Title: Heroes Small Business Lifeline Act
Policy area: Commerce

Summary:
Heroes Small Business Lifeline Act
This bill provides economic support to small business affected by COVID-19 (i.e., coronavirus disease 2019) by extending and expanding existing initiatives such as the Paycheck Protection Program, establishing a new lifeline grant program, and providing dedicated assistance for industries such as restaurants and live entertainment.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 4818 Introduced in Senate (IS)]

<DOC>






116th CONGRESS
  2d Session
                                S. 4818

To provide assistance to small businesses affected by COVID-19, and for 
                            other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

             October 20 (legislative day, October 19), 2020

  Mr. Cardin (for himself, Mrs. Shaheen, Mr. Schumer, Ms. Rosen, Ms. 
Duckworth, Mr. Coons, Ms. Hirono, Ms. Cantwell, Mr. Markey, Mr. Booker, 
 Ms. Klobuchar, Mr. Van Hollen, Mr. Blumenthal, Mrs. Gillibrand, Mrs. 
    Murray, Mr. King, Mr. Reed, Mr. Menendez, Ms. Cortez Masto, Ms. 
 Baldwin, Mr. Kaine, Mr. Brown, Ms. Warren, Mr. Durbin, Mr. Wyden, Mr. 
   Merkley, Mr. Heinrich, Mr. Bennet, Mr. Whitehouse, Mr. Udall, Mr. 
 Schatz, Ms. Stabenow, Mrs. Feinstein, and Mr. Peters) introduced the 
 following bill; which was read twice and referred to the Committee on 
                                Finance

_______________________________________________________________________

                                 A BILL


 
To provide assistance to small businesses affected by COVID-19, and for 
                            other purposes.

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

SECTION 1. SHORT TITLE; TABLE OF CONTENTS; DEFINITIONS.

    (a) Short Title.--This Act may be cited as the ``Heroes Small 
Business Lifeline Act''.
    (b) Table of Contents.--The table of contents for this Act is as 
follows:

Sec. 1. Short title; table of contents; definitions.
                      TITLE I--FUNDING PROVISIONS

Sec. 101. Amount authorized for commitments.
Sec. 102. Funding for the Paycheck Protection Program.
Sec. 103. Direct appropriations.
Sec. 104. Emergency designation.
       TITLE II--MODIFICATIONS TO THE PAYCHECK PROTECTION PROGRAM

Sec. 201. Periods for loan forgiveness and application submission.
Sec. 202. Supplemental covered loans for certain business concerns.
Sec. 203. Certifications and documentation for streamlined forgiveness 
                            of covered loans.
Sec. 204. Eligibility of certain organizations for loans under the 
                            Paycheck Protection Program.
Sec. 205. Limit on aggregate loan amount for eligible recipients with 
                            more than 1 physical location.
Sec. 206. Allowable uses of covered loans; forgiveness.
Sec. 207. Documentation required for certain eligible recipients.
Sec. 208. Exclusion of certain publicly traded and foreign entities.
Sec. 209. Election of 12-week period by seasonal employers.
Sec. 210. Inclusion of certain refinancing in nonrecourse requirements.
Sec. 211. Credit elsewhere requirements.
Sec. 212. Prohibition on receiving duplicative amounts for payroll 
                            costs.
Sec. 213. Application of certain terms through life of covered loan.
Sec. 214. Interest calculation on covered loans.
Sec. 215. Reimbursement for processing.
Sec. 216. Duplication requirements for economic injury disaster loan 
                            recipients.
Sec. 217. Reapplication for and modification to Paycheck Protection 
                            Program.
Sec. 218. Treatment of certain criminal violations.
Sec. 219. Eligibility and treatment of Farm Credit System institutions.
                       TITLE III--TAX PROVISIONS

Sec. 301. Improved coordination between Paycheck Protection Program and 
                            employee retention tax credit.
    TITLE IV--COVID-19 ECONOMIC INJURY DISASTER LOAN PROGRAM REFORM

Sec. 401. Sense of Congress.
Sec. 402. Notices to applicants for economic injury disaster loans or 
                            advances.
Sec. 403. Modifications to emergency EIDL advances.
Sec. 404. Data transparency, verification, and notices for economic 
                            injury disaster loans.
Sec. 405. Lifeline funding for small business continuity, adaptation, 
                            and resiliency.
Sec. 406. Modifications to economic injury disaster loans.
Sec. 407. Principal and interest payments for certain disaster loans.
Sec. 408. Training.
Sec. 409. Outreach plan.
Sec. 410. Report on best practices.
Sec. 411. Extension of period of availability for administrative funds.
         TITLE V--MICRO-SBIC AND EQUITY INVESTMENT ENHANCEMENT

Sec. 501. Micro-SBIC Program.
                        TITLE VI--MISCELLANEOUS

Sec. 601. Repeal of EIDL advance deduction.
Sec. 602. Extension of the debt relief program.
Sec. 603. Modifications to 7(a) loan programs.
Sec. 604. Flexibility in deferral of payments of 7(a) loans.
Sec. 605. Recovery assistance under the microloan program.
Sec. 606. Maximum loan amount for 504 loans.
Sec. 607. Temporary fee reductions.
Sec. 608. Extension of participation in 8(a) program.
Sec. 609. Report on minority, women, and rural lending.
Sec. 610. Comprehensive program guidance.
Sec. 611. Reports on Paycheck Protection Program.
Sec. 612. Prohibiting conflicts of interest for small business programs 
                            under the CARES Act.
Sec. 613. Inclusion of SCORE and Veteran Business Outreach Centers in 
                            entrepreneurial development programs.
Sec. 614. Clarification of use of CARES Act funds for small business 
                            development centers.
Sec. 615. Funding for the Office of Inspector General of the Small 
                            Business Administration.
Sec. 616. Extension of waiver of matching funds requirement under the 
                            Women's Business Center program.
Sec. 617. Access to Small Business Administration information and 
                            databases.
Sec. 618. Small business local relief program.
Sec. 619. Grants for shuttered venue operators.
Sec. 620. Support for restaurants.
     TITLE VII--MINORITY BUSINESS DEVELOPMENT AGENCY AND COMMUNITY 
                DEVELOPMENT FINANCIAL INSTITUTIONS FUND

Sec. 701. Definitions.
  Subtitle A--Codification of the Minority Business Development Agency

Sec. 711. Short title.
Sec. 712. Findings and purposes.
Sec. 713. Minority Business Development Agency.
                      PART I--Existing Initiatives

        subpart a--market development, research, and information

Sec. 721. Private sector development.
Sec. 722. Public sector development.
Sec. 723. Research and information.
        subpart b--minority business development center program

Sec. 731. Purpose.
Sec. 732. Definitions.
Sec. 733. Establishment.
Sec. 734. Cooperative agreements.
Sec. 735. Minimizing disruptions to existing business centers program.
Sec. 736. Publicity.
Sec. 737. Emergency appropriations.
 PART II--New Initiatives To Promote Economic Resiliency for Minority 
                               Businesses

Sec. 741. Annual diverse business forum on capital formation.
Sec. 742. Agency study on alternative financing solutions.
Sec. 743. Educational development relating to management and 
                            entrepreneurship.
PART III--Administrative and Other Powers of the Agency; Miscellaneous 
                               Provisions

Sec. 751. Administrative powers.
Sec. 752. Financial assistance.
Sec. 753. Audits.
Sec. 754. Review and report by comptroller general.
Sec. 755. Annual reports; recommendations.
Sec. 756. Separability.
Sec. 757. Executive Order 11625.
Sec. 758. Amendment to the Federal Acquisition Streamlining Act of 
                            1994.
                      Subtitle B--Other Provisions

Sec. 761. Emergency grants to minority business enterprises.
   TITLE VIII--PROMOTING AND ADVANCING COMMUNITIES OF COLOR THROUGH 
                           INCLUSIVE LENDING

Sec. 801. Short title.
Sec. 802. Findings; sense of Congress.
Sec. 803. Purposes.
Sec. 804. Considerations; requirements for creditors.
Sec. 805. Neighborhood Capital Investment Program.
Sec. 806. Emergency support for CDFIs and communities.
Sec. 807. Ensuring diversity in community banking.
Sec. 808. Establishment of Financial Agent Partnership Program.
Sec. 809. Strengthening minority lending institutions.
Sec. 810. CDFI Bond Guarantee Reform.
Sec. 811. Reports.
Sec. 812. Inspector General oversight.
Sec. 813. Study and report with respect to impact of programs on low- 
                            and moderate-income and minority 
                            communities.
Sec. 814. Community development financial institutions fund.
    (c) Definitions.--In this Act:
            (1) Administration.--The term ``Administration'' means the 
        Small Business Administration.
            (2) Administrator.--The term ``Administrator'' means the 
        Administrator of the Small Business Administration.
    (d) Effective Date; Applicability.--Except as otherwise provided in 
this Act, this Act and the amendments made by this Act shall take 
effect on the date of the enactment of this Act and shall apply to 
loans made, or other assistance provided, on or after the date of 
enactment of this Act.

                      TITLE I--FUNDING PROVISIONS

SEC. 101. AMOUNT AUTHORIZED FOR COMMITMENTS.

    Section 1102(b) of the CARES Act (Public Law 116-136) is amended to 
read as follows:
    ``(b) Commitments for PPP and Other 7(a) Loans.--
            ``(1) PPP loans.--During the period beginning on the date 
        of enactment of the Heroes Small Business Lifeline Act and 
        ending on March 31, 2021, subject to the availability of 
        appropriations, the Administrator may make commitments under 
        paragraph (36) of section 7(a) of the Small Business Act (15 
        U.S.C. 636(a)) in such amounts as the Administrator determines 
        necessary, but not less than $779,640,000,000.
            ``(2) Other 7(a) loans.--For fiscal year 2021, commitments 
        for general business loans authorized under paragraphs (1) 
        through (35) of section 7(a) of the Small Business Act (15 
        U.S.C. 636(a)) shall not exceed $75,000,000,000 for a 
        combination of amortizing term loans and the aggregated maximum 
        line of credit provided by revolving loans.''.

SEC. 102. FUNDING FOR THE PAYCHECK PROTECTION PROGRAM.

    (a) Direct Appropriations.--There is appropriated, out of amounts 
in the Treasury not otherwise appropriated, to remain available until 
September 30, 2021, such sums as may be necessary under the heading 
``Small Business Administration--Business Loans Program Account, CARES 
Act'' for the cost of guaranteed loans as authorized under section 
7(a)(36) of the Small Business Act (15 U.S.C. 636(a)(36)).
    (b) Remaining Unobligated Balances.--Subject to subsection (d), the 
unobligated balances for the cost of guaranteed loans as authorized 
under section 7(a)(36) of the Small Business Act (15 U.S.C. 636(a)(36)) 
in the appropriations account under the heading ``Small Business 
Administration--Business Loans Program Account, CARES Act'' as of the 
day before the date of enactment of this Act shall remain available 
until September 30, 2021, for the cost of guaranteed loans as 
authorized under section 7(a)(36) of the Small Business Act (15 U.S.C. 
636(a)(36)).
    (c) Set Aside for Certain Entities.--Section 7(a)(36)(S) of the 
Small Business Act (15 U.S.C. 636(a)(36)(S)) is amended to read as 
follows:
                    ``(S) Set aside for certain entities.--Of the 
                amounts available on or after the date of enactment of 
                the Heroes Small Business Lifeline Act (including 
                amounts that were made available before such date of 
                enactment) to guarantee covered loans under this 
                paragraph, the Administrator shall provide--
                            ``(i) a set aside of not less than 10 
                        percent of such amounts for covered loans under 
                        subparagraph (B)(i) that are--
                                    ``(I) made to eligible recipients 
                                with 10 or fewer employees, including 
                                individuals who operate under a sole 
                                proprietorship or as an independent 
                                contractor and eligible self-employed 
                                individuals; or
                                    ``(II) of not more than $250,000 
                                and made to an eligible recipient that 
                                is located in neighborhood that is a 
                                low-income neighborhood or moderate-
                                income neighborhood, for purposes of 
                                the Community Reinvestment Act of 1977 
                                (12 U.S.C. 2901 et seq.);
                            ``(ii) a set aside of not more than 30 
                        percent of such amounts for covered loans under 
                        subparagraph (B)(i) that are made to covered 
                        nonprofit organizations, covered organizations, 
                        organizations described in subparagraph 
                        (D)(viii), or housing cooperatives; and
                            ``(iii) a set aside of not more than 50 
                        percent of such amounts for supplemental 
                        covered loans that are made under subparagraph 
                        (B)(ii), of which not less than 10 percent 
                        shall be for such supplemental covered loans 
                        that are made to eligible recipients with 10 or 
                        fewer employees, including individuals who 
                        operate under a sole proprietorship or as an 
                        independent contractor and eligible self-
                        employed individuals.''.
    (d) Set Aside for Community Financial Institutions.--Of the amounts 
available on or after the date of enactment of this Act (including 
amounts that were made available before such date of enactment) in the 
appropriations account under the heading ``Small Business 
Administration--Business Loans Program Account, CARES Act'', the lesser 
of 25 percent of such amounts or $15,000,000,000 shall be set aside for 
the cost to guarantee loans made under section 7(a)(36) of the Small 
Business Act (15 U.S.C. 636(a)(36)) by community financial institutions 
(as such term is defined in subparagraph (A)(xi) of such section).
    (e) Amounts Returned.--Section 7(a)(36) of the Small Business Act 
(15 U.S.C. 636(a)(36)), as amended by subsection (c), is amended by 
adding at the end the following:
                    ``(T) Amounts returned.--Any amounts returned to 
                the Secretary of the Treasury due to the cancellation 
                of a covered loan shall be solely used for the cost to 
                guarantee covered loans made to eligible recipients 
                with 10 or fewer employees or covered loans of less 
                than or equal to $250,000 made to an eligible recipient 
                that is located in a low- or moderate-income 
                neighborhoods (as that term is used in the Community 
                Reinvestment Act of 1977 (12 U.S.C. 2901 et seq.)).''.

SEC. 103. DIRECT APPROPRIATIONS.

    (a) In General.--There is appropriated, out of amounts in the 
Treasury not otherwise appropriated, for additional amounts--
            (1) for the cost of carrying out section 407 of this Act, 
        $8,000,000,000;
            (2) for the cost of carrying out title V of this Act, 
        $1,000,000,000;
            (3) for the cost of carrying out section 603 and 607 of 
        this Act and the cost of guaranteed loans as authorized by 
        paragraphs (1) through (35) of section 7(a) of the Small 
        Business Act (15 U.S.C. 636(a)), $1,000,000,000;
            (4) for the cost of carrying out section 605 of this Act, 
        $57,000,000;
            (5) for the cost of carrying out section 618 of this Act, 
        $15,000,000,000;
            (6) for the cost of carrying out section 619 of this Act, 
        $15,000,000,000; and
            (7) for the cost of carrying out subtitle A of title VII of 
        this Act, $25,000,000.
    (b) Emergency EIDL Grants.--
            (1) In general.--There is appropriated, out of amounts in 
        the Treasury not otherwise appropriated, for additional amounts 
        under the heading ``Small Business Administration--Emergency 
        EIDL Grants'' for the cost of emergency economic injury 
        disaster loan grants authorized under section 1110 of the CARES 
        Act (15 U.S.C. 9009), $50,000,000,000, to remain available 
        until expended.
            (2) Set aside.--Of amounts appropriated under paragraph 
        (1), $40,000,000,000 shall be for carrying out subsection (i) 
        of section 1110 of the CARES Act (15 U.S.C. 9009), as added by 
        section 405 of this Act, of which $20,000,000,000 shall be for 
        providing funding to covered entities described in paragraph 
        (8) of such subsection (i).

SEC. 104. EMERGENCY DESIGNATION.

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

       TITLE II--MODIFICATIONS TO THE PAYCHECK PROTECTION PROGRAM

SEC. 201. PERIODS FOR LOAN FORGIVENESS AND APPLICATION SUBMISSION.

    (a) Period for Costs That Are Eligible for Forgiveness and 
Application Submission.--Section 1106 of the CARES Act (15 U.S.C. 9005) 
is amended--
            (1) in subsection (a), by striking paragraph (3) and 
        inserting the following:
            ``(3) the term `covered period' means the period beginning 
        on the date of the origination of a covered loan and ending on 
        a date selected by the eligible recipient of the covered loan 
        that--
                    ``(A) is not earlier than the date that is 8 weeks 
                after such date of origination; and
                    ``(B) is not later than the date that is 24 weeks 
                after such date of origination;'';
            (2) in subsection (d), by striking ``December 31, 2020'' 
        each place it appears and inserting ``September 30, 2021''; and
            (3) by striking subsection (l) and inserting the following:
    ``(l) Application Deadline.--An eligible recipient may apply for 
forgiveness under this section with respect to a covered loan any time 
after the covered period applicable to the covered loan ends if--
            ``(1) proceeds from the covered loan have been spent; and
            ``(2) the eligible recipient is in compliance with 
        subsections (e) and (f).''.
    (b) Applicability of Amendments.--The amendments made by subsection 
(a) shall be effective as if included in the CARES Act (Public Law 116-
136) and shall apply to any loan made pursuant to section 7(a)(36) of 
the Small Business Act (15 U.S.C. 636(a)(36)) or section 1109 of the 
CARES Act (15 U.S.C. 9008).

SEC. 202. SUPPLEMENTAL COVERED LOANS FOR CERTAIN BUSINESS CONCERNS.

    Section 7(a)(36)(B) of the Small Business Act (15 U.S.C. 
636(a)(36)(B)) is amended--
            (1) by striking ``Except'' and inserting the following:
                            ``(i) In general.--Except''; and
            (2) by adding at the end the following:
                            ``(ii) Supplemental covered loans.--
                                    ``(I) Definitions.--In this 
                                clause--
                                            ``(aa) the terms 
                                        `exchange', `issuer', and 
                                        `security' have the meanings 
                                        given those terms in section 
                                        3(a) of the Securities Exchange 
                                        Act of 1934 (15 U.S.C. 78c(a));
                                            ``(bb) the term `gross 
                                        receipts' means gross receipts 
                                        within the meaning of section 
                                        448(c) of the Internal Revenue 
                                        Code of 1986;
                                            ``(cc) the term `national 
                                        securities exchange' means an 
                                        exchange registered as a 
                                        national securities exchange 
                                        under section 6 of the 
                                        Securities Exchange Act of 1934 
                                        (15 U.S.C. 78f);
                                            ``(dd) the term `publicly 
                                        traded entity' means an issuer, 
                                        the securities of which are 
                                        listed on a national securities 
                                        exchange;
                                            ``(ee) the term 
                                        `significant loss in revenue' 
                                        means that, due to the impact 
                                        of COVID-19--

                                                    ``(AA) the gross 
                                                receipts of the 
                                                eligible recipient 
                                                during the first, 
                                                second, or third 
                                                calendar quarter of 
                                                2020 are less than 75 
                                                percent of the gross 
                                                receipts of the 
                                                eligible recipient 
                                                during the same 
                                                calendar quarter in 
                                                2019;

                                                    ``(BB) if the 
                                                eligible recipient was 
                                                not in business on 
                                                April 1, 2019, the 
                                                gross receipts of the 
                                                eligible recipient 
                                                during any 2-month 
                                                period during the first 
                                                3 calendar quarters of 
                                                2020 are less than 75 
                                                percent of the amount 
                                                of the gross receipts 
                                                of the eligible 
                                                recipient during any 
                                                prior 2-month period 
                                                during the first 3 
                                                calendar quarters of 
                                                2020; or

                                                    ``(CC) if the 
                                                eligible recipient is 
                                                seasonal employer, as 
                                                determined by the 
                                                Administrator, the 
                                                gross receipts of the 
                                                eligible recipient 
                                                during any 2-month 
                                                period during the first 
                                                3 calendar quarters of 
                                                2020 are less than 75 
                                                percent of the amount 
                                                of the gross receipts 
                                                of the eligible 
                                                recipient during the 
                                                same 2-month period in 
                                                2019; and

                                            ``(ff) the term `smaller 
                                        concern' means an eligible 
                                        recipient that--

                                                    ``(AA) has not more 
                                                than 200 employees;

                                                    ``(BB) operates 
                                                under a sole 
                                                proprietorship or as an 
                                                independent contractor; 
                                                or

                                                    ``(CC) is an 
                                                eligible self-employed 
                                                individual.

                                    ``(II) Authority.--Except as 
                                otherwise provided in this clause, for 
                                an eligible recipient that has received 
                                a covered loan under clause (i), the 
                                Administrator may guarantee a single 
                                supplemental covered loan to the 
                                eligible recipient under the same 
                                terms, conditions, and processes as a 
                                covered loan made under clause (i).
                                    ``(III) Choice of lender.--An 
                                eligible recipient may apply for a 
                                supplemental covered loan under this 
                                clause with the lender that made the 
                                covered loan under clause (i) to the 
                                eligible recipient or another lender.
                                    ``(IV) Eligibility.--
                                            ``(aa) In general.--A 
                                        supplemental covered loan under 
                                        this clause--

                                                    ``(AA) may only be 
                                                made to an eligible 
                                                recipient that is a 
                                                smaller concern that 
                                                has had a significant 
                                                loss in revenue and has 
                                                used, or is expending 
                                                funds at a rate that 
                                                the eligible recipient 
                                                will use on or before 
                                                the expected date of 
                                                the disbursement of the 
                                                supplemental covered 
                                                loan under this clause, 
                                                the full amount of the 
                                                covered loan received 
                                                under clause (i); and

                                                    ``(BB) may not be 
                                                made to a publicly 
                                                traded or foreign owned 
                                                entity as described in 
                                                clause (x) of 
                                                subparagraph (D).

                                            ``(bb) Business concerns 
                                        with more than 1 physical 
                                        location.--

                                                    ``(AA) In 
                                                general.--For purposes 
                                                of a supplemental 
                                                covered loan under this 
                                                clause, subparagraph 
                                                (D)(iii)(I) shall be 
                                                applied by substituting 
                                                `not more than 200 
                                                employees per physical 
                                                location' for `not more 
                                                than 500 employees per 
                                                physical location'.

                                                    ``(BB) Limit for 
                                                multiple locations.--
                                                For an eligible 
                                                recipient with more 
                                                than 1 physical 
                                                location, the total 
                                                amount of all 
                                                supplemental covered 
                                                loans made under this 
                                                clause to the eligible 
                                                recipient shall not be 
                                                more than $2,000,000.

                                    ``(V) Maximum amount.--The maximum 
                                amount of a supplemental covered loan 
                                under this clause is the lesser of--
                                            ``(aa) the product obtained 
                                        by multiplying--

                                                    ``(AA) the average 
                                                total monthly payments 
                                                for payroll costs by 
                                                the eligible recipient 
                                                used to determine the 
                                                maximum amount of the 
                                                covered loan under 
                                                clause (i) made to the 
                                                eligible recipient 
                                                under this paragraph; 
                                                by

                                                    ``(BB) 2.5; or

                                            ``(bb) $2,000,000.
                                    ``(VI) Exception from certain 
                                certification requirements.--An 
                                eligible recipient applying for a 
                                supplemental covered loan under this 
                                clause shall not be required to make 
                                the certification described in clause 
                                (iii) or (iv) of subparagraph (G).
                                    ``(VII) Reimbursement for 
                                processing supplemental ppp.--For a 
                                supplemental covered loan under this 
                                clause of not more than $50,000, the 
                                reimbursement under subparagraph 
                                (P)(i)(I) by the Administrator shall 
                                not be less than $2,500.''.

SEC. 203. CERTIFICATIONS AND DOCUMENTATION FOR STREAMLINED FORGIVENESS 
              OF COVERED LOANS.

    Section 1106 of the CARES Act (15 U.S.C. 9005) is amended--
            (1) in subsection (e), in the matter preceding paragraph 
        (1), by striking ``An eligible recipient'' and all that follows 
        through ``an application,'' and inserting ``Subject to 
        subsection (f), an eligible recipient applying for loan 
        forgiveness under this section shall provide proof of the use 
        of covered loan proceeds,'';
            (2) by amending subsection (f) to read as follows:
    ``(f) Documentation Requirements.--To receive loan forgiveness 
under this section, an eligible recipient shall comply with the 
following requirements:
            ``(1) With respect to a covered loan in an amount that is 
        not more than $50,000, the eligible recipient--
                    ``(A) shall certify to the Administrator that the 
                eligible recipient has used proceeds from the covered 
                loan in compliance with the requirements of section 
                7(a)(36) of the Small Business Act (15 U.S.C. 
                636(a)(36)), including a description of the amount of 
                proceeds used for payroll costs and the number of 
                employees the eligible recipient was able to retain 
                because of the covered loan;
                    ``(B) is not required to submit any documentation 
                or application to receive forgiveness under this 
                section;
                    ``(C) shall certify to the Administrator that the 
                eligible recipient can make the documentation described 
                under subsection (e) available, upon request, for a 
                period of time determined by the Administrator, which 
                period shall be not less than 3 years; and
                    ``(D) may submit to the Administrator demographic 
                information of the owner of the eligible recipient, 
                including the sex, race, ethnicity, and veteran status 
                of the owner, through a process established by the 
                Administrator.
            ``(2) With respect to a covered loan in an amount that is 
        more than $50,000 but not more than $150,000, the eligible 
        recipient--
                    ``(A) shall submit to the lender that is servicing 
                the covered loan the certification described in 
                paragraph (1)(A) and a simplified one-page application 
                form that does not require the submission of any 
                documentation described in subsection (e);
                    ``(B) shall make the certification described in 
                paragraph (1)(C); and
                    ``(C) may submit to the Administrator demographic 
                information of the owner of the eligible recipient, 
                including the sex, race, ethnicity, and veteran status 
                of the owner, as established by the Administrator on 
                the application form described in subparagraph (A).
            ``(3) With respect to a covered loan in an amount that is 
        more than $150,000, the eligible recipient--
                    ``(A) shall submit to the lender that is servicing 
                the covered loan the documentation described in 
                subsection (e); and
                    ``(B) may submit to the Administrator demographic 
                information of the owner of the eligible recipient, 
                including the sex, race, ethnicity, and veteran status 
                of the owner, through a process established by the 
                Administrator.''; and
            (3) by amending subsection (g) to read as follows:
    ``(g) Lender Submission.--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 only be required 
to review the application to ensure completion, including that required 
attestations have been made, before submitting the application to the 
Administrator.''.

SEC. 204. ELIGIBILITY OF CERTAIN ORGANIZATIONS FOR LOANS UNDER THE 
              PAYCHECK PROTECTION PROGRAM.

    Section 7(a)(36) of the Small Business Act (15 U.S.C. 636(a)(36))--
            (1) in subparagraph (A)--
                    (A) in clause (vii), by inserting ``covered'' 
                before ``nonprofit'';
                    (B) in clause (viii)(II)--
                            (i) in item (dd), by striking ``or'' at the 
                        end;
                            (ii) in item (ee), by adding ``or'' at the 
                        end; and
                            (iii) by adding at the end the following:
                                            ``(ff) any compensation of 
                                        an employee who is a registered 
                                        lobbyist under the Lobbying 
                                        Disclosure Act of 1995 (2 
                                        U.S.C. 1601 et seq.);'';
                    (C) by amending clause (ix) to read as follows:
                            ``(ix) the term `covered organization' 
                        means--
                                    ``(I) an organization described in 
                                section 501(c) of the Internal Revenue 
                                Code of 1986 and exempt from tax under 
                                section 501(a) of such Code that is not 
                                a covered nonprofit organization;
                                    ``(II) an entity created by a State 
                                or local government that derives the 
                                majority of its operating budget from 
                                the production of live events; or
                                    ``(III) a destination marketing 
                                organization;'';
                    (D) in clause (xi)(IV), by striking ``and'' at the 
                end;
                    (E) in clause (xii), by striking the period at the 
                end and inserting a semicolon; and
                    (F) by adding at the end the following:
                            ``(xiii) the term `housing cooperative' 
                        means a cooperative housing corporation (as 
                        defined in section 216(b) of the Internal 
                        Revenue Code of 1986); and
                            ``(xiv) the term `destination marketing 
                        organization' means a nonprofit entity that is 
                        an organization described in section 501(c)(6) 
                        of the Internal Revenue Code of 1986 and exempt 
                        from tax under section 501(a) of such Code, a 
                        State, or a political subdivision of a State 
                        (including any instrumentality of such 
                        entities) engaged in marketing and promoting 
                        communities and facilities to businesses and 
                        leisure travelers through a range of 
                        activities, including--
                                    ``(I) assisting with the location 
                                of meeting and convention sites;
                                    ``(II) providing travel information 
                                on area attractions, lodging 
                                accommodations, and restaurants;
                                    ``(III) providing maps; and
                                    ``(IV) organizing group tours of 
                                local historical, recreational, and 
                                cultural attractions.''; and
            (2) in subparagraph (D)--
                    (A) in clause (i)--
                            (i) by inserting ``covered'' before 
                        ``nonprofit organization'' each place it 
                        appears; and
                            (ii) by striking ``veterans organization'' 
                        each place it appears and inserting ``housing 
                        cooperative, covered organization'';
                    (B) in clause (iii)--
                            (i) by amending the clause heading to read 
                        as follows: ``Requirements for restaurants and 
                        certain news organizations'';
                            (ii) by striking ``During the covered 
                        period, any business concern that employs'' and 
                        inserting the following: ``Any business concern 
                        or other organization--
                                    ``(I) that, during the covered 
                                period, employs'';
                            (iii) in subclause (I), as so designated, 
                        by striking the period at the end and inserting 
                        a semicolon; and
                            (iv) by adding at the end the following:
                                    ``(II) that--
                                            ``(aa) was not eligible to 
                                        receive a covered loan the day 
                                        before the date of enactment of 
                                        this subclause, is assigned a 
                                        North American Industry 
                                        Classification System code 
                                        beginning with 511110, 515112, 
                                        or 515120, and an individual 
                                        physical location of the 
                                        business concern at the time of 
                                        disbursal does not exceed the 
                                        size standard established by 
                                        the Administrator for the 
                                        applicable code shall, 
                                        notwithstanding clause (x), be 
                                        eligible to receive a covered 
                                        loan for expenses associated 
                                        with an individual physical 
                                        location of that business 
                                        concern to support the 
                                        continued provision of local 
                                        news, information, content, or 
                                        emergency information, and, at 
                                        the time of disbursal, the 
                                        individual physical location; 
                                        or
                                            ``(bb) was not eligible to 
                                        receive a covered loan the day 
                                        before the date of enactment of 
                                        this subclause, has a trade or 
                                        business that falls under a 
                                        North American Industry 
                                        Classification System code 
                                        beginning with 5151 as a public 
                                        broadcast entity (as defined in 
                                        section 397(11) of the 
                                        Communications Act of 1934 (47 
                                        U.S.C. 397(11))), and is a 
                                        covered nonprofit organization 
                                        or another organization 
                                        otherwise subject to section 
                                        511(a)(2) of the Internal 
                                        Revenue Code of 1986, shall be 
                                        eligible to receive a covered 
                                        loan for expenses to support 
                                        the continued provision of 
                                        local news, information, 
                                        content, or emergency 
                                        information by such entity; or
                                    ``(III) that was not eligible to 
                                receive a covered loan the day before 
                                the date of enactment of this 
                                subclause, is assigned a North American 
                                Industry Classification System code of 
                                519130, is identified as a Internet-
                                only news publisher or Internet-only 
                                periodical publisher, and is engaged in 
                                the collection and distribution of 
                                local or regional and national news and 
                                information shall be eligible to 
                                receive a covered loan for expenses to 
                                support the continued provision of 
                                news, information, content, or 
                                emergency information.'';
                    (C) in clause (iv)--
                            (i) in subclause (II), by striking ``and'' 
                        at the end;
                            (ii) in subclause (III), by striking the 
                        period at the end and inserting ``; and''; and
                            (iii) by adding at the end the following:
                                    ``(IV) an individual physical 
                                location of a business concern 
                                described in clause (iii)(II), if such 
                                concern does not pay, distribute, or 
                                otherwise provide any portion of the 
                                covered loan to any other entity other 
                                than the individual physical location 
                                that is the intended recipient of the 
                                covered loan.'';
                    (D) in clause (v), by striking ``nonprofit 
                organization, veterans organization,'' and inserting 
                ``covered organization, covered nonprofit organization, 
                housing cooperative,'';
                    (E) in clause (vi), by striking ``nonprofit 
                organization and a veterans organization'' and 
                inserting ``covered organization, a covered nonprofit 
                organization, and a housing cooperative''; and
                    (F) by adding at the end the following:
                            ``(vii) Additional requirements and 
                        additional eligibility for covered 
                        organizations and covered nonprofit 
                        organizations.--
                                    ``(I) Lobbying restriction on 
                                smaller covered organizations.--During 
                                the covered period, a covered 
                                organization described in clause (i) 
                                may only receive a covered loan if--
                                            ``(aa) the covered 
                                        organization does not receive 
                                        more than 10 percent of its 
                                        receipts from lobbying 
                                        activities;
                                            ``(bb) the lobbying 
                                        activities of the covered 
                                        organization do not comprise 
                                        more than 10 percent of the 
                                        total activities of the covered 
                                        organization; and
                                            ``(cc) with respect to a 
                                        covered organization described 
                                        in section 501(c)(4) of the 
                                        Internal Revenue Code of 1986 
                                        that is exempt from taxation 
                                        under subsection (a) of such 
                                        section, such covered 
                                        organization has not made and 
                                        will not make a contribution, 
                                        expenditure, independent 
                                        expenditure, or electioneering 
                                        communication within the 
                                        meaning of the Federal Election 
                                        Campaign Act of 1971 (52 U.S.C. 
                                        30101 et seq.), and has not 
                                        undertaken and will not 
                                        undertake similar campaign 
                                        finance activities in State and 
                                        local elections, during the 
                                        election cycle which ends on 
                                        the date of the general 
                                        election in calendar year 2020.
                                    ``(II) Eligibility of larger 
                                organizations.--
                                            ``(aa) Covered nonprofit 
                                        organizations.--During the 
                                        covered period, a covered 
                                        nonprofit organization that 
                                        employs more than the maximum 
                                        number of employees allowed 
                                        under clause (i) shall be 
                                        eligible to receive a covered 
                                        loan if the covered nonprofit 
                                        organization has had a 
                                        significant loss in revenue (as 
                                        defined in subparagraph 
                                        (B)(ii)(I)(ee)).
                                            ``(bb) Covered 
                                        organizations.--During the 
                                        covered period, a covered 
                                        organization that employs more 
                                        than the maximum number of 
                                        employees allowed under clause 
                                        (i) shall be eligible to 
                                        receive a covered loan if the 
                                        covered organization--

                                                    ``(AA) meets the 
                                                requirements of items 
                                                (aa), (bb), and (cc) of 
                                                subclause (I); and

                                                    ``(BB) has had a 
                                                significant loss in 
                                                revenue (as defined in 
                                                subparagraph 
                                                (B)(ii)(I)(ee)).

                            ``(viii) Inclusion of critical access 
                        hospitals.--During the covered period, any 
                        covered organization that is a critical access 
                        hospital (as defined in section 1861(mm) of the 
                        Social Security Act (42 U.S.C. 1395x(mm))) 
                        shall be eligible to receive a covered loan, 
                        regardless of the status of such a hospital as 
                        a debtor in a case under chapter 11 of title 
                        11, United States Code, or the status of any 
                        debts owed by such a hospital to the Federal 
                        Government.
                            ``(ix) Additional requirements for certain 
                        news entities.--
                                    ``(I) In general.--With respect to 
                                an individual physical location of a 
                                business concern described in item (aa) 
                                of clause (iii)(II), each such location 
                                shall be treated as an independent, 
                                nonaffiliated entity for purposes of 
                                this paragraph.
                                    ``(II) Demonstration of need.--Any 
                                individual physical location of a 
                                business concern described in item (aa) 
                                of clause (iii)(II) that is a franchise 
                                or affiliate of, or owned or controlled 
                                by a parent company, investment 
                                company, or the management thereof, 
                                shall demonstrate, upon request of the 
                                Administrator, the need for a covered 
                                loan to support the continued provision 
                                of local news, information, content, or 
                                emergency information, and, at the time 
                                of disbursal, the individual physical 
                                location.
                                    ``(III) Limitation on use of 
                                funds.--A business concern, or a parent 
                                company, investment company, or 
                                management company of 1 or more 
                                physical locations of a business 
                                concern, described in item (aa) of 
                                clause (iii)(II) may not use any 
                                portion of the proceeds of a covered 
                                loan for any expense that is not 
                                directly related to the individual 
                                physical location described in 
                                subclause (I) of this clause with 
                                respect to which the covered loan was 
                                made.
                                    ``(IV) Waiver of certain 
                                limitations.--For an organization 
                                described in item (bb) of clause 
                                (iii)(II), during the covered period, 
                                the provisions applicable to 
                                affiliations under section 121.103 of 
                                title 13, Code of Federal Regulations, 
                                or any successor regulation, the 
                                provisions of section 120.110(j) of 
                                title 13, Code of Federal Regulations, 
                                or any successor regulation, and any 
                                otherwise applicable covered loan 
                                limitations based on number of 
                                employees or loss in revenue are waived 
                                with respect to determining eligibility 
                                for a covered loan under such item.''.

