--
                                    (I) shall be provided--
                                            (aa) in English and Spanish 
                                        at a minimum; and
                                            (bb) at least as clearly 
                                        and conspicuously as the most 
                                        clear and conspicuous 
                                        disclosure on the document;
                                    (II) shall include the notification 
                                of the availability of language 
                                assistance and housing counseling; and
                                    (III) may be provided by first-
                                class mail or electronically, if the 
                                borrower has otherwise consented to 
                                electronic communication with the 
                                servicer and has not revoked such 
                                consent.
                            (ii) Oral notification.--Any oral 
                        notification required under subparagraph (A) 
                        shall be provided in the language the servicer 
                        otherwise uses to communicate with the 
                        borrower.
                            (iii) Written translations.--In providing 
                        written notifications in languages other than 
                        English under clause (i), a servicer may rely 
                        on written translations developed by the 
                        Federal Housing Finance Agency or the Bureau of 
                        Consumer Financial Protection.
            (3) Foreclosure moratorium.--Except with respect to a 
        vacant or abandoned property, a servicer of a Federally backed 
        mortgage loan may not initiate any judicial or non-judicial 
        foreclosure process, move for a foreclosure judgment or order 
        of sale, or execute a foreclosure-related eviction or 
        foreclosure sale for not less than the 60-day period beginning 
        on March 18, 2020.
    (d) Enforcement.--The provisions of this section shall be 
enforceable using the remedies available--
            (1) to the Federal agency insurer, guarantor, originator, 
        or purchaser of the Federally backed mortgage loan; and
            (2) under the Real Estate Settlement Procedures Act of 1974 
        (12 U.S.C. 2601 et seq.).

SEC. 2. FORBEARANCE OF RESIDENTIAL MORTGAGE LOAN PAYMENTS FOR 
              MULTIFAMILY PROPERTIES WITH FEDERALLY BACKED LOANS.

    (a) In General.--During the covered period, a multifamily borrower 
with a Federally backed multifamily mortgage loan experiencing a 
financial hardship due, directly or indirectly, to the COVID-19 
emergency may request a forbearance under the terms set forth in this 
section.
    (b) Request for Relief.--A multifamily borrower with a Federally 
backed multifamily mortgage loan that was current on its payments as of 
February 1, 2020, may submit an oral or written request for forbearance 
under subsection (a) to the borrower's servicer affirming that the 
multifamily borrower is experiencing a financial hardship during the 
COVID-19 emergency.
    (c) Forbearance Period.--
            (1) In general.--Upon receipt of an oral or written request 
        for forbearance from a multifamily borrower, a servicer shall--
                    (A) document the financial hardship;
                    (B) provide the forbearance for up to 30 days; and
                    (C) extend the forbearance for up to 2 additional 
                30-day periods upon the request of the borrower 
                provided that, the borrower's request for an extension 
                is made during the covered period, and, at least 15 
                days prior to the end of the forbearance period 
                described under subparagraph (B).
            (2) Right to discontinue.--A multifamily borrower shall 
        have the option to discontinue the forbearance at any time.
    (d) Renter Protections During Forbearance Period.--A multifamily 
borrower that receives a forbearance under this section may not, for 
the duration of the forbearance--
            (1) evict or initiate the eviction of a tenant from a 
        dwelling unit located in or on the applicable property solely 
        for nonpayment of rent or other fees or charges; or
            (2) charge any late fees, penalties, or other charges to a 
        tenant described in paragraph (1) for late payment of rent.
    (e) Notice.--A multifamily borrower that receives a forbearance 
under this section--
            (1) may not require a tenant to vacate a dwelling unit 
        located in or on the applicable property before the date that 
        is 30 days after the date on which the borrower provides the 
        tenant with a notice to vacate; and
            (2) may not issue a notice to vacate under paragraph (1) 
        until after the expiration of the forbearance.
    (f) Definitions.--In this section:
            (1) Applicable property.--The term ``applicable property'', 
        with respect to a Federally backed multifamily mortgage loan, 
        means the residential multifamily property against which the 
        mortgage loan is secured by a lien.
            (2) Federally backed multifamily mortgage loan.--The term 
        ``Federally backed multifamily mortgage loan'' includes any 
        loan (other than temporary financing such as a construction 
        loan) that--
                    (A) is secured by a first or subordinate lien on 
                residential multifamily real property designed 
                principally for the occupancy of 5 or more families, 
                including any such secured loan, the proceeds of which 
                are used to prepay or pay off an existing loan secured 
                by the same property; and
                    (B) is made in whole or in part, or insured, 
                guaranteed, supplemented, or assisted in any way, by 
                any officer or agency of the Federal Government or 
                under or in connection with a housing or urban 
                development program administered by the Secretary of 
                Housing and Urban Development or a housing or related 
                program administered by any other such officer or 
                agency, or is purchased or securitized by the Federal 
                Home Loan Mortgage Corporation or the Federal National 
                Mortgage Association.
            (3) Multifamily borrower.--The term ``multifamily 
        borrower'' means a borrower of a residential mortgage loan that 
        is secured by a lien against a property comprising 5 or more 
        dwelling units.
            (4) COVID-19 emergency.--The term ``COVID-19 emergency'' 
        means the national emergency concerning the novel coronavirus 
        disease (COVID-19) outbreak declared by the President on March 
        13, 2020, under the National Emergencies Act (50 U.S.C. 1601 et 
        seq.).
            (5) Covered period.--The term ``covered period'' means the 
        period beginning on the date of enactment of this Act and 
        ending on the sooner of--
                    (A) the termination date of the national emergency 
                concerning the novel coronavirus disease (COVID-19) 
                outbreak declared by the President on March 13, 2020, 
                under the National Emergencies Act (50 U.S.C. 1601 et 
                seq.); or
                    (B) December 31, 2020.

