,i  #aaf? ,,congress  #b;d ,session  ,h4
 ,r4 #fcif  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,m>* #bf1 #bjbj ,mr4  
,biggs 7= himself1 ,mr4 ,h>ris1 ,mr4    
,p]ry1 ,mr4 ,roy1 & ,mr4 ,