SEC. 205. LIMIT ON AGGREGATE LOAN AMOUNT FOR ELIGIBLE RECIPIENTS WITH 
              MORE THAN 1 PHYSICAL LOCATION.

    Section 7(a)(36)(E) of the Small Business Act (15 U.S.C. 
636(a)(36)(E)) is amended by adding at the end the following flush 
matter:
                ``With respect to an eligible recipient with more than 
                1 physical location, the total amount of all covered 
                loans made under this clause to the eligible recipient 
                shall not be more than $10,000,000.''.

SEC. 206. ALLOWABLE USES OF COVERED LOANS; FORGIVENESS.

    (a) Paycheck Protection Program.--Section 7(a)(36) of the Small 
Business Act (15 U.S.C. 636(a)(36)) is amended--
            (1) in subparagraph (F)(i)--
                    (A) in subclause (VI), by striking ``and'' at the 
                end;
                    (B) in subclause (VII), by striking the period at 
                the end and inserting a semicolon; and
                    (C) by adding at the end the following:
                                    ``(VIII) costs related to the 
                                provision of personal protective 
                                equipment for employees or other 
                                equipment or supplies determined by the 
                                employer to be necessary to protect the 
                                health and safety of employees and the 
                                general public;
                                    ``(IX) payments for inventory, raw 
                                materials, or supplies; and
                                    ``(X) costs related to property 
                                damage, vandalism, or looting due to 
                                public disturbances that occurred 
                                during 2020 that were not covered by 
                                insurance or other compensation.''; and
            (2) in subparagraph (G)--
                    (A) in the subparagraph heading, by striking 
                ``Borrower requirements'' and all that follows through 
                ``eligible recipient applying'' and inserting 
                ``Borrower certification requirements.--An eligible 
                recipient applying'';
                    (B) by redesignating subclauses (I) through (IV) as 
                clauses (i) through (iv), respectively, and adjusting 
                the margins accordingly; and
                    (C) in clause (ii), as so redesignated, by striking 
                ``to retain workers'' and all that follows through 
                ``utility payments'' and inserting ``for an allowable 
                use described in subparagraph (F)''.
    (b) Forgiveness.--
            (1) Definition of expected forgiveness amount.--Section 
        1106(a)(7) of the CARES Act (15 U.S.C. 9005(a)(7)) is amended--
                    (A) in subparagraph (C), by striking ``and'' at the 
                end;
                    (B) in subparagraph (D), by striking ``and'' at the 
                end; and
                    (C) by adding at the end the following:
                    ``(E) interest on any other debt obligations that 
                were incurred before the covered period;
                    ``(F) any amount that was a loan made under section 
                7(b)(2) of the Small Business Act (15 U.S.C. 636(b)(2)) 
                that was refinanced as part of a covered loan and 
                authorized by section 7(a)(36)(F)(iv) of the such Act;
                    ``(G) payments made for the provision of personal 
                protective equipment for employees or other equipment 
                or supplies determined by the employer to be necessary 
                to protect the health and safety of employees and the 
                general public;
                    ``(H) payments made for inventory, raw materials, 
                or supplies; and
                    ``(I) payments related to property damage, 
                vandalism, or looting due to public disturbances that 
                occurred during 2020 that were not covered by insurance 
                or other compensation; and''.
            (2) Forgiveness.--Section 1106(b) of the CARES Act (15 
        U.S.C. 9005(b)), is amended by adding at the end the following:
            ``(5) Any payment of interest on any other debt obligations 
        that were incurred before the covered period.
            ``(6) Any amount that was a loan made under section 7(b)(2) 
        of the Small Business Act (15 U.S.C. 636(b)(2)) that was 
        refinanced as part of a covered loan and authorized by section 
        7(a)(36)(F)(iv) of such Act.
            ``(7) Any payment made for the provision of personal 
        protective equipment for employees or other equipment or 
        supplies determined by the employer to be necessary to protect 
        the health and safety of employees.
            ``(8) Any payment made for inventory, raw materials, or 
        supplies.
            ``(9) Any payment related to property damage, vandalism, or 
        looting due to public disturbances that occurred during 2020 
        that was not covered by insurance or other compensation.''.
            (3) Conforming amendments.--Section 1106 of the CARES Act 
        (15 U.S.C. 9005) is amended--
                    (A) in subsection (e), as amended by section 203--
                            (i) in paragraph (2), by striking 
                        ``payments on covered mortgage obligations, 
                        payments on covered lease obligations, and 
                        covered utility payments'' and inserting 
                        ``payments or amounts refinanced described in 
                        subsection (b) (other than payroll costs)''; 
                        and
                            (ii) in paragraph (3)(B), by striking ``, 
                        make interest payments'' and all that follows 
                        through ``or make covered utility payments'' 
                        and inserting ``, make payments described in 
                        subsection (b), or that was refinanced as part 
                        of a covered loan and authorized by section 
                        7(a)(36)(F)(iv) of the Small Business Act''; 
                        and
                    (B) in subsection (h), by striking ``payments for 
                payroll costs, payments on covered mortgage 
                obligations, payments on covered lease obligations, or 
                covered utility payments'' each place it appears and 
                inserting ``payments or amounts refinanced described in 
                subsection (b)''.

SEC. 207. DOCUMENTATION REQUIRED FOR CERTAIN ELIGIBLE RECIPIENTS.

    Section 7(a)(36)(D)(ii)(II) of the Small Business Act (15 U.S.C. 
636(a)(36)(D)(ii)(II)) is amended by striking ``as is necessary'' and 
all that follows through the period at the end and inserting ``as 
determined necessary by the Administrator and the Secretary, to 
establish such individual as eligible.''.

SEC. 208. EXCLUSION OF CERTAIN PUBLICLY TRADED AND FOREIGN ENTITIES.

    Section 7(a)(36)(D) of the Small Business Act (15 U.S.C. 
636(a)(36)(D)), as amended by section 204, is amended by adding at the 
end the following:
                            ``(x) Exclusion of certain publicly traded 
                        and foreign entities.--Effective on the date of 
                        enactment of this clause--
                                    ``(I) a publicly traded entity, as 
                                defined in subparagraph (B)(ii), is not 
                                eligible to receive a covered loan; and
                                    ``(II) an entity that is 51 percent 
                                or more owned by a foreign person, or 
                                the management and daily business 
                                operations of which are controlled by a 
                                foreign person (excluding an entity 
                                owned and controlled by a person 
                                domiciled in a territory or possession 
                                of the United States), is not eligible 
                                to receive a covered loan.''.

SEC. 209. ELECTION OF 12-WEEK PERIOD BY SEASONAL EMPLOYERS.

    Section 7(a)(36)(E)(i)(I)(aa)(AA) of the Small Business Act (15 
U.S.C. 636(a)(36)(E)(i)(I)(aa)(AA)) is amended by striking ``, in the 
case of an applicant'' and all that follows through ``June 30, 2019'' 
and inserting the following: ``an applicant that is a seasonal 
employer, as determined by the Administrator, shall use the average 
total monthly payments for payroll for any 12-week period selected by 
the seasonal employer between February 15, 2019, and December 31, 
2019''.

SEC. 210. INCLUSION OF CERTAIN REFINANCING IN NONRECOURSE REQUIREMENTS.

    Section 7(a)(36)(F)(v) of the Small Business Act (15 U.S.C. 
636(a)(36)(F)(v)) is amended by striking ``clause (i)'' and inserting 
``clause (i) or (iv)''.

SEC. 211. CREDIT ELSEWHERE REQUIREMENTS.

    Section 7(a)(36)(I) of the Small Business Act (15 U.S.C. 
636(a)(36)(I)) is amended to read as follows:
                    ``(I) Credit elsewhere.--The requirement that a 
                small business concern is unable to obtain credit 
                elsewhere (as defined in section 3(h))--
                            ``(i) shall not apply to--
                                    ``(I) a covered loan approved by 
                                the Administrator before the date of 
                                enactment of the Heroes Small Business 
                                Lifeline Act; or
                                    ``(II) a covered loan made to a 
                                covered organization, covered nonprofit 
                                organization, or housing cooperative; 
                                and
                            ``(ii) shall only apply to covered loans in 
                        an amount greater than $350,000 approved by the 
                        Administrator on or after the date of the 
                        enactment of the Heroes Small Business Lifeline 
                        Act.''.

SEC. 212. PROHIBITION ON RECEIVING DUPLICATIVE AMOUNTS FOR PAYROLL 
              COSTS.

    (a) Paycheck Protection Program.--Clause (iv) of section 
7(a)(36)(G) of the Small Business Act (15 U.S.C. 636(a)(36)(G)), as 
redesignated by section 206, is amended--
            (1) by striking ``December 31, 2020'' and inserting ``June 
        30, 2020''; and
            (2) by striking ``the same purpose and'' and inserting 
        ``payments for payroll costs incurred during such period''.
    (b) Treasury Program.--Section 1109(f) of the CARES Act (15 U.S.C. 
9008(f)) is amended--
            (1) in paragraph (1), by striking ``for the same purpose'' 
        and inserting ``for payments for payroll costs (as defined in 
        section 7(a)(36)(A)(viii) of the Small Business Act (15 U.S.C. 
        636(a)(36)(A)(viii)))''; and
            (2) in paragraph (2), by striking ``December 31, 2020'' and 
        inserting ``June 30, 2020''.

SEC. 213. APPLICATION OF CERTAIN TERMS THROUGH LIFE OF COVERED LOAN.

    Section 7(a)(36) of the Small Business Act (15 U.S.C. 636(a)(36)) 
is amended--
            (1) in subparagraph (H), in the matter preceding clause 
        (i), by striking ``During the covered period, with'' and 
        inserting ``With'';
            (2) in subparagraph (J), in the matter preceding clause 
        (i), by striking ``During the covered period, with'' and 
        inserting ``With''; and
            (3) in subparagraph (M)--
                    (A) in clause (ii), in the matter preceding 
                subclause (I), by striking ``During the covered period, 
                the'' and inserting ``The''; and
                    (B) in clause (iii), by striking ``During the 
                covered period, with'' and inserting ``With''.

SEC. 214. INTEREST CALCULATION ON COVERED LOANS.

    Section 7(a)(36)(L) of the Small Business Act (15 U.S.C. 
636(a)(36)(L)) is amended by inserting ``, calculated on a non-
compounding, non-adjustable basis'' after ``4 percent''.

SEC. 215. REIMBURSEMENT FOR PROCESSING.

    Section 7(a)(36)(P) of the Small Business Act (15 U.S.C. 
636(a)(36)(P)) is amended--
            (1) in clause (ii), by adding at the end the following: 
        ``Such fees shall be paid by the eligible recipient and may not 
        be paid out of the proceeds of a covered loan. A lender shall 
        only be responsible for paying fees to an agent for services 
        for which the lender directly contracts with the agent.''; and
            (2) by amending clause (iii) to read as follows:
                            ``(iii) Timing.--A reimbursement described 
                        in clause (i) shall be made not later than 5 
                        days after the reported disbursement of the 
                        covered loan and may not be required to be 
                        repaid by a lender unless the lender is found 
                        guilty of an act of fraud in connection with 
                        the covered loan.''.

SEC. 216. DUPLICATION REQUIREMENTS FOR ECONOMIC INJURY DISASTER LOAN 
              RECIPIENTS.

    Section 7(a)(36)(Q) of the Small Business Act (15 U.S.C. 
636(a)(36)(Q)) is amended by striking ``during the period beginning on 
January 31, 2020, and ending on the date on which covered loans are 
made available''.

SEC. 217. REAPPLICATION FOR AND MODIFICATION TO PAYCHECK PROTECTION 
              PROGRAM.

    (a) Definitions.--In this section, the terms ``covered loan'' and 
``eligible recipient'' have the meanings given those terms in 
7(a)(36)(A) of the Small Business Act (15 U.S.C. 636(a)(36)(A)).
    (b) Rules or Guidance.--Not later than 7 days after the date of 
enactment of this Act, the Administrator shall issue rules or guidance 
to ensure that an eligible recipient of a covered loan that returns 
amounts disbursed under the covered loan or does not accept the full 
amount of the covered loan for which the eligible recipient was 
approved--
            (1) in the case of an eligible recipient that returned all 
        or part of a covered loan, the eligible recipient may reapply 
        for a covered loan for an amount equal to the difference 
        between the amount retained and the maximum amount applicable; 
        and
            (2) in the case of an eligible recipient that did not 
        accept the full amount of a covered loan, the eligible 
        recipient may request a modification to increase the amount of 
        the covered loan to the maximum amount applicable, subject to 
        the requirements of section 7(a)(36) of the Small Business Act 
        (15 U.S.C. 636(a)).

SEC. 218. TREATMENT OF CERTAIN CRIMINAL VIOLATIONS.

    (a) In General.--Section 7(a)(36) of the Small Business Act (15 
U.S.C. 636(a)(36)), as amended by section 101, is amended by adding at 
the end the following:
                    ``(U) Treatment of certain criminal violations.--
                            ``(i) Financial fraud or deception.--An 
                        entity that is a business, organization, 
                        cooperative, or enterprise may not receive a 
                        covered loan if an owner of 20 percent or more 
                        of the equity of the entity, during the 5-year 
                        period preceding the date on which the entity 
                        applies for a covered loan, has been convicted 
                        of a felony of financial fraud or deception 
                        under Federal, State, or Tribal law.
                            ``(ii) Arrests or convictions.--An entity 
                        that is a business, organization, cooperative, 
                        or enterprise shall be an eligible recipient 
                        notwithstanding a prior arrest or conviction 
                        under Federal, State, or Tribal law of an owner 
                        of 20 percent or more of the equity of the 
                        entity, unless the owner is currently 
                        incarcerated.
                            ``(iii) Waiver.--The Administrator may 
                        waive the requirements of clause (i).''.
    (b) Rulemaking.--Not later than 15 days after the date of enactment 
of this Act, the Administrator shall make necessary revisions to any 
rules to carry out the amendment made by this section.

SEC. 219. ELIGIBILITY AND TREATMENT OF FARM CREDIT SYSTEM INSTITUTIONS.

    (a) Definition of Farm Credit System Institution.--In this section, 
the term ``Farm Credit System institution''--
            (1) means an institution of the Farm Credit System 
        chartered under the Farm Credit Act of 1971 (12 U.S.C. 2001 et 
        seq.); and
            (2) does not include the Federal Agricultural Mortgage 
        Corporation.
    (b) Facilitation of Participation in PPP and Second Draw Loans.--
            (1) Applicable rules.--Solely with respect to loans under 
        paragraph (36) of section 7(a) of the Small Business Act (15 
        U.S.C. 636(a)), Farm Credit Administration regulations and 
        guidance issued as of July 14, 2020, and compliance with such 
        regulations and guidance, shall be deemed functionally 
        equivalent to requirements referenced in section 3(a)(iii)(II) 
        of the interim final rule of the Administration entitled 
        ``Business Loan Program Temporary Changes; Paycheck Protection 
        Program'' (85 Fed. Reg. 20811 (April 15, 2020)).
            (2) Applicability of certain loan requirements.--For 
        purposes of making loans under paragraph (36) of section 7(a) 
        of the Small Business Act (15 U.S.C. 636(a)) or forgiving those 
        loans in accordance with section 1106 of the CARES Act (15 
        U.S.C. 9005), sections 4.13, 4.14, and 4.14A of the Farm Credit 
        Act of 1971 (12 U.S.C. 2199, 2202, 2202a) (including 
        regulations issued under those sections) shall not apply.
            (3) Risk weight.--
                    (A) In general.--With respect to the application of 
                Farm Credit Administration capital requirements, a loan 
                described in subparagraph (B)--
                            (i) shall receive a risk weight of zero 
                        percent; and
                            (ii) shall not be included in the 
                        calculation of any applicable leverage ratio or 
                        other applicable capital ratio or calculation.
                    (B) Loans described.--A loan referred to in 
                subparagraph (A) is--
                            (i) a loan made by a Farm Credit Bank 
                        described in section 1.2(a) of the Farm Credit 
                        Act of 1971 (12 U.S.C. 2002(a)) to a Federal 
                        Land Bank Association, a Production Credit 
                        Association, or an agricultural credit 
                        association described in that section to make 
                        loans under paragraph (36) of section 7(a) of 
                        the Small Business Act (15 U.S.C. 636(a)) or 
                        forgive those loans in accordance with section 
                        1106 of the CARES Act (15 U.S.C. 9005); or
                            (ii) a loan made by a Federal Land Bank 
                        Association, a Production Credit Association, 
                        an agricultural credit association, or the bank 
                        for cooperatives described in section 1.2(a) of 
                        the Farm Credit Act of 1971 (12 U.S.C. 2002(a)) 
                        under paragraph (36) of section 7(a) of the 
                        Small Business Act (15 U.S.C. 636(a)).

                       TITLE III--TAX PROVISIONS

SEC. 301. IMPROVED COORDINATION BETWEEN PAYCHECK PROTECTION PROGRAM AND 
              EMPLOYEE RETENTION TAX CREDIT.

    (a) Amendment to Paycheck Protection Program.--Section 1106(a)(8) 
of the CARES Act (15 U.S.C. 9005(a)(8)) is amended by inserting ``, 
except that such costs shall not include qualified wages taken into 
account in determining the credit allowed under section 2301 of this 
Act'' before the period at the end.
    (b) Amendments to Employee Retention Tax Credit.--
            (1) In general.--Section 2301(g) of the CARES Act (Public 
        Law 116-136; 26 U.S.C. 3111 note) is amended to read as 
        follows:
    ``(g) Election To Not Take Certain Wages Into Account.--
            ``(1) In general.--This section shall not apply to so much 
        of the qualified wages paid by an eligible employer as such 
        employer elects (at such time and in such manner as the 
        Secretary may prescribe) to not take into account for purposes 
        of this section.
            ``(2) Coordination with paycheck protection program.--The 
        Secretary, in consultation with the Administrator of the Small 
        Business Administration, shall issue guidance providing that 
        payroll costs paid or incurred during the covered period shall 
        not fail to be treated as qualified wages under this section by 
        reason of an election under paragraph (1) to the extent that a 
        covered loan of the eligible employer is not forgiven under 
        section 1106(b) by reason of such payroll costs. Terms used in 
        the preceding sentence which are also used in section 1106 
        shall have the same meaning as when used in such section.''.
            (2) Conforming amendments.--
                    (A) Section 2301 of the CARES Act (Public Law 116-
                136; 26 U.S.C. 3111 note) is amended by striking 
                subsection (j).
                    (B) Section 2301(l) of the CARES Act (Public Law 
                116-136; 26 U.S.C. 3111 note) is amended by striking 
                paragraph (3) and by redesignating paragraphs (4) and 
                (5) as paragraphs (3) and (4), respectively.
    (c) Effective Date.--The amendments made by this section shall take 
effect as if included in the provisions of the CARES Act (Public Law 
116-136) to which they relate.

    TITLE IV--COVID-19 ECONOMIC INJURY DISASTER LOAN PROGRAM REFORM

SEC. 401. SENSE OF CONGRESS.

    It is the sense of Congress that--
            (1) many businesses that have received economic injury 
        disaster loans under section 7(b)(2) of the Small Business Act 
        (15 U.S.C. 636(b)(2)) continue to suffer from the effects of 
        the COVID-19 pandemic and may not be in a position to make 
        payments in the near term;
            (2) the Administrator has the authority under the Small 
        Business Act (15 U.S.C. 631 et seq.) to reduce the interest 
        charged on loans and to offer borrowers up to 4 years of 
        deferment on the payment of interest and principal; and
            (3) the Congress encourages the Administrator to use this 
        discretion to provide relief to the hardest hit small 
        businesses that have received or will receive direct loans from 
        the Administration under section 7(b)(2) of the Small Business 
        Act (15 U.S.C. 636(b)(2)).

SEC. 402. NOTICES TO APPLICANTS FOR ECONOMIC INJURY DISASTER LOANS OR 
              ADVANCES.

    Section 7(b)(11) of the Small Business Act (15 U.S.C. 636(b)(11)) 
is amended--
            (1) by striking ``The Administrator'' and inserting the 
        following:
                    ``(A) In general.--The Administrator''; and
            (2) by adding at the end the following:
                    ``(B) Acceptance criteria and qualifications.--In 
                carrying out subparagraph (A), the Administrator 
                shall--
                            ``(i) publish on the website of the 
                        Administration a description of the rules 
                        issued with respect to a loan made under this 
                        subsection, which shall be clear and easy to 
                        understand; and
                            ``(ii) upon receiving an application for a 
                        loan under this subsection, provide to the loan 
                        applicant the description described in clause 
                        (i).
                    ``(C) Right to explanation of declined loan or 
                advance.--
                            ``(i) In general.--The Administrator 
                        shall--
                                    ``(I) provide all applicants for a 
                                loan under this subsection or an 
                                advance under section 1110(e) of the 
                                CARES Act (15 U.S.C. 9009(e)) for which 
                                the loan or advance application was 
                                fully or partially denied with a 
                                complete written application of the 
                                reason for the denial at the time the 
                                decision is made;
                                    ``(II) establish a dedicated 
                                telephonic information line and e-mail 
                                address to respond to further inquiries 
                                about denied applications described in 
                                subclause (I); and
                                    ``(III) before fully or partially 
                                denying an application for a loan under 
                                this subsection or an advance under 
                                such section 1110(e) because the 
                                applicant submitted incomplete 
                                information--
                                            ``(aa) contact the 
                                        applicant and give the 
                                        applicant the opportunity to 
                                        provide that information; and
                                            ``(bb) reconsider the 
                                        application with any additional 
                                        information provided.
                            ``(ii) Submission of additional 
                        information.--An applicant for a loan under 
                        this subsection or an advance under section 
                        1110(e) of the CARES Act (15 U.S.C. 9008(e)) 
                        that can remedy the grounds for denial of the 
                        application by submitting additional 
                        information under clause (i)(III)--
                                    ``(I) shall have the opportunity to 
                                do so directly with a loan officer; and
                                    ``(II) shall not be required to 
                                seek a remedy through the appeals 
                                process of the Administration.''.

SEC. 403. MODIFICATIONS TO EMERGENCY EIDL ADVANCES.

    Section 1110(e)(1) of the CARES Act (15 U.S.C. 9009(e)(1)) is 
amended to read as follows:
            ``(1) In general.--During the covered period, an entity 
        included for eligibility in subsection (b), including small 
        business concerns, private nonprofit organizations, and small 
        agricultural cooperatives, 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 shall be provided an advance that is, 
        subject to paragraph (3), disbursed within 3 days after the 
        Administrator receives an application from the entity, unless 
        the advance is specifically declined by the entity.''.

SEC. 404. DATA TRANSPARENCY, VERIFICATION, AND NOTICES FOR ECONOMIC 
              INJURY DISASTER LOANS.

    (a) In General.--Section 1110 of the CARES Act (15 U.S.C. 9009) is 
amended--
            (1) by redesignating subsection (f) as subsection (j); and
            (2) by inserting after subsection (e) the following:
    ``(f) Data Transparency.--
            ``(1) In general.--In this subsection, the term `covered 
        application' means an application submitted to the 
        Administrator for a loan under section 7(b)(2) of the Small 
        Business Act (15 U.S.C. 636(b)(2)), including an application 
        for such a loan submitted by an eligible entity.
            ``(2) Weekly reports.--Not later than 1 week after the date 
        of enactment of the Heroes Small Business Lifeline Act, and 
        weekly thereafter until the end of the covered period, the 
        Administrator shall publish on the website of the 
        Administration a report that contains the following 
        information:
                    ``(A) For the week covered by the report, the 
                number of covered applications that the Administrator--
                            ``(i) received;
                            ``(ii) processed; and
                            ``(iii) approved and rejected, including 
                        the percentage of covered applications that the 
                        Administrator approved.
                    ``(B) With respect to the covered applications that 
                the Administrator approved during the week covered by 
                the report, the number and dollar amount of the loans 
                made with respect to such applications as part of a 
                response to COVID-19.
                    ``(C) The identification number, or other indicator 
                showing the order in which any application was received 
                and intended to be processed, for the most recent 
                covered application processed by the Administrator.
                    ``(D) Demographic data with respect to applicants 
                submitting covered applications during the week covered 
                by the report and loans made pursuant to covered 
                applications during the week covered by the report, 
                which shall include--
                            ``(i) with respect to each such applicant 
                        or loan recipient, as applicable, information 
                        regarding--
                                    ``(I) the geographic area in which 
                                the applicant or loan recipient 
                                operates;
                                    ``(II) if applicable, the sex, 
                                race, and ethnicity of each owner of 
                                the applicant or loan recipient, which 
                                the individual may decline to provide;
                                    ``(III) the annual revenue of the 
                                applicant or loan recipient;
                                    ``(IV) the number of employees 
                                employed by the applicant or loan 
                                recipient;
                                    ``(V) whether the applicant or loan 
                                recipient is a for-profit or nonprofit 
                                entity; and
                                    ``(VI) the industry in which the 
                                applicant or loan recipient operates;
                            ``(ii) the number of such loans made to 
                        agricultural enterprises (as defined in section 
                        18(b) of the Small Business Act (15 U.S.C. 
                        647)(b))); and
                            ``(iii) the average economic injury 
                        suffered by--
                                    ``(I) applicants, the covered 
                                applications of which the Administrator 
                                approved; and
                                    ``(II) applicants, the covered 
                                applications of which the Administrator 
                                rejected.
    ``(g) Verification of Business Eligibility.--
            ``(1) In general.--With respect to an application submitted 
        to the Administrator during the covered period 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, the Administrator shall verify that 
        each such applicant was in operation on January 31, 2020.
            ``(2) Report.--Not later than 30 days after the date of 
        enactment of this subsection, the Administrator shall submit to 
        Congress a report that describes the steps taken by the 
        Administrator to perform the verification required under 
        paragraph (1).
            ``(3) Sense of congress.--It is the sense of Congress that 
        the verification required under paragraph (1) constitutes 
        oversight that the Administrator is required to perform under 
        paragraph (15) of section 7(b) of the Small Business Act (15 
        U.S.C. 636(b)) with respect to entities receiving loans under 
        paragraph (2) of such section 7(b).
    ``(h) Notifications to Congress.--
            ``(1) Definitions.--In this subsection--
                    ``(A) the term `appropriate committees of Congress' 
                means--
                            ``(i) the Committee on Small Business and 
                        Entrepreneurship and the Subcommittee on 
                        Financial Services and General Government of 
                        the Committee on Appropriations of the Senate; 
                        and
                            ``(ii) the Committee on Small Business and 
                        the Subcommittee on Financial Services and 
                        General Government of the Committee on 
                        Appropriations of the House of Representatives; 
                        and
                    ``(B) the term `covered program, project, or 
                activity' means--
                            ``(i) the program under this section;
                            ``(ii) the loan program under section 
                        7(b)(2) of the Small Business Act (15 U.S.C. 
                        636(b)(2));
                            ``(iii) the authorized activities for 
                        amounts were appropriated in response to the 
                        COVID-19 pandemic under the heading `Small 
                        Business Administration--Salaries and 
                        Expenses'; or
                            ``(iv) any other program, project, or 
                        activity for which funds are made available to 
                        the Administration to respond to the COVID-19 
                        pandemic.
            ``(2) Notice of approaching funding lapse.--The 
        Administrator shall submit to the appropriate committees of 
        Congress a notification not later than 2 days after the date on 
        which unobligated balances of amounts appropriated for a fiscal 
        year for any covered program, project, or activity are less 
        than 25 percent of the total amount appropriated for the 
        covered program, project, or activity for such fiscal year.
            ``(3) Monthly report.--The Administrator shall submit to 
        the appropriate committees of Congress a monthly report 
        detailing the current and future planned uses of amounts 
        appropriated in response to the COVID-19 pandemic under the 
        heading `Small Business Administration--Salaries and Expenses', 
        which shall include--
                    ``(A) the number of employees hired and contractors 
                retained using such amounts;
                    ``(B) the number of contracts with a total cost of 
                more than $5,000,000 entered into using such amounts;
                    ``(C) a list of all sole source contracts entered 
                into using such amounts; and
                    ``(D) any program changes, regulatory actions, 
                guidance issuances, or other initiatives relating to 
                the response to the COVID-19 pandemic.''.
    (b) Retroactive Collection.--As soon as is practicable after the 
date of enactment of this Act, the Administrator shall collect the 
information required under section 1110(f) of the CARES Act (15 U.S.C. 
9009(f)), as amended by subsection (a), from applicants that submitted 
covered applications (as defined in such section 1110(f)) during the 
period beginning on the date of enactment of the CARES Act (Public Law 
116-136) and ending on the date of enactment of this Act.

SEC. 405. LIFELINE FUNDING FOR SMALL BUSINESS CONTINUITY, ADAPTATION, 
              AND RESILIENCY.

    Section 1110 of the CARES Act (15 U.S.C. 9009), is amended by 
inserting after subsection (h), as added by section 404, the following:
    ``(i) Lifeline Funding for Small Business Continuity, Adaptation, 
and Resiliency.--
            ``(1) Definitions.--In this subsection:
                    ``(A) Agricultural enterprise.--The term 
                `agricultural enterprise' has the meaning given the 
                term in section 18(b) of the Small Business Act (15 
                U.S.C. 647(b)).
                    ``(B) Covered entity.--The term `covered entity'--
                            ``(i) means an eligible entity described in 
                        subsection (b) of this section, if such 
                        eligible entity--
                                    ``(I) has not more than 50 
                                employees; and
                                    ``(II) has suffered an economic 
                                loss of not less than 30 percent; and
                            ``(ii) except with respect to an entity 
                        included under section 123.300(c) of title 13, 
                        Code of Federal Regulations, or any successor 
                        regulation, does not include an agricultural 
                        enterprise.
                    ``(C) Economic loss.--The term `economic loss' 
                means, with respect to a covered entity, the amount by 
                which the gross receipts of the covered entity declined 
                during an 8-week period between March 2, 2020, and 
                December 31, 2020 (as determined by the covered 
                entity), relative to a comparable 8-week period 
                immediately preceding March 2, 2020, or during 2019 (as 
                determined by the covered entity).
                    ``(D) Economically disadvantaged individual.--The 
                term `economically disadvantaged individual' means an 
                economically disadvantaged individual under section 
                124.104 of title 13, Code of Federal Regulations, or 
                any successor regulation.
                    ``(E) Low-income community.--The term `low-income 
                community' has the meaning given the term in section 
                45D(e) of the Internal Revenue Code of 1986.
                    ``(F) Remote recreations enterprise.--The term 
                `remote recreational enterprise' means a covered entity 
                that was in operation on or before March 1, 2020, that 
                can document an economic loss caused by the closure of 
                the United States and Canadian border that restricted 
                the ability of American customers to access the 
                location of the covered entity.
                    ``(G) Socially disadvantaged individual.--The term 
                `socially disadvantaged individual' means a socially 
                disadvantaged individual under section 124.103 of title 
                13, Code of Federal Regulations, or any successor 
                regulation.
                    ``(H) Veteran.--The term `veteran' has the meaning 
                given the term in section 3(q) of the Small Business 
                Act (15 U.S.C. 632(q)).
            ``(2) Procedure.--During the covered period, a covered 
        entity that applies for a loan under section 7(b)(2) of the 
        Small Business Act (15 U.S.C. 636(b)(2)) may request that the 
        Administrator provide funding for the purposes described in 
        paragraph (6).
            ``(3) Verification.--With respect to each request submitted 
        by an entity under paragraph (2), the Administrator shall--
                    ``(A) not later than 14 days after the date on 
                which the Administrator receives the request, verify 
                whether the entity is a covered entity; and
                    ``(B) if the Administrator verifies that the entity 
                is a covered entity under subparagraph (A), and subject 
                to paragraph (8), disburse the funding requested by the 
                covered entity not later than 7 days after the date on 
                which the Administrator completes the verification.
            ``(4) Order of processing.--Subject to paragraph (8), the 
        Administrator shall process and approve requests submitted 
        under paragraph (2) in the order the Administrator receives the 
        requests.
            ``(5) Amount of funding.--
                    ``(A) In general.--The amount of funding provided 
                to a covered entity that submits a request under 
                paragraph (2) shall be in an amount that is the lesser 
                of--
                            ``(i) the amount of working capital needed 
                        by the covered entity for the 180-day period 
                        beginning on the date on which the covered 
                        entity would receive the funding, as determined 
                        by the Administrator using a methodology that 
                        is identical to the methodology used by the 
                        Administrator to determine working capital 
                        needs with respect to an application for a loan 
                        submitted under section 7(b)(2) of the Small 
                        Business Act (15 U.S.C. 636(b)(2)); or
                            ``(ii) $50,000.
                    ``(B) Entitlement to full amount.--A covered entity 
                that receives funding pursuant to a request submitted 
                under paragraph (2) shall be entitled to receive the 
                full amount of that funding, as determined under 
                subparagraph (A), without regard to--
                            ``(i) if the applicable loan for which the 
                        covered entity has applied under section 
                        7(b)(2) of the Small Business Act (15 U.S.C. 
                        636(b)(2)) is approved, the amount of the loan;
                            ``(ii) whether the covered entity accepts 
                        the offer of the Administrator with respect to 
                        an approved loan described in clause (i); or
                            ``(iii) whether the covered entity has 
                        previously received any amounts under 
                        subsection (e).
            ``(6) Use of funds.--A covered entity that receives funding 
        under this subsection--
                    ``(A) may use the funding--
                            ``(i) for any purpose for which a loan 
                        received under section 7(b)(2) of the Small 
                        Business Act (15 U.S.C. 636(b)(2)) may be used;
                            ``(ii) for working capital needs, including 
                        investments to implement adaptive changes or 
                        resiliency strategies to help the eligible 
                        entity maintain business continuity during the 
                        COVID-19 pandemic; or
                            ``(iii) to repay any unpaid amount of--
                                    ``(I) a loan received under 
                                subsection (a)(36) or (b)(2) of section 
                                7 of the Small Business Act (15 U.S.C. 
                                636); or
                                    ``(II) mortgage interest; and
                    ``(B) may not use the funding to pay any loan debt, 
                except as provided in subparagraph (A)(iii).
            ``(7) Applicability.--In addition to any other restriction 
        imposed under this subsection, any eligibility restriction 
        applicable to a loan made under section 7(b)(2) of the Small 
        Business Act (15 U.S.C. 636(b)(2)), including any restriction 
        under section 123.300 or 123.301 of title 13, Code of Federal 
        Regulations, or any successor regulation, shall apply with 
        respect to funding provided under this subsection.
            ``(8) Priority.--During the 56-day period beginning on the 
        date of enactment of this subsection, the Administrator may 
        approve a request for funding under this subsection only if the 
        request is submitted by--
                    ``(A) a covered entity located in a low-income 
                community;
                    ``(B) a covered entity owned or controlled by a 
                veteran or a member of the Armed Forces;
                    ``(C) a covered entity owned or controlled by an 
                economically disadvantaged individual or a socially 
                disadvantaged individual; or
                    ``(D) a remote recreational enterprise.
            ``(9) Administration.--In carrying out this subsection, the 
        Administrator may rely on loan officers and other personnel of 
        the Office of Disaster Assistance of the Administration and 
        other resources of the Administration, including contractors of 
        the Administration.
            ``(10) Retroactive effect.--Any covered entity that, during 
        the period beginning on January 1, 2020, and ending on the day 
        before the date of enactment of this subsection, applied for a 
        loan under section 7(b)(2) of the Small Business Act (15 U.S.C. 
        636(b)(2)) may submit to the Administrator a request under 
        paragraph (2) with respect to that loan.
            ``(11) Authorization of appropriations.--There are 
        authorized to be appropriated to the Administrator 
        $40,000,000,000 to carry out this subsection, which shall 
        remain available through December 31, 2021, of which--
                    ``(A) $20,000,000,000 is authorized to be 
                appropriated to provide funding to covered entities 
                described in paragraph (8); and
                    ``(B) $20,000,000 is authorized to be appropriated 
                to the Inspector General of the Administration to 
                prevent waste, fraud, and abuse with respect to funding 
                provided under this subsection.''.

SEC. 406. MODIFICATIONS TO ECONOMIC INJURY DISASTER LOANS.