 TITLE VII--CURRENT EXPECTED CREDIT LOSSES IMPACT STUDY AND OPERATING 
                                 DELAY

SECTION 1. DEFINITIONS.

    In this Act--
            (1) the term ``appropriate committees of Congress'' means--
                    (A) the Committee on Banking, Housing, and Urban 
                Affairs of the Senate; and
                    (B) the Committee on Financial Services of the 
                House of Representatives;
            (2) the term ``CECL'' means the accounting standard in 
        ``Accounting Standards Update 2016-13, Financial Instruments--
        Credit Losses (Topic 326)'', issued by the Financial Accounting 
        Standards Board in June 2016, as amended by ``Accounting 
        Standards Update 2018-19, Codification Improvements to Topic 
        326, Financial Instruments--Credit Losses'', issued by the 
        Financial Accounting Standards Board in November 2018;
            (3) the term ``Commission'' means the Securities and 
        Exchange Commission;
            (4) the term ``Federal financial regulators'' means--
                    (A) the Secretary of the Treasury;
                    (B) the Board of Governors of the Federal Reserve 
                System;
                    (C) the Bureau of Consumer Financial Protection;
                    (D) the Comptroller of the Currency;
                    (E) the Commodity Futures Trading Commission;
                    (F) the Federal Deposit Insurance Corporation;
                    (G) the Director of the Federal Housing Finance 
                Agency; and
                    (H) the National Credit Union Administration; and
            (5) the term ``small business concern'' has the meaning 
        given the term in section 3(a) of the Small Business Act (15 
        U.S.C. 632(a)).

SEC. 2. STUDY AND REPORT.

    (a) In General.--The Commission and the Federal financial 
regulators, in consultation with the Financial Accounting Standards 
Board, shall conduct a quantitative study of--
            (1) the potential impact that the implementation of CECL 
        may have on the availability of credit, with a particular focus 
        on the impact on that availability--
                    (A) for consumers and small business concerns; and
                    (B) with respect to the credit products on which 
                consumers and small business concerns rely during 
                periods of economic expansion and during recessions;
            (2) whether implementing CECL could--
                    (A) accelerate the depletion of regulatory capital 
                that is available for lending purposes during a 
                recession;
                    (B) have a greater impact on regulatory capital, or 
                extend the period in which regulatory capital is 
                reduced, during a recession; or
                    (C) pose any other systemic risks to the economy of 
                the United States;
            (3) the potentially disproportionate impact that the 
        implementation of CECL may have on financial institutions, 
        taking into account--
                    (A) the various sizes and levels of complexity of 
                those financial institutions; and
                    (B) the different amounts of resources that are 
                available to those financial institutions;
            (4) the potential impact that the implementation of CECL 
        may have on the decisions made by investors; and
            (5) the potential competitive impact that the 
        implementation of CECL may have on institutions in the United 
        States as a result of differing international accounting 
        standards used to measure credit loss.
    (b) Report.--Not later than 1 year after the date of enactment of 
this Act, the Commission and the Federal financial regulators shall 
submit to the Financial Accounting Standards Board and the appropriate 
committees of Congress a report--
            (1) regarding the results of the study conducted under 
        subsection (a); and
            (2) that shall include--
                    (A) the identification of any negative impacts 
                resulting from the implementation of CECL; and
                    (B) recommendations for changes to CECL to 
                eliminate or mitigate the negative impacts described in 
                subparagraph (A).

SEC. 3. COST-BENEFIT STUDY OF CECL IMPACT ON NON-FINANCIAL 
              INSTITUTIONS, INSURERS, AND GOVERNMENT-SPONSORED 
              ENTERPRISES.

    (a) Study.--The Commission and the Federal financial regulators, in 
consultation with the Financial Accounting Standards Board, shall carry 
out a study on the potential costs and benefits of the impact of CECL 
on non-financial institutions, the insurance industry (including 
reinsurance), and Government-sponsored enterprises.
    (b) Report.--Not later than 1 year after the date of enactment of 
this Act, the Commission and the Federal financial regulators shall 
submit to the Financial Accounting Standards Board and the appropriate 
committees of Congress a report containing all findings and 
determinations made in carrying out the study required under subsection 
(a).

SEC. 4. DELAY IN IMPLEMENTATION OF CECL.

    Beginning on the date of enactment of this Act neither the 
Commission nor any of the Federal financial regulators may require a 
person to comply with CECL.

                   TITLE VIII--PERSONALIZED CARE ACT

SECTION 1. HEALTH SAVINGS ACCOUNT ELIGIBILITY.

    (a) In General.--Paragraph (1) of section 223(c) of the Internal 
Revenue Code of 1986 is amended to read as follows:
            ``(1) Eligible individual.--The term `eligible individual' 
        means, with respect to any month, any individual if such 
        individual is--
                    ``(A) covered under--
                            ``(i) a group or individual health plan,
                            ``(ii) health insurance coverage, including 
                        a short term limited duration plan or medical 
                        indemnity plan, or
                            ``(iii) a government plan, including 
                        coverage under the Medicare program under part 
                        A or part B of title XVIII of the Social 
                        Security Act, the Medicaid program under title 
                        XIX of such Act, the CHIP program under title 
                        XXI of such Act or a qualified CHIP look-alike 
                        program (as defined in section 2107(g) of such 
                        Act), medical coverage under chapter 55 of 
                        title 10, United States Code (including 
                        coverage under the TRICARE program), a health 
                        care program under chapter 17 or 18 of title 
                        38, United States Code, as determined by the 
                        Secretary of Veterans Affairs in coordination 
                        with the Secretary of Health and Human Services 
                        and the Secretary, a medical care program of 
                        the Indian Health Service or a tribal 
                        organization, or coverage under chapter 89 of 
                        title 5, United States Code, or
                    ``(B) a participant in a health care sharing 
                ministry (as defined in section 5000A(d)(2)(B)(ii)),
        as of the 1st day of such month.''.
    (b) Conforming Amendments.--
            (1) Subsection (c) of section 223 of such Code is amended 
        by striking paragraphs (2) and (3) and by redesignating 
        paragraphs (4) and (5) as paragraphs (2) and (3), respectively.
            (2) Paragraphs (2)(A) and (2)(B) of section 223(b) of such 
        Code are each amended by striking ``a high deductible health 
        plan'' and inserting ``a health plan, insurance, or ministry 
        described in subsection (c)(1)''.
            (3) Paragraph (8)(A)(ii) of section 223(b) of such Code is 
        amended by striking ``high deductible health plan'' and 
        inserting ``health plan, insurance, or ministry described in 
        subsection (c)(1)''.
            (4) Section 223(g)(1) of such Code is amended--
                    (A) by striking ``subsections (b)(2) and 
                (c)(2)(A)'' both places it appears and inserting 
                ``subsection (b)(2)''; and
                    (B) by striking ``for `calendar year 2016''' in 
                subparagraph (B) and all that follows through 
                ```calendar year 2003'.'' and inserting ```calendar 
                year 1997' for `calendar year 2016' in subparagraph 
                (A)(ii) thereof.''.
            (5) The heading of subparagraph (B) of section 223(b)(8) of 
        such Code is amended by striking ``high deductible health 
        plan''.
            (6) Section 26(b)(2)(S) of such Code is amended by striking 
        ``high deductible health plan''.
            (7) The heading of paragraph (3) of section 106(e) of such 
        Code is amended by striking ``high deductible health plan''.
            (8) Clause (ii) of section 106(e)(5)(B) of such Code is 
        amended by striking ``a high deductible health plan'' and 
        inserting ``a health plan''.
            (9) Paragraph (9) of section 408(d) of such Code is 
        amended--
                    (A) by striking ``the high deductible health plan 
                covering'' in subparagraph (C)(i)(I) and inserting 
                ``health plan, insurance, or ministry of'';
                    (B) by striking ``a high deductible health plan'' 
                the first place it appears in subparagraph (C)(ii)(II) 
                and inserting ``a health plan, insurance, or ministry 
                described in section 223(c)(1)'';
                    (C) by striking ``a high deductible health plan'' 
                the second place it appears in subparagraph (C)(ii)(II) 
                and inserting ``any such plan, insurance, or 
                ministry''; and
                    (D) by striking ``high deductible health plan'' in 
                the heading of subparagraph (D).
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2019.