    (a) Loans for New Borrowers.--With respect to a loan made under 
section 7(b)(2) of the Small Business Act (15 U.S.C. 636(b)(2)) to a 
borrower adversely impacted by COVID-19 during the period beginning on 
the date of enactment of this Act and ending on December 31, 2020--
            (1) the borrower shall be eligible for a loan in an amount 
        equal to 6 months of working capital if the borrower otherwise 
        meets the underwriting standards established by the 
        Administration; and
            (2) the Administrator--
                    (A) shall not impose a maximum loan amount limit 
                that is lower than $2,000,000; and
                    (B) shall not disqualify any applicant for such a 
                loan due to the criminal history or arrest record of 
                the applicant, except in the case of an applicant that, 
                during the 5-year period preceding the date on which 
                the applicant submits an application, has been 
                convicted--
                            (i) of a felony offense involving fraud, 
                        bribery, or embezzlement in any State or 
                        Federal court; or
                            (ii) in connection with a false statement 
                        made in--
                                    (I) a loan application; or
                                    (II) an application for Federal 
                                financial assistance.
    (b) Additional Loan for Existing Borrowers.--
            (1) In general.--A recipient of a loan made under section 
        7(b)(2) of the Small Business Act (15 U.S.C. 636(b)(2)) to a 
        borrower adversely impacted by COVID-19 during the period 
        beginning on January 31, 2020, and ending on the date of 
        enactment of this Act may submit to the Administrator a request 
        for an additional amount to increase in the amount of that 
        loan, provided that the aggregate amount received under such 
        section by the recipient during that period shall be not more 
        than the lesser of--
                    (A) an amount equal to 6 months of working capital 
                for the recipient; and
                    (B) $2,000,000.
            (2) Consideration.--In considering a request submitted 
        under paragraph (1), the Administrator--
                    (A) may not recalculate the economic injury or 
                creditworthiness of the borrower; and
                    (B) shall issue a determination based on the 
                documentation submitted by the borrower for the initial 
                loan under section 7(b)(2) of the Small Business Act 
                (15 U.S.C. 636(b)(2)), any other new information 
                voluntarily provided by the borrower, and any 
                information obtained to prevent fraud or abuse.
            (3) Additional documentation.--If the Administrator 
        requires a borrower making a request under paragraph (1) to 
        provide additional documentation, the Administrator shall--
                    (A) publish those documentation requirements on the 
                website of the Administration not later than 7 days 
                after the date of enactment of this Act; and
                    (B) proactively provide those requirements to any 
                such borrower that received a loan described in 
                paragraph (1).

SEC. 407. PRINCIPAL AND INTEREST PAYMENTS FOR CERTAIN DISASTER LOANS.

    (a) Definitions.--In this section:
            (1) Covered eidl loan.--The term ``covered EIDL loan'' 
        means a loan made under section 7(b)(2) of the Small Business 
        Act (15 U.S.C. 636(b)(2)) that--
                    (A) was approved by the Administrator before 
                February 15, 2020; and
                    (B) is in a regular servicing status.
            (2) Physical disaster loan.--The term ``physical disaster 
        loan'' means a loan made under section 7(b)(1) of the Small 
        Business Act (15 U.S.C. 636(b)(1)) in a regular servicing 
        status.
    (b) Payment by Administrator.--The Administrator shall pay the 
principal, interest, and any associated fees that are owed on a 
physical disaster loan or a covered EIDL loan as follows:
            (1) With respect to a physical disaster loan--
                    (A) not in deferment, for the 12-month period 
                beginning with the next payment due on such loan;
                    (B) in deferment, for the 12-month period beginning 
                with the next payment due on such loan after the 
                deferment period; and
                    (C) made on or after the date of enactment of this 
                Act, for the 12-month period beginning with the first 
                payment due on such loan.
            (2) With respect to a covered EIDL loan--
                    (A) not in deferment, for the 12-month period 
                beginning with the next payment due on such loan; and
                    (B) in deferment, for the 12-month period beginning 
                with the next payment due on such loan after the 
                deferment period.
    (c) Timing of Payment.--The Administrator shall begin making 
payments under subsection (b) not later than 30 days after the date on 
which the first such payment is due.
    (d) Application of Payment.--Any payment made by the Administrator 
under subsection (b) shall be applied to the physical disaster loan or 
a covered EIDL loan (as applicable) such that the borrower is relieved 
of the obligation to pay that amount.

SEC. 408. TRAINING.

    The Administrator shall--
            (1) develop and implement a plan to train any staff 
        responsible for implementing or administering the loan program 
        established under section 7(b)(2) of the Small Business Act (15 
        U.S.C. 636(b)(2)) on specific responsibilities with respect to 
        such program; and
            (2) submit the plan to the Committee on Small Business and 
        Entrepreneurship of the Senate and the Committee on Small 
        Business of the House of Representatives.

SEC. 409. OUTREACH PLAN.

    Not later than 30 days after the date of enactment of this Act, the 
Administrator shall submit to the Committee on Small Business and 
Entrepreneurship of the Senate and the Committee on Small Business of 
the House of Representatives an outreach plan to clearly communicate 
program and policy changes to all offices of the Administration, small 
business development centers (as defined in section 3 of the Small 
Business Act (15 U.S.C. 632)), women's business centers (described in 
section 29 of such Act (15 U.S.C. 656)), chapters of the Service Corps 
of Retired Executives (established under section 8(b)(1)(B) of such Act 
(15 U.S.C. 637(b)(1)(B))), Veteran Business Outreach Centers (described 
in section 32 of such Act (15 U.S.C. 657b)), Members of Congress, 
congressional committees, small business concerns (as defined in 
section 3 of such Act (15 U.S.C. 632)), and the public.

SEC. 410. REPORT ON BEST PRACTICES.

    Not later than 60 days after the date of enactment of this Act, the 
Administrator shall submit to the Committee on Small Business and 
Entrepreneurship of the Senate and the Committee on Small Business of 
the House of Representatives a report on outlining the best practices 
to administer the loan program established under section 7(b)(2) of the 
Small Business Act (15 U.S.C. 636(b)(2)) during a pandemic.

SEC. 411. EXTENSION OF PERIOD OF AVAILABILITY FOR ADMINISTRATIVE FUNDS.

    Section 1107(a) of the CARES Act (15 U.S.C. 9006(a)) is amended, in 
the matter preceding paragraph (1), by striking ``until September 30, 
2021'' and inserting ``until December 31, 2021, for amounts 
appropriated under paragraph (2), and until September 30, 2021, for all 
other amounts appropriated under this subsection''.

         TITLE V--MICRO-SBIC AND EQUITY INVESTMENT ENHANCEMENT

SEC. 501. MICRO-SBIC PROGRAM.

    Title III of the Small Business Investment Act of 1958 (15 U.S.C. 
681 et seq.) is amended by adding at the end the following:

                      ``PART D--MICRO-SBIC PROGRAM

``SEC. 399A. MICRO-SBIC PROGRAM.

    ``(a) Establishment.--There is established in the Administration a 
program to be known as the `Micro-SBIC Program' under which the 
Administrator shall issue a license to an applicant for the purpose of 
making loans to and investments in small business concerns. An 
applicant licensed under this section shall have the same benefits as 
an applicant licensed under section 301.
    ``(b) Eligibility.--An applicant desiring to receive a license to 
operate as a micro-SBIC shall submit an application to the 
Administrator at such time, in such manner, and containing such 
information as the Administrator may require, including--
            ``(1) evidence that the applicant holds private capital of 
        not less than $5,000,000;
            ``(2) evidence that the management of the applicant is 
        qualified and has significant business expertise relevant to 
        the applicant's strategy; and
            ``(3) an election to receive a seed investment under 
        section 399C or leverage from the Administrator.
    ``(c) Issuance of License.--
            ``(1) Procedures.--
                    ``(A) Status.--Not later than 90 days after the 
                initial receipt by the Administrator of an application 
                under this section, the Administrator shall provide the 
                applicant with a written report detailing the status of 
                the application and any requirements remaining for 
                completion of the application.
                    ``(B) Approval or disapproval.--Except as provided 
                in subparagraph (C) and within a reasonable time after 
                providing the report under subparagraph (A), and in 
                accordance with such requirements as the Administrator 
                may prescribe by regulation, the Administrator shall--
                            ``(i) approve the application and issue to 
                        the applicant a license to operate as a micro-
                        SBIC; or
                            ``(ii) disapprove the application and 
                        notify the applicant in writing of the 
                        disapproval.
                    ``(C) Provisional approval.--The Administrator may 
                provide provisional approval for an applicant for a 
                period of not more than 12 months before making a final 
                determination of approval or disapproval under 
                subparagraph (B).
                    ``(D) Explanation of disapproval.--An applicant may 
                submit to the Administrator a request for a written 
                explanation regarding the disapproval of an application 
                under subparagraph (B)(ii).
            ``(2) Appeals.--
                    ``(A) Disapproved applications.--With respect to an 
                application that is disapproved under paragraph 
                (1)(B)(ii)--
                            ``(i) not later than 30 days after the date 
                        on which the application is disapproved, the 
                        applicant may submit an appeal to the Chair of 
                        the Investment Division Licensing Committee of 
                        the Administration (referred to in this 
                        paragraph as the `Chair'); and
                            ``(ii) not later than 30 days after the 
                        date on which the applicant submits an appeal 
                        under clause (i), the Chair shall issue a 
                        ruling with respect to the appeal and notify 
                        the applicant regarding such ruling.
                    ``(B) Denial of appeal.--With respect to an 
                application that the Chair denies in an appeal 
                submitted under subparagraph (A)--
                            ``(i) not later than 30 days after the date 
                        on which the Chair submits the notification 
                        required under subparagraph (A)(ii), the 
                        applicant may submit to the Administrator an 
                        appeal of the ruling made by the Chair; and
                            ``(ii) not later than 30 days after the 
                        date on which the applicant submits an appeal 
                        under clause (i), the Administrator shall issue 
                        a final ruling with respect to the appeal and 
                        notify the applicant regarding such ruling.
            ``(3) Priority.--In reviewing applications and issuing 
        licenses under this section, the Administrator shall give 
        priority to an applicant the management of which consists of 
        not fewer than 2 socially disadvantaged individuals or 
        economically disadvantaged individuals and not fewer than 1 
        track record investment committee member.
            ``(4) Expedited procedures.--The Administrator shall 
        establish expedited procedures for the consideration of an 
        application submitted under subsection (b), including a written 
        report under paragraph (1)(A) not later than 45 days after the 
        initial receipt of an application, for--
                    ``(A) a small business investment company licensed 
                under section 301;
                    ``(B) a rural business investment company; or
                    ``(C) a bank-owned applicant.
    ``(d) Maximum Leverage.--
            ``(1) In general.--For a micro-SBIC that elects to receive 
        leverage under subsection (b)(3), the maximum amount of 
        outstanding leverage made available to any one micro-SBIC may 
        not exceed--
                    ``(A) 50 percent of the private capital of the 
                micro-SBIC, not to exceed $25,000,000; or
                    ``(B) in the case of a micro-SBIC owned by persons 
                who also own a small business investment company 
                licensed under section 301, 100 percent of the private 
                capital of the micro-SBIC, not to exceed $50,000,000.
            ``(2) Investments in certain businesses.--In calculating 
        the outstanding leverage of a micro-SBIC for purposes of 
        paragraph (1), the Administrator shall exclude the amount of 
        the cost basis of any investments made in an early-stage small 
        business, growth-stage small business, scale-up small business, 
        or covered small business in an amount not to exceed--
                    ``(A) $25,000,000; or
                    ``(B) in the case of a micro-SBIC owned by persons 
                who also own a small business investment company 
                licensed under section 301, $50,000,000.

``SEC. 399B. MICRO-SBIC PROGRAM REQUIREMENTS.

    ``(a) Surrender of License.--A micro-SBIC that voluntarily 
surrenders a license issued under this part shall enter into an 
agreement with Administrator for the repayment of leverage received. 
Such agreement may not require the micro-SBIC to immediately repay all 
leverage received.
    ``(b) Administration.--To the extent practicable, for a micro-SBIC 
that elects to receive leverage under section 399A(b)(3), the 
Administrator shall administer the Micro-SBIC Program in a similar 
manner to the program under section 301.

``SEC. 399C. SEED INVESTMENT PROGRAM.

    ``(a) Establishment.--The Administrator shall establish and carry 
out an equity investment program (in this part referred to as the `Seed 
Investment Program') to provide seed investments to a micro-SBIC to 
invest in small business concerns.
    ``(b) Application.--A micro-SBIC that elects to receive a seed 
investment under section 399A(b)(3) shall submit to the Administrator 
an application that includes the following:
            ``(1) A business plan describing how the applicant intends 
        to make successful investments in early-stage small businesses, 
        growth-stage small businesses, scale-up small businesses, or 
        covered small businesses, as applicable.
            ``(2) A description of the extent to which the applicant 
        meets the selection criteria under subsection (c).
    ``(c) Selection.--
            ``(1) In general.--Not later than 90 days after the date of 
        receipt of an application under subsection (b), the 
        Administrator shall make a final determination to approve or 
        disapprove the applicant as a participant in the Seed 
        Investment Program and shall submit such determination to the 
        applicant in writing.
            ``(2) Criteria.--In making a determination under paragraph 
        (1), the Administrator shall consider each of the following 
        criteria:
                    ``(A) The likelihood that the applicant will meet 
                the goals specified in the business plan of the 
                applicant.
                    ``(B) The likelihood that the investments of the 
                applicant will directly and indirectly create or 
                preserve jobs.
                    ``(C) The character and fitness of the management 
                of the applicant.
                    ``(D) The experience and background of the 
                management of the applicant.
                    ``(E) The extent to which the applicant will 
                concentrate investment activities on early-stage small 
                businesses, growth-stage small businesses, scale-up 
                small businesses, or covered small businesses, as 
                applicable.
                    ``(F) The likelihood that the applicant will 
                achieve profitability.
                    ``(G) The experience of the management of the 
                applicant with respect to establishing a profitable 
                investment track record.

``SEC. 399D. REQUIREMENTS FOR SEED INVESTMENTS.

    ``(a) In General.--The Administrator may make 1 seed investment to 
a Program participant, which shall be held in an account from which the 
Program participant may make withdrawals.
    ``(b) Amounts.--
            ``(1) Non-federal capital.--A seed investment made to a 
        Program participant may not exceed the amount of capital of the 
        Program participant that--
                    ``(A) is not from a Federal source; and
                    ``(B) is available for investment, including 
                through legally binding commitments, on or before the 
                date on which the seed investment is approved.
            ``(2) Limitation on amount.--The amount of a seed 
        investment made to a Program participant may not exceed the 
        lesser of--
                    ``(A) $25,000,000; or
                    ``(B) 100 percent of the private capital committed 
                to the Program participant.
    ``(c) Process.--
            ``(1) In general.--Amounts held in an account under this 
        section shall remain available to a Program participant--
                    ``(A) for initial seed investments, during the 5-
                year period beginning on the date on which the Program 
                participant first accesses amounts from the account; 
                and
                    ``(B) for follow-on investments and management 
                fees, during the 10-year period beginning on the date 
                on which the Program participant first accesses amounts 
                from the account.
            ``(2) Extension.--Upon request by a Program participant, 
        the Administrator may grant a 1-year extension of the period 
        described in paragraph (1)(B) not more than 2 times.
            ``(3) Use of amounts.--A Program participant shall invest 
        all amounts held in an account under this section during the 
        10-year period beginning on the date on which the Program 
        participant first accesses amounts from the account.
    ``(d) Priority.--The Administrator shall prioritize making seed 
investments under this section to Program participants in underlicensed 
States.
    ``(e) Investments in Certain Businesses.--
            ``(1) In general.--A Program participant that receives a 
        seed investment under this part shall make all of the 
        investments of the Program participant in small business 
        concerns, of which not less than 50 percent shall be in covered 
        small businesses.
            ``(2) Minority positions.--
                    ``(A) In general.--On the date on which a Program 
                participant first accesses amounts from a seed 
                investment received under this Part, the Program 
                participant may not own or control not more than 50 
                percent of the shares of any small business concern in 
                which the Program participant invests.
                    ``(B) Follow-on investments.--A Program participant 
                described in subparagraph (A) shall not pursue a buyout 
                strategy as a primary purpose of an investment in a 
                small business concern, but may take control in follow-
                on investments if necessary for the success of any such 
                small business concern.
            ``(3) Evaluation of compliance.--The Administrator shall 
        evaluate the compliance of a Program participant with the 
        requirements under this section once the Program participant 
        has expended 75 percent of the amount of a seed investment made 
        under this part.
    ``(f) Seed Investment Interest.--
            ``(1) In general.--
                    ``(A) In general.--Subject to paragraph (4), a 
                Program participant that receives a seed investment 
                under this part shall convey a seed investment interest 
                to the Administrator in accordance with subparagraph 
                (B).
                    ``(B) Effect of conveyance.--
                            ``(i) In general.--The seed investment 
                        interest conveyed under paragraph (1) shall--
                                    ``(I) have all the rights and 
                                attributes of other investors with 
                                respect to the Program participant, but 
                                shall not assign control or voting 
                                rights to the Administrator; and
                                    ``(II) entitle the Administrator to 
                                a pro rata portion of any distributions 
                                made by the Program participant equal 
                                to the percentage of capital in the 
                                Program participant that the seed 
                                investment comprises.
                            ``(ii) Distributions.--The Administrator 
                        shall receive distributions from a Program 
                        participant under this paragraph at the same 
                        times and in the same amounts as any other 
                        investor in the Program participant with a 
                        similar interest.
                            ``(iii) Allocations.--A Program participant 
                        shall make allocations of income, gain, loss, 
                        deduction, and credit to the Administrator with 
                        respect to a seed investment interest received 
                        under this part as if the Administrator were an 
                        investor.
            ``(2) Manager profits.--
                    ``(A) In general.--The manager profits interest 
                payable to the managers of a Program participant shall 
                not exceed 20 percent of profits, exclusive of any 
                profits that may accrue as a result of the capital 
                contributions of any such managers with respect to the 
                Program participant.
                    ``(B) Return of excess.--Any excess of the amount 
                described in subparagraph (A), less taxes payable 
                thereon, shall be returned by the managers and paid to 
                the investors and the Administrator in proportion to 
                the capital contributions and seed investments paid in.
                    ``(C) Timing.--No manager profits interest (other 
                than a tax distribution) shall be paid prior to the 
                repayment to the investors and the Administrator of all 
                contributed capital and seed investments made.
                    ``(D) Fees.--A manager of a Program participant may 
                charge reasonable and customary management and 
                organizational fees.
            ``(3) Distribution requirements.--A Program participant 
        that receives a seed investment under this part shall make all 
        distributions to all investors in cash and shall make 
        distributions within a reasonable time after exiting 
        investments, including following a public offering or market 
        sale of underlying investments.
            ``(4) Limitation on grant profits.--Once the Administrator 
        has received an amount equal to 110 percent of the amount of 
        the seed investment made to a Program participant, the 
        requirement to convey seed investment interest under this 
        subsection shall be terminated and no further distributions of 
        profits shall be made to the Administrator.

``SEC. 399E. ADMINISTRATION.

    ``(a) Electronic Submissions.--The Administrator shall permit the 
electronic submission of any document submitted under this part or 
pursuant to a regulation carrying out this part, including by 
permitting an electronic signature for any signature that is required 
on such a document.
    ``(b) Application of Penalties.--To the extent not inconsistent 
with requirements under this part, the Administrator may take such 
action as set forth in sections 309, 311, 312, 313, and 314 to 
activities under this part and an officer, director, employee, agent, 
or other participant in a micro-SBIC shall be subject to the 
requirements under such sections.

``SEC. 399F. REPORT.

    ``The Administrator shall include in the annual report required 
under section 10(a) of the Small Business Act a description of--
            ``(1) the number of applications received under this part, 
        including the number of applications received from applicants 
        for which the management consists of at least two socially 
        disadvantaged individuals or economically disadvantaged 
        individuals; and
            ``(2) the number of licenses issued under section 399A, 
        including the number of such licenses issued to applicants for 
        which the management consists of at least two socially 
        disadvantaged individuals or economically disadvantaged 
        individuals.

``SEC. 399G. DEFINITIONS.

    ``In this part:
            ``(1) Applicant.--The term `applicant' means--
                    ``(A) an incorporated body, a limited liability 
                corporation, or a limited partnership organized and 
                chartered or otherwise existing under State law solely 
                for the purpose of performing the functions and 
                conducting the activities contemplated under this 
                section; or
                    ``(B) a bank-owned applicant, rural business 
                investment company, or small business investment 
                company licensed under section 301 that submits an 
                application to operate as a micro-SBIC under section 
                399A.
            ``(2) Bank-owned applicant.--The term `bank-owned 
        applicant' means an applicant for a license to operate as a 
        small business investment company under this part that--
                    ``(A) is a national bank or any member bank of the 
                Federal Reserve System or nonmember insured bank that 
                bears the same name as the small business investment 
                company that is the subject of the application;
                    ``(B) is domestically domiciled within the United 
                States; and
                    ``(C) has not had a license issued under this Act 
                revoked or involuntarily surrendered during the 10-year 
                period preceding the date on which the application is 
                submitted.
            ``(3) Covered small business.--The term `covered small 
        business' means a small business concern that--
                    ``(A) is a small business concern owned and 
                controlled by women (as defined in section 3(n) of the 
                Small Business Act (15 U.S.C. 632(n))), small business 
                concern owned and controlled by socially and 
                economically disadvantaged individuals (as defined in 
                section 8(d)(3)(C) of such Act (15 U.S.C. 
                637(d)(3)(C))), a small business concern owned and 
                controlled by veterans (as defined in section 3(q) of 
                such Act (15 U.S.C. 632(q))) or a Tribal business 
                concern (as described in section 31(b)(2)(C) of such 
                Act (15 U.S.C. 657a(b)(2)(C)));
                    ``(B) has its principal place of business located 
                in a rural census tract (as determined under the most 
                recent rural urban commuting area code as set forth by 
                the Office of Management and Budget);
                    ``(C) is a domestic manufacturing business that is 
                assigned a North American Industry Classification 
                System code beginning with 31, 32, or 33 at the time at 
                which the small business concern receives an investment 
                from a micro-SBIC under this section; or
                    ``(D) either--
                            ``(i) had gross receipts during the first 
                        or second quarter in 2020 that are not less 
                        than 50 percent less than the gross receipts of 
                        the concern during the same quarter in 2019;
                            ``(ii) if the concern was not in business 
                        during the first or second quarter of 2019, but 
                        was in business during the third and fourth 
                        quarter of 2019, had gross receipts during the 
                        first or second quarter of 2020 that are less 
                        than 50 percent of the amount of the gross 
                        receipts of the concern during the third or 
                        fourth quarter of 2019;
                            ``(iii) if the concern was not in business 
                        during the first, second, or third quarter of 
                        2019, but was in business during the fourth 
                        quarter of 2019, had gross receipts during the 
                        first or second quarter of 2020 that are less 
                        than 50 percent of the amount of the gross 
                        receipts of the concern during the fourth 
                        quarter of 2019; or
                            ``(iv) if the concern was not in business 
                        during 2019, but was in operation on February 
                        15, 2020, had gross receipts during the second 
                        quarter of 2020 that are less than 50 percent 
                        of the amount of the gross receipts of the 
                        concern during the first quarter of 2020.
            ``(4) Early-stage small business.--The term `early-stage 
        small business' means a small business concern that--
                    ``(A) is domestically domiciled within the United 
                States;
                    ``(B) during the 3-year period preceding the date 
                of application, has not generated gross annual sales 
                revenues exceeding $15,000,000;
                    ``(C) produces a majority of its goods or provides 
                a majority of its services in the United States; and
                    ``(D) does not move production or employment 
                outside the United States.
            ``(5) Economically disadvantaged individual; socially 
        disadvantaged individual.--The terms `economically 
        disadvantaged individual' and `socially disadvantaged 
        individual' have the meanings given those terms in section 8(a) 
        of the Small Business Act (15 U.S.C. 637(a)).
            ``(6) Growth-stage small business.--The term `growth-stage 
        small business' means a small business concern that--
                    ``(A) is domestically domiciled within the United 
                States;
                    ``(B) during the 3-year period preceding the date 
                of application, has not generated gross annual sales 
                revenues exceeding $30,000,000;
                    ``(C) produces a majority of its good or provides a 
                majority of its services in the United States; and
                    ``(D) does not move production or employment 
                outside the United States.
            ``(7) Management.--The term `management' means a general 
        partner of an applicant or member of the investment committee 
        of an applicant.
            ``(8) Micro-SBIC.--The term `micro-SBIC' means an applicant 
        licensed under section 399A.
            ``(9) Program participant.--The term `Program participant' 
        means a micro-SBIC that received a seed investment under the 
        Seed Investment Program established by section 399C.
            ``(10) Scale-up small business.--The term `scale-up small 
        business' means a small business concern that--
                    ``(A) is domestically domiciled within the United 
                States;
                    ``(B) during the 3-year period preceding the date 
                of application, has not generated earnings before 
                interest, tax, depreciation, and amortization in excess 
                of $3,000,000;
                    ``(C) produces a majority of its goods or provides 
                a majority of its services in the United States; and
                    ``(D) does not move production or employment 
                outside the United States.
            ``(11) Small business concern.--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)).
            ``(12) Track record investment committee member.--The term 
        `track record investment committee member' means a current or 
        former small business investment company licensed under section 
        301, a private small- and lower-middle-market venture capital 
        firm, or a private equity fund manager with the knowledge, 
        experience, and capability necessary to serve as management for 
        an applicant.
            ``(13) United states.--The term `United States' means each 
        of the several States, the District of Columbia, each territory 
        or possession of the United States, and each federally 
        recognized Indian Tribe.

``SEC. 399H. FUNDING.

    ``(a) Authorization of Appropriations.--There is authorized to be 
appropriated to the revolving fund established under subsection (b) 
$1,000,000,000 for the first full fiscal year beginning after the date 
of enactment of this part to carry out the requirements of this part.
    ``(b) Revolving Fund.--
            ``(1) In general.--There is created within the 
        Administration a separate revolving fund for the Seed 
        Investment Program established under section 399C, which shall 
        be available to the Administrator subject to annual 
        appropriations.
            ``(2) Deposits.--All amounts received by the Administrator, 
        including any money, property, or assets derived by the 
        Administrator from operations in connection with the Seed 
        Investment Program, including repayments of seed investments, 
        shall be deposited in the revolving fund described in paragraph 
        (1).
            ``(3) Expenses and payments.--All expenses and payments, 
        excluding administrative expenses, pursuant to the operations 
        of the Administrator under the Seed Investment Program shall be 
        paid from the revolving fund described in paragraph (1).''.

                        TITLE VI--MISCELLANEOUS

SEC. 601. REPEAL OF EIDL ADVANCE DEDUCTION.

    Section 1110(e)(6) of the CARES Act (15 U.S.C. 9009(e)(6)) is 
repealed.

SEC. 602. EXTENSION OF THE DEBT RELIEF PROGRAM.

    (a) In General.--Section 1112 of the CARES Act (15 U.S.C. 9011) is 
amended--
            (1) in subsection (c)--
                    (A) in paragraph (1)--
                            (i) in the matter preceding subparagraph 
                        (A), by inserting ``, without regard to the 
                        date on which the covered loan is fully 
                        disbursed and subject to availability of 
                        funds'' after ``status'';
                            (ii) by amending subparagraphs (A) and (B) 
                        to read as follows:
                    ``(A) with respect to a covered loan approved by 
                the Administration before the date of enactment of this 
                Act and not on deferment--
                            ``(i) except as provided in clauses (ii) 
                        and (iii), for the 6-month period beginning 
                        with the next payment due on the covered loan 
                        after the covered loan is fully disbursed;
                            ``(ii) for the 11-month period beginning 
                        with the next payment due on the covered loan 
                        after the covered loan is fully disbursed, with 
                        respect to a covered loan that--
                                    ``(I) is described in subsection 
                                (a)(1)(B) or is a loan guaranteed by 
                                the Administration under section 7(a) 
                                of the Small Business Act (15 U.S.C. 
                                636(a)) other than a loan described in 
                                clause (i) or (ii) of subsection 
                                (a)(1)(A); and
                                    ``(II) is made to a borrower 
                                operating primarily in an industry 
                                other than an industry that is assigned 
                                a North American Industry 
                                Classification System code described in 
                                item (aa) or (bb) of clause (iii)(II); 
                                and
                            ``(iii) for the 18-month period beginning 
                        with the next payment due on the covered loan 
                        after the covered loan is fully disbursed, with 
                        respect to--
                                    ``(I) a covered loan described in 
                                paragraph (1)(A)(i) or paragraph (2) of 
                                subsection (a); or
                                    ``(II) any covered loan made to a 
                                borrower operating primarily in an 
                                industry that is assigned--
                                            ``(aa) a North American 
                                        Industry Classification System 
                                        code beginning with 61, 71, 72, 
                                        or 487; or
                                            ``(bb) the North American 
                                        Industry Classification System 
                                        Code 485510, 511110, 515112, or 
                                        515120;
                    ``(B) with respect to a covered loan approved by 
                the Administration before the date of enactment of this 
                Act and on deferment--
                            ``(i) except as provided in clauses (ii) 
                        and (iii), for the 6-month period beginning 
                        with the next payment due on the covered loan 
                        after the deferment period and after the 
                        covered loan is fully disbursed;
                            ``(ii) for the 11-month period beginning 
                        with the next payment due on the covered loan 
                        after the deferment period and after the 
                        covered loan is fully disbursed, with respect 
                        to a covered loan described in subclause (I) or 
                        (II) of subparagraph (A)(ii); and
                            ``(iii) for the 18-month period beginning 
                        with the next payment due on the covered loan 
                        after the deferment period and after the 
                        covered loan is fully disbursed, with respect 
                        to a covered loan described in subclause (I) or 
                        (II) of subparagraph (A)(iii); and''; and
                            (iii) in subparagraph (C)--
                                    (I) by striking ``covered loan 
                                made'' and inserting ``covered loan 
                                approved by the Administration'';
                                    (II) by striking ``6 months after'' 
                                and inserting ``18 months after'';
                                    (III) by inserting ``(or, for a 
                                covered loan 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)) or guaranteed by the 
                                Administration under the Community 
                                Advantage Pilot Program of the 
                                Administration, for the 12-month 
                                period)'' after ``6-month period''; and
                                    (IV) by inserting ``after the 
                                covered loan is fully disbursed'' after 
                                ``due on the covered loan''; and
                    (B) by adding at the end the following:
            ``(4) Additional provisions for new loans.--With respect to 
        a loan described in paragraph (1)(C)--
                    ``(A) the Administrator may further extend the 18-
                month period described in paragraph (1)(C) if there are 
                sufficient funds to continue those payments; and
                    ``(B) during the underwriting process, a lender of 
                such a loan may consider the payments under this 
                section as part of a comprehensive review to determine 
                the ability to repay over the entire period of maturity 
                of the loan.
            ``(5) Eligibility.--Eligibility for a covered loan to 
        receive such payments of principal, interest, and any 
        associated fees under this subsection shall be based on the 
        date on which the covered loan is approved by the 
        Administration.
            ``(6) Authority to revise extensions.--
                    ``(A) In general.--As part of preparing the reports 
                under subsection (i)(5) that are required to be 
                submitted not later than January 15, 2021, and not 
                later than June 15, 2021, the Administrator conducts an 
                evaluation of whether amounts made available to make 
                payments under this subsection are sufficient to make 
                the payments for the period described in paragraph (1).
                    ``(B) Plan.--If the Administrator determines under 
                subparagraph (A) that the amounts made available to 
                make payments under this subsection are insufficient, 
                the Administrator shall--
                            ``(i) develop a plan to proportionally 
                        reduce the number of months provided for each 
                        period described in paragraph (1), while 
                        ensuring all amounts made available to make 
                        payments under this subsection are fully 
                        expended; and
                            ``(ii) before taking action under the plan 
                        developed under clause (i), include in the 
                        applicable report under subsection (i)(5) the 
                        plan and the data that informs the plan.
            ``(7) Rule of construction.--Nothing in this subsection 
        shall preclude a borrower from receiving full payments of 
        principal, interest, and any associated fees as authorized by 
        subsection.'';
            (2) by redesignating subsection (f) as subsection (k); and
            (3) by inserting after subsection (e) the following:
    ``(f) Eligibility for New Loans.--For each individual lending 
program under this section, the Administrator may establish a minimum 
loan maturity period, taking into consideration the normal underwriting 
requirements for each such program, with the goal of preventing abuse 
under the program.
    ``(g) Limitation on Assistance.--A borrower may not receive 
assistance under subsection (c) for more than 1 covered loan of the 
borrower described in paragraph (1)(C) of that subsection.
    ``(h) Taxability.--For purposes of the Internal Revenue Code of 
1986--
            ``(1) any payment made under subsection (c) shall be 
        treated as paid by the person on whose behalf such payment is 
        made,
            ``(2) no amount shall be included in the gross income of 
        the borrower by reason of a payment made under subsection (c), 
        and
            ``(3) no deduction shall be denied or reduced, no tax 
        attribute shall be reduced, and no basis increase shall be 
        denied, by reason of the exclusion from gross income provided 
        by paragraph (2).
    ``(i) Reporting and Outreach.--
            ``(1) Updated information.--
                    ``(A) In general.--Not later than 7 days after the 
                date of enactment of the Heroes Small Business Lifeline 
                Act, the Administrator shall make publicly available 
                information regarding the modifications to the 
                assistance provided under this section under the 
                amendments made by such Act.
                    ``(B) Guidance.--Not later than 14 days after the 
                date of enactment of the Heroes Small Business Lifeline 
                Act the Administrator shall issue guidance on 
                implementing the modifications to the assistance 
                provided under this section under the amendments made 
                by such Act.
            ``(2) Publication of list.--Not later than 14 days after 
        the date of enactment of the Heroes Small Business Lifeline 
        Act, the Administrator shall transmit to each lender of a 
        covered loan a list of each borrower of a covered loan that 
        includes the North American Industry Classification System code 
        assigned to the borrower, based on the records of the 
        Administration, to assist the lenders in identifying which 
        borrowers qualify for an extension of payments under subsection 
        (c).
            ``(3) Education and outreach.--The Administrator shall 
        provide education, outreach, and communication to lenders, 
        borrowers, district offices, and resource partners of the 
        Administration in order to ensure full and proper compliance 
        with this section, encourage broad participation with respect 
        to covered loans that have not yet been approved by the 
        Administrator, and help lenders transition borrowers from 
        subsidy payments under this section directly to a deferral when 
        suitable for the borrower.
            ``(4) Notification.--Not later than 30 days after the date 
        of enactment of the Heroes Small Business Lifeline Act, the 
        Administrator shall mail a letter to each borrower of a covered 
        loan that includes--
                    ``(A) an overview of assistance provided under this 
                section;
                    ``(B) the rights of the borrower to receive that 
                assistance;
                    ``(C) how to seek recourse with the Administrator 
                or the lender of the covered loan if the borrower has 
                not received that assistance; and
                    ``(D) the rights of the borrower to request a loan 
                deferral from a lender, and guidance on how to do 
                successfully transition directly to a loan deferral 
                once subsidy payments under this section are concluded.
            ``(5) Monthly reporting.--Not later than the 15th of each 
        month beginning after the date of enactment of the Heroes Small 
        Business Lifeline Act, the Administrator shall submit to 
        Congress a report on assistance provided under this section, 
        which shall include--
                    ``(A) monthly and cumulative data on payments made 
                under this section as of the date of the report, 
                including a breakdown by--
                            ``(i) the number of participating 
                        borrowers;
                            ``(ii) the volume of payments made for each 
                        type of covered loan; and
                            ``(iii) the volume of payments made for 
                        covered loans made before the date of enactment 
                        of this Act and loans made after such date of 
                        enactment;
                    ``(B) the names of any lenders of covered loans 
                that have not submitted information on the covered 
                loans to the Administrator during the preceding month; 
                and
                    ``(C) an update on the education and outreach 
                activities of the Administration carried out under 
                paragraph (3).''.
    (b) Effective Date.--The amendments made by this section shall 
apply as if included in the enactment of section 1112 of the CARES Act 
(15 U.S.C. 9011).

SEC. 603. MODIFICATIONS TO 7(A) LOAN PROGRAMS.

    (a) 7(a) Loan Guarantees.--
            (1) In general.--Section 7(a)(2)(A) of the Small Business 
        Act (15 U.S.C. 636(a)(2)(A)) is amended by striking ``), such 
        participation by the Administration shall be equal to'' and all 
        that follows through the period at the end and inserting ``or 
        the Community Advantage Pilot Program of the Administration), 
        such participation by the Administration shall be equal to 90 
        percent of the balance of the financing outstanding at the time 
        of disbursement of the loan.''.
            (2) Prospective repeal.--Effective October 1, 2021, section 
        7(a)(2)(A) of the Small Business Act (15 U.S.C. 636(a)(2)(A)), 
        as amended by paragraph (1), is amended to read as follows:
                    ``(A) In general.--Except as provided in 
                subparagraphs (B), (D), (E), and (F), in an agreement 
                to participate in a loan on a deferred basis under this 
                subsection (including a loan made under the Preferred 
                Lenders Program), such participation by the 
                Administration shall be equal to--
                            ``(i) 75 percent of the balance of the 
                        financing outstanding at the time of 
                        disbursement of the loan, if such balance 
                        exceeds $150,000; or
                            ``(ii) 85 percent of the balance of the 
                        financing outstanding at the time of 
                        disbursement of the loan, if such balance is 
                        less than or equal to $150,000.''.
    (b) Express Loans.--
            (1) Loan amount.--Section 1102(c)(2) of the CARES Act 
        (Public Law 116-36; 15 U.S.C. 636 note) is amended to read as 
        follows:
            ``(2) Prospective repeal.--Section 7(a)(31)(D) of the Small 
        Business Act (15 U.S.C. 636(a)(31)(D)) is amended--
                    ``(A) by striking `$1,000,000' and inserting 
                `$500,000', effective during the period beginning on 
                January 1, 2021, and ending on September 30, 2021; and
                    ``(B) by striking `$500,000' and inserting 
                `$350,000', effective October 1, 2021.''.
            (2) Guarantee rates.--
                    (A) Temporary modification.--Section 
                7(a)(31)(A)(iv) of the Small Business Act (15 U.S.C. 
                636(a)(31)(A)(iv)) is amended by striking ``with a 
                guaranty rate of not more than 50 percent.'' and 
                inserting the following: ``with a guarantee rate--
                                    ``(I) for a loan in an amount less 
                                than or equal to $350,000, of not more 
                                than 75 percent; and
                                    ``(II) for a loan in an amount 
                                greater than $350,000, of not more than 
                                50 percent.''.
                    (B) Prospective repeal.--Effective October 1, 2021, 
                section 7(a)(31)(A)(iv) of the Small Business Act (15 
                U.S.C. 636(a)(31)(iv)), as amended by subparagraph (A), 
                is amended by striking ``guarantee rate'' and all that 
                follows through the period at the end and inserting 
                ``guarantee rate of not more than 50 percent.''.