SEC. 2. INCREASE IN HSA CONTRIBUTION LIMITS.

    (a) In General.--Paragraph (2) of section 223(b) of the Internal 
Revenue Code of 1986 is amended--
            (1) by striking ``$2,250'' in subparagraph (A) and 
        inserting ``$10,800''; and
            (2) by striking ``$4,500'' in subparagraph (B) and 
        inserting ``$29,500''.
    (b) Cost-of-Living Adjustment.--Paragraph (1) of section 223(g) of 
the Internal Revenue Code of 1986, as amended by section 2, is 
amended--
            (1) by striking ``Each'' and inserting ``In the case of a 
        taxable year beginning after 2020, each''; and
            (2) by striking ``calendar year 1997'' and inserting 
        ``calendar year 2019''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2019.

SEC. 3. PAYMENT OF HEALTH PLAN AND HEALTH INSURANCE PREMIUMS FROM HSA.

    (a) In General.--Paragraph (2) of section 223(d) of the Internal 
Revenue Code of 1986 is amended--
            (1) by striking subparagraph (B);
            (2) by redesignating subparagraph (C) as subparagraph (B);
            (3) by striking ``Subparagraph (B) shall not apply to any 
        expense for coverage under'' in subparagraph (B), as so 
        redesignated, and inserting ``Subparagraph (A) shall not apply 
        to any payment for insurance other than''; and
            (4) in subparagraph (B), as so redesignated--
                    (A) by striking ``or'' at the end of clause (iii);
                    (B) by striking the period at the end of clause 
                (iv) and inserting ``, or''; and
                    (C) by adding at the end the following new clause:
                            ``(v) a health plan or health insurance 
                        coverage described in subsection (c)(1)(A).''.
    (b) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2019.

SEC. 4. TREATMENT OF MEDICAL CARE SERVICE ARRANGEMENTS.