SEC. 604. FLEXIBILITY IN DEFERRAL OF PAYMENTS OF 7(A) LOANS.

    Section 7(a)(7) of the Small Business Act (15 U.S.C. 636(a)(7)) is 
amended--
            (1) by striking ``The Administration'' and inserting ``(A) 
        In general.--The Administrator'';
            (2) by inserting ``and interest'' after ``principal''; and
            (3) by adding at the end the following new subparagraphs:
            ``(B) Deferral requirements.--With respect to a deferral 
        provided under this paragraph, the Administrator may allow 
        lenders under this subsection--
                    ``(i) to provide full payment deferment relief 
                (including payment of principal and interest) for a 
                period of not more than 1 year; and
                    ``(ii) to provide an additional deferment period if 
                the borrower provides documentation justifying such 
                additional deferment.
            ``(C) Secondary market.--If an investor declines to approve 
        a deferral or additional deferment requested by a lender under 
        subparagraph (B), the Administrator shall exercise the 
        authority to purchase the loan so that the borrower may receive 
        full payment deferment relief (including payment of principal 
        and interest) or an additional deferment as described in 
        subparagraph (B).''.

SEC. 605. RECOVERY ASSISTANCE UNDER THE MICROLOAN PROGRAM.

    (a) Loans to Intermediaries.--
            (1) In general.--Section 7(m) of the Small Business Act (15 
        U.S.C. 636(m)) is amended--
                    (A) in paragraph (3)(C)--
                            (i) by striking ``and $6,000,000'' and 
                        inserting ``$10,000,000 (in the aggregate)''; 
                        and
                            (ii) by inserting before the period at the 
                        end the following: ``, and $4,500,000 in any of 
                        those remaining years'';
                    (B) in paragraph (4)--
                            (i) in subparagraph (A), by striking 
                        ``subparagraph (C)'' each place that term 
                        appears and inserting ``subparagraphs (C) and 
                        (G)'';
                            (ii) in subparagraph (C), by amending 
                        clause (i) to read as follows:
                            ``(i) In general.--In addition to grants 
                        made under subparagraph (A) or (G), each 
                        intermediary shall be eligible to receive a 
                        grant equal to 5 percent of the total 
                        outstanding balance of loans made to the 
                        intermediary under this subsection if--
                                    ``(I) the intermediary provides not 
                                less than 25 percent of its loans to 
                                small business concerns located in or 
                                owned by 1 or more residents of an 
                                economically distressed area; or
                                    ``(II) the intermediary has a 
                                portfolio of loans made under this 
                                subsection--
                                            ``(aa) that averages not 
                                        more than $10,000 during the 
                                        period of the intermediary's 
                                        participation in the program; 
                                        or
                                            ``(bb) of which not less 
                                        than 25 percent is serving 
                                        rural areas during the period 
                                        of the intermediary's 
                                        participation in the 
                                        program.''; and
                            (iii) by adding at the end the following:
                    ``(G) Grant amounts based on appropriations.--In 
                any fiscal year in which the amount appropriated to 
                make grants under subparagraph (A) is sufficient to 
                provide to each intermediary that receives a loan under 
                paragraph (1)(B)(i) a grant of not less than 25 percent 
                of the total outstanding balance of loans made to the 
                intermediary under this subsection, the Administration 
                shall make a grant under subparagraph (A) to each 
                intermediary of not less than 25 percent and not more 
                than 30 percent of that total outstanding balance for 
                the intermediary.'';
                    (C) by striking paragraph (7) and inserting the 
                following:
            ``(7) Program funding for microloans.--Under the program 
        authorized by this subsection, the Administration may fund, on 
        a competitive basis, not more than 300 intermediaries.''; and
                    (D) in paragraph (11)--
                            (i) in subparagraph (C)(ii), by striking 
                        all after the semicolon and inserting ``and''; 
                        and
                            (ii) by striking all after subparagraph 
                        (C), and inserting the following:
                    ``(D) the term `economically distressed area', as 
                used in paragraph (4), means a county or equivalent 
                division of local government of a State in which the 
                small business concern is located, in which, according 
                to the most recent data available from the Bureau of 
                the Census, Department of Commerce, not less than 40 
                percent of residents have an annual income that is at 
                or below the poverty level.''.
            (2) Prospective amendment.--Effective on October 1, 2021, 
        section 7(m)(3)(C) of the Small Business Act (15 U.S.C. 
        636(m)(3)(C)), as amended by paragraph (1)(A), is amended--
                    (A) by striking ``$10,000,000'' and by inserting 
                ``$7,000,000''; and
                    (B) by striking ``$4,500,000'' and inserting 
                ``$3,000,000''.
    (b) Temporary Waiver of Technical Assistance Grants Matching 
Requirements and Flexibility on Pre- and Post-Loan Assistance.--During 
the period beginning on the date of enactment of this Act and ending on 
September 30, 2021, the Administration shall waive--
            (1) the requirement to contribute non-Federal funds under 
        section 7(m)(4)(B) of the Small Business Act (15 U.S.C. 
        636(m)(4)(B)); and
            (2) the limitation on amounts allowed to be expended to 
        provide information and technical assistance under clause (i) 
        of section 7(m)(4)(E) of the Small Business Act (15 U.S.C. 
        636(m)(4)(E)) and enter into third-party contracts to provide 
        technical assistance under clause (ii) of such section 
        7(m)(4)(E).
    (c) Temporary Duration of Loans to Borrowers.--
            (1) In general.--During the period beginning on the date of 
        enactment of this Act and ending on September 30, 2021, the 
        duration of a loan made by an eligible intermediary under 
        section 7(m) of the Small Business Act (15 U.S.C. 636(m))--
                    (A) to an existing borrower may be extended to not 
                more than 8 years; and
                    (B) to a new borrower may be not more than 8 years.
            (2) Reversion.--On and after October 1, 2021, the duration 
        of a loan made by an eligible intermediary to a borrower under 
        section 7(m) of the Small Business Act (15 U.S.C. 636(m)) shall 
        be 7 years or such other amount established by the 
        Administrator.
    (d) Funding.--Section 20 of the Small Business Act (15 U.S.C. 631 
note) is amended by adding at the end the following:
    ``(h) Microloan Program.--For each of fiscal years 2021 through 
2025, the Administration is authorized to make--
            ``(1) $80,000,000 in technical assistance grants, as 
        provided in section 7(m); and
            ``(2) $110,000,000 in direct loans, as provided in section 
        7(m).''.
    (e) Authorization of Appropriations.--In addition to amounts 
provided under the Consolidated Appropriations Act, 2020 (Public Law 
116-93) for the program established under section 7(m) of the Small 
Business Act (15 U.S.C. 636(m)) and amounts provided for fiscal year 
2021 for that program, there is authorized to be appropriated for 
fiscal year 2021, to remain available until expended--
            (1) $50,000,000 to provide technical assistance grants 
        under such section 7(m); and
            (2) $7,000,000 to provide direct loans under such section 
        7(m).

SEC. 606. MAXIMUM LOAN AMOUNT FOR 504 LOANS.

    (a) Permanent Increase for Small Manufacturers.--Section 
502(2)(A)(iii) of the Small Business Investment Act of 1958 (15 U.S.C. 
696(2)(A)(iii)) is amended by striking ``$5,500,000'' and inserting 
``$6,500,000''.
    (b) Low-Interest Refinancing Under the Local Development Business 
Loan Program.--
            (1) Repeal.--Section 521(a) of title V of division E of the 
        Consolidated Appropriations Act, 2016 (Public Law 114-113; 129 
        Stat. 2463; 15 U.S.C. 696 note) is repealed.
            (2) Refinancing.--Section 502(7) of the Small Business 
        Investment Act of 1958 (15 U.S.C. 696) is amended--
                    (A) in subparagraph (B), in the matter preceding 
                clause (i), by striking ``50'' and inserting ``100''; 
                and
                    (B) by adding at the end the following:
                    ``(C) Refinancing not involving expansions.--
                            ``(i) Definitions.--In this subparagraph--
                                    ``(I) the term `borrower' means a 
                                small business concern that submits an 
                                application to a development company 
                                for financing under this subparagraph;
                                    ``(II) the term `eligible fixed 
                                asset' means tangible property relating 
                                to which the Administrator may provide 
                                financing under this section; and
                                    ``(III) the term `qualified debt' 
                                means indebtedness that--
                                            ``(aa) was incurred not 
                                        less than 6 months before the 
                                        date of the application for 
                                        assistance under this 
                                        subparagraph;
                                            ``(bb) is a commercial 
                                        loan;
                                            ``(cc) the proceeds of 
                                        which were used to acquire an 
                                        eligible fixed asset;
                                            ``(dd) was incurred for the 
                                        benefit of the small business 
                                        concern; and
                                            ``(ee) is collateralized by 
                                        eligible fixed assets.
                            ``(ii) Authority.--A project that does not 
                        involve the expansion of a small business 
                        concern may include the refinancing of 
                        qualified debt if--
                                    ``(I) the amount of the financing 
                                is not more than 90 percent of the 
                                value of the collateral for the 
                                financing, except that, if the 
                                appraised value of the eligible fixed 
                                assets serving as collateral for the 
                                financing is less than the amount equal 
                                to 125 percent of the amount of the 
                                financing, the borrower may provide 
                                additional cash or other collateral to 
                                eliminate any deficiency;
                                    ``(II) the borrower has been in 
                                operation for all of the 2-year period 
                                ending on the date the loan application 
                                is submitted; and
                                    ``(III) for a financing for which 
                                the Administrator determines there will 
                                be an additional cost attributable to 
                                the refinancing of the qualified debt, 
                                the borrower agrees to pay a fee in an 
                                amount equal to the anticipated 
                                additional cost.
                            ``(iii) Financing for business expenses.--
                                    ``(I) Financing for business 
                                expenses.--The Administrator may 
                                provide financing to a borrower that 
                                receives financing that includes a 
                                refinancing of qualified debt under 
                                clause (ii), in addition to the 
                                refinancing under clause (ii), to be 
                                used solely for the payment of business 
                                expenses.
                                    ``(II) Application for financing.--
                                An application for financing under 
                                subclause (I) shall include--
                                            ``(aa) a specific 
                                        description of the expenses for 
                                        which the additional financing 
                                        is requested; and
                                            ``(bb) an itemization of 
                                        the amount of each expense.
                                    ``(III) Condition on additional 
                                financing.--A borrower may not use any 
                                part of the financing under this clause 
                                for non-business purposes.
                            ``(iv) Loans based on jobs.--
                                    ``(I) Job creation and retention 
                                goals.--
                                            ``(aa) In general.--The 
                                        Administrator may provide 
                                        financing under this 
                                        subparagraph for a borrower 
                                        that meets the job creation 
                                        goals under subsection (d) or 
                                        (e) of section 501.
                                            ``(bb) Alternate job 
                                        retention goal.--The 
                                        Administrator may provide 
                                        financing under this 
                                        subparagraph to a borrower that 
                                        does not meet the goals 
                                        described in item (aa) in an 
                                        amount that is not more than 
                                        the product obtained by 
                                        multiplying the number of 
                                        employees of the borrower by 
                                        $75,000.
                                    ``(II) Number of employees.--For 
                                purposes of subclause (I), the number 
                                of employees of a borrower is equal to 
                                the sum of--
                                            ``(aa) the number of full-
                                        time employees of the borrower 
                                        on the date on which the 
                                        borrower applies for a loan 
                                        under this subparagraph; and
                                            ``(bb) the product obtained 
                                        by multiplying--

                                                    ``(AA) the number 
                                                of part-time employees 
                                                of the borrower on the 
                                                date on which the 
                                                borrower applies for a 
                                                loan under this 
                                                subparagraph, by

                                                    ``(BB) the quotient 
                                                obtained by dividing 
                                                the average number of 
                                                hours each part time 
                                                employee of the 
                                                borrower works each 
                                                week by 40.

                            ``(v) Total amount of loans.--The 
                        Administrator may provide not more than a total 
                        of $7,500,000,000 of financing under this 
                        subparagraph for each fiscal year.''.
    (c) Express Loan Authority for Accredited Lenders.--
            (1) In general.--Section 507 of the Small Business 
        Investment Act of 1958 (15 U.S.C. 697d) is amended by striking 
        subsection (e) and inserting the following:
    ``(e) Express Loan Authority.--A local development company 
designated as an accredited lender in accordance with subsection (b)--
            ``(1) may--
                    ``(A) approve, authorize, close, and service 
                covered loans that are funded with proceeds of a 
                debenture issued by the company; and
                    ``(B) authorize the guarantee of a debenture 
                described in subparagraph (A); and
            ``(2) with respect to a covered loan, shall be subject to 
        final approval as to eligibility of any guarantee by the 
        Administration pursuant to section 503(a), but such final 
        approval shall not include review of decisions by the lender 
        involving creditworthiness, loan closing, or compliance with 
        legal requirements imposed by law or regulation.
    ``(f) Definitions.--In this section--
            ``(1) the term `accredited lender certified company' means 
        a certified development company that meets the requirements 
        under section 507(b), including a certified development company 
        that the Administration has designated as an accredited lender 
        under such section 507(b);
            ``(2) the term `covered loan'--
                    ``(A) means a loan made under subsection (a) in an 
                amount that is not more than $500,000; and
                    ``(B) does not include a loan made to a borrower 
                that is a franchise that, or is in an industry that, 
                has a high rate of default, as annually determined by 
                the Administrator; and
            ``(3) the term `qualified State or local development 
        company' has the meaning given the term in section 503(e).''.
            (2) Prospective repeal.--Effective on September 30, 2023, 
        section 507 of the Small Business Investment Act of 1958 (15 
        U.S.C. 697d), as amended by paragraph (1), is amended by 
        striking subsections (e) and (f) and inserting the following:
    ``(e) Definition.--In this section, the term `qualified State or 
local development company' has the meaning given the term in section 
503(e).''.
    (d) Refinancing Senior Project Debt.--During the 1-year period 
beginning on the date of enactment of this Act, a development company 
described in title V of the Small Business Investment Act of 1958 (15 
U.S.C. 695 et seq.) is authorized to allow the refinancing of a senior 
loan on an existing project in an amount that, when combined with the 
outstanding balance on the development company loan, is not more than 
90 percent of the total loan to value. Proceeds of such refinancing can 
be used to support business operating expenses.

SEC. 607. TEMPORARY FEE REDUCTIONS.

    (a) Administrative Fee Waiver.--
            (1) In general.--During the period beginning on the date of 
        enactment of this Act and ending on September 30, 2021, and to 
        the extent that the cost of such elimination or reduction of 
        fees is offset by appropriations, with respect to each loan 
        guaranteed under section 7(a) of the Small Business Act (15 
        U.S.C. 636(a)) (including a recipient of assistance under the 
        Community Advantage Pilot Program of the Administration) for 
        which an application is approved or pending approval on or 
        after the date of enactment of this Act, the Administrator 
        shall--
                    (A) in lieu of the fee otherwise applicable under 
                section 7(a)(23)(A) of the Small Business Act (15 
                U.S.C. 636(a)(23)(A)), collect no fee or reduce fees to 
                the maximum extent possible; and
                    (B) in lieu of the fee otherwise applicable under 
                section 7(a)(18)(A) of the Small Business Act (15 
                U.S.C. 636(a)(18)(A)), collect no fee or reduce fees to 
                the maximum extent possible.
            (2) Application of fee eliminations or reductions.--To the 
        extent that amounts are made available to the Administrator for 
        the purpose of fee eliminations or reductions under paragraph 
        (1), the Administrator shall--
                    (A) first use any amounts provided to eliminate or 
                reduce fees paid by small business borrowers under 
                clauses (i) through (iii) of section 7(a)(18)(A) of the 
                Small Business Act (15 U.S.C. 636(a)(18)(A)), to the 
                maximum extent possible; and
                    (B) then use any amounts provided to eliminate or 
                reduce fees under 7(a)(23)(A) of the Small Business Act 
                (15 U.S.C. 636(a)(23)(A)).
    (b) Temporary Fee Elimination for the 504 Loan Program.--
            (1) In general.--During the period beginning on the date of 
        enactment of this Act and ending on September 30, 2021, and to 
        the extent the cost of such elimination in fees is offset by 
        appropriations, with respect to each project or loan guaranteed 
        by the Administrator pursuant to title V of the Small Business 
        Investment Act of 1958 (15 U.S.C. 695 et seq.) for which an 
        application is approved or pending approval on or after the 
        date of enactment of this Act--
                    (A) the Administrator shall, in lieu of the fee 
                otherwise applicable under section 503(d)(2) of the 
                Small Business Investment Act of 1958 (15 U.S.C. 
                697(d)(2)), collect no fee; and
                    (B) a development company shall, in lieu of the 
                processing fee under section 120.971(a)(1) of title 13, 
                Code of Federal Regulations (relating to fees paid by 
                borrowers), or any successor regulation, collect no 
                fee.
            (2) Reimbursement for waived fees.--
                    (A) In general.--To the extent that the cost of 
                such payments is offset by appropriations, the 
                Administrator shall reimburse each development company 
                that does not collect a processing fee pursuant to 
                paragraph (1)(B).
                    (B) Amount.--The payment to a development company 
                under subparagraph (A) shall be in an amount equal to 
                1.5 percent of the net debenture proceeds for which the 
                development company does not collect a processing fee 
                pursuant to paragraph (1)(B).

SEC. 608. EXTENSION OF PARTICIPATION IN 8(A) PROGRAM.

    (a) In General.--The Administrator shall ensure that a small 
business concern (as defined in section 3 of the Small Business Act (15 
U.S.C. 632) participating in the program established under section 8(a) 
of the Small Business Act (15 U.S.C. 637(a)) on or before September 9, 
2020, may elect to extend such participation by a period of 1 year, 
regardless of whether the small business concern previously elected to 
suspend participation in the program pursuant to guidance of the 
Administrator.
    (b) Emergency Rulemaking Authority.--Not later than 15 days after 
the date of enactment of this section, the Administrator shall issue 
regulations to carry out this section without regard to the notice 
requirements under section 553(b) of title 5, United States Code.

SEC. 609. REPORT ON MINORITY, WOMEN, AND RURAL LENDING.

    Not later than 90 days after the date of the enactment of this Act, 
the Administrator shall submit to the Committee on Small Business and 
Entrepreneurship of the Senate and the Committee on Small Business of 
the House of Representatives a report to determine and quantify the 
extent to which the programs established under subsections (a) and (m) 
of section 7 of the Small Business Act (15 U.S.C. 636), titles III and 
V of the Small Business Investment Act of 1958 (15 U.S.C. 681 et seq., 
695 et seq.), and the Community Advantage Pilot Program of the Small 
Business Administration have assisted in the establishment, 
development, and performance of small business concerns owned and 
controlled by socially and economically disadvantaged individuals (as 
defined in section 8(d)(3)(C) of the Small Business Act (15 U.S.C. 
637(d)(3)(C))), small business concerns owned and controlled by women 
(as defined in section 3 of such Act (15 U.S.C. 632)), and rural small 
businesses, including recommendations to improve such access to capital 
programs.

SEC. 610. COMPREHENSIVE PROGRAM GUIDANCE.

    Not later than 7 days after the date of enactment of this Act, the 
Administrator shall--
            (1) establish a process for accepting applications for loan 
        forgiveness under section 1106 of the CARES Act (15 U.S.C. 
        9005);
            (2) issue a comprehensive compilation of rules and guidance 
        issued related to loans made under section 7(a)(36) of the 
        Small Business Act (15 U.S.C. 636(a)(36)); and
            (3) to the maximum extent practicable, before accepting 
        applications for supplemental covered loans under clause (ii) 
        of section 7(a)(36)(B) of the Small Business Act (15 U.S.C. 
        636(a)(36)(B)), as added by section 202 of this Act, the 
        Administrator shall issue comprehensive rules and guidance to 
        ensure that borrowers and lenders are aware of eligibility and 
        terms of receiving a supplemental covered loan and the process 
        for forgiveness of a supplemental covered loan.

SEC. 611. REPORTS ON PAYCHECK PROTECTION PROGRAM.

    (a) Report to Congress.--Not later than 30 days after the date of 
enactment of this Act, and every 30 days thereafter until the end of 
the covered period described in section 7(a)(36)(A) of the Small 
Business Act (15 U.S.C. 636(a)(36)(A)), the Secretary of the Treasury 
and the Administrator shall submit to the Committee on Small Business 
and Entrepreneurship of the Senate and the Committee on Small Business 
of the House of Representatives a report, in a searchable digital 
format, that includes, with respect to each loan made under such 
section 7(a)(36)--
            (1) the business name, address, and ZIP Code of each 
        recipient of the loan;
            (2) the North American Industry Classification System code 
        and the type of entity of each such recipient;
            (3) demographic data of each such recipient;
            (4) the number of jobs supported by the loan;
            (5) loan forgiveness data; and
            (6) the amount and origination date of the loan.
    (b) Publicly Available Report.--
            (1) Larger covered loans.--Not later than 30 days after the 
        date of enactment of this Act, and every 30 days thereafter 
        until the end of the covered period described in section 
        7(a)(36)(A) of the Small Business Act (15 U.S.C. 
        636(a)(36)(A)), for each loan made under such section 7(a)(36) 
        in an amount greater than or equal to $150,000, the Secretary 
        of the Treasury and the Administrator shall make publicly 
        available the following:
                    (A) The information described in paragraphs (1) 
                through (4) of subsection (a).
                    (B) The loan size range, of those listed below, to 
                which the loan belongs:
                            (i) Not less than $150,000 and less than 
                        $350,000.
                            (ii) Not less than $350,000 and less than 
                        $1,000,000.
                            (iii) Not less than $1,000,000 and less 
                        than $2,000,000.
                            (iv) Not less than $2,000,000 and less than 
                        $5,000,000.
                            (v) Not less than $5,000,000 and less than 
                        $10,000,000.
            (2) Smaller covered loans.--Not later than 30 days after 
        the date of enactment of this Act, and every 30 days thereafter 
        until the end of the covered period described in section 
        7(a)(36) of the Small Business Act (15 U.S.C. 636(a)(36)), for 
        loans made under such section 7(a)(36) in an amount less than 
        $150,000, the Secretary of the Treasury and the Administrator 
        shall make publicly available the total number of loans made 
        and the amount of each loan, disaggregated by ZIP Code of each 
        recipient, industry of each recipient, business type of each 
        recipient, and demographic categories of each recipient.
            (3) Publication.--Information provided under paragraphs (1) 
        and (2) shall be made publicly available in a searchable 
        digital format on websites of the Department of the Treasury 
        and the Administration.

SEC. 612. PROHIBITING CONFLICTS OF INTEREST FOR SMALL BUSINESS PROGRAMS 
              UNDER THE CARES ACT.

    Section 4019 of the CARES Act (15 U.S.C. 9054) is amended--
            (1) in subsection (a), by adding at the end the following:
            ``(7) Small business assistance.--The term `small business 
        assistance' means assistance provided under--
                    ``(A) section 7(a)(36) of the Small Business Act 
                (15 U.S.C. 636(a)(36));
                    ``(B) subsection (b) or (c) of section 1103 of this 
                Act;
                    ``(C) section 1110 of this Act; or
                    ``(D) section 1112 of this Act.'';
            (2) in subsection (b)--
                    (A) by inserting ``or provisions relating to small 
                business assistance'' after ``this subtitle''; and
                    (B) by inserting ``or for any small business 
                assistance'' before the period at the end; and
            (3) in subsection (c)--
                    (A) by inserting ``or seeking any small business 
                assistance'' after ``section 4003'';
                    (B) by inserting ``or small business assistance'' 
                after ``that transaction'';
                    (C) by inserting ``or the Administrator of the 
                Small Business Administration, as applicable,'' after 
                ``Federal Reserve System''; and
                    (D) by inserting ``or to receive the small business 
                assistance'' after ``in that transaction''.

SEC. 613. INCLUSION OF SCORE AND VETERAN BUSINESS OUTREACH CENTERS IN 
              ENTREPRENEURIAL DEVELOPMENT PROGRAMS.

    (a) In General.--Section 1103(a)(2) of the CARES Act (15 U.S.C. 
9002(a)(2)) is amended--
            (1) in subparagraph (A), by striking ``and'' at the end; 
        and
            (2) by adding at the end the following:
                    ``(C) a Veteran Business Outreach Center (as 
                described in section 32(d) of the Small Business Act 
                (15 U.S.C. 657b(d))); and
                    ``(D) the Service Corps of Retired Executives 
                Association, or any successor or other organization, 
                that receives a grant from the Administrator to operate 
                the SCORE program established under section 8(b)(1)(B) 
                of the Small Business Act (15 U.S.C. 637(b)(1)(B));''.
    (b) Funding.--Section 1107(a)(4) of the CARES Act (15 U.S.C. 
9006(a)(4)) is amended--
            (1) in subparagraph (A)--
                    (A) by striking ``$240,000,000'' and inserting 
                ``$220,000,000''; and
                    (B) by striking ``and'' at the end; and
            (2) by adding at the end the following:
                    ``(C) $10,000,000 shall be for a Veteran Business 
                Outreach Center described in section 1103(a)(2)(C) of 
                this Act to carry out activities under such section; 
                and
                    ``(D) $10,000,000 shall be for the Service Corps of 
                Retired Executives Association described in section 
                1103(a)(2)(D) of this Act to carry out activities under 
                such section;''.

SEC. 614. CLARIFICATION OF USE OF CARES ACT FUNDS FOR SMALL BUSINESS 
              DEVELOPMENT CENTERS.

    Section 1103(b)(3)(A) of the CARES Act (15 U.S.C. 9002(b)(3)(A)) is 
amended by adding at the end the following: ``Funds awarded under this 
paragraph shall be in addition to any amounts appropriated for grants 
under section 21(a) of the Small Business Act (15 U.S.C. 648(a)), and 
may be used to complement and support those appropriated program grants 
to assist covered small business concerns, with prioritization of such 
concerns affected directly or indirectly by COVID-19 as described in 
paragraph (2).''.

SEC. 615. FUNDING FOR THE OFFICE OF INSPECTOR GENERAL OF THE SMALL 
              BUSINESS ADMINISTRATION.

    Section 1107(a)(3) of the CARES Act (15 U.S.C. 9006(a)(3)) is 
amended by striking ``September 30, 2024'' and inserting ``expended''.

SEC. 616. EXTENSION OF WAIVER OF MATCHING FUNDS REQUIREMENT UNDER THE 
              WOMEN'S BUSINESS CENTER PROGRAM.

    Section 1105 of the CARES Act (15 U.S.C. 9004) is amended by 
striking ``During the 3-month period beginning on the date of enactment 
of this Act,'' and inserting ``Until December 31, 2020,''.

SEC. 617. ACCESS TO SMALL BUSINESS ADMINISTRATION INFORMATION AND 
              DATABASES.

    Section 19010 of division B of the CARES Act (Public Law 116-136) 
is amended--
            (1) by redesignating subsection (e) as subsection (f); and
            (2) by inserting after subsection (d) the following:
    ``(e) Small Business Administration Databases.--
            ``(1) In general.--In conducting monitoring and oversight 
        under this section, the Comptroller General, upon notice to the 
        Administrator of the Small Business Administration, shall have 
        direct access to all information collected or produced in 
        connection with the administration of programs or provision of 
        assistance carried out by the Administrator, including direct 
        access to any information technology systems maintained or 
        utilized by the Administrator to collect, process, or analyze 
        documents or information submitted by borrowers, lenders, or 
        others in connection with any such program or provision of 
        assistance.
            ``(2) Information technology systems.--The Administrator of 
        the Small Business Administration shall appropriately identify 
        and classify any sensitive information contained in an 
        information technology system accessed by the Comptroller 
        General.
            ``(3) Definition of direct access.--In this subsection, the 
        term `direct access' means secured access to the information 
        technology systems maintained by the Administrator that would 
        enable the Comptroller General to independently access, view, 
        download, and retrieve data from such systems.''.

SEC. 618. SMALL BUSINESS LOCAL RELIEF PROGRAM.

    (a) Establishment.--There is established in the Department of the 
Treasury a Small Business Local Relief Program to allocate resources to 
States, units of general local government, and Indian Tribes to provide 
assistance to eligible entities and organizations that assist eligible 
entities.
    (b) Funding.--
            (1) Funding to states, localities, and indian tribes.--
                    (A) In general.--The Secretary shall allocate--
                            (i) $10,250,000,000 to States and units of 
                        general local government in accordance with 
                        subparagraph (B)(i);
                            (ii) $4,250,000,000 to States in accordance 
                        with subparagraph (B)(ii); and
                            (iii) $500,000,000 to the Secretary of 
                        Housing and Urban Development for allocations 
                        to Indian Tribes in accordance with 
                        subparagraph (B)(iii).
                    (B) Allocations.--
                            (i) Formula for states and units of general 
                        local government.--Of the amount described in 
                        subparagraph (A)(i)--
                                    (I) 70 percent shall be allocated 
                                to entitlement communities in 
                                accordance with the formula under 
                                section 106(b) of the Housing and 
                                Community Development Act of 1974 (42 
                                U.S.C. 5306(b)); and
                                    (II) 30 percent shall be allocated 
                                to States, for use in nonentitlement 
                                areas, in accordance with the formula 
                                under section 106(d)(1) of such Act (42 
                                U.S.C. 5306(d)(1)).
                            (ii) Rural bonus formula for states.--The 
                        Secretary shall allocate the amount described 
                        in subparagraph (A)(ii) to States, for use in 
                        nonentitlement areas, in accordance with the 
                        formula under section 106(d)(1) of such Act (42 
                        U.S.C. 5306(d)(1)).
                            (iii) Competitive awards to indian 
                        tribes.--
                                    (I) In general.--The Secretary of 
                                Housing and Urban Development shall 
                                allocate to Indian Tribes on a 
                                competitive basis the amount described 
                                in subparagraph (A)(iii).
                                    (II) Requirements.--In making 
                                allocations under subclause (I), the 
                                Secretary of Housing and Urban 
                                Development shall, to the greatest 
                                extent practicable, ensure that each 
                                Indian Tribe that satisfies 
                                requirements established by the 
                                Secretary of Housing and Urban 
                                Development receives such an 
                                allocation.
                    (C) State allocations for nonentitlement areas.--
                            (i) Equitable allocation.--To the greatest 
                        extent practicable, a State shall allocate 
                        amounts for nonentitlement areas under clauses 
                        (i)(II) and (ii) of subparagraph (B) on an 
                        equitable basis.
                            (ii) Distribution of amounts.--
                                    (I) Discretion.--Not later than 14 
                                days after the date on which a State 
                                receives amounts for use in a 
                                nonentitlement area under clause 
                                (i)(II) or (ii) of subparagraph (B), 
                                the State shall--
                                            (aa) distribute the 
                                        amounts, or a portion thereof, 
                                        to a unit of general local 
                                        government located in the 
                                        nonentitlement area or an 
                                        entity designated thereby, that 
                                        has established or will 
                                        establish a small business 
                                        emergency fund, for use under 
                                        paragraph (2); or
                                            (bb) elect to reserve the 
                                        amounts, or a portion thereof, 
                                        for use by the State under 
                                        paragraph (2) for the benefit 
                                        of eligible entities located in 
                                        the nonentitlement area.
                                    (II) Sense of congress.--It is the 
                                sense of Congress that, in distributing 
                                amounts under subclause (I), in the 
                                case of amounts allocated for a 
                                nonentitlement area in which a unit of 
                                general local government or an entity 
                                designated thereby has established a 
                                small business emergency fund, a State 
                                should, as quickly as is practicable, 
                                distribute amounts to that unit of 
                                general local government or entity, 
                                respectively, as described in item (aa) 
                                of such subclause.
                            (iii) Treatment of states not acting as 
                        pass-through agents under cdbg.--The Secretary 
                        shall allocate amounts to a State under this 
                        paragraph without regard to whether the State 
                        has elected to distribute amounts allocated 
                        under section 106(d)(1) of the Housing and 
                        Community Development Act of 1974 (42 U.S.C. 
                        5306(d)(1)).
            (2) Use of funds.--
                    (A) In general.--A State, unit of general local 
                government, or Indian Tribe that receives an allocation 
                under paragraph (1), or an entity designated by a unit 
                of general local government under paragraph 
                (1)(C)(ii)(I)(aa), whether directly or indirectly, may 
                use such allocation, not later than 60 days after 
                receipt of the allocation--
                            (i) to provide funding to a small business 
                        emergency fund established by that State (or 
                        entity designated thereby), that unit of 
                        general local government (or entity designated 
                        thereby), that entity designated by a unit of 
                        general local government, or that Indian Tribe 
                        (or entity designated thereby), respectively;
                            (ii) to provide funding to support 
                        organizations that provide technical assistance 
                        to eligible entities; or
                            (iii) subject to subparagraph (B), to pay 
                        for administrative costs incurred by that State 
                        (or entity designated thereby), that unit of 
                        general local government (or entity designated 
                        thereby), that entity designated by a unit of 
                        general local government, or that Indian Tribe 
                        (or entity designated thereby), respectively, 
                        in establishing and administering a small 
                        business emergency fund.
                    (B) Limitation.--A State, unit of general local 
                government, or Indian Tribe, or an entity designated by 
                a unit of general local government under paragraph 
                (1)(C)(ii)(I)(aa), may not use more than 3 percent of 
                an allocation received under paragraph (1) for a 
                purpose described in subparagraph (A)(iii) of this 
                paragraph.
                    (C) Obligation deadlines.--
                            (i) States.--Of the amounts that a State 
                        elects under paragraph (1)(C)(ii)(I)(bb) to 
                        reserve for use by the State under this 
                        paragraph--
                                    (I) any amounts that the State 
                                provides to a small business emergency 
                                fund under subparagraph (A)(i) of this 
                                paragraph shall be obligated by the 
                                small business emergency fund for 
                                expenditure not later than 74 days 
                                after the date on which the State 
                                received the amounts from the Secretary 
                                under clause (i) or (ii) of paragraph 
                                (1)(A); and
                                    (II) any amounts that the State 
                                chooses to provide to an organization 
                                under subparagraph (A)(ii) of this 
                                paragraph, or to use to pay for 
                                administrative costs under subparagraph 
                                (A)(iii) of this paragraph, shall be 
                                obligated by the State for expenditure 
                                not later than 74 days after the date 
                                on which the State received the amounts 
                                from the Secretary under clause (i) or 
                                (ii) of paragraph (1)(A).
                            (ii) Entitlement communities.--Of the 
                        amounts that an entitlement community receives 
                        from the Secretary under paragraph 
                        (1)(B)(i)(I)--
                                    (I) any amounts that the 
                                entitlement community provides to a 
                                small business emergency fund under 
                                subparagraph (A)(i) of this paragraph 
                                shall be obligated by the small 
                                business emergency fund for expenditure 
                                not later than 74 days after the date 
                                on which the entitlement community 
                                received the amounts; and
                                    (II) any amounts that the 
                                entitlement community chooses to 
                                provide to an organization under 
                                subparagraph (A)(ii) of this paragraph, 
                                or to use to pay for administrative 
                                costs under subparagraph (A)(iii) of 
                                this paragraph, shall be obligated by 
                                the entitlement community for 
                                expenditure not later than 74 days 
                                after the date on which the entitlement 
                                community received the amounts.
                            (iii) Nonentitlement communities.--Of the 
                        amounts that a unit of general local 
                        government, or an entity designated thereby, 
                        located in a nonentitlement area receives from 
                        a State under paragraph (1)(C)(ii)(I)(aa)--
                                    (I) any amounts that the unit of 
                                general local government or entity 
                                provides to a small business emergency 
                                fund under subparagraph (A)(i) of this 
                                paragraph shall be obligated by the 
                                small business emergency fund for 
                                expenditure not later than 60 days 
                                after the date on which the unit of 
                                general local government or entity 
                                received the amounts; and
                                    (II) any amounts that the unit of 
                                general local government or entity 
                                chooses to provide to a support 
                                organization under subparagraph (A)(ii) 
                                of this paragraph or to use to pay for 
                                administrative costs under subparagraph 
                                (A)(iii) of this paragraph shall be 
                                obligated by the unit of general local 
                                government or entity for expenditure 
                                not later than 60 days after the date 
                                on which the unit of general local 
                                government or entity received the 
                                amounts.
                    (D) Recovery of unobligated funds.--If a State, 
                entitlement community, other unit of general local 
                government, entity designated by a unit of general 
                local government under paragraph (1)(C)(ii)(I)(aa), or 
                small business emergency fund fails to obligate amounts 
                by the applicable deadline under subparagraph (C), the 
                Secretary shall recover the amount of those amounts 
                that remain unobligated, as of that deadline.
                    (E) Collaboration.--It is the sense of Congress 
                that--
                            (i) an entitlement community that receives 
                        amounts allocated under paragraph (1)(B)(i)(I) 
                        should collaborate with the applicable local 
                        entity responsible for economic development and 
                        small business development in establishing and 
                        administering a small business emergency fund; 
                        and
                            (ii) States, units of general local 
                        government, and Indian Tribes that receive 
                        amounts under paragraph (1) and are located in 
                        the same region should collaborate in 
                        establishing and administering one or more 
                        small business emergency funds.
    (c) Small Business Emergency Funds.--With respect to a small 
business emergency fund that receives funds from an allocation made 
under subsection (b)--
            (1) if the small business emergency fund makes a loan to an 
        eligible entity with those funds, the small business emergency 
        fund may use amounts returned to the small business emergency 
        fund from the repayment of the loan to provide further 
        assistance to eligible entities without regard to the 
        termination date described in subsection (g); and
            (2) the small business emergency fund shall conduct 
        outreach to eligible entities that are less likely to 
        participate in programs established under the CARES Act (Public 
        Law 116-136) and the amendments made by that Act, including 
        minority-owned entities, businesses in low-income communities, 
        businesses in rural and Tribal areas, and other businesses that 
        are underserved by the traditional banking system.
    (d) Information Gathering.--
            (1) In general.--When providing assistance to an eligible 
        entity with funds received from an allocation made under 
        subsection (b), the State, unit of general local government, or 
        Indian Tribe, or the entity designated by a State, unit of 
        general local government, or Indian Tribe, that provides 
        assistance through a small business emergency fund shall--
                    (A) inquire whether the eligible entity is--
                            (i) in the case of an eligible entity that 
                        is a business entity or a nonprofit 
                        organization, a women-owned entity or a 
                        minority-owned entity; and
                            (ii) in the case of an eligible entity who 
                        is an individual, a woman or a minority; and
                    (B) maintain a record of the responses to each 
                inquiry conducted under subparagraph (A), which the 
                entity shall promptly submit to the applicable State, 
                unit of general local government, or Indian Tribe.
            (2) Right to refuse.--An eligible entity may refuse to 
        provide any information requested under paragraph (1)(A).
    (e) Reporting.--
            (1) In general.--Not later than 30 days after the date on 
        which a State, unit of general local government, or Indian 
        Tribe initially receives an allocation made under subsection 
        (b), and not later than 14 days after the date on which that 
        State, unit of local government, or Indian Tribe completes the 
        full expenditure of that allocation, that State, unit of 
        general local government, or Indian Tribe shall submit to the 
        Secretary a report that includes--
                    (A) the number of recipients of assistance made 
                available from the allocation;
                    (B) the total amount, and type, of assistance made 
                available from the allocation;
                    (C) to the extent applicable, with respect to each 
                recipient described in subparagraph (A), information 
                regarding the industry of the recipient, the amount of 
                assistance received by the recipient, the annual sales 
                of the recipient, and the number of employees of the 
                recipient;
                    (D) to the extent available from information 
                collected under subsection (d), information regarding 
                the number of recipients described in subparagraph (A) 
                that are minority-owned entities, minorities, women, 
                and women-owned entities;
                    (E) the ZIP Code of each recipient described in 
                subparagraph (A); and
                    (F) any other information that the Secretary, in 
                the sole discretion of the Secretary, determines to be 
                necessary to carry out the Program.
            (2) Public availability.--As soon as is practicable after 
        receiving each report submitted under paragraph (1), the 
        Secretary shall make all information contained in the report 
        publicly available.
    (f) Rules and Guidance.--The Secretary, in consultation with the 
Administrator, shall issue any rules and guidance that are necessary to 
carry out the Program, including by establishing appropriate compliance 
and reporting requirements in addition to the reporting requirements 
under subsection (e).
    (g) Termination.--The Program, and any rules and guidance issued 
under subsection (f) with respect to the Program, shall terminate on 
the date that is 1 year after the date of enactment of this Act.
    (h) Definitions.--In this section:
            (1) Eligible entity.--The term ``eligible entity''--
                    (A) means a business concern or a covered nonprofit 
                organization (as defined in section 7(a)(36)(A)(vii) of 
                the Small Business Act (15 U.S.C. 636(a)(36)(A)(vii))) 
                that--
                            (i) employs--
                                    (I) not more than 20 full-time 
                                equivalent employees; or
                                    (II) if the entity or organization 
                                is located in a low-income community, 
                                not more than 50 full-time equivalent 
                                employees;
                            (ii) has experienced a loss of revenue as a 
                        result of the COVID-19 pandemic, according to 
                        criteria established by the Secretary; and
                            (iii) with respect to such an entity or 
                        organization that receives assistance from a 
                        small business emergency fund, satisfies 
                        additional requirements, as determined by the 
                        State, unit of general local government, Indian 
                        Tribe, or other entity that has established the 
                        small business emergency fund; and
                    (B) includes an individual who operates under a 
                sole proprietorship, an individual who operates as an 
                independent contractor, and an eligible self-employed 
                individual if such an individual has experienced a loss 
                of revenue as a result of the COVID-19 pandemic, 
                according to criteria established by the Secretary.
            (2) Eligible self-employed individual.--The term ``eligible 
        self-employed individual'' has the meaning given the term in 
        section 7(a)(36)(A) of the Small Business Act (15 U.S.C. 
        636(a)(36)(A)).
            (3) Entitlement community.--The term ``entitlement 
        community'' means a metropolitan city or urban county, as those 
        terms are defined in section 102 of the Housing and Community 
        Development Act of 1974 (42 U.S.C. 5302).
            (4) Full-time equivalent employees.--
                    (A) In general.--The term ``full-time equivalent 
                employees'' means a number of employees equal to the 
                number determined by dividing--
                            (i) the total number of hours of service 
                        for which wages were paid by the employer to 
                        employees during the taxable year; by
                            (ii) 2,080.
                    (B) Rounding.--The number determined under 
                subparagraph (A) shall be rounded to the next lowest 
                whole number if not otherwise a whole number.
                    (C) Excess hours not counted.--If an employee works 
                in excess of 2,080 hours of service during any taxable 
                year, such excess shall not be taken into account under 
                subparagraph (A).
                    (D) Hours of service.--The Secretary, in 
                consultation with the Secretary of Labor, shall 
                prescribe such regulations, rules, and guidance as may 
                be necessary to determine the hours of service of an 
                employee, including rules for the application of this 
                paragraph to employees who are not compensated on an 
                hourly basis.
            (5) Indian tribe.--The term ``Indian Tribe'' has the 
        meaning given the term ``Indian tribe'' in section 102 of the 
        Housing and Community Development Act of 1974 (42 U.S.C. 5302).
            (6) Low-income community.--The term ``low-income 
        community'' has the meaning given the term in section 45D(e) of 
        the Internal Revenue Code of 1986.
            (7) Minority.--The term ``minority'' has the meaning given 
        the term in section 1204(c)(3) of the Financial Institutions 
        Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 1811 
        note).
            (8) Minority-owned entity.--The term ``minority-owned 
        entity'' means an entity--
                    (A) more than 50 percent of the ownership or 
                control of which is held by not less than 1 minority; 
                and
                    (B) more than 50 percent of the net profit or loss 
                of which accrues to not less than 1 minority.
            (9) Nonentitlement area; state; unit of general local 
        government.--
                    (A) In general.--Except as provided in subparagraph 
                (B), the terms ``nonentitlement area'', ``State'', and 
                ``unit of general local government'' have the meanings 
                given those terms in section 102 of the Housing and 
                Community Development Act of 1974 (42 U.S.C. 5302).
                    (B) State.--For purposes of subparagraphs (A)(ii) 
                and (B)(ii) of subsection (b)(1), the term ``State'' 
                means any State of the United States.
            (10) Program.--The term ``Program'' means the Small 
        Business Local Relief Program established under this section.
            (11) Secretary.--The term ``Secretary'' means the Secretary 
        of the Treasury.
            (12) Small business emergency fund.--The term ``small 
        business emergency fund'' means a fund or program--
                    (A) established by a State, a unit of general local 
                government, an Indian Tribe, or an entity designated by 
                a State, unit of general local government, or Indian 
                Tribe; and
                    (B) that provides or administers financing to 
                eligible entities in the form of grants, loans, or 
                other means in accordance with the needs of eligible 
                entities and the capacity of the fund or program.
            (13) Women-owned entity.--The term ``women-owned entity'' 
        means an entity--
                    (A) more than 50 percent of the ownership or 
                control of which is held by not less than 1 woman; and
                    (B) more than 50 percent of the net profit or loss 
                of which accrues to not less than 1 woman.

SEC. 619. GRANTS FOR SHUTTERED VENUE OPERATORS.

    (a) Definitions.--In this section:
            (1) Eligible live venue operator or promoter, theatrical 
        producer, motion picture theatre operator, or talent 
        representative.--
                    (A) In general.--The term ``eligible live venue 
                operator or promoter, theatrical producer, motion 
                picture theatre operator, or talent representative'' 
                means a live venue operator or promoter or theatrical 
                producer, a motion picture theatre operator, or a 
                talent representative that meets the following 
                requirements:
                            (i) The live venue operator or promoter or 
                        theatrical producer, the motion picture theatre 
                        operator, or the talent representative was 
                        fully operational as a live venue operator or 
                        promoter or theatrical producer, motion picture 
                        theatre operator, or talent representative on 
                        February 29, 2020.
                            (ii) As of the date of the grant under this 
                        section--
                                    (I) the live venue operator or 
                                promoter or theatrical producer is 
                                organizing, promoting, producing, 
                                managing, or hosting future live events 
                                described in paragraph (3)(A)(i);
                                    (II) the motion picture theatre 
                                operator is open or intends to reopen 
                                for the primary purpose of public 
                                exhibition of motion pictures; or
                                    (III) the talent representative is 
                                representing or managing artists and 
                                entertainers.
                            (iii) The venues at which the live venue 
                        operator or promoter or theatrical producer 
                        promotes, produces, manages, or hosts events 
                        described in paragraph (3)(A)(i) or the artists 
                        and entertainers represented or managed by the 
                        talent representative perform have the 
                        following characteristics:
                                    (I) A defined performance and 
                                audience space.
                                    (II) Mixing equipment, a public 
                                address system, and a lighting rig.
                                    (III) Engages 1 or more individuals 
                                to carry out not less than 2 of the 
                                following roles:
                                            (aa) A sound engineer.
                                            (bb) A booker.
                                            (cc) A promoter.
                                            (dd) A stage manager.
                                            (ee) Security personnel.
                                            (ff) A box office manager.
                                    (IV) There is a paid ticket or 
                                cover charge to attend most 
                                performances and artists are paid 
                                fairly and do not play for free or 
                                solely for tips, except for fundraisers 
                                or similar charitable events.
                                    (V) For a venue owned or operated 
                                by a nonprofit entity that produces 
                                free events, the events are produced 
                                and managed by paid employees, not by 
                                volunteers.
                                    (VI) Performances are marketed 
                                through listings in printed or 
                                electronic publications, on websites, 
                                by mass email, or on social media.
                            (iv) A motion picture theatre or motion 
                        picture theatres operated by the motion picture 
                        theatre operator have the following 
                        characteristics:
                                    (I) At least 1 auditorium that 
                                includes a motion picture screen and 
                                fixed audience seating.
                                    (II) A projection booth or space 
                                containing not less than 1 motion 
                                picture projector.
                                    (III) A paid ticket charge to 
                                attend exhibition of motion pictures.
                                    (IV) Motion picture exhibitions are 
                                marketed through showtime listings in 
                                printed or electronic publications, on 
                                websites, by mass mail, or on social 
                                media.
                            (v) The live venue operator or promoter or 
                        theatrical producer, the motion picture theatre 
                        operator, or the talent representative does not 
                        have, or is not majority owned or controlled by 
                        an entity with, more than 1 of the following 
                        characteristics:
                                    (I) Being an issuer, the securities 
                                of which are listed on a national 
                                securities exchange.
                                    (II) Owning or operating venues, 
                                motion picture theatres, or talent 
                                agencies or talent management companies 
                                with offices in more than 1 country.
                                    (III) Owning or operating venues or 
                                motion picture theatres in more than 10 
                                States.
                                    (IV) Employing more than 500 
                                employees, determined on a full-time 
                                equivalent basis in accordance with 
                                subparagraph (B).
                                    (V) Receiving more than 10 percent 
                                of gross revenue from Federal funding.
                    (B) Calculation of full-time employees.--For 
                purposes of determining the number of full-time 
                equivalent employees under subparagraph (A)(v)(IV)--
                            (i) any employee working not fewer than 30 
                        hours per week shall be considered a full-time 
                        employee; and
                            (ii) any employee working not fewer than 10 
                        hours and fewer than 30 hours per week shall be 
                        counted as one-half of a full-time employee.
                    (C) Multiple business entities.--Each business 
                entity of an eligible live venue operator or promoter, 
                theatrical producer, motion picture theatre operator, 
                or talent representative that also meets the 
                requirements under subparagraph (A) shall be treated by 
                the Administrator as an independent, non-affiliated 
                entity for the purposes of this section.
            (2) Exchange; issuer; security.--The terms ``exchange'', 
        ``issuer'', and ``security'' have the meanings given those 
        terms in section 3(a) of the Securities Exchange Act of 1934 
        (15 U.S.C. 78c(a)).
            (3) Live venue operator or promoter or theatrical 
        producer.--The term ``live venue operator or promoter or 
        theatrical producer''--
                    (A) means--
                            (i) an individual or entity--
                                    (I) that, as a principal business 
                                activity, organizes, promotes, 
                                produces, manages, or hosts live 
                                concerts, comedy shows, theatrical 
                                productions, or other events by 
                                performing artists for which--
                                            (aa) a cover charge through 
                                        ticketing or front door 
                                        entrance fee is applied; and
                                            (bb) performers are paid in 
                                        an amount that is based on a 
                                        percentage of sales, a 
                                        guarantee (in writing or 
                                        standard contract), or another 
                                        mutually beneficial formal 
                                        agreement; and
                                    (II) for which not less than 70 
                                percent of the earned revenue of the 
                                individual or entity is generated 
                                through, to the extent related to a 
                                live event described in subclause (I), 
                                cover charges or ticket sales, 
                                production fees or production 
                                reimbursements, nonprofit educational 
                                initiatives, or the sale of event 
                                beverages, food, or merchandise; or
                            (ii) an individual or entity that, as a 
                        principal business activity, makes available 
                        for purchase by the public an average of not 
                        less than 60 days before the date of the event 
                        tickets to events--
                                    (I) described in clause (i)(I); and
                                    (II) for which performers are paid 
                                in an amount that is based on a 
                                percentage of sales, a guarantee (in 
                                writing or standard contract), or 
                                another mutually beneficial formal 
                                agreement; and
                    (B) includes an individual or entity described in 
                subparagraph (A) that--
                            (i) operates for profit or as a nonprofit;
                            (ii) is government-owned; or
                            (iii) is a corporation, limited liability 
                        company, or partnership or operated as a sole 
                        proprietorship.
            (4) Motion picture theatre operator.--The term ``motion 
        picture theatre operator'' means an individual or entity that--
                    (A) as the principal business activity of the 
                individual or entity, owns or operates at least 1 place 
                of public accommodation for the purpose of motion 
                picture exhibition for a fee; and
                    (B) includes an individual or entity described in 
                subparagraph (A) that--
                            (i) operates for profit or as a nonprofit;
                            (ii) is government-owned; or
                            (iii) is a corporation, limited liability 
                        company, or partnership or operated as a sole 
                        proprietorship.
            (5) National securities exchange.--The term ``national 
        securities exchange'' means an exchange registered as a 
        national securities exchange under section 6 of the Securities 
        Exchange Act of 1934 (15 U.S.C. 78f).
            (6) State.--The term ``State'' means--
                    (A) a State;
                    (B) the District of Columbia;
                    (C) the Commonwealth of Puerto Rico; and
                    (D) any other territory or possession of the United 
                States.
            (7) Talent representative.--The term ``talent 
        representative''--
                    (A) means an agent or manager that--
                            (i) as not less than 70 percent of the 
                        operations of the agent or manager, is engaged 
                        in representing or managing artists and 
                        entertainers;
                            (ii) books or represents musicians, 
                        comedians, actors, or similar performing 
                        artists primarily at live events in venues or 
                        at festivals; and
                            (iii) represents performers described in 
                        clause (ii) that are paid in an amount that is 
                        based on the number of tickets sold, or a 
                        similar basis; and
                    (B) includes an agent or manager described in 
                subparagraph (A) that--
                            (i) operates for profit or as a nonprofit;
                            (ii) is government-owned; or
                            (iii) is a corporation, limited liability 
                        company, or partnership or operated as a sole 
                        proprietorship.
    (b) Authority.--
            (1) Initial grants.--
                    (A) In general.--The Administrator may make initial 
                grants to eligible live venue operators or promoters, 
                theatrical producers, motion picture theatre operators, 
                or talent representatives in accordance with this 
                section.
                    (B) First priority in awarding grants.--During the 
                initial 14-day period during which the Administrator 
                awards grants under this section, the Administrator 
                shall only award grants to an eligible live venue 
                operator or promoter, theatrical producer, motion 
                picture theatre operator, or talent representative with 
                revenue, during the calendar quarter during which the 
                Administrator begins awarding such grants, that is not 
                more than 10 percent of the revenue of the eligible 
                live venue operator or promoter, theatrical producer, 
                motion picture theatre operator, or talent 
                representative during the corresponding calendar 
                quarter during 2019 due to the COVID-19 pandemic.
                    (C) Second priority in awarding grants.--During the 
                14-day period immediately following the 14-day period 
                described in subparagraph (B), the Administrator shall 
                only award grants to an eligible live venue operator or 
                promoter, theatrical producer, motion picture theatre 
                operator, or talent representative with revenue, during 
                the calendar quarter during which the Administrator 
                begins awarding such grants, that is not more than 30 
                percent of the revenue of the eligible live venue 
                operator or promoter, theatrical producer, motion 
                picture theatre operator, or talent representative 
                during the corresponding calendar quarter during 2019 
                due to the COVID-19 pandemic.
            (2) Supplemental grants.--The Administrator may make a 
        supplemental grant in accordance with this section to an 
        eligible live venue operator or promoter, theatrical producer, 
        motion picture theatre operator, or talent representative that 
        receives a grant under paragraph (1) if, as of December 1, 
        2020, the revenues of the eligible live venue operator or 
        promoter, theatrical producer, motion picture theatre operator, 
        or talent representative for the most recent calendar quarter 
        are not more than 20 percent of the revenues of the eligible 
        live venue operator or promoter, theatrical producer, motion 
        picture theatre operator, or talent representative for the 
        corresponding calendar quarter during 2019 due to the COVID-19 
        pandemic.
            (3) Certification.--An eligible live venue operator or 
        promoter, theatrical producer, motion picture theatre operator, 
        or talent representative applying for a grant under this 
        section that is an eligible business described in the matter 
        preceding subclause (I) of section 4003(c)(3)(D)(i) of the 
        CARES Act (15 U.S.C. 9042(c)(3)(D)(i)), shall make a good-faith 
        certification described in subclauses (IX) and (X) of such 
        section.
    (c) Amount.--
            (1) Initial grants.--A grant under subsection (b)(1) shall 
        be in the amount equal to the lesser of--
                    (A) the amount equal to 45 percent of the gross 
                earned revenue of the eligible live venue operator or 
                promoter, theatrical producer, motion picture theatre 
                operator, or talent representative during 2019;
                    (B) for an eligible live venue operator or 
                promoter, theatrical producer, motion picture theatre 
                operator, or talent representative that began 
                operations after January 1, 2019, the amount equal to 
                the product obtained by multiplying--
                            (i) the average monthly gross earned 
                        revenue for each full month during which the 
                        entity was in operation during 2019; by
                            (ii) 6; or
                    (C) $12,000,000.
            (2) Supplemental grants.--A grant under subsection (b)(2) 
        shall be in the amount equal to 50 percent of the grant 
        received by the eligible live venue operator or promoter, 
        theatrical producer, motion picture theatre operator, or talent 
        representative under subsection (b)(1).
    (d) Use of Funds.--
            (1) Timing.--
                    (A) Expenses incurred.--
                            (i) In general.--Except as provided in 
                        clause (ii), amounts received under a grant 
                        under this section may be used for costs 
                        incurred during the period beginning on March 
                        1, 2020, and ending on December 31, 2021.
                            (ii) Extension for supplemental grants.--If 
                        an eligible live venue operator or promoter, 
                        theatrical producer, motion picture theatre 
                        operator, or talent representative receives a 
                        grant under subsection (b)(2), amounts received 
                        under either grant under this section may be 
                        used for costs incurred during the period 
                        beginning on March 1, 2020, and ending on June 
                        30, 2022.
                    (B) Expenditure.--
                            (i) In general.--Except as provided in 
                        clause (ii), an eligible live venue operator or 
                        promoter, theatrical producer, motion picture 
                        theatre operator, or talent representative 
                        shall return to the Administrator any amounts 
                        received under a grant under this section that 
                        are not expended on or before the date that is 
                        1 year after the date of disbursement of the 
                        grant.
                            (ii) Extension for supplemental grants.--If 
                        an eligible live venue operator or promoter, 
                        theatrical producer, motion picture theatre 
                        operator, or talent representative receives a 
                        grant under subsection (b)(2), the eligible 
                        live venue operator or promoter, theatrical 
                        producer, motion picture theatre operator, or 
                        talent representative shall return to the 
                        Administrator any amounts received under either 
                        grant under this section that are not expended 
                        on or before the date that is 18 months after 
                        the date of disbursement to the eligible live 
                        venue operator or promoter, theatrical 
                        producer, motion picture theatre operator, or 
                        talent representative of the grant under 
                        subsection (b)(1).
            (2) Allowable expenses.--An eligible live venue operator or 
        promoter, theatrical producer, motion picture theatre operator, 
        or talent representative may use amounts received under a grant 
        under this section for--
                    (A) payroll costs for employees and furloughed 
                employees, including--
                            (i) costs for continuation coverage 
                        provided pursuant to part 6 of subtitle B of 
                        title I of the Employee Retirement Income 
                        Security Act of 1974 (29 U.S.C. 1161 et seq.) 
                        (other than under section 609 of such Act (29 
                        U.S.C. 1169)), title XXII of the Public Health 
                        Service Act (42 U.S.C. 300bb-1 et seq.), 
                        section 4980B of the Internal Revenue Code of 
                        1986 (other than subsection (f)(1) of such 
                        section insofar as it relates to pediatric 
                        vaccines), or section 8905a of title 5, United 
                        States Code, or under a State program that 
                        provides comparable continuation coverage, 
                        other than coverage under a health flexible 
                        spending arrangement under a cafeteria plan 
                        within the meaning of section 125 of the 
                        Internal Revenue Code of 1986; or
                            (ii) any other non-cash benefit;
                    (B) rent;
                    (C) utilities;
                    (D) mortgage interest payments on existing 
                mortgages as of February 15, 2020;
                    (E) scheduled interest payments on other scheduled 
                debt as of February 15, 2020;
                    (F) costs related to personal protective equipment;
                    (G) payments of principal on outstanding loans;
                    (H) payments made to independent contractors, as 
                reported on Form-1099 MISC; and
                    (I) other ordinary and necessary business expenses, 
                including--
                            (i) settling existing debts owed to 
                        vendors;
                            (ii) maintenance expenses;
                            (iii) administrative costs;
                            (iv) taxes;
                            (v) operating leases;
                            (vi) insurance;
                            (vii) advertising, production 
                        transportation, and capital expenditures 
                        related to producing a theatrical production, 
                        concert, or comedy show; and
                            (viii) any other capital expenditure or 
                        expense required under any State, local, or 
                        Federal law or guideline related to social 
                        distancing.
            (3) Prohibited expenses.--An eligible live venue operator 
        or promoter, theatrical producer, motion picture theatre 
        operator, or talent representative may not use amounts received 
        under a grant under this section--
                    (A) to purchase real estate;
                    (B) for payments of interest or principal on loans 
                originated after February 15, 2020;
                    (C) to invest or re-lend funds;
                    (D) for contributions or expenditures to, or on 
                behalf of, any political party, party committee, or 
                candidate for elective office; or
                    (E) for any other use as may be prohibited by the 
                Administrator.

SEC. 620. SUPPORT FOR RESTAURANTS.

    (a) Short Title.--This section may be cited as the ``Real Economic 
Support That Acknowledges Unique Restaurant Assistance Needed To 
Survive Act of 2020'' or the ``RESTAURANTS Act of 2020''.
    (b) Definitions.--In this section:
            (1) Affiliated business.--The term ``affiliated business'' 
        means a business in which an eligible entity has an equity or 
        right to profit distributions of not less than 50 percent, or 
        in which an eligible entity has the contractual authority to 
        control the direction of the business, provided that such 
        affiliation shall be determined as of any arrangements or 
        agreements in existence, as of March 13, 2020.
            (2) Covered period.--The term ``covered period'' means the 
        period beginning on February 15, 2020, and ending on June 30, 
        2021.
            (3) Eligible entity.--The term ``eligible entity''--
                    (A) means a restaurant, food stand, food truck, 
                food cart, caterer, saloon, inn, tavern, bar, lounge, 
                brewpub, tasting room, taproom, licensed facility, or 
                premise of a beverage alcohol producer where the public 
                may taste, sample, or purchase products, or other 
                similar place of business--
                            (i) in which the public or patrons assemble 
                        for the primary purpose of being served food or 
                        drink; and
                            (ii) that, as of March 13, 2020, owns or 
                        operates (together with any affiliated 
                        business) not more than 20 locations, 
                        regardless of whether those locations do 
                        business under the same or multiple names;
                    (B) means an entity that is located in an airport 
                terminal and that, as of March 13, 2020, sold any food 
                and beverage, if, as of March 13, 2020, the entity owns 
                or operates (together with any affiliated business) not 
                more than 20 locations, regardless of whether those 
                locations do business under the same or multiple names; 
                and
                    (C) does not include an entity described in 
                subparagraph (A) or (B) that is part of a State or 
                local government facility, not including an airport.
            (4) Fund.--The term ``Fund'' means the Restaurant 
        Revitalization Fund established under subsection (c).
            (5) Immediate family member.--With respect to an 
        individual, the term ``immediate family member'' means any 
        parent or child of the individual.
            (6) Payroll costs.--The term ``payroll costs'' has the 
        meaning given the term in section 7(a)(36)(A) of the Small 
        Business Act (15 U.S.C. 636(a)(36)(A)).
            (7) Secretary.--The term ``Secretary'' means the Secretary 
        of the Treasury.
    (c) Establishment of a Restaurant Revitalization Fund.--
            (1) In general.--There is established in the Treasury of 
        the United States a fund to be known as the Restaurant 
        Revitalization Fund.
            (2) Appropriations.--
                    (A) In general.--There is appropriated to the Fund, 
                out of amounts in the Treasury not otherwise 
                appropriated, $120,000,000,000, to remain available 
                until June 30, 2021.
                    (B) Remainder to treasury.--Any amounts remaining 
                in the Fund after June 30, 2021, shall be deposited in 
                the general fund of the Treasury.
            (3) Use of funds.--The Secretary shall use amounts in the 
        Fund to make grants described in section subsection (d).
    (d) Restaurant Revitalization Grants.--
            (1) In general.--The Secretary shall award grants to 
        eligible entities in the order in which the application is 
        received by the Secretary.
            (2) Registration.--The Secretary shall register each grant 
        awarded under this subsection using the employer identification 
        number of the eligible entity.
            (3) Application.--
                    (A) In general.--An eligible entity desiring a 
                grant under this subsection shall submit to the 
                Secretary an application at such time, in such manner, 
                and containing such information as the Secretary may 
                require.
                    (B) Certification.--An eligible entity applying for 
                a grant under this subsection shall make a good faith 
                certification--
                            (i) that the uncertainty of current 
                        economic conditions makes necessary the grant 
                        request to support the ongoing operations of 
                        the eligible entity;
                            (ii) acknowledging that funds will be used 
                        to retain workers, for payroll costs, and for 
                        other allowable expenses described in paragraph 
                        (6) and not for any other purposes;
                            (iii) that the eligible entity does not 
                        have an application pending for a grant under 
                        subsection (a)(36) or (b)(2) of section 7 of 
                        the Small Business Act (15 U.S.C. 636) for the 
                        same purpose and that is duplicative of amounts 
                        applied for or received under this section; and
                            (iv) during the covered period, that the 
                        eligible entity has not received amounts under 
                        subsection (a)(36) or (b)(2) of section 7 of 
                        the Small Business Act (15 U.S.C. 636) for the 
                        same purpose and that is duplicative of amounts 
                        applied for or received under this section.
                    (C) Hold harmless.--An eligible entity applying for 
                a grant under this subsection shall not be ineligible 
                for a grant if the eligible entity is able to 
                document--
                            (i) an inability to rehire individuals who 
                        were employees of the eligible entity on 
                        February 15, 2020; and
                            (ii) an inability to hire similarly 
                        qualified employees for unfilled positions on 
                        or before June 30, 2021.
            (4) Priority in awarding grants.--During the initial 14-day 
        period in which the Secretary awards grants under this 
        subsection, the Secretary shall--
                    (A) prioritize awarding grants to marginalized and 
                underrepresented communities, with a focus on women-, 
                veteran-, and minority-owned, and women-, veteran-, and 
                minority-operated eligible entities; and
                    (B) only award grants to eligible entities with 
                annual revenues of less than $1,500,000.
            (5) Grant amount.--
                    (A) Determination of grant amount.--
                            (i) In general.--The amount of a grant made 
                        to an eligible entity under this subsection 
                        shall be equal to--
                                    (I) the sum of the revenues or 
                                estimated revenues of the eligible 
                                entity during each calendar quarter in 
                                2020 subtracted from the sum of such 
                                revenues during the same calendar 
                                quarter in 2019, if such sum is greater 
                                than zero; and
                                    (II) if applicable, the additional 
                                amount required to pay for sick leave 
                                described under clause (ii).
                            (ii) Sick leave.--An eligible entity 
                        applying for a grant under this section--
                                    (I) may request an additional grant 
                                amount based on the amount required to 
                                provide 10 days of paid sick leave to 
                                each employee of the entity to--
                                            (aa) care for themselves or 
                                        an immediate family member who 
                                        is ill; or
                                            (bb) provide care for 
                                        children when schools or 
                                        childcare providers are shut 
                                        down due to COVID-19; and
                                    (II) shall, if provided a grant 
                                under this section that includes an 
                                additional amount for sick leave 
                                described under subclause (I), provide 
                                each employee of the entity with such 
                                10 days of paid sick leave.
                            (iii) Verification.--An eligible entity 
                        shall submit to the Secretary such revenue 
                        verification documentation as the Secretary may 
                        require to determine the amount of a grant 
                        under clause (i).
                            (iv) Repayment.--Any amount of a grant made 
                        under this subsection to an eligible entity 
                        based on estimated revenues in a calendar 
                        quarter in 2020 that is greater than the actual 
                        revenues of the eligible entity during that 
                        calendar quarter shall be converted to a loan 
                        that has--
                                    (I) an interest rate of 1 percent; 
                                and
                                    (II) a maturity date of 10 years 
                                beginning on January 1, 2021.
                    (B) Reduction based on ppp forgiveness or eidl 
                emergency grant.--If an eligible entity has, at the 
                time of application for a grant under this subsection, 
                received an advance under section 1110(e) of the CARES 
                Act (15 U.S.C. 9009(e)) or loan forgiveness under 
                section 1106 of such Act (15 U.S.C. 9005) related to 
                expenses incurred during the covered period, the 
                maximum amount of a grant awarded to the eligible 
                entity under this subsection shall be reduced by the 
                amount of funds expended by or forgiven for the 
                eligible entity for those expenses using amounts 
                received under such section 1110(e) or forgiven under 
                such section 1106.
                    (C) Limitation.--An eligible entity may not receive 
                more than 1 grant under this subsection.
                    (D) Aggregate maximum amount.--The aggregate amount 
                of grants made to an eligible entity and any affiliate 
                businesses of the eligible entity under this section 
                shall not exceed $10,000,000.
            (6) Use of funds.--
                    (A) In general.--During the covered period, an 
                eligible entity that receives a grant under this 
                subsection may use the grant funds for--
                            (i) payroll costs;
                            (ii) payments of principal or interest on 
                        any mortgage obligation;
                            (iii) rent payments, including rent under a 
                        lease agreement;
                            (iv) utilities;
                            (v) maintenance expenses, including--
                                    (I) construction to accommodate 
                                outdoor seating; and
                                    (II) walls, floors, deck surfaces, 
                                furniture, fixtures, and equipment;
                            (vi) supplies, including protective 
                        equipment and cleaning materials;
                            (vii) food, beverage, and operational 
                        expenses that are within the scope of the 
                        normal business practice of the eligible entity 
                        before the covered period;
                            (viii) debt obligations to suppliers that 
                        were incurred before the covered period;
                            (ix) costs associated with providing 
                        employees with 10 days of sick leave, as 
                        described in paragraph (5)(A)(ii); and
                            (x) any other expenses that the Secretary 
                        determines to be essential to maintaining the 
                        eligible entity.
                    (B) Returning funds.--If an eligible entity that 
                receives a grant under this subsection permanently 
                ceases operations on or before June 30, 2021, the 
                eligible entity shall return to the Treasury any funds 
                that the eligible entity did not use for the allowable 
                expenses under subparagraph (A).
                    (C) Conversion to loan.--Any grant amounts received 
                by an eligible entity under this subsection that are 
                unused after June 30, 2021, shall be immediately 
                converted to a loan with--
                            (i) an interest rate of 1 percent; and
                            (ii) a maturity date of 10 years.
            (7) Regulations.--Not later than 15 days after the date of 
        enactment of this Act, the Secretary shall issue regulations to 
        carry out this subsection without regard to the notice and 
        comment requirements under section 553 of title 5, United 
        States Code.
            (8) Appropriations for staffing and administrative 
        expenses.--
                    (A) In general.--Of the amounts provided by 
                subsection (c)(2)(A), $300,000,000 shall be for 
                staffing and administrative expenses related to 
                administering grants awarded under this subsection.
                    (B) Set aside.--Of amounts provided under 
                subparagraph (A), $60,000,000 shall be allocated for 
                outreach to traditionally marginalized and 
                underrepresented communities, with a focus on women, 
                veteran, and minority-owned and operated eligible 
                entities, including the creation of a resource center 
                targeted toward these communities.
    (e) Limitation With Respect to Private Funds.--
            (1) In general.--No amounts received under this section may 
        be directly or indirectly used to pay distributions, dividends, 
        consulting fees, advisory fees, interest payments, or any other 
        fees, expenses, or charges to--
                    (A) a person registered as an investment adviser 
                under the Investment Advisers Act of 1940 (15 U.S.C. 
                80b-1 et seq.) who advises a private fund;
                    (B) any affiliate of such adviser;
                    (C) any executive of such adviser or affiliate; or
                    (D) any employee, consultant, or other person with 
                a contractual relationship to provide services for or 
                on behalf of such adviser or affiliate.
            (2) Anti-evasion.--No company in which a private fund holds 
        an ownership interest that has, directly or indirectly, 
        received amounts under this title may pay any distributions, 
        dividends, consulting fees, advisory fees, interest payments, 
        or any other fees, expenses, or charges in excess of 10 percent 
        of such company's net operating profits for the calendar year 
        ending December 31, 2020 (and for each successive year until 
        the covered period has ended and all loans created under this 
        section have been repaid), to--
                    (A) a person registered as an investment adviser 
                under the Investment Advisers Act of 1940 (15 U.S.C. 
                80b-1 et seq.) who advises a private fund;
                    (B) any affiliate of such adviser;
                    (C) any executive of such adviser or affiliate; or
                    (D) any employee, consultant, or other person with 
                a contractual relationship to provide services for or 
                on behalf of such adviser or affiliate.
            (3) Definitions.--In this section:
                    (A) Affiliate.--
                            (i) In general.--The term ``affiliate'' 
                        means, with respect to a person, any other 
                        person directly or indirectly controlling, 
                        controlled by, or under direct or indirect 
                        common control with such person.
                            (ii) Control.--For purposes of clause (i), 
                        a person shall be deemed to control another 
                        person if such person possesses, directly or 
                        indirectly, the power to direct or cause the 
                        direction of the management and policies of 
                        such other person, whether through the 
                        ownership of voting securities, by contract, or 
                        otherwise.
                    (B) Executive.--The term ``executive'' means--
                            (i) any individual who serves an executive 
                        or director of a person, including the 
                        principal executive officer, principal 
                        financial officer, comptroller or principal 
                        accounting officer; and
                            (ii) an executive officer, as defined in 
                        section 230.405 of title 17, Code of Federal 
                        Regulations, or any successor regulation.
                    (C) Private fund.--The term ``private fund'' means 
                an issuer that would be an investment company, as 
                defined in section 3 of the Investment Company Act of 
                1940 (15 U.S.C. 80a-3), but for paragraph (1) or (7) of 
                section 3(c) of that Act.
    (f) Demographic Data and Transparency.--
            (1) Demographic data.--In establishing an application 
        process for carrying out this section, the Secretary shall 
        include a voluntary request for certain demographic data with 
        respect to the majority ownership of eligible entities, 
        including race, ethnicity, gender, and veteran-status.
            (2) Monthly reports.--Not later than the end of the first 
        month in which initial grants are disbursed under this section, 
        and every month thereafter until the date on which the last 
        grant has been disbursed under this section, the Secretary 
        shall submit to the Committee on Banking, Housing, and Urban 
        Affairs of the Senate and the Committee on Financial Services 
        of the House of Representatives a report providing--
                    (A) the number and dollar amount of grants approved 
                for or disbursed to all eligible entities, including a 
                list of eligible entities with the grant amount 
                received by the eligible entity; and
                    (B) a breakout of the number and dollar of grants 
                by State, congressional district, demographics 
                (including race, ethnicity, gender, and veteran-
                status), and business type.
            (3) Quarterly reports.--Beginning on January 1, 2021, and 
        every subsequent quarter until the last grant that was 
        converted to a loan under this section is repaid, the Secretary 
        shall submit to the Committee on Banking, Housing, and Urban 
        Affairs of the Senate and the Committee on Financial Services 
        of the House of Representatives a report on--
                    (A) the number and dollar amount of grants approved 
                for or disbursed to all eligible entities, including a 
                breakout of grants by State, congressional district, 
                demographics (including race, ethnicity, gender, and 
                veteran-status), and business type; and
                    (B) the number and dollar amount of grants that 
                converted to loans under this section, including a 
                breakout of outstanding loans by State, congressional 
                district, demographics (including race, ethnicity, 
                gender, and veteran-status), and business type.
            (4) Data transparency.--Not later than 30 days after the 
        date of enactment of this Act, the Secretary shall make 
        available on a publicly available website in a standardized and 
        downloadable format, and update on a monthly basis, any data 
        contained in a report submitted under this section.