    (a) Inclusion as Medical Expenses.--Paragraph (2) of section 223(d) 
of the Internal Revenue Code of 1986, as amended by section 4, is 
further amended by adding at the end the following new subparagraph:
                    ``(C) Inclusion of medical care service 
                arrangements.--The term `qualified medical expenses' 
                shall include--
                            ``(i) periodic fees paid to a physician for 
                        a defined set of medical services or for the 
                        right to receive medical services on an as-
                        needed basis; and
                            ``(ii) amounts prepaid for medical services 
                        designed to screen for, diagnose, cure, 
                        mitigate, treat, or prevent disease and promote 
                        wellness.''.
    (b) Arrangement Not To Be Treated as Health Insurance.--Subsection 
(c) of section 223 of the Internal Revenue Code of 1986, as amended by 
section 2(b), is further amended by adding at the end the following new 
paragraph:
            ``(4) Treatment of medical care service arrangements.--An 
        arrangement under which an individual is provided medical 
        services in exchange for a fixed periodic fee or payment for 
        such services shall not be treated as a health plan, insurance, 
        or arrangement described in paragraph (1).''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2019.

SEC. 5. PERIODIC PROVIDER FEES TREATED AS MEDICAL CARE.

    (a) In General.--Section 213(d) of the Internal Revenue Code of 
1986 is amended by adding at the end the following new paragraph:
            ``(12) Periodic provider fees.--Periodic fees paid for a 
        defined set of medical services provided on an as-needed basis 
        shall be treated as amounts paid for medical care.''.
    (b) Effective Date.--The amendment made by this section shall apply 
to taxable years beginning after December 31, 2019.

SEC. 6. EXPANDING OVER-THE-COUNTER DRUG COVERAGE AND RESTORING LOWER 
              PENALTY FOR NONQUALIFIED DISTRIBUTIONS.

    (a) Over-the-Counter Coverage.--Section 223(d)(2)(A) of the 
Internal Revenue Code of 1986 is amended by striking the last sentence 
and inserting the following: ``Such term shall include an amount paid 
for any prescription or over-the-counter medicine or drug.''.
    (b) Penalty.--Section 223(e)(4)(A) of the Internal Revenue Code of 
1986 is amended by striking ``20 percent'' and inserting ``10 
percent''.
    (c) Effective Date.--The amendments made by this section shall 
apply to distributions made in taxable years beginning after December 
31, 2019.

SEC. 7. TREATMENT OF HEALTH CARE SHARING MINISTRIES.

    (a) Inclusion as Medical Expenses.--Paragraph (2) of section 223(d) 
of the Internal Revenue Code of 1986, as amended by sections 4 and 5, 
is further amended by adding at the end the following new subparagraph:
                    ``(D) Inclusion of health care sharing 
                ministries.--The term `qualified medical expenses' 
                shall include amounts paid by a member of a health care 
                sharing ministry (as defined in section 
                5000A(d)(2)(B)(ii)) for--
                            ``(i) the sharing of medical expenses among 
                        members, and
                            ``(ii) administrative fees of the 
                        ministry.''.
    (b) Health Care Sharing Ministry Not To Be Treated as Health 
Insurance.--Subsection (c) of section 223 of the Internal Revenue Code 
of 1986, as amended by sections 2 and 5, is further amended by adding 
at the end the following new paragraph:
            ``(5) Treatment of health care sharing ministries.--A 
        health care sharing ministry (as defined in section 
        5000A(d)(2)(B)(ii)) shall not be treated as a health plan or 
        insurance for purposes of this title.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2019.

              TITLE IX--2019 TAX FILING DEADLINE EXTENSION

SECTION 1. EXTENDING DEADLINE TO NOVEMBER 15, 2020.

    (a) In General.--For purposes of any return made under section 
6012(a)(1), 6013, or 6017 on the basis of calendar year 2019, section 
6072(a) of the Internal Revenue Code of 1986 shall be applied by 
substituting ``15th day of November'' for ``15th day of April''.
    (b) Interest on Withholding Overpayments.--For the purposes of any 
tax deducted and withheld at the source during calendar year 2019, 
section 6513(b)(1) of the Internal Revenue Code of 1986 shall be 
applied by inserting ``(the 15th day of November in the case of a 
taxable year ending on December 31, 2019)'' before the period at the 
end.
    (c) Failure by Individual To Pay Estimated Income Tax.--In the case 
of an installment of estimated tax with respect to 2019, section 
6654(b)(2)(A) of the Internal Revenue Code of 1986 shall be applied by 
inserting ``(the 15th day of November in the case of a taxable year 
ending on December 31, 2019)'' before the comma at the end.
                                 <all>