     TITLE VII--MINORITY BUSINESS DEVELOPMENT AGENCY AND COMMUNITY 
                DEVELOPMENT FINANCIAL INSTITUTIONS FUND

SEC. 701. DEFINITIONS.

    In this title:
            (1) Agency.--The term ``Agency'' means the Minority 
        Business Development Agency of the Department of Commerce.
            (2) Assistant secretary.--The term ``Assistant Secretary'' 
        means the Assistant Secretary of Commerce for Minority Business 
        Development who is appointed as described in section 714(b) to 
        administer this subtitle.
            (3) Federal agency.--The term ``Federal agency'' has the 
        meaning given the term ``agency'' in section 551 of title 5, 
        United States Code.
            (4) Federally recognized area of economic distress.--The 
        term ``federally recognized area of economic distress'' means--
                    (A) a HUBZone, as that term is defined in section 
                31(b) of the Small Business Act (15 U.S.C. 657a(b));
                    (B) an area that--
                            (i) has been designated as--
                                    (I) an empowerment zone under 
                                section 1391 of the Internal Revenue 
                                Code of 1986; or
                                    (II) a Promise Zone by the 
                                Secretary of Housing and Urban 
                                Development; or
                            (ii) is a low or moderate income area, as 
                        determined by the Bureau of the Census;
                    (C) a qualified opportunity zone, as that term is 
                defined in section 1400Z-1 of the Internal Revenue Code 
                of 1986; or
                    (D) any other political subdivision or 
                unincorporated area of a State determined by the 
                Assistant Secretary to be an area of economic distress.
            (5) Indian tribe.--
                    (A) In general.--Subject to subparagraph (B), the 
                term ``Indian Tribe'' has the meaning given the term 
                ``Indian tribe'' in section 4 of the Indian Self-
                Determination and Education Assistance Act (25 U.S.C. 
                5304).
                    (B) Native hawaiian organization.--The term 
                ``Indian Tribe'' includes a Native Hawaiian 
                organization.
            (6) Institution of higher education.--The term 
        ``institution of higher education'' has the meaning given the 
        term in section 101 of the Higher Education Act of 1965 (20 
        U.S.C. 1001).
            (7) Minority business enterprise.--The term ``minority 
        business enterprise'' means a for-profit business enterprise--
                    (A) that is not less than 51 percent-owned by 1 or 
                more socially disadvantaged individuals; and
                    (B) the management and daily business operations of 
                which are controlled by 1 or more socially 
                disadvantaged individuals.
            (8) Private sector entity.--The term ``private sector 
        entity''--
                    (A) means an entity that is not a public sector 
                entity; and
                    (B) does not include--
                            (i) the Federal Government;
                            (ii) any Federal agency; or
                            (iii) any instrumentality of the Federal 
                        Government.
            (9) Public sector entity.--The term ``public sector 
        entity'' means--
                    (A) a State;
                    (B) an agency of a State;
                    (C) a political subdivision of a State; or
                    (D) an agency of a political subdivision of a 
                State.
            (10) Secretary.--The term ``Secretary'' means the Secretary 
        of Commerce.
            (11) Socially disadvantaged individual.--
                    (A) In general.--The term ``socially disadvantaged 
                individual'' means an individual who has been subjected 
                to racial or ethnic prejudice or cultural bias because 
                of the identity of the individual as a member of a 
                group, without regard to any individual quality of the 
                individual that is unrelated to that identity.
                    (B) Presumption.--In carrying out this subtitle, 
                the Assistant Secretary shall presume that the term 
                ``socially disadvantaged individual'' includes any 
                individual who is--
                            (i) Black or African American;
                            (ii) Hispanic or Latino;
                            (iii) American Indian or Alaska Native;
                            (iv) Asian;
                            (v) Native Hawaiian or other Pacific 
                        Islander; or
                            (vi) a member of a group that the Minority 
                        Business Development Agency determines under 
                        part 1400 of title 15, Code of Federal 
                        Regulations, as in effect on November 23, 1984, 
                        is a socially disadvantaged group eligible to 
                        receive assistance.
            (12) State.--The term ``State'' means--
                    (A) each of the States of the United States;
                    (B) the District of Columbia;
                    (C) the Commonwealth of Puerto Rico;
                    (D) the United States Virgin Islands;
                    (E) Guam;
                    (F) American Samoa;
                    (G) the Commonwealth of the Northern Mariana 
                Islands; and
                    (H) each Indian Tribe.

  Subtitle A--Codification of the Minority Business Development Agency

SEC. 711. SHORT TITLE.

    This subtitle may be cited as the ``Minority Business Resiliency 
Act of 2020''.

SEC. 712. FINDINGS AND PURPOSES.

    (a) Findings.--Congress finds the following:
            (1) During times of economic downturn or recession, 
        communities of color, and businesses within those communities, 
        are generally more adversely affected, which requires an 
        expansion of the ability of the Federal Government to infuse 
        resources into those communities.
            (2) Despite the growth in the number of minority business 
        enterprises, gaps remain with respect to key metrics for those 
        enterprises, such as access to capital, revenue, number of 
        employees, and survival rate. Specifically--
                    (A) according to the Department of Commerce, 
                minority business enterprises are 2 to 3 times more 
                likely to be denied loans than non-minority business 
                enterprises;
                    (B) according to the Bureau of the Census, the 
                average non-minority business enterprise reports 
                receipts that are more than 3 times higher than 
                receipts reported by the average minority business 
                enterprise; and
                    (C) according to the Kauffman Foundation--
                            (i) minority business enterprises are \1/2\ 
                        as likely to employ individuals, as compared 
                        with non-minority business enterprises; and
                            (ii) if minorities started and owned 
                        businesses at the same rate as non-minorities, 
                        the United States economy would have more than 
                        1,000,000 additional employer businesses and 
                        more than 9,500,000 additional jobs.
            (3) Because of the conditions described in paragraph (2), 
        it is in the interest of the United States and the economy of 
        the United States to expeditiously ameliorate the disparities 
        that minority business enterprises experience.
            (4) Many individuals who own minority business enterprises 
        are socially disadvantaged because those individuals identify 
        as members of certain groups that have suffered the effects of 
        discriminatory practices or similar circumstances over which 
        those individuals have no control, including individuals who 
        are--
                    (A) Black or African American;
                    (B) Hispanic or Latino;
                    (C) American Indian or Alaska Native;
                    (D) Asian; and
                    (E) Native Hawaiian or other Pacific Islander.
            (5) Discriminatory practices and similar circumstances 
        described in paragraph (4) are a significant determinant of 
        overall economic disadvantage in the United States, which is 
        evident in the persistent racial wealth gap in the United 
        States.
            (6) While other Federal agencies focus only on small 
        businesses and businesses that represent a broader demographic 
        than solely minority business enterprises, the Agency focuses 
        exclusively on--
                    (A) the unique needs of minority business 
                enterprises; and
                    (B) enhancing the capacity of minority business 
                enterprises.
    (b) Purposes.--The purposes of this subtitle are to--
            (1) require the Agency to promote and administer programs 
        in the public and private sectors to assist the development of 
        minority business enterprises; and
            (2) achieve the development described in paragraph (1) by 
        authorizing the Assistant Secretary to carry out programs that 
        will result in increased access to capital, management, and 
        technology for minority business enterprises.

SEC. 713. MINORITY BUSINESS DEVELOPMENT AGENCY.

    (a) In General.--There is within the Department of Commerce the 
Minority Business Development Agency.
    (b) Assistant Secretary.--
            (1) Appointment and duties.--The Agency shall be headed by 
        an Assistant Secretary of Commerce for Minority Business 
        Development, who shall be--
                    (A) appointed by the President, by and with the 
                advice and consent of the Senate; and
                    (B) except as otherwise expressly provided, 
                responsible for the administration of this subtitle.
            (2) Compensation.--The Assistant Secretary shall be 
        compensated at an annual rate of basic pay prescribed for level 
        IV of the Executive Schedule under section 5315 of title 5, 
        United States Code.
    (c) Report to Congress.--Not later than 120 days after the date of 
enactment of this Act, the Secretary shall submit to Congress a report 
that describes--
            (1) the organizational structure of the Agency;
            (2) the organizational position of the Agency within the 
        Department of Commerce; and
            (3) a description of how the Agency shall function in 
        relation to the operations carried out by each other component 
        of the Department of Commerce.
    (d) Office of Business Centers.--
            (1) Establishment.--There is established within the Agency 
        an Office of Business Centers.
            (2) Director.--The Office of Business Centers shall be 
        administered by a Director, who shall be appointed by the 
        Assistant Secretary.
    (e) Offices of the Agency.--
            (1) In general.--The Assistant Secretary shall establish 
        such other offices within the Agency as are necessary to carry 
        out this subtitle.
            (2) Regional offices.--
                    (A) In general.--In order to carry out this 
                subtitle, the Assistant Secretary may establish a 
                regional office of the Agency for each of the regions 
                of the United States, as determined by the Assistant 
                Secretary.
                    (B) Duties.--Each regional office established under 
                subparagraph (A) shall expand the reach of the Agency 
                and enable the Federal Government to better serve the 
                needs of minority business enterprises in the region 
                served by the office, including by--
                            (i) understanding and participating in the 
                        business environment of that region;
                            (ii) working with--
                                    (I) Centers, as that term is 
                                defined in section 732, that are 
                                located in that region; and
                                    (II) resource and lending partners 
                                of the Small Business Administration 
                                that are located in that region;
                            (iii) being aware of business retention or 
                        expansion programs specific to that region;
                            (iv) seeking out opportunities to 
                        collaborate with regional public and private 
                        programs that focus on minority business 
                        enterprises; and
                            (v) promoting business continuity and 
                        preparedness.

                      PART I--EXISTING INITIATIVES

        Subpart A--Market Development, Research, and Information

SEC. 721. PRIVATE SECTOR DEVELOPMENT.

    The Assistant Secretary shall, whenever the Assistant Secretary 
determines such action is necessary or appropriate--
            (1) assist minority business enterprises to penetrate 
        domestic and foreign markets by making available to those 
        business enterprises, either directly or in cooperation with 
        private sector entities, including community-based 
        organizations and national nonprofit organizations--
                    (A) resources relating to management;
                    (B) technological assistance;
                    (C) financial and marketing services; and
                    (D) services relating to workforce development;
            (2) encourage minority business enterprises to establish 
        joint ventures and projects--
                    (A) with other minority business enterprises; or
                    (B) in cooperation with public sector entities or 
                private sector entities, including community-based 
                organizations and national nonprofit organizations, to 
                increase the share of any market activity being 
                performed by minority business enterprises; and
            (3) facilitate the efforts of private sector entities and 
        Federal agencies to advance the growth of minority business 
        enterprises.

SEC. 722. PUBLIC SECTOR DEVELOPMENT.

    The Assistant Secretary shall, whenever the Assistant Secretary 
determines such action is necessary or appropriate--
            (1) consult and cooperate with public sector entities for 
        the purpose of leveraging resources available in the 
        jurisdictions of those public sector entities to promote the 
        position of minority business enterprises in the local 
        economies of those public sector entities, including by 
        assisting public sector entities to establish or enhance--
                    (A) programs to procure goods and services through 
                minority business enterprises and goals for that 
                procurement;
                    (B) programs offering assistance relating to--
                            (i) management;
                            (ii) technology;
                            (iii) financing;
                            (iv) marketing; and
                            (v) workforce development; and
                    (C) informational programs designed to inform 
                minority business enterprises located in the 
                jurisdictions of those public sector entities about the 
                availability of programs described in this section;
            (2) meet with leaders and officials of public sector 
        entities for the purpose of recommending and promoting local 
        administrative and legislative initiatives needed to advance 
        the position of minority business enterprises in the local 
        economies of those public sector entities; and
            (3) facilitate the efforts of public sector entities and 
        Federal agencies to advance the growth of minority business 
        enterprises.

SEC. 723. RESEARCH AND INFORMATION.

    (a) In General.--In order to achieve the purposes of this subtitle, 
the Assistant Secretary--
            (1) shall--
                    (A) collect and analyze data, including data 
                relating to the causes of the success or failure of 
                minority business enterprises;
                    (B) perform evaluations of programs carried out by 
                Federal agencies with an emphasis on increasing 
                coordination between Federal agencies with respect to 
                the development of minority business enterprises; and
                    (C) conduct research, studies, and surveys of--
                            (i) economic conditions generally in the 
                        United States; and
                            (ii) how the conditions described in clause 
                        (i) particularly affect the development of 
                        minority business enterprises; and
            (2) may, at the request of a public sector entity or a 
        private sector entity, perform an evaluation of programs 
        carried out by the entity that are designed to assist the 
        development of minority business enterprises.
    (b) Information Clearinghouse.--The Assistant Secretary shall--
            (1) establish and maintain an information clearinghouse for 
        the collection and dissemination of demographic, economic, 
        financial, managerial, and technical data relating to minority 
        business enterprises; and
            (2) take such steps as the Assistant Secretary may 
        determine to be necessary and desirable to search for, collect, 
        classify, coordinate, integrate, record, and catalog the data 
        described in paragraph (1).

        Subpart B--Minority Business Development Center Program

SEC. 731. PURPOSE.

    The purpose of the MBDC Program shall be to create a national 
network of public-private partnerships that--
            (1) assist minority business enterprises to--
                    (A) access capital and contracts; and
                    (B) create and maintain jobs;
            (2) provide counseling and mentoring to minority business 
        enterprises; and
            (3) facilitate the growth of minority business enterprises 
        by promoting trade.

SEC. 732. DEFINITIONS.

    In this subpart:
            (1) Center.--The term ``Center'' means an eligible entity 
        that enters into an MBDC agreement with the Assistant 
        Secretary.
            (2) Eligible entity.--Except as otherwise expressly 
        provided, the term ``eligible entity''--
                    (A) means--
                            (i) a private sector entity; or
                            (ii) a public sector entity; and
                    (B) includes an institution of higher education.
            (3) MBDC agreement.--The term ``MBDC agreement'' means a 
        collaborative agreement entered into between the Assistant 
        Secretary and a Center under the MBDC Program.
            (4) MBDC program.--The term ``MBDC Program'' means the 
        program established under section 733.

SEC. 733. ESTABLISHMENT.

    (a) In General.--Subject to subsection (b), there is established in 
the Agency a program--
            (1) that shall be known as the Minority Business 
        Development Centers Program;
            (2) that shall be separate and distinct from the efforts of 
        the Assistant Secretary under section 721; and
            (3) under which the Assistant Secretary shall enter into 
        cooperative agreements with eligible entities under which, in 
        accordance with section 734--
                    (A) the eligible entities shall provide technical 
                assistance and business development services to 
                minority business enterprises; and
                    (B) the Assistant Secretary shall provide financial 
                assistance to the eligible entities to carry out the 
                activities described in subparagraph (A).
    (b) Coverage.--The Assistant Secretary shall take all necessary 
actions to ensure that the MBDC Program, in accordance with section 
734, offers the services described in subsection (a)(3)(A) in all 
regions of the United States.
    (c) Scope of Authority.--The authority of the Assistant Secretary 
to enter into MBDC agreements shall be effective each fiscal year only 
to the extent that amounts are made available to the Assistant 
Secretary under applicable appropriations Acts.

SEC. 734. COOPERATIVE AGREEMENTS.

    (a) Requirements.--A Center shall, using financial assistance 
awarded to the Center under an MBDC agreement--
            (1) provide to minority business enterprises programs and 
        services determined to be appropriate by the Assistant 
        Secretary, which--
                    (A) shall include referral services to meet the 
                needs of minority business enterprises; and
                    (B) may include programs and services to accomplish 
                the goals described in section 721(1);
            (2) develop, cultivate, and maintain a network of strategic 
        partnerships with organizations that foster access by minority 
        business enterprises to economic markets or contracts;
            (3) continue to upgrade and modify the services provided by 
        the Center, as necessary, in order to meet the changing and 
        evolving needs of the business community;
            (4) collaborate with other Centers; and
            (5) in providing programs and services under the MBDC 
        agreement--
                    (A) operate on a fee-for-service basis; and
                    (B) generate income through the collection of--
                            (i) client fees;
                            (ii) membership fees;
                            (iii) success fees; and
                            (iv) any other appropriate fees proposed by 
                        the Center in the application submitted by the 
                        Center for the MBDC agreement.
    (b) Term.--Subject to subsection (g), the term of an MBDC agreement 
shall be 3 years.
    (c) Financial Assistance.--
            (1) Minimum amount.--Subject to paragraph (2), the amount 
        of financial assistance provided by the Assistant Secretary 
        under an MBDC agreement shall be not less than $250,000 for the 
        term of the MBDC agreement.
            (2) Additional amounts.--In determining whether to award 
        financial assistance under an MBDC agreement to a Center in an 
        amount greater than $250,000, the Assistant Secretary shall 
        take into consideration the cost of living and the size of the 
        population in the area in which the Center is located.
            (3) Matching requirement.--
                    (A) In general.--A Center shall match not less than 
                \1/3\ of the amount of the financial assistance awarded 
                to the Center under an MBDC agreement.
                    (B) Form of funds.--A Center may meet the matching 
                requirement under subparagraph (A) using cash or in-
                kind contributions, without regard to whether the 
                contribution is made by a third party.
            (4) Use of financial assistance and program income.--A 
        Center shall use--
                    (A) all financial assistance awarded to the Center 
                under an MBDC agreement to carry out the requirements 
                under subsection (a); and
                    (B) all income that the Center generates in 
                carrying out the requirements under subsection (a)--
                            (i) to meet the matching requirement under 
                        paragraph (3) of this subsection; and
                            (ii) if the Center meets the matching 
                        requirement under paragraph (3) of this 
                        subsection, to carry out the requirements under 
                        subsection (a).
    (d) Criteria for Selection.--The Assistant Secretary shall--
            (1) establish--
                    (A) criteria that--
                            (i) the Assistant Secretary shall use in 
                        determining whether to enter into an MBDC 
                        agreement with an eligible entity; and
                            (ii) may include criteria relating to 
                        whether an eligible entity is located in--
                                    (I) an area, the population of 
                                which is composed of not less than 51 
                                percent socially disadvantaged 
                                individuals;
                                    (II) a federally recognized area of 
                                economic distress; or
                                    (III) a State that is underserved 
                                with respect to the MBDC program, as 
                                defined by the Assistant Secretary; and
                    (B) standards relating to the consideration given 
                to the criteria established under subparagraph (A); and
            (2) make the criteria and standards established under 
        paragraph (1) publicly available, including--
                    (A) on the website of the Agency; and
                    (B) in each solicitation for applications for MBDC 
                agreements.
    (e) Applications.--An eligible entity desiring to enter into an 
MBDC agreement shall submit to the Assistant Secretary an application 
that includes--
            (1) a statement of--
                    (A) how the eligible entity will meet the 
                requirements under subsection (a); and
                    (B) any experience of the eligible entity in--
                            (i) assisting minority business enterprises 
                        to--
                                    (I) obtain--
                                            (aa) large-scale contracts 
                                        or procurements; or
                                            (bb) financing;
                                    (II) access established supply 
                                chains; and
                                    (III) engage in--
                                            (aa) joint ventures, 
                                        teaming arrangements, and 
                                        mergers and acquisitions; or
                                            (bb) large-scale 
                                        transactions in global markets; 
                                        and
                            (ii) advocating for minority business 
                        enterprises; and
            (2) the budget and corresponding budget narrative that the 
        eligible entity will use in carrying out the requirements under 
        subsection (a) during the term of the MBDC agreement.
    (f) Notification.--If the Assistant Secretary grants an application 
of an eligible entity submitted under subsection (e), the Assistant 
Secretary shall notify the eligible entity that the application has 
been granted not later than 150 days after the last day on which an 
application may be submitted under that subsection.
    (g) Program Examination; Accreditation; Extensions.--
            (1) Examination.--Not later than 180 days after the date of 
        enactment of this Act, and biennially thereafter, the Assistant 
        Secretary shall conduct a programmatic financial examination of 
        each Center.
            (2) Accreditation.--The Assistant Secretary may provide 
        financial support, by contract or otherwise, to an association, 
        not less than 51 percent of the members of which are Centers, 
        to--
                    (A) pursue matters of common concern with respect 
                to Centers; and
                    (B) develop an accreditation program with respect 
                to Centers.
            (3) Extensions.--
                    (A) In general.--The Assistant Secretary may extend 
                the term under subsection (b) of an MBDC agreement to 
                which a Center is a party to a term of 5 years, if the 
                Center consents to the extension.
                    (B) Financial assistance.--If the Assistant 
                Secretary extends the term of an MBDC agreement under 
                paragraph (1), the Assistant Secretary shall, in the 
                same manner and amount in which financial assistance 
                was provided during the initial term of the MBDC 
                agreement, provide financial assistance under the MBDC 
                agreement during the extended term of the MBDC 
                agreement.
    (h) Priority.--In entering into MBDC agreements under the MBDC 
Program and extending MBDC agreements under subsection (g)(3), the 
Assistant Secretary shall give priority to extending MBDC agreements 
under subsection (g)(3).
    (i) Suspension, Termination, and Refusal To Extend.--
            (1) In general.--
                    (A) In general.--The Assistant Secretary may 
                suspend, terminate, or refuse to extend the term of an 
                MBDC agreement on the basis of the poor performance by 
                a Center in meeting the performance goals established 
                by the Secretary under subparagraph (B).
                    (B) Performance goals.--The Assistant Secretary 
                shall establish performance goals by which to evaluate 
                the performance of a Center in meeting the requirements 
                under subsection (a).
            (2) Notice.--Before suspending, terminating, or refusing to 
        extend the term of an MBDC agreement under paragraph (1), the 
        Assistant Secretary shall provide to the relevant Center--
                    (A) a written notice of the reasons for the 
                suspension, termination, or refusal; and
                    (B) an opportunity for a hearing, appeal, or other 
                administrative proceeding to contest the suspension, 
                termination, or refusal.
    (j) MBDA Involvement.--The Assistant Secretary shall ensure that 
the Agency is substantially involved in the activities of Centers in 
carrying out the requirements under subsection (a), including by--
            (1) providing to each Center training relating to the MBDC 
        Program;
            (2) requiring that the operator and staff of each Center--
                    (A) attend--
                            (i) a conference with the Agency to 
                        establish the services and programs that the 
                        Center will provide in carrying out the 
                        requirements before the date on which the 
                        Center begins providing those services and 
                        programs; and
                            (ii) training provided under paragraph (1);
                    (B) receive necessary advising relating to carrying 
                out the requirements under subsection (a); and
                    (C) work in coordination and collaboration with the 
                Assistant Secretary to carry out the MBDC Program and 
                other programs of the Agency;
            (3) facilitating connections between Centers and--
                    (A) Federal agencies other than the Agency, 
                including the Small Business Administration and the 
                Economic Development Administration of the Department 
                of Commerce; and
                    (B) other institutions or entities that use Federal 
                resources, including--
                            (i) small business development centers, as 
                        that term is defined in section 3(t) of the 
                        Small Business Act (15 U.S.C. 632(t));
                            (ii) women's business centers described in 
                        section 29 of the Small Business Act (15 U.S.C. 
                        656);
                            (iii) eligible entities, as that term is 
                        defined in section 2411 of title 10, United 
                        States Code, that provide services under the 
                        program carried out under chapter 142 of that 
                        title; and
                            (iv) entities participating in the Hollings 
                        Manufacturing Extension Partnership Program 
                        established under section 25 of the National 
                        Institute of Standards and Technology Act (15 
                        U.S.C. 278k);
            (4) monitoring projects carried out by each Center; and
            (5) establishing and enforcing administrative and reporting 
        requirements for each Center to carry out the requirements 
        under subsection (a).
    (k) Regulations.--The Assistant Secretary shall issue and publish 
regulations that establish minimum standards regarding verification of 
minority business enterprise status for clients of entities operating 
under the MBDC Program.

SEC. 735. MINIMIZING DISRUPTIONS TO EXISTING BUSINESS CENTERS PROGRAM.

    The Assistant Secretary shall ensure that each cooperative 
agreement entered into under the Business Centers program of the Agency 
that is in effect on the day before the date of enactment of this Act 
is carried out in a manner that, to the greatest extent practicable, 
prevents disruption of any activity carried out under the cooperative 
agreement.

SEC. 736. PUBLICITY.

    In carrying out the MBDC Program, the Assistant Secretary shall 
widely publicize the MBDC Program, including--
            (1) on the website of the Agency; and
            (2) via social media outlets.

SEC. 737. EMERGENCY APPROPRIATIONS.

    (a) In General.--There is appropriated, out of amounts in the 
Treasury not otherwise appropriated, for an additional amount for 
``Minority Business Development'', $25,000,000, for necessary expenses 
for the MBDC Program, including the component of the program relating 
to Specialty Centers, including any cost sharing requirements that may 
exist, for assisting minority business enterprises to prevent, prepare 
for, and respond to coronavirus, including identifying and accessing 
local, State, and Federal Government assistance related to such virus.
    (b) Emergency Designation.--
            (1) In general.--The amounts provided under this section 
        are designated as an emergency requirement pursuant to section 
        4(g) of the Statutory Pay-As-You-Go Act of 2010 (2 U.S.C. 
        933(g)).
            (2) Designation in senate.--In the Senate, this section is 
        designated as an emergency requirement pursuant to section 
        4112(a) of H. Con. Res. 71 (115th Congress), the concurrent 
        resolution on the budget for fiscal year 2018.

 PART II--NEW INITIATIVES TO PROMOTE ECONOMIC RESILIENCY FOR MINORITY 
                               BUSINESSES

SEC. 741. ANNUAL DIVERSE BUSINESS FORUM ON CAPITAL FORMATION.

    (a) Responsibility of Agency.--Not later than 18 months after the 
date of enactment of this Act, and annually thereafter, the Agency 
shall conduct a Government-business forum to review the current status 
of problems and programs relating to capital formation by minority 
business enterprises.
    (b) Participation in Forum Planning.--The Assistant Secretary shall 
invite the heads of other Federal agencies, such as the Chairman of the 
Securities and Exchange Commission, the Secretary of the Treasury, and 
the Chairman of the Board of Governors of the Federal Reserve System, 
organizations representing State securities commissioners, 
representatives of leading minority chambers of commerce, business 
organizations, and professional organizations concerned with capital 
formation to participate in the planning of each forum conducted under 
subsection (a).
    (c) Preparation of Statements and Reports.--
            (1) Requests.--The Assistant Secretary may request that any 
        head of a Federal department, agency, or organization, 
        including those described in subsection (b), or any other group 
        or individual, prepare a statement or report to be delivered at 
        any forum conducted under subsection (a).
            (2) Cooperation.--Any head of a Federal department, agency, 
        or organization who receives a request under paragraph (1) 
        shall, to the greatest extent practicable, cooperate with the 
        Assistant Secretary to fulfill that request.
    (d) Transmittal of Proceedings and Findings.--The Assistant 
Secretary shall--
            (1) prepare a summary of the proceedings of each forum 
        conducted under subsection (a), which shall include the 
        findings and recommendations of the forum; and
            (2) transmit the summary described in paragraph (1) with 
        respect to each forum conducted under subsection (a) to--
                    (A) the participants in the forum;
                    (B) Congress; and
                    (C) the public, through a publicly available 
                website.
    (e) Review of Findings and Recommendations; Public Statements.--
            (1) In general.--A Federal agency to which a finding or 
        recommendation described in subsection (d)(1) relates shall--
                    (A) review that finding or recommendation; and
                    (B) promptly after the finding or recommendation is 
                transmitted under paragraph (2)(C) of subsection (d), 
                issue a public statement--
                            (i) assessing the finding or 
                        recommendation; and
                            (ii) disclosing the action, if any, the 
                        Federal agency intends to take with respect to 
                        the finding or recommendation.
            (2) Joint statement permitted.--If a finding or 
        recommendation described in subsection (d)(1) relates to more 
        than 1 Federal agency, the applicable Federal agencies may, for 
        the purposes of the public statement required under paragraph 
        (1)(B), issue a joint statement.

SEC. 742. AGENCY STUDY ON ALTERNATIVE FINANCING SOLUTIONS.

    (a) Purpose.--The purpose of this section is to provide information 
relating to alternative financing solutions to minority business 
enterprises, as those business enterprises are more likely to struggle 
in accessing, particularly at affordable rates, traditional sources of 
capital.
    (b) Study and Report.--Not later than 1 year after the date of 
enactment of this Act, the Assistant Secretary shall--
            (1) conduct a study on opportunities for providing 
        alternative financing solutions to minority business 
        enterprises; and
            (2) submit to Congress, and publish on the website of the 
        Agency, a report describing the findings of the study carried 
        out under paragraph (1).

SEC. 743. EDUCATIONAL DEVELOPMENT RELATING TO MANAGEMENT AND 
              ENTREPRENEURSHIP.

    (a) Duties.--The Assistant Secretary shall, whenever the Assistant 
Secretary determines such action is necessary or appropriate--
            (1) promote and provide assistance for the education and 
        training of socially disadvantaged individuals in subjects 
        directly relating to business administration and management;
            (2) join with, and encourage, institutions of higher 
        education, leaders in business and industry, and other public 
        sector and private sector entities, particularly minority 
        business enterprises, to--
                    (A) develop programs to offer scholarships and 
                fellowships, apprenticeships, and internships relating 
                to business to socially disadvantaged individuals; and
                    (B) sponsor seminars, conferences, and similar 
                activities relating to business for the benefit of 
                socially disadvantaged individuals;
            (3) stimulate and accelerate curriculum design and 
        improvement in support of development of minority business 
        enterprises; and
            (4) encourage and assist private institutions and 
        organizations and public sector entities to undertake 
        activities similar to the activities described in paragraphs 
        (1), (2), and (3).
    (b) Parren J. Mitchell Entrepreneurship Education Grants.--
            (1) Definition.--In this subsection, the term ``eligible 
        institution'' means an institution of higher education 
        described in any of paragraphs (1) through (7) of section 
        371(a) of the Higher Education Act of 1965 (20 U.S.C. 
        1067q(a)).
            (2) Grants.--The Assistant Secretary shall award grants to 
        eligible institutions to develop and implement entrepreneurship 
        curricula.
            (3) Requirements.--An eligible institution that receives a 
        grant awarded under this subsection shall use the grant funds 
        to--
                    (A) develop a curriculum that includes training in 
                various skill sets needed by contemporary successful 
                entrepreneurs, including--
                            (i) business management and marketing;
                            (ii) financial management and accounting;
                            (iii) market analysis;
                            (iv) competitive analysis;
                            (v) innovation;
                            (vi) strategic planning; and
                            (vii) any other skill set that the eligible 
                        institution determines is necessary for the 
                        students served by the eligible institution and 
                        the community in which the eligible institution 
                        is located; and
                    (B) implement the curriculum developed under 
                subparagraph (A) at the eligible institution.
            (4) Implementation timeline.--The Assistant Secretary shall 
        establish and publish a timeline under which an eligible 
        institution that receives a grant under this section shall 
        carry out the requirements under paragraph (3).
            (5) Reports.--Each year, the Assistant Secretary shall 
        submit to the Committee on Commerce, Science, and 
        Transportation of the Senate and the Committee on Energy and 
        Commerce of the House of Representatives, as part of the annual 
        budget submission of the President under section 1105(a) of 
        title 31, United States Code, a report evaluating the awarding 
        and use of grants under this subsection during the fiscal year 
        immediately preceding the date on which the report is 
        submitted, which shall include, with respect to that fiscal 
        year--
                    (A) a description of each curriculum developed and 
                implemented under each grant awarded under this 
                section;
                    (B) the date on which each grant awarded under this 
                section was awarded; and
                    (C) the number of eligible entities that were 
                recipients of grants awarded under this section.

PART III--ADMINISTRATIVE AND OTHER POWERS OF THE AGENCY; MISCELLANEOUS 
                               PROVISIONS

SEC. 751. ADMINISTRATIVE POWERS.

    (a) In General.--In carrying out this subtitle, the Assistant 
Secretary may--
            (1) adopt and use a seal for the Agency, which shall be 
        judicially noticed;
            (2) hold hearings, sit and act, and take testimony as the 
        Assistant Secretary may determine to be necessary or 
        appropriate to carry out this subtitle;
            (3) acquire, in any lawful manner, any property that the 
        Assistant Secretary may determine to be necessary or 
        appropriate to carry out this subtitle;
            (4) make advance payments under grants, contracts, and 
        cooperative agreements awarded under this subtitle;
            (5) enter into agreements with other Federal agencies;
            (6) coordinate with the heads of the Offices of Small and 
        Disadvantaged Business Utilization of Federal agencies;
            (7) require a coordinated review of all training and 
        technical assistance activities that are proposed to be carried 
        out by Federal agencies in direct support of the development of 
        minority business enterprises to--
                    (A) ensure consistency with the purposes of this 
                subtitle; and
                    (B) avoid duplication of existing efforts; and
            (8) prescribe such rules, regulations, and procedures as 
        the Agency may determine to be necessary or appropriate to 
        carry out this subtitle.
    (b) Employment of Certain Experts and Consultants.--
            (1) In general.--In carrying out this subtitle, the 
        Assistant Secretary may procure by contract the temporary or 
        intermittent services of experts or consultants or an 
        organization thereof, as authorized under section 3109 of title 
        5, United States Code.
            (2) Renewal of contracts.--The Assistant Secretary may 
        annually renew a contract entered into under paragraph (1).
    (c) Donation of Property.--
            (1) In general.--Subject to paragraph (2), in carrying out 
        this subtitle, the Assistant Secretary may, without cost 
        (except for costs of care and handling), donate for use by any 
        public sector entity, or by any recipient nonprofit 
        organization, for the purpose of the development of minority 
        business enterprises, any real or tangible personal property 
        acquired by the Agency in carrying out this subtitle.
            (2) Terms, conditions, reservations, and restrictions.--The 
        Assistant Secretary may impose reasonable terms, conditions, 
        reservations, and restrictions upon the use of any property 
        donated under paragraph (1).

SEC. 752. FINANCIAL ASSISTANCE.

    (a) In General.--
            (1) Provision of financial assistance.--To carry out 
        sections 721, 722, and 723(a), the Assistant Secretary may 
        provide financial assistance to public sector entities and 
        private sector entities in the form of contracts, grants, or 
        cooperative agreements.
            (2) Notice.--Not later than 120 days before the first day 
        of each fiscal year, the Assistant Secretary shall, in 
        accordance with subsection (b), broadly publish a statement 
        regarding financial assistance that will, or may, be made 
        available under paragraph (1) in the first fiscal year that 
        begins after the date on which the statement is published, 
        including--
                    (A) the actual, or anticipated, amount of financial 
                assistance that will, or may, be made available;
                    (B) the types of financial assistance that will, or 
                may, be made available;
                    (C) the manner in which financial assistance will 
                be allocated among public sector entities and private 
                sector entities, as applicable; and
                    (D) the methodology used by the Assistant Secretary 
                to make allocations under subparagraph (C).
            (3) Consultation.--The Assistant Secretary shall consult 
        with public sector entities and private sector entities, as 
        applicable, in deciding the amounts and types of financial 
        assistance to make available under paragraph (1).
    (b) Publicity.--In carrying out this section, the Assistant 
Secretary shall broadly publicize all opportunities for financial 
assistance available under this section, including--
            (1) on the website of the Agency; and
            (2) via social media outlets.

SEC. 753. AUDITS.

    (a) Recordkeeping Requirement.--Each recipient of assistance under 
this subtitle shall keep such records as the Assistant Secretary shall 
prescribe, including records that fully disclose, with respect to the 
assistance received by the recipient under this subtitle--
            (1) the amount and nature of that assistance;
            (2) the disposition by the recipient of the proceeds of 
        that assistance;
            (3) the total cost of the undertaking for which the 
        assistance is given or used;
            (4) the amount and nature of the portion of the cost of the 
        undertaking described in paragraph (3) that is supplied by a 
        source other than the Agency; and
            (5) any other records that will facilitate an effective 
        audit of the assistance.
    (b) Access by Government Officials.--The Assistant Secretary, the 
Inspector General of the Department of Commerce, and the Comptroller 
General of the United States, or any duly authorized representative of 
any such individual, shall have access, for the purpose of audit, 
investigation, and examination, to any book, document, paper, record, 
or other material of a recipient of assistance under this subtitle that 
pertains to the assistance received by the recipient under this 
subtitle.

SEC. 754. REVIEW AND REPORT BY COMPTROLLER GENERAL.

    Not later than 4 years after the date of enactment of this Act, the 
Comptroller General of the United States shall--
            (1) conduct a thorough review of the programs carried out 
        under this subtitle; and
            (2) submit to Congress a detailed report of the findings of 
        the Comptroller General of the United States under the review 
        carried out under paragraph (1), which shall include--
                    (A) an evaluation of the effectiveness of the 
                programs in achieving the purposes of this subtitle;
                    (B) a description of any failure by any recipient 
                of assistance under this subtitle to comply with the 
                requirements under this subtitle; and
                    (C) recommendations for any legislative or 
                administrative action that should be taken to improve 
                the achievement of the purposes of this subtitle.

SEC. 755. ANNUAL REPORTS; RECOMMENDATIONS.

    (a) Annual Report.--Not later than 90 days after the last day of 
each fiscal year, the Assistant Secretary shall submit to Congress, and 
publish on the website of the Agency, a report of each activity of the 
Agency carried out under this subtitle during the fiscal year preceding 
the date on which the report is submitted.
    (b) Recommendations.--The Assistant Secretary shall periodically 
submit to Congress and the President recommendations for legislation or 
other actions that the Assistant Secretary determines to be necessary 
or appropriate to promote the purposes of this subtitle.

SEC. 756. SEPARABILITY.

    If a provision of this subtitle, or the application of a provision 
of this subtitle to any person or circumstance, is held by a court of 
competent jurisdiction to be invalid, that judgment--
            (1) shall not affect, impair, or invalidate--
                    (A) any other provision of this subtitle; or
                    (B) the application of this subtitle to any other 
                person or circumstance; and
            (2) shall be confined in its operation to--
                    (A) the provision of this subtitle with respect to 
                which the judgment is rendered; or
                    (B) the application of the provision of this 
                subtitle to each person or circumstance directly 
                involved in the controversy in which the judgment is 
                rendered.

SEC. 757. EXECUTIVE ORDER 11625.

    The powers and duties of the Agency shall be determined--
            (1) in accordance with this subtitle and the requirements 
        of this subtitle; and
            (2) without regard to Executive Order 11625 (36 Fed. Reg. 
        19967; relating to prescribing additional arrangements for 
        developing and coordinating a national program for minority 
        business enterprise).

SEC. 758. AMENDMENT TO THE FEDERAL ACQUISITION STREAMLINING ACT OF 
              1994.

    Section 7104(c) of the Federal Acquisition Streamlining Act of 1994 
(15 U.S.C. 644a(c)) is amended by striking paragraph (2) and inserting 
the following:
            ``(2) The Assistant Secretary of Commerce for Minority 
        Business Development.''.

                      Subtitle B--Other Provisions

SEC. 761. EMERGENCY GRANTS TO MINORITY BUSINESS ENTERPRISES.

    (a) Grants During the COVID-19 Pandemic.--The Agency shall provide 
grants to address the needs of minority business enterprises impacted 
by the COVID-19 pandemic.
    (b) Recipients.--The Agency may make grants through nonprofit 
organizations or directly to minority business enterprises.
    (c) Priority Areas.--In providing grants pursuant to subsection 
(a), the Agency shall prioritize providing assistance to--
            (1) minority business enterprises that have been unable to 
        obtain loans from the paycheck protection program under section 
        7(a)(36) of the Small Business Act (15 U.S.C. 636(a)(36)) and 
        other programs established under the CARES Act (Public Law 116-
        136);
            (2) minority business enterprises located in low-income 
        areas or areas that have been significantly impacted by the 
        COVID-19 pandemic; and
            (3) minority business enterprises that do not have access 
        to capital and whose business is substantially impaired because 
        of the impact of stay-at-home orders implemented by State and 
        local governments due to the COVID-19 pandemic.
    (d) Terms and Conditions.--
            (1) In general.--The Assistant Secretary shall set such 
        terms and conditions for the grants made under this section as 
        the Assistant Secretary determines appropriate.
            (2) Notification.--No later than 15 days prior to making 
        any grants under this section, the Assistant Secretary shall 
        provide the terms and conditions for grants made under this 
        section to the Committee on Banking, Housing, and Urban Affairs 
        of the Senate and the Committee on Financial Services of the 
        House of Representatives.
    (e) GAO Oversight.--Not later than 6 months after the date of 
enactment of this Act, the Comptroller General of the United States 
shall provide a report on the effectiveness of the grants made under 
this section, including the manner in which the Agency implemented the 
priorities described in subsection (c).
    (f) Authorization of Appropriations.--There are authorized to be 
appropriated $3,000,000,000 to carry out this section, to remain 
available until expended.

   TITLE VIII--PROMOTING AND ADVANCING COMMUNITIES OF COLOR THROUGH 
                           INCLUSIVE LENDING

SEC. 801. SHORT TITLE.

    This title may be cited as the ``Promoting and Advancing 
Communities of Color through Inclusive Lending Act''.

SEC. 802. FINDINGS; SENSE OF CONGRESS.

    (a) Findings.--The Congress finds the following:
            (1) The Coronavirus 2019 (COVID-19) pandemic and the 
        resulting recession have led to--
                    (A) more than 4,800,000 cases and at least 157,000 
                deaths in the United States as of August 6, 2020;
                    (B) a 7.6 percent increase in the unemployment rate 
                from February to June, or approximately 12,000,000 more 
                persons who have lost their job; and
                    (C) an estimated 36 percent of renters and 
                4,100,000 homeowners who are struggling to pay their 
                rent and mortgages.
            (2) According to the Centers for Disease Control and 
        Prevention, ``long-standing systemic health and social 
        inequities have put some members of racial and ethnic minority 
        groups at increased risk of getting COVID-19 or experiencing 
        severe illness''.
            (3) Minority-owned businesses are also facing more 
        difficult economic circumstances than others as a result of the 
        COVID-19 pandemic. In April 2020, the Federal Reserve Bank of 
        New York reported that minority- and women-owned businesses 
        were not only more likely to show signs of limited financial 
        health, but also twice as likely to be classified as ``at 
        risk'' or ``distressed'' than their non-minority counterparts.
            (4) During the Coronavirus 2019 (COVID-19) pandemic, 
        community development financial institutions (in this section 
        referred to as ``CDFIs'') and minority depository institutions 
        (in this section referred to as ``MDIs'') have delivered needed 
        capital and relief to underserved communities, many of which 
        have borne a disproportionate impact of the COVID-19 pandemic. 
        Through August 8, 2020, CDFIs and MDIs have provided more than 
        $16,400,000,000 in loans under the Paycheck Protection Program 
        under section 7(a)(36) of the Small Business Act (15 U.S.C. 
        636(a)(36)) to small businesses with a smaller median loan size 
        of about $74,000 compared to the overall program median loan 
        size of $101,000.
            (5) In addition to establishing relief funds and services 
        for local businesses and individuals experiencing loss of 
        income, CDFIs and MDIs have provided mortgage forbearances, 
        loan deferments, and modifications to help address the needs of 
        their borrowers. CDFIs and MDIs are reaching underserved 
        communities and minority-owned businesses at a critical time.
            (6) The Community Development Financial Institutions Fund 
        (in this section referred to as the ``CDFI Fund'') is an agency 
        of the Department of the Treasury and was established by the 
        Community Development Banking and Financial Institutions Act of 
        1994. The mission of the CDFI Fund is ``to expand economic 
        opportunity for underserved people and communities by 
        supporting the growth and capacity of a national network of 
        community development lenders, investors, and financial service 
        providers''. As of September 15, 2020, there were 1,137 
        certified CDFIs in all 50 States, the District of Columbia, 
        Guam, and the Commonwealth of Puerto Rico.
            (7) Following the 2008 financial crisis and the 
        disproportionate impact the Great Recession had on minority 
        communities, the number of MDIs that are banks fell more than 
        30 percent over the following decade, to 143 as of the second 
        quarter of 2020. Meanwhile, MDIs that are credit unions have 
        seen similar declines, with more than one-third of such 
        institutions disappearing since 2013.
    (b) Sense of Congress.--The following is the sense of the Congress:
            (1) The Department of the Treasury, Board of Governors of 
        the Federal Reserve System, Small Business Administration, 
        Office of the Comptroller of the Currency, Federal Deposit 
        Insurance Corporation, National Credit Union Administration, 
        and other Federal agencies should take steps to support, engage 
        with, and utilize MDIs and CDFIs in the near term, especially 
        as they carry out programs to respond to the COVID-19 pandemic, 
        and the long term.
            (2) The Board of Governors of the Federal Reserve System 
        should, consistent with its mandates, work to increase lending 
        by MDIs and CDFIs to underserved communities, and when 
        appropriate, should work with the Department of the Treasury to 
        increase lending by MDIs and CDFIs to underserved communities.
            (3) The Department of the Treasury and prudential 
        regulators should establish a strategic plan identifying 
        concrete steps that they can take to support existing MDIs, as 
        well as the formation of new MDIs consistent with the goals 
        established in section 308 of the Financial Institutions 
        Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 1463 
        note) to preserve and promote MDIs.
            (4) Congress should increase funding and make other 
        enhancements, including those provided by this legislation, to 
        enhance the effectiveness of the CDFI Fund, especially reforms 
        to support minority-owned and minority led CDFIs in times of 
        crisis and beyond.
            (5) Congress should conduct robust and ongoing oversight of 
        the Department of the Treasury, the CDFI Fund, Federal 
        prudential regulators, the Small Business Administration, and 
        other Federal agencies to ensure they fulfill their obligations 
        under the law as well as implement this title and other laws in 
        a manner that supports and fully utilizes MDIs and community 
        development financial intuitions, as appropriate.
            (6) The investments made by the Secretary of the Treasury 
        under this title and the amendments made by this title should 
        be designed to maximize the benefit to low- and moderate-income 
        and minority communities and contemplate losses to capital of 
        the Treasury.

SEC. 803. PURPOSES.

    The purposes of this title are to--
            (1) establish programs to revitalize and provide long-term 
        financial products and service availability for, and provide 
        investments in, low- and moderate-income and minority 
        communities;
            (2) respond to the unprecedented loss of Black-owned 
        businesses and unemployment; and
            (3) otherwise enhance the stability, safety and soundness 
        of community development financial institutions that support 
        low- and moderate-income and minority communities.

SEC. 804. CONSIDERATIONS; REQUIREMENTS FOR CREDITORS.

    (a) In General.--In exercising the authorities under this title and 
the amendments made by this title, the Secretary of the Treasury shall 
take into consideration--
            (1) increasing the availability of affordable credit for 
        consumers, small businesses, and nonprofit organizations, 
        including for projects supporting affordable housing, 
        community-serving real estate, and other projects, that provide 
        direct benefits to low- and moderate-income communities, low-
        income and underserved individuals, and minorities;
            (2) providing funding to minority-owned or minority-led 
        eligible institutions and other eligible institutions that have 
        a strong track record of serving minority small businesses;
            (3) protecting and increasing jobs in the United States;
            (4) increasing the opportunity for small business, 
        affordable housing, and community development in geographic 
        areas and demographic segments with poverty and high 
        unemployment rates that exceed the average in the United 
        States;
            (5) ensuring that all low- and moderate-income community 
        financial institutions may apply to participate in the programs 
        established under this title and the amendments made by this 
        title, without discrimination based on geography;
            (6) providing transparency with respect to use of funds 
        provided under this title and the amendments made by this 
        title;
            (7) promoting and engaging in financial education to would-
        be borrowers; and
            (8) providing funding to eligible institutions that serve 
        consumers, small businesses, and nonprofit organizations to 
        support affordable housing, community-serving real estate, and 
        other projects that provide direct benefits to low- and 
        moderate-income communities, low-income individuals, and 
        minorities directly affected by the COVID-19 pandemic.
    (b) Requirement for Creditors.--Any creditor participating in a 
program established under this title or the amendments made by this 
title shall fully comply with all applicable statutory and regulatory 
requirements relating to fair lending.

SEC. 805. NEIGHBORHOOD CAPITAL INVESTMENT PROGRAM.

    The Coronavirus Economic Stabilization Act of 2020 (15 U.S.C. 9041 
et seq.) is amended--
            (1) in section 4002 (15 U.S.C. 9041)--
                    (A) by redesignating paragraphs (7) through (10) as 
                paragraphs (9) through (12), respectively; and
                    (B) by inserting after paragraph (6) the following:
            ``(7) Low- and moderate-income community financial 
        institution.--The term `low- and moderate-income community 
        financial institution' means any financial institution that 
        is--
                    ``(A) a community development financial 
                institution, as defined in section 103 of the Community 
                Development Banking and Financial Institutions Act of 
                1994 (12 U.S.C. 4702); or
                    ``(B) a minority depository institution.
            ``(8) Minority depository institution.--The term `minority 
        depository institution' means--
                    ``(A) a depository institution described in section 
                308(b) of the Financial Institutions Reform, Recovery, 
                and Enforcement Act of 1989 (12 U.S.C. 1463 note);
                    ``(B) an entity considered to be a minority 
                depository institution by--
                            ``(i) the appropriate Federal banking 
                        agency (as defined under section 3 of the 
                        Federal Deposit Insurance Act (12 U.S.C. 
                        1813)); or
                            ``(ii) the National Credit Union 
                        Administration, in the case of an insured 
                        credit union, as defined in section 101 of the 
                        Federal Credit Union Act (12 U.S.C. 1752); and
                    ``(C) an entity listed in the Minority Depository 
                Institutions List published by the Federal Deposit 
                Insurance Corporation for the Second Quarter 2020.''; 
                and
            (2) in section 4003 (15 U.S.C. 9042), by adding at the end 
        the following:
    ``(i) Neighborhood Capital Investment Program.--
            ``(1) Definitions.--In this subsection--
                    ``(A) the terms `community development financial 
                institution', `insured community development financial 
                institution', and `minority lending institution' have 
                the meanings given such terms in section 103 of the 
                Community Development Banking and Financial 
                Institutions Act of 1994 (12 U.S.C. 4702);
                    ``(B) the term `Fund' means the Community 
                Development Financial Institutions Fund established 
                under section 104(a) of the Community Development 
                Banking and Financial Institutions Act of 1994 (12 
                U.S.C. 4703(a));
                    ``(C) the term `minority' means any Black American, 
                Native American, Hispanic American, or Asian American;
                    ``(D) the term `Program' means the Neighborhood 
                Capital Investment Program established under paragraph 
                (2); and
                    ``(E) the term `Secretary' means the Secretary of 
                the Treasury.
            ``(2) Establishment.--The Secretary shall establish a 
        Neighborhood Capital Investment Program to support the efforts 
        of low- and moderate-income community financial institutions 
        to, among other things, provide loans and forbearances to small 
        businesses, minority-owned businesses, and consumers, 
        especially in low-income and underserved communities, by 
        providing direct capital investments in low- and moderate-
        income community financial institutions.
            ``(3) Application.--
                    ``(A) Acceptance.--The Secretary shall begin 
                accepting applications for capital investments under 
                the Program not later than the end of the 30-day period 
                beginning on the date of enactment of this subsection, 
                with priority in distribution given to low- and 
                moderate-income community financial institutions that 
                are minority lending institutions.
                    ``(B) Requirement to provide a neighborhood 
                investment lending plan.--
                            ``(i) In general.--At the time that an 
                        applicant submits an application to the 
                        Secretary for a capital investment under the 
                        Program, the applicant shall provide the 
                        Secretary, along with the appropriate Federal 
                        banking agency, an investment and lending plan 
                        that--
                                    ``(I) demonstrates that not less 
                                than 30 percent of the lending of the 
                                applicant over the past 2 fiscal years 
                                was made directly to low- and moderate 
                                income borrowers, to borrowers that 
                                create direct benefits for low- and 
                                moderate-income populations, to other 
                                targeted populations as defined by the 
                                Fund, or any combination thereof, as 
                                measured by the total number and dollar 
                                amount of loans;
                                    ``(II) describes how the business 
                                strategy and operating goals of the 
                                applicant will address community 
                                development needs, including the needs 
                                of small businesses, consumers, 
                                nonprofit organizations, community 
                                development, and other projects 
                                providing direct benefits to low- and 
                                moderate-income communities, low-income 
                                individuals, and minorities within the 
                                minority, rural, and urban low-income 
                                and underserved areas served by the 
                                applicant;
                                    ``(III) includes a plan to provide 
                                linguistically and culturally 
                                appropriate outreach, where 
                                appropriate;
                                    ``(IV) includes an attestation by 
                                the applicant that the applicant does 
                                not own, service, or offer any 
                                financial products at an annual 
                                percentage rate of more than 36 percent 
                                interest, as defined in section 
                                987(i)(4) of title 10, United States 
                                Code, and is compliant with State 
                                interest rate laws; and
                                    ``(V) includes details on how the 
                                applicant plans to expand or maintain 
                                significant lending or investment 
                                activity in low- or moderate-income 
                                minority communities, to historically 
                                disadvantaged borrowers, and to 
                                minorities that have significant unmet 
                                capital or financial services needs.
                            ``(ii) Community development loan funds.--
                        An applicant that is not an insured community 
                        development financial institution or otherwise 
                        regulated by a Federal financial regulator 
                        shall submit the plan described in clause (i) 
                        only to the Secretary.
                            ``(iii) Documentation.--In the case of an 
                        applicant that is certified as a community 
                        development financial institution as of the 
                        date of enactment of this subsection, for 
                        purposes of clause (i)(I), the Secretary may 
                        rely on documentation submitted the Fund as 
                        part of certification compliance reporting.
            ``(4) Incentives to increase lending and provide affordable 
        credit.--
                    ``(A) Requirements on preferred stock and other 
                financial instrument.--Any financial instrument issued 
                to the Secretary by a low- and moderate-income 
                community financial institution under the Program shall 
                comply with the following requirements:
                            ``(i) No dividend, interest or other 
                        payment shall exceed 2 percent per annum.
                            ``(ii) After the first 24 months after the 
                        date of the capital investment under the 
                        Program, annual payments may be required, as 
                        determined by the Secretary and in accordance 
                        with this section, and be adjusted downward 
                        based on the amount of affordable credit 
                        provided by the low- and moderate-income 
                        community financial institution to borrowers in 
                        minority, rural, and urban low-income and 
                        underserved communities.
                            ``(iii) During any calendar quarter after 
                        the initial 24-month period referred to in 
                        clause (ii), the annual payment rate of a low- 
                        and moderate-income community financial 
                        institution shall be adjusted downward to 
                        reflect the following schedule, based on 
                        lending by the institution relative to the 
                        baseline period:
                                    ``(I) If the institution in the 
                                most recent annual period prior to the 
                                investment provides significant lending 
                                or investment activity in low- or 
                                moderate-income minority communities, 
                                historically disadvantaged borrowers, 
                                and to minorities that have significant 
                                unmet capital or financial services, 
                                the annual payment rate shall not 
                                exceed 0.5 percent per annum.
                                    ``(II) If the amount of lending 
                                within minority, rural, and urban low-
                                income and underserved communities and 
                                to low- and moderate-income borrowers 
                                has increased dollar for dollar based 
                                on the amount of the capital 
                                investment, the annual payment rate 
                                shall not exceed 1 percent per annum.
                                    ``(III) If the amount of lending 
                                within minority, rural, and urban low-
                                income and underserved communities and 
                                to low- and moderate-income borrowers 
                                has increased by twice the amount of 
                                the capital investment, the annual 
                                payment rate shall not exceed 0.5 
                                percent per annum.
                    ``(B) Contingency of payments based on certain 
                financial criteria.--
                            ``(i) Deferral.--Any annual payments under 
                        this subsection shall be deferred in any 
                        quarter or payment period if any of the 
                        following occur:
                                    ``(I) The low- and moderate-income 
                                community institution fails to meet the 
                                Tier 1 capital ratio or similar ratio 
                                as determined by the Secretary.
                                    ``(II) The low- and moderate-income 
                                community financial institution fails 
                                to achieve positive net income for the 
                                quarter or payment period.
                                    ``(III) The low- and moderate-
                                income community financial institution 
                                determines that the payment would be 
                                detrimental to the financial health of 
                                the institution.
                            ``(ii) Testing during next payment 
                        period.--Any deferred annual payment under this 
                        subsection shall--
                                    ``(I) be tested against the metrics 
                                described in clause (i) at the 
                                beginning of the next payment period; 
                                and
                                    ``(II) continue to be deferred 
                                until the metrics described in that 
                                clause are no longer applicable.
            ``(5) Restrictions.--
                    ``(A) In general.--Each low- and moderate-income 
                community financial institution may only issue 
                financial instruments or senior preferred stock under 
                this subsection with an aggregate principal amount that 
                is--
                            ``(i) not more than 15 percent of risk-
                        weighted assets for an institution with assets 
                        of more than $2,000,000,000;
                            ``(ii) not more than 25 percent of risk-
                        weighted assets for an institution with assets 
                        of not less than $500,000,000 and not more than 
                        $2,000,000,000; and
                            ``(iii) not more than 30 percent of risk-
                        weighted assets for an institution with assets 
                        of less than $500,000,000.
                    ``(B) Holding of instruments.--Holding any 
                instrument of a low- and moderate-income community 
                financial institution described in subparagraph (A) 
                shall not give the Secretary or any successor that owns 
                the instrument any rights over the management of the 
                institution.
                    ``(C) Sale of interest.--With respect to a capital 
                investment made into a low- and moderate-income 
                community financial institution under this subsection, 
                the Secretary--
                            ``(i) except as provided in clause (iv), 
                        during the 10-year period beginning on the date 
                        of the investment, may not sell the interest of 
                        the Secretary in the capital investment to a 
                        third party;
                            ``(ii) shall provide the low- and moderate-
                        income community financial institution a right 
                        of first refusal to buy back the investment 
                        under terms that do not exceed a value as 
                        determined by an independent third party;
                            ``(iii) may not sell more than a 5 percent 
                        ownership interest in the capital investment to 
                        a single third party; and
                            ``(iv) with the permission of the 
                        institution, may gift or sell the interest of 
                        the Secretary in the capital investment for a 
                        de minimis amount to a mission aligned 
                        nonprofit affiliate of an applicant that is an 
                        insured community development financial 
                        institution.
                            ``(v) Calculation of ownership for minority 
                        depository institutions.--The calculation and 
                        determination of ownership thresholds for a 
                        depository institution to qualify as a minority 
                        depository institution shall exclude any 
                        dilutive effect of equity investments by the 
                        Federal Government, including under the Program 
                        or through the Fund.
            ``(6) Available amounts.--In carrying out the Program, the 
        Secretary shall use not more than $13,000,000,000, from amounts 
        appropriated under section 4027, and shall use not less than 
        $7,000,000,000 of such amount for direct capital investments 
        under the Program.
            ``(7) Treatment of capital investments.--In making any 
        capital investment under the Program, the Secretary shall 
        ensure that the terms of the investment are designed to ensure 
        the investment receives Tier 1 capital treatment.
            ``(8) Outreach to minorities.--The Secretary shall require 
        low- and moderate-income community financial institutions 
        receiving capital investments under the Program to provide 
        linguistically and culturally appropriate outreach and 
        advertising describing the availability and application process 
        of receiving loans made possible by the Program through 
        organizations, trade associations, and individuals that 
        represent or work within or are members of minority 
        communities.
            ``(9) Restrictions.--
                    ``(A) In general.--Not later than the end of the 
                30-day period beginning on the date of enactment of 
                this subsection, the Secretary shall issue rules 
                setting restrictions on executive compensation, share 
                buybacks, and dividend payments for recipients of 
                capital investments under the Program.
                    ``(B) Rule of construction.--The provisions of 
                section 4019 apply to investments made under the 
                Program.
            ``(10) Termination of investment authority.--The authority 
        to make capital investments in low- and moderate-income 
        community financial institutions, including commitments to 
        purchase preferred stock or other instruments, provided under 
        the Program shall terminate on the date that is 36 months after 
        the date of enactment of this subsection.
            ``(11) Collection of data.--Notwithstanding the Equal 
        Credit Opportunity Act (15 U.S.C. 1691 et seq.)--
                    ``(A) any low- and moderate-income community 
                financial institution may collect data described in 
                section 701(a)(1) of that Act (15 U.S.C. 1691(a)(1)) 
                from borrowers and applicants for credit for the 
                purpose of monitoring compliance under the plan 
                required under paragraph (4)(B); and
                    ``(B) a low- and moderate-income community 
                financial institution that collects the data described 
                in subparagraph (A) shall not be subject to adverse 
                action related to that collection by the Bureau of 
                Consumer Financial Protection or any other Federal 
                agency.
            ``(12) Deposit of funds.--All funds received by the 
        Secretary in connection with purchases made pursuant this 
        subsection, including interest payments, dividend payments, and 
        proceeds from the sale of any financial instrument, shall be 
        deposited into the Fund and used to provide financial and 
        technical assistance pursuant to section 108 of the Community 
        Development and Banking and Financial Institutions Act of 1994 
        (12 U.S.C. 4707), except that subsection (e) of that section 
        shall be waived.
            ``(13) Equity equivalent investment option.--
                    ``(A) In general.--The Secretary shall establish an 
                Equity Equivalent Investment Option, under which, with 
                respect to a specific investment in a low- and 
                moderate-income community financial institution--
                            ``(i) 80 percent of such investment is made 
                        by the Secretary under the Program; and
                            ``(ii) 20 percent of such investment if 
                        made by a banking institution.
                    ``(B) Requirement to follow similar terms and 
                conditions.--The terms and conditions applicable to 
                investments made by the Secretary under the Program 
                shall apply to any investment made by a banking 
                institution under this paragraph.
                    ``(C) Limitations.--The amount of a specific 
                investment described under subparagraph (A) may not 
                exceed $10,000,000, but the receipt of an investment 
                under subparagraph (A) shall not preclude the recipient 
                from being eligible for other assistance under the 
                Program.
                    ``(D) Banking institution defined.--In this 
                paragraph, the term `banking institution' means any 
                entity with respect to which there is an appropriate 
                Federal banking agency under section 3 of the Federal 
                Deposit Insurance Act (12 U.S.C. 1813).
    ``(j) Application of the Military Lending Act.--
            ``(1) In general.--No low- and moderate-income community 
        financial institution that receives an equity investment under 
        subsection (i) shall, for so long as the investment or 
        participation continues, make any loan at an annualized 
        percentage rate above 36 percent, as determined in accordance 
        with section 987(b) of title 10, United States Code (commonly 
        known as the `Military Lending Act)'.
            ``(2) No exemptions permitted.--The exemption authority of 
        the Bureau of Consumer Financial Protection under section 
        105(f) of the Truth in Lending Act (15 U.S.C. 1604(f)) shall 
        not apply with respect to this subsection.''.

SEC. 806. EMERGENCY SUPPORT FOR CDFIS AND COMMUNITIES.

    (a) Authorization of Appropriations.--There is authorized to be 
appropriated to the Fund $2,000,000,000 for fiscal year 2021, for 
providing financial assistance and technical assistance under 
subparagraphs (A) and (B) of section 108(a)(1) of the Community 
Development Banking and Financial Institutions Act of 1994 (12 U.S.C. 
4707(a)(1)), except that subsections (d) and (e) of such section 108 
shall not apply to the provision of such assistance, for the Bank 
Enterprise Award program, and for financial assistance, technical 
assistance, training, and outreach programs designed to benefit Native 
American, Native Hawaiian, and Alaska Native communities and provided 
primarily through qualified community development lender organizations 
with experience and expertise in community development banking and 
lending in Indian country, Native American organizations, Tribes and 
Tribal organizations, and other suitable providers.
    (b) Set Asides.--Of the amounts appropriated pursuant to the 
authorization under subsection (a), the following amounts shall be set 
aside:
            (1) Up to $400,000,000, to remain available until expended, 
        to provide grants to CDFIs--
                    (A) to expand lending or investment activity in 
                low- or moderate-income minority communities and to 
                minorities that have significant unmet capital or 
                financial services needs, of which not less than 
                $10,000,000 may be for grants to benefit Native 
                American, Native Hawaiian, and Alaska Native 
                communities; and
                    (B) using a formula that takes into account 
                criteria such as certification status, financial and 
                compliance performance, portfolio and balance sheet 
                strength, a diversity of CDFI business model types, and 
                program capacity, as well as experience making loans 
                and investments to those areas and populations 
                identified in this paragraph.
            (2) Up to $160,000,000, to remain available until expended, 
        for technical assistance, technology, and training under 
        sections 108(a)(1)(B) and 109, respectively, of the Community 
        Development Banking and Financial Institutions Act of 1994 (12 
        U.S.C. 4707(a)(1)(B), 4708), with a preference for minority 
        lending institutions.
            (3) Up to $800,000,000, to remain available until expended, 
        shall be for providing financial assistance, technical 
        assistance, awards, training, and outreach programs described 
        under subsection (a) to recipients that are minority lending 
        institutions.
    (c) Administrative Expenses.--Funds appropriated pursuant to the 
authorization under subsection (a) may be used for administrative 
expenses, including administration of Fund programs and the New Markets 
Tax Credit Program under section 45D of the Internal Revenue Code of 
1986.
    (d) Definitions.--In this section:
            (1) CDFI.--The term ``CDFI'' means a community development 
        financial institution, as defined in section 103 of the 
        Community Development Banking and Financial Institutions Act of 
        1994 (12 U.S.C. 4702).
            (2) Fund.--The term ``Fund'' means the Community 
        Development Financial Institutions Fund established under 
        section 104(a) of the Community Development Banking and 
        Financial Institutions Act of 1994 (12 U.S.C. 4703(a)).
            (3) Minority; minority lending institution.--The terms 
        ``minority'' and ``minority lending institution'' have the 
        meanings given those terms under section 103 of the Community 
        Development Banking and Financial Institutions Act of 1994 (12 
        U.S.C. 4702), as amended by section 809 of this Act.

SEC. 807. ENSURING DIVERSITY IN COMMUNITY BANKING.

    (a) Sense of Congress on Funding the Loan-Loss Reserve Fund for 
Small Dollar Loans.--The sense of Congress is the following:
            (1) The Community Development Financial Institutions Fund 
        (in this subsection referred to as the ``CDFI Fund'') is an 
        agency of the Department of the Treasury, and was established 
        by the Community Development Banking and Financial Institutions 
        of 1994. The mission of the CDFI Fund is ``to expand economic 
        opportunity for underserved people and communities by 
        supporting the growth and capacity of a national network of 
        community development lenders, investors, and financial service 
        providers''. A community development financial institution (in 
        this subsection referred to as a ``CDFI'') is a specialized 
        financial institution serving low-income communities and a 
        Community Development Entity (in this subsection referred to as 
        a ``CDE'') is a domestic corporation or partnership that is an 
        intermediary vehicle for the provision of loans, investments, 
        or financial counseling in low-income communities. The CDFI 
        Fund certifies CDFIs and CDEs. Becoming a certified CDFI or CDE 
        allows organizations to participate in various CDFI Fund 
        programs as follows:
                    (A) The Bank Enterprise Award Program, which 
                provides FDIC-insured depository institutions awards 
                for a demonstrated increase in lending and investments 
                in distressed communities and CDFIs.
                    (B) The CDFI Program, which provides Financial and 
                Technical Assistance awards to CDFIs to reinvest in the 
                CDFI, and to build the capacity of the CDFI, including 
                financing product development and loan loss reserves.
                    (C) The Native American CDFI Assistance Program, 
                which provides CDFIs and sponsoring entities Financial 
                and Technical Assistance awards to increase lending and 
                grow the number of CDFIs owned by Native Americans to 
                help build capacity of such CDFIs.
                    (D) The New Market Tax Credit Program, which 
                provides tax credits for making equity investments in 
                CDEs that stimulate capital investments in low-income 
                communities.
                    (E) The Capital Magnet Fund, which provides awards 
                to CDFIs and nonprofit affordable housing organizations 
                to finance affordable housing solutions and related 
                economic development activities.
                    (F) The Bond Guarantee Program, a source of long-
                term, patient capital for CDFIs to expand lending and 
                investment capacity for community and economic 
                development purposes.
            (2) The Department of the Treasury is authorized to create 
        multi-year grant programs designed to encourage low-to-moderate 
        income individuals to establish accounts at federally insured 
        banks, and to improve low-to-moderate income individuals' 
        access to such accounts on reasonable terms.
            (3) Under this authority, grants to participants in CDFI 
        Fund programs may be used for loan-loss reserves and to 
        establish small-dollar loan programs by subsidizing related 
        losses. These grants also allow for the providing recipients 
        with the financial counseling and education necessary to 
        conduct transactions and manage their accounts. These loans 
        provide low-cost alternatives to payday loans and other 
        nontraditional forms of financing that often impose excessive 
        interest rates and fees on borrowers, and lead millions of 
        Americans to fall into debt traps. Small-dollar loans can only 
        be made pursuant to terms, conditions, and practices that are 
        reasonable for the individual consumer obtaining the loan.
            (4) Program participation is restricted to eligible 
        institutions, which are limited to organizations listed in 
        section 501(c)(3) of the Internal Revenue Code of 1986 and 
        exempt from tax under 501(a) of such Code, federally insured 
        depository institutions, community development financial 
        institutions and State, local, or Tribal government entities.
            (5) Since its founding, the CDFI Fund has awarded over 
        $3,300,000,000 to CDFIs and CDEs and has allocated 
        $54,000,000,000 in tax credits and $1,510,000,000 in bond 
        guarantees. According to the CDFI Fund, some programs attract 
        as much as $10 in private capital for every $1 invested by the 
        CDFI Fund. The Administration and the Congress should 
        prioritize appropriation of funds for the loan loss reserve 
        fund and technical assistance programs administered by the 
        Community Development Financial Institution Fund.
    (b) Definitions.--In this section:
            (1) Community development financial institution.--The term 
        ``community development financial institution'' has the meaning 
        given under section 103 of the Community Development Banking 
        and Financial Institutions Act of 1994 (12 U.S.C. 4702).
            (2) Minority depository institution.--The term ``minority 
        depository institution'' has the meaning given under section 
        308 of the Financial Institutions Reform, Recovery, and 
        Enforcement Act of 1989 (12 U.S.C. 1463 note).
    (c) Establishment of Impact Bank Designation.--
            (1) In general.--Each Federal banking agency shall 
        establish a program under which a depository institution with 
        total consolidated assets of less than $10,000,000,000 may 
        elect to be designated as an impact bank if the total dollar 
        value of the loans extended by such depository institution to 
        low-income borrowers is greater than or equal to 50 percent of 
        the assets of such bank.
            (2) Notification of eligibility.--Based on data obtained 
        through examinations of depository institutions, the 
        appropriate Federal banking agency shall notify a depository 
        institution if the institution is eligible to be designated as 
        an impact bank.
            (3) Application.--Regardless of whether or not it has 
        received a notice of eligibility under paragraph (2), a 
        depository institution may submit an application to the 
        appropriate Federal banking agency--
                    (A) requesting to be designated as an impact bank; 
                and
                    (B) demonstrating that the depository institution 
                meets the applicable qualifications.
            (4) Limitation on additional data requirements.--The 
        Federal banking agencies may only impose additional data 
        collection requirements on a depository institution under this 
        subsection if such data is--
                    (A) necessary to process an application submitted 
                by the depository institution to be designated an 
                impact bank; or
                    (B) with respect to a depository institution that 
                is designated as an impact bank, necessary to ensure 
                the depository institution's ongoing qualifications to 
                maintain such designation.
            (5) Removal of designation.--If the appropriate Federal 
        banking agency determines that a depository institution 
        designated as an impact bank no longer meets the criteria for 
        such designation, the appropriate Federal banking agency shall 
        rescind the designation and notify the depository institution 
        of such rescission.
            (6) Reconsideration of designation; appeals.--Under such 
        procedures as the Federal banking agencies may establish, a 
        depository institution may--
                    (A) submit to the appropriate Federal banking 
                agency a request to reconsider a determination that 
                such depository institution no longer meets the 
                criteria for the designation; or
                    (B) file an appeal of such determination.
            (7) Rulemaking.--Not later than 1 year after the date of 
        the enactment of this Act, the Federal banking agencies shall 
        jointly issue rules to carry out the requirements of this 
        subsection, including by providing a definition of a low-income 
        borrower.
            (8) Reports.--Each Federal banking agency shall submit an 
        annual report to the Congress containing a description of 
        actions taken to carry out this subsection.
            (9) Federal deposit insurance act definitions.--In this 
        subsection, the terms ``depository institution'', ``appropriate 
        Federal banking agency'', and ``Federal banking agency'' have 
        the meanings given such terms, respectively, in section 3 of 
        the Federal Deposit Insurance Act (12 U.S.C. 1813).
    (d) Minority Depositories Advisory Committees.--
            (1) Establishment.--Each covered regulator shall establish 
        an advisory committee to be called the ``Minority Depositories 
        Advisory Committee''.
            (2) Duties.--Each Minority Depositories Advisory Committee 
        shall provide advice to the respective covered regulator on 
        meeting the goals established by section 308 of the Financial 
        Institutions Reform, Recovery, and Enforcement Act of 1989 (12 
        U.S.C. 1463 note) to preserve the present number of covered 
        minority institutions, preserve the minority character of 
        minority-owned institutions in cases involving mergers or 
        acquisitions, provide technical assistance, and encourage the 
        creation of new covered minority institutions. The scope of the 
        work of each such Minority Depositories Advisory Committee 
        shall include an assessment of the current condition of covered 
        minority institutions, what regulatory changes or other steps 
        the respective agencies may be able to take to fulfill the 
        requirements of such section 308, and other issues of concern 
        to covered minority institutions.
            (3) Membership.--
                    (A) In general.--Each Minority Depositories 
                Advisory Committee shall consist of no more than 10 
                members, who--
                            (i) shall serve for one two-year term;
                            (ii) shall serve as a representative of a 
                        depository institution or an insured credit 
                        union with respect to which the respective 
                        covered regulator is the covered regulator of 
                        such depository institution or insured credit 
                        union; and
                            (iii) shall not receive pay by reason of 
                        their service on the advisory committee, but 
                        may receive travel or transportation expenses 
                        in accordance with section 5703 of title 5, 
                        United States Code.
                    (B) Diversity.--To the extent practicable, each 
                covered regulator shall ensure that the members of the 
                Minority Depositories Advisory Committee of such agency 
                reflect the diversity of covered minority institutions.
            (4) Meetings.--
                    (A) In general.--Each Minority Depositories 
                Advisory Committee shall meet not less frequently than 
                twice each year.
                    (B) Notice and invitations.--Each Minority 
                Depositories Advisory Committee shall--
                            (i) notify the Committee on Financial 
                        Services of the House of Representatives and 
                        the Committee on Banking, Housing, and Urban 
                        Affairs of the Senate in advance of each 
                        meeting of the Minority Depositories Advisory 
                        Committee; and
                            (ii) invite the attendance at each meeting 
                        of the Minority Depositories Advisory Committee 
                        of--
                                    (I) one member of the majority 
                                party and one member of the minority 
                                party of the Committee on Financial 
                                Services of the House of 
                                Representatives and the Committee on 
                                Banking, Housing, and Urban Affairs of 
                                the Senate; and
                                    (II) one member of the majority 
                                party and one member of the minority 
                                party of any relevant subcommittees of 
                                such committees.
            (5) No termination of advisory committees.--The termination 
        requirements under section 14 of the Federal Advisory Committee 
        Act (5 U.S.C. App.) shall not apply to a Minority Depositories 
        Advisory Committee established pursuant to this subsection.
            (6) Definitions.--In this subsection:
                    (A) Covered regulator.--The term ``covered 
                regulator'' means the Comptroller of the Currency, the 
                Board of Governors of the Federal Reserve System, the 
                Federal Deposit Insurance Corporation, and the National 
                Credit Union Administration.
                    (B) Covered minority institution.--The term 
                ``covered minority institution'' means a minority 
                depository institution (as defined in section 308(b) of 
                the Financial Institutions Reform, Recovery, and 
                Enforcement Act of 1989 (12 U.S.C. 1463 note)).
                    (C) Depository institution.--The term ``depository 
                institution'' has the meaning given that term in 
                section 3 of the Federal Deposit Insurance Act (12 
                U.S.C. 1813).
                    (D) Insured credit union.--The term ``insured 
                credit union'' has the meaning given that term in 
                section 101 of the Federal Credit Union Act (12 U.S.C. 
                1752).
            (7) Technical amendment.--Section 308(b) of the Financial 
        Institutions Reform, Recovery, and Enforcement Act of 1989 (12 
        U.S.C. 1463 note) is amended by adding at the end the following 
        new paragraph:
            ``(3) Depository institution.--The term `depository 
        institution' means an `insured depository institution' (as 
        defined in section 3 of the Federal Deposit Insurance Act (12 
        U.S.C. 1813)) and an insured credit union (as defined in 
        section 101 of the Federal Credit Union Act (12 U.S.C. 
        1752)).''.
    (e) Federal Deposits in Minority Depository Institutions.--
            (1) In general.--Section 308 of the Financial Institutions 
        Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 1463 
        note) is amended--
                    (A) by adding at the end the following new 
                subsection:
    ``(d) Federal Deposits.--The Secretary of the Treasury shall ensure 
that deposits made by Federal agencies in minority depository 
institutions and impact banks are collateralized or insured, as 
determined by the Secretary. Such deposits shall include reciprocal 
deposits as defined in section 337.6(e)(2)(v) of title 12, Code of 
Federal Regulations (as in effect on March 6, 2019).''; and
                    (B) in subsection (b), as amended by subsection 
                (d)(7) of this section, by adding at the end the 
                following new paragraph:
            ``(4) Impact bank.--The term `impact bank' means a 
        depository institution designated by the appropriate Federal 
        banking agency pursuant to section 807(c) of the Promoting and 
        Advancing Communities of Color through Inclusive Lending 
        Act.''.
            (2) Technical amendments.--Section 308(b) of the Financial 
        Institutions Reform, Recovery, and Enforcement Act of 1989 (12 
        U.S.C. 1463 note) is amended--
                    (A) in the matter preceding paragraph (1), by 
                striking ``section--'' and inserting ``section:''; and
                    (B) in the paragraph heading for paragraph (1), by 
                striking ``financial'' and inserting ``depository''.
    (f) Minority Bank Deposit Program.--
            (1) In general.--Section 1204 of the Financial Institutions 
        Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 1811 
        note) is amended to read as follows:

``SEC. 1204. EXPANSION OF USE OF MINORITY DEPOSITORY INSTITUTIONS.

    ``(a) Minority Bank Deposit Program.--
            ``(1) Establishment.--There is established a program to be 
        known as the `Minority Bank Deposit Program' to expand the use 
        of minority depository institutions.
            ``(2) Administration.--The Secretary of the Treasury, 
        acting through the Bureau of the Fiscal Service, shall--
                    ``(A) on application by a depository institution or 
                credit union, certify whether such depository 
                institution or credit union is a minority depository 
                institution;
                    ``(B) maintain and publish a list of all depository 
                institutions and credit unions that have been certified 
                pursuant to subparagraph (A); and
                    ``(C) periodically distribute the list described in 
                subparagraph (B) to--
                            ``(i) all Federal departments and agencies;
                            ``(ii) interested State and local 
                        governments; and
                            ``(iii) interested private sector 
                        companies.
            ``(3) Inclusion of certain entities on list.--A depository 
        institution or credit union that, on the date of the enactment 
        of the Promoting and Advancing Communities of Color through 
        Inclusive Lending Act, has a current certification from the 
        Secretary of the Treasury stating that such depository 
        institution or credit union is a minority depository 
        institution shall be included on the list described under 
        paragraph (2)(B).
    ``(b) Expanded Use Among Federal Departments and Agencies.--
            ``(1) In general.--Not later than 1 year after the 
        establishment of the program described in subsection (a), the 
        head of each Federal department or agency shall develop and 
        implement standards and procedures to prioritize, to the 
        maximum extent possible as permitted by law and consistent with 
        principles of sound financial management, the use of minority 
        depository institutions to hold the deposits of each such 
        department or agency.
            ``(2) Report to congress.--Not later than 2 years after the 
        establishment of the program described in subsection (a), and 
        annually thereafter, the head of each Federal department or 
        agency shall submit to Congress a report on the actions taken 
        to increase the use of minority depository institutions to hold 
        the deposits of each such department or agency.
    ``(c) Definitions.--For purposes of this section:
            ``(1) Credit union.--The term `credit union' has the 
        meaning given the term `insured credit union' in section 101 of 
        the Federal Credit Union Act (12 U.S.C. 1752).
            ``(2) Depository institution.--The term `depository 
        institution' has the meaning given that term in section 3 of 
        the Federal Deposit Insurance Act (12 U.S.C. 1813).
            ``(3) Minority depository institution.--The term `minority 
        depository institution' has the meaning given that term under 
        section 308 of this Act.''.
            (2) Conforming amendments.--The following provisions are 
        amended by inserting ``, as in effect on the day before the 
        date of enactment of the Promoting and Advancing Communities of 
        Color through Inclusive Lending Act'' after ``section 
        1204(c)(3) of the Financial Institutions Reform, Recovery, and 
        Enforcement Act of 1989'':
                    (A) Section 808(b)(3) of the Community Reinvestment 
                Act of 1977 (12 U.S.C. 2907(b)(3)).
                    (B) Section 40(g)(1)(B) of the Federal Deposit 
                Insurance Act (12 U.S.C. 1831q(g)(1)(B)).
                    (C) Section 704B(h)(4) of the Equal Credit 
                Opportunity Act (15 U.S.C. 1691c-2(h)(4)).
    (g) Diversity Report and Best Practices.--
            (1) Annual report.--Each covered regulator shall submit to 
        Congress an annual report on diversity including the following:
                    (A) Data, based on voluntary self-identification, 
                on the racial, ethnic, and gender composition of the 
                examiners of each covered regulator, disaggregated by 
                length of time served as an examiner.
                    (B) The status of any examiners of covered 
                regulators, based on voluntary self-identification, as 
                a veteran.
                    (C) Whether any covered regulator, as of the date 
                on which the report required under this section is 
                submitted, has adopted a policy, plan, or strategy to 
                promote racial, ethnic, and gender diversity among 
                examiners of the covered regulator.
                    (D) Whether any special training is developed and 
                provided for examiners related specifically to working 
                with depository institutions and credit unions that 
                serve communities that are predominantly minorities, 
                low income, or rural, and the key focus of such 
                training.
            (2) Best practices.--Each Office of Minority and Women 
        Inclusion of a covered regulator shall develop, provide to the 
        head of the covered regulator, and make publicly available best 
        practices--
                    (A) for increasing the diversity of candidates 
                applying for examiner positions, including through 
                outreach efforts to recruit diverse candidates to apply 
                for entry-level examiner positions; and
                    (B) for retaining and providing fair consideration 
                for promotions within the examiner staff for purposes 
                of achieving diversity among examiners.
            (3) Covered regulator defined.--In this subsection, the 
        term ``covered regulator'' means the Comptroller of the 
        Currency, the Board of Governors of the Federal Reserve System, 
        the Federal Deposit Insurance Corporation, and the National 
        Credit Union Administration.
    (h) Investments in Minority Depository Institutions and Impact 
Banks.--
            (1) Control for certain institutions.--Section 7(j)(8)(B) 
        of the Federal Deposit Insurance Act (12 U.S.C. 1817(j)(8)(B)) 
        is amended to read as follows:
            ``(B) `control' means the power, directly or indirectly--
                    ``(i) to direct the management or policies of an 
                insured depository institution; or
                    ``(ii)(I) to vote 25 per centum or more of any 
                class of voting securities of an insured depository 
                institution; or
                    ``(II) with respect to an insured depository 
                institution that is an impact bank (as designated 
                pursuant to section 807(c) of the Promoting and 
                Advancing Communities of Color through Inclusive 
                Lending Act) or a minority depository institution (as 
                defined in section 308(b) of the Financial Institutions 
                Reform, Recovery, and Enforcement Act of 1989 (12 
                U.S.C. 1463 note)), of an individual to vote 30 percent 
                or more of any class of voting securities of such an 
                impact bank or a minority depository institution.''.
            (2) Rulemaking.--The Federal banking agencies (as defined 
        in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 
        1813)) shall jointly issue rules for de novo minority 
        depository institutions to allow 3 years to meet the capital 
        requirements otherwise applicable to minority depository 
        institutions (as defined in section 308(b) of the Financial 
        Institutions Reform, Recovery, and Enforcement Act of 1989 (12 
        U.S.C. 1463 note)).
            (3) Report.--Not later than 1 year after the date of the 
        enactment of this Act, the Federal banking agencies shall 
        jointly submit to Congress a report on--
                    (A) the principal causes for the low number of de 
                novo minority depository institutions during the 10-
                year period preceding the date of the report;
                    (B) the main challenges to the creation of de novo 
                minority depository institutions; and
                    (C) regulatory and legislative considerations to 
                promote the establishment of de novo minority 
                depository institutions.
    (i) Report on Covered Mentor-Protege Programs.--
            (1) Report.--Not later than 6 months after the date of the 
        enactment of this Act and annually thereafter, the Secretary of 
        the Treasury shall submit to Congress a report on participants 
        in a covered mentor-protege program, including--
                    (A) an analysis of outcomes of such program;
                    (B) the number of minority depository institutions 
                that are eligible to participate in such program but do 
                not have large financial institution mentors; and
                    (C) recommendations for how to match such minority 
                depository institutions with large financial 
                institution mentors.
            (2) Definitions.--In this subsection:
                    (A) Covered mentor-protege program.--The term 
                ``covered mentor-protege program'' means a mentor-
                protege program established by the Secretary of the 
                Treasury pursuant to section 45 of the Small Business 
                Act (15 U.S.C. 657r).
                    (B) Large financial institution.--The term ``large 
                financial institution'' means any entity--
                            (i) regulated by the Comptroller of the 
                        Currency, the Board of Governors of the Federal 
                        Reserve System, the Federal Deposit Insurance 
                        Corporation, or the National Credit Union 
                        Administration; and
                            (ii) that has total consolidated assets 
                        greater than or equal to $50,000,000,000.
                    (C) Minority depository institution.--The term 
                ``minority depository institution'' has the meaning 
                given the term in section 308(b) of the Financial 
                Institutions Reform, Recovery, and Enforcement Act of 
                1989 (12 U.S.C. 1463 note).
    (j) Custodial Deposit Program for Covered Minority Depository 
Institutions and Impact Banks.--
            (1) In general.--Not later than 1 year after the date of 
        the enactment of this Act, the Secretary of the Treasury shall 
        issue rules establishing a custodial deposit program under 
        which a covered bank may receive deposits from a qualifying 
        account.
            (2) Requirements.--In issuing rules under paragraph (1), 
        the Secretary of the Treasury shall--
                    (A) consult with the Federal banking agencies;
                    (B) ensure each covered bank participating in the 
                program established under this subsection--
                            (i) has appropriate policies relating to 
                        management of assets, including measures to 
                        ensure the safety and soundness of each such 
                        covered bank; and
                            (ii) is compliant with applicable law; and
                    (C) ensure, to the extent practicable, that the 
                rules do not conflict with goals described in section 
                308(a) of the Financial Institutions Reform, Recovery, 
                and Enforcement Act of 1989 (12 U.S.C. 1463 note).
            (3) Limitations.--
                    (A) Deposits.--With respect to the funds of an 
                individual qualifying account, an entity may not 
                deposit an amount greater than the insured amount in a 
                single covered bank.
                    (B) Total deposits.--The total amount of funds 
                deposited in a covered bank under the custodial deposit 
                program described under this subsection may not exceed 
                the lesser of--
                            (i) 10 percent of the average amount of 
                        deposits held by such covered bank in the 
                        previous quarter; or
                            (ii) $100,000,000 (as adjusted for 
                        inflation).
            (4) Report.--Each quarter, the Secretary of the Treasury 
        shall submit to Congress a report on the implementation of the 
        program established under this subsection, including 
        information identifying participating covered banks and the 
        total amount of deposits received by covered banks under the 
        program.
            (5) Definitions.--In this subsection:
                    (A) Appropriate federal banking agency; federal 
                banking agency.--The terms ``appropriate Federal 
                banking agency'' and ``Federal banking agencies'' have 
                the meanings given those terms in section 3 of the 
                Federal Deposit Insurance Act (12 U.S.C. 1813).
                    (B) Covered bank.--The term ``covered bank'' 
                means--
                            (i) a minority depository institution that 
                        is well capitalized, as defined by the 
                        appropriate Federal banking agency; or
                            (ii) a depository institution designated 
                        pursuant to subsection (c) that is well 
                        capitalized, as defined by the appropriate 
                        Federal banking agency.
                    (C) Insured amount.--The term ``insured amount'' 
                means the amount that is the greater of--
                            (i) the standard maximum deposit insurance 
                        amount (as defined in section 11(a)(1)(E) of 
                        the Federal Deposit Insurance Act (12 U.S.C. 
                        1821(a)(1)(E))); or
                            (ii) such higher amount negotiated between 
                        the Secretary of the Treasury and the Federal 
                        Deposit Insurance Corporation under which the 
                        Corporation will insure all deposits of such 
                        higher amount.
                    (D) Minority depository institution.--The term 
                ``minority depository institution'' has the meaning 
                given the term in section 308(b) of the Financial 
                Institutions Reform, Recovery, and Enforcement Act of 
                1989 (12 U.S.C. 1463 note).
                    (E) Qualifying account.--The term ``qualifying 
                account'' means any account established in the 
                Department of the Treasury that--
                            (i) is controlled by the Secretary; and
                            (ii) is expected to maintain a balance 
                        greater than $200,000,000 for the following 24-
                        month period.
    (k) Streamlined Community Development Financial Institution 
Applications and Reporting.--
            (1) Application processes.--Not later than 12 months after 
        the date of the enactment of this Act and with respect to any 
        person having assets under $3,000,000,000 that submits an 
        application for deposit insurance with the Federal Deposit 
        Insurance Corporation that could also become a community 
        development financial institution (as defined in section 103 of 
        the Community Development Banking and Financial Institutions 
        Act of 1994 (12 U.S.C. 4702)), the Federal Deposit Insurance 
        Corporation, in consultation with the Administrator of the 
        Community Development Financial Institutions Fund, shall--
                    (A) develop systems and procedures to record 
                necessary information to allow the Administrator to 
                conduct preliminary analysis for such person to also 
                become a community development financial institution; 
                and
                    (B) develop procedures to streamline the 
                application and annual certification processes and to 
                reduce costs for such person to become, and maintain 
                certification as, a community development financial 
                institution.
            (2) Implementation report.--Not later than 18 months after 
        the date of the enactment of this Act, the Federal Deposit 
        Insurance Corporation shall submit to Congress a report 
        describing the systems and procedures required under paragraph 
        (1).
            (3) Annual report.--
                    (A) In general.--Section 17(a)(1) of the Federal 
                Deposit Insurance Act (12 U.S.C. 1827(a)(1)) is 
                amended--
                            (i) in subparagraph (E), by striking 
                        ``and'' at the end;
                            (ii) by redesignating subparagraph (F) as 
                        subparagraph (G); and
                            (iii) by inserting after subparagraph (E) 
                        the following new subparagraph:
                    ``(F) applicants for deposit insurance that could 
                also become a community development financial 
                institution (as defined in section 103 of the Community 
                Development Banking and Financial Institutions Act of 
                1994 (12 U.S.C. 4702)), a minority depository 
                institution (as defined in section 308 of the Financial 
                Institutions Reform, Recovery, and Enforcement Act of 
                1989 (12 U.S.C. 1463 note)), or an impact bank (as 
                designated pursuant to section 807(c) of the Promoting 
                and Advancing Communities of Color through Inclusive 
                Lending Act); and''.
                    (B) Application.--The amendment made by this 
                paragraph shall apply with respect to the first report 
                to be submitted after the date that is 2 years after 
                the date of the enactment of this Act.
    (l) Task Force on Lending to Small Business Concerns.--
            (1) Definitions.--In this subsection:
                    (A) Administration; administrator.--The terms 
                ``Administration'' and ``Administrator'' mean the Small 
                Business Administration and the Administrator thereof, 
                respectively.
                    (B) Community development financial institution.--
                The term ``community development financial 
                institution'' has the meaning given the term in section 
                103 of the Community Development Banking and Financial 
                Institutions Act of 1994 (12 U.S.C. 4702).
                    (C) Impact bank.--The term ``impact bank'' means a 
                depository institution designated by the appropriate 
                Federal banking agency pursuant to section 807(c) of 
                the Promoting and Advancing Communities of Color 
                through Inclusive Lending Act.
                    (D) Minority depository institution.--The term 
                ``minority depository institution'' has the meaning 
                given the term in section 308 of the Financial 
                Institutions Reform, Recovery, and Enforcement Act of 
                1989 (12 U.S.C. 1463 note).
                    (E) Small business concern.--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)).
            (2) Task force.--Not later than 6 months after the date of 
        the enactment of this Act, the Administrator shall establish a 
        task force to examine methods for improving relationships 
        between the Administration and community development financial 
        institutions, minority depository institutions, and impact 
        banks to increase the volume of loans provided by such 
        institutions to small business concerns.
            (3) Report to congress.--Not later than 18 months after the 
        establishment of the task force described in paragraph (2), the 
        Administrator shall submit to Congress a report on the findings 
        of the task force.

SEC. 808. ESTABLISHMENT OF FINANCIAL AGENT PARTNERSHIP PROGRAM.

    (a) In General.--Section 308 of the Financial Institutions Reform, 
Recovery, and Enforcement Act of 1989 (12 U.S.C. 1463 note), as amended 
by section 806(e), is further amended by adding at the end the 
following new subsection:
    ``(e) Financial Agent Partnership Program.--
            ``(1) In general.--The Secretary of the Treasury shall 
        establish a program to be known as the `Financial Agent 
        Partnership Program' (in this subsection referred to as the 
        `Program') under which a financial agent designated by the 
        Secretary or a large financial institution may serve as a 
        mentor, under guidance or regulations prescribed by the 
        Secretary, to a small financial institution to allow such small 
        financial institution--
                    ``(A) to be prepared to perform as a financial 
                agent; or
                    ``(B) to improve capacity to provide services to 
                the customers of the small financial institution.
            ``(2) Outreach.--The Secretary shall hold outreach events 
        to promote the participation of financial agents, large 
        financial institutions, and small financial institutions in the 
        Program at least once a year.
            ``(3) Financial partnerships.--
                    ``(A) In general.--Any large financial institution 
                participating in a program with the Department of the 
                Treasury, if not already required to include a small 
                financial institution, shall offer not more than 5 
                percent of every contract under that program to a small 
                financial institution.
                    ``(B) Acceptance of risk.--As a requirement of 
                participation in a contract described under 
                subparagraph (A), a small financial institution shall 
                accept the risk of the transaction equivalent to the 
                percentage of any fee the institution receives under 
                the contract.
                    ``(C) Partner.--A large financial institution 
                partner may work with small financial institutions, if 
                necessary, to train professionals to understand any 
                risks involved in a contract under the Program.
                    ``(D) Increased limit for certain institutions.--
                With respect to a program described under subparagraph 
                (A), if the Secretary of the Treasury determines that 
                it would be appropriate and would encourage capacity 
                building, the Secretary may alter the requirements 
                under subparagraph (A) to require both--
                            ``(i) a higher percentage of the contract 
                        be offered to a small financial institution; 
                        and
                            ``(ii) require the small financial 
                        institution to be a community development 
                        financial institution or a minority depository 
                        institution.
            ``(4) Exclusion.--The Secretary shall issue guidance or 
        regulations to establish a process under which a financial 
        agent, large financial institution, or small financial 
        institution may be excluded from participation in the Program.
            ``(5) Report.--The Office of Minority and Women Inclusion 
        of the Department of the Treasury shall include in the report 
        submitted to Congress under section 342(e) of the Dodd-Frank 
        Wall Street Reform and Consumer Protection Act (12 U.S.C. 
        5452(e)) information pertaining to the Program, including--
                    ``(A) the number of financial agents, large 
                financial institutions, and small financial 
                institutions participating in the Program; and
                    ``(B) the number of outreach events described in 
                paragraph (2) held during the year covered by such 
                report.
            ``(6) Definitions.--In this subsection:
                    ``(A) Community development financial 
                institution.--The term `community development financial 
                institution' has the meaning given that term under 
                section 103 of the Community Development Banking and 
                Financial Institutions Act of 1994 (12 U.S.C. 4702).
                    ``(B) Financial agent.--The term `financial agent' 
                means any national banking association designated by 
                the Secretary of the Treasury to be employed as a 
                financial agent of the Government.
                    ``(C) Large financial institution.--The term `large 
                financial institution' means any entity regulated by 
                the Comptroller of the Currency, the Board of Governors 
                of the Federal Reserve System, the Federal Deposit 
                Insurance Corporation, or the National Credit Union 
                Administration that has total consolidated assets 
                greater than or equal to $50,000,000,000.
                    ``(D) Small financial institution.--The term `small 
                financial institution' means--
                            ``(i) any entity regulated by the 
                        Comptroller of the Currency, the Board of 
                        Governors of the Federal Reserve System, the 
                        Federal Deposit Insurance Corporation, or the 
                        National Credit Union Administration that has 
                        total consolidated assets of not more than 
                        $2,000,000,000; or
                            ``(ii) a minority depository 
                        institution.''.
    (b) Effective Date.--This section and the amendments made by this 
section shall take effect 90 days after the date of the enactment of 
this Act.

SEC. 809. STRENGTHENING MINORITY LENDING INSTITUTIONS.

    (a) Minority Lending Institution Set-Aside in Providing 
Assistance.--
            (1) In general.--Section 108 of the Community Development 
        Banking and Financial Institutions Act of 1994 (12 U.S.C. 4707) 
        is amended by adding at the end the following:
    ``(i) Minority Lending Institution Set-Aside in Providing 
Assistance.--Notwithstanding any other provision of law, in providing 
any assistance, the Fund shall reserve 40 percent of such assistance 
for minority lending institutions.''.
            (2) Definitions.--
                    (A) In general.--Section 103 of the Community 
                Development Banking and Financial Institutions Act of 
                1994 (12 U.S.C. 4702) is amended by adding at the end 
                the following:
            ``(22) Minority lending institution definitions.--
                    ``(A) Minority.--The term `minority' means any 
                Black American, Hispanic American, Asian American, 
                Native American, Native Alaskan, Native Hawaiian, or 
                Pacific Islander.
                    ``(B) Minority lending institution.--The term 
                `minority lending institution' means a community 
                development financial institution--
                            ``(i) with respect to which a majority of 
                        the total number of loans and a majority of the 
                        value of investments of the community 
                        development financial institution are directed 
                        at minorities and other targeted populations;
                            ``(ii) that is a minority depository 
                        institution, as defined under section 308 of 
                        the Financial Institutions Reform, Recovery, 
                        and Enforcement Act of 1989 (12 U.S.C. 1463 
                        note), or otherwise considered to be a minority 
                        depository institution by the appropriate 
                        Federal banking agency; or
                            ``(iii) that is 51 percent owned by 1 or 
                        more socially and economically disadvantaged 
                        individuals.
                    ``(C) Additional definitions.--In this paragraph, 
                the terms `other targeted populations' and `socially 
                and economically disadvantaged individual' shall have 
                the meaning given those terms by the Administrator.''.
                    (B) Temporary safe harbor for certain 
                institutions.--A community development financial 
                institution that is a minority depository institution 
                listed in the Federal Deposit Insurance Corporation's 
                Minority Depository Institutions List published for the 
                Second Quarter 2020 shall be deemed a ``minority 
                lending institution'' under paragraph (22) of section 
                103 of the Community Development Banking and Financial 
                Institutions Act of 1994 (12 U.S.C. 4702), as added by 
                subparagraph (A), for purposes of--
                            (i) any program carried out using 
                        appropriations authorized for the Community 
                        Development Financial Institutions Fund under 
                        section 806; and
                            (ii) the Neighborhood Capital Investment 
                        Program established under section 4003(i) of 
                        the CARES Act.
    (b) Office of Minority Lending Institutions.--Section 104 of the 
Community Development Banking and Financial Institutions Act of 1994 
(12 U.S.C. 4703) is amended by adding at the end the following:
    ``(l) Office of Minority Lending Institutions.--
            ``(1) Establishment.--There is established within the Fund 
        an Office of Minority Lending Institutions, which shall oversee 
        assistance provided by the Fund to minority lending 
        institutions.
            ``(2) Deputy director.--The head of the Office shall be the 
        Deputy Director of Minority Lending Institutions, who shall 
        report directly to the Administrator.''.
    (c) Reporting on Minority Lending Institutions.--Section 117 of the 
Community Development Banking and Financial Institutions Act of 1994 
(12 U.S.C. 4716) is amended by adding at the end the following:
    ``(g) Reporting on Minority Lending Institutions.--Each report 
required under subsection (a) shall include a description of the extent 
to which assistance from the Fund is provided to minority lending 
institutions.''.
    (d) Submission of Data Relating to Diversity by Community 
Development Financial Institutions.--Section 104 of the Community 
Development Banking and Financial Institutions Act of 1994 (12 U.S.C. 
4703) is amended by adding at the end the following:
    ``(l) Submission of Data Relating to Diversity.--
            ``(1) Definitions.--In this subsection--
                    ``(A) the term `executive officer' has the meaning 
                given that term in section 230.501(f) of title 17, Code 
                of Federal Regulations, as in effect on the date of 
                enactment of this subsection; and
                    ``(B) the term `veteran' has the meaning given that 
                term in section 101 of title 38, United States Code.
            ``(2) Submission of disclosure.--Each Fund applicant and 
        recipient shall provide the following:
                    ``(A) Data, based on voluntary self-identification, 
                on the racial, ethnic, and gender composition of--
                            ``(i) the board of directors of the 
                        institution;
                            ``(ii) nominees for the board of directors 
                        of the institution; and
                            ``(iii) the executive officers of the 
                        institution.
                    ``(B) The status of any member of the board of 
                directors of the institution, any nominee for the board 
                of directors of the institution, or any executive 
                officer of the institution, based on voluntary self-
                identification, as a veteran.
                    ``(C) Whether the board of directors of the 
                institution, or any committee of that board of 
                directors, has, as of the date on which the institution 
                makes a disclosure under this paragraph, adopted any 
                policy, plan, or strategy to promote racial, ethnic, 
                and gender diversity among--
                            ``(i) the board of directors of the 
                        institution;
                            ``(ii) nominees for the board of directors 
                        of the institution; or
                            ``(iii) the executive officers of the 
                        institution.
            ``(3) Annual report.--Not later than 18 months after the 
        date of enactment of this subsection, and annually thereafter, 
        the Fund shall submit to the Committee on Banking, Housing, and 
        Urban Affairs of the Senate and the Committee on Financial 
        Services of the House of Representatives, and make publicly 
        available on the website of the Fund, a report--
                    ``(A) on the data and trends of the diversity 
                information made available pursuant to paragraph (2); 
                and
                    ``(B) containing all administrative or legislative 
                recommendations of the Fund to enhance the 
                implementation of this title or to promote diversity 
                and inclusion within community development financial 
                institutions.''.

SEC. 810. CDFI BOND GUARANTEE REFORM.

    Effective October 1, 2020, section 114A(e)(2)(B) of the Community 
Development Banking and Financial Institutions Act of 1994 (12 U.S.C. 
4713a(e)(2)(B)) is amended by striking ``$100,000,000'' and inserting 
``$50,000,000''.

SEC. 811. REPORTS.

    (a) In General.--The Secretary of the Treasury shall provide to the 
appropriate committees of Congress--
            (1) within 30 days of the end of each month commencing with 
        the first month in which transactions are made under a program 
        established under this title or the amendments made by this 
        title, a written report describing all of the transactions made 
        during the reporting period pursuant to the authorities granted 
        under this title or the amendments made by this title; and
            (2) after the end of March and the end of September, 
        commencing March 31, 2021, a written report on all projected 
        costs and liabilities, all operating expenses, including 
        compensation for financial agents, and all transactions made by 
        the Community Development Financial Institutions Fund, 
        including participating institutions and amounts each 
        institution has received under each program described in 
        paragraph (1).
    (b) Breakdown of Funds.--Each report required under subsection (a) 
shall specify the amount of funds under each program described under 
subsection (a)(1) that went to--
            (1) minority depository institutions that are depository 
        institutions;
            (2) minority depository institutions that are credit 
        unions;
            (3) minority lending institutions;
            (4) community development financial institution loan funds;
            (5) community development financial institutions that are 
        depository institutions; and
            (6) community development financial institutions that are 
        credit unions.
    (c) Definitions.--In this section:
            (1) Appropriate committees of congress.--The term 
        ``appropriate committees of Congress'' means the Committee on 
        Financial Services of the House of Representatives and the 
        Committee on Banking, Housing, and Urban Affairs of the Senate.
            (2) Community development financial institution.--The term 
        ``community development financial institution'' has the meaning 
        given that term under section 103 of the Community Development 
        Banking and Financial Institutions Act of 1994 (12 U.S.C. 
        4702).
            (3) Credit union.--The term ``credit union'' means a State 
        credit union or a Federal credit union, as such terms are 
        defined, respectively, under section 101 of the Federal Credit 
        Union Act (12 U.S.C. 1752).
            (4) Depository institution.--The term ``depository 
        institution'' has the meaning given that term under section 3 
        of the Federal Deposit Insurance Act (12 U.S.C. 1813).
            (5) Minority depository institution.--The term ``minority 
        depository institution'' has the meaning given under section 
        308(b) of the Financial Institutions Reform, Recovery, and 
        Enforcement Act of 1989 (12 U.S.C. 1463 note).
            (6) Minority lending institution.--The term ``minority 
        lending institution'' has the meaning given that term under 
        section 103 of the Community Development Banking and Financial 
        Institutions Act of 1994, as amended by section 809 of this 
        Act.

SEC. 812. INSPECTOR GENERAL OVERSIGHT.

    (a) In General.--The Inspector General of the Department of the 
Treasury shall conduct, supervise, and coordinate audits and 
investigations of any program established under this title or the 
amendments made by this title.
    (b) Reporting.--The Inspector General of the Department of the 
Treasury shall issue a report not less frequently than 2 times per year 
to Congress and the Secretary of the Treasury relating to the oversight 
provided by the Office of the Inspector General, including any 
recommendations for improvements to the programs described in 
subsection (a).

SEC. 813. STUDY AND REPORT WITH RESPECT TO IMPACT OF PROGRAMS ON LOW- 
              AND MODERATE-INCOME AND MINORITY COMMUNITIES.

    (a) Study.--The Secretary of the Treasury shall conduct a study of 
the impact of the programs established under this title or any 
amendment made by this title on low- and moderate-income and minority 
communities.
    (b) Report.--Not later than 18 months after the date of enactment 
of this Act, the Secretary shall submit to Congress a report on the 
results of the study conducted pursuant to subsection (a), which shall 
include, to the extent possible, the results of the study disaggregated 
by ethnic group.
    (c) Information Provided to the Secretary.--Eligible institutions 
that participate in any of the programs described in subsection (a) 
shall provide the Secretary of the Treasury with such information as 
the Secretary may require to carry out the study required by this 
section.

SEC. 814. COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS FUND.

    (a) Direct Appropriations.--There is appropriated, out of amounts 
in the Treasury not otherwise appropriated, for an additional amount 
for the ``Community Development Financial Institutions Fund Program 
Account'' for the fiscal year ending September 30, 2021, $1,000,000,000 
to prevent, prepare for, and response to coronavirus, domestically or 
internationally.
    (b) Criteria.--The Community Development Financial Institutions 
Fund (in this section referred to as the ``Fund'') shall, using amounts 
provided under subsection (a), provide grants using a formula that 
takes into account criteria such as certification status, financial and 
compliance performance, portfolio and balance sheet strength, and 
program capacity.
    (c) Set Aside.--Of amounts appropriated under subsection (a), not 
less than $25,000,000 shall be for financial assistance, technical 
assistance, and training and outreach programs designed to benefit 
Native American, Native Hawaiian, and Alaska Native communities.
    (d) Deadline.--The Fund shall make amounts provided under this 
section available to grantees not later than 60 days after the date of 
enactment of this Act.
    (e) Administrative Expenses.--The Fund may use amounts appropriated 
under subsection (a) for administrative expenses, including the 
administration of programs of the Fund and the New Markets Tax Credit 
Program under section 45D of the Internal Revenue Code of 1986.
    (f) Emergency Designation.--
            (1) In general.--The amounts provided under this section 
        are designated as an emergency requirement pursuant to section 
        4(g) of the Statutory Pay-As-You-Go Act of 2010 (2 U.S.C. 
        933(g)).
            (2) Designation in senate.--In the Senate, this section is 
        designated as an emergency requirement pursuant to section 
        4112(a) of H. Con. Res. 71 (115th Congress), the concurrent 
        resolution on the budget for fiscal year 2018.
                                 <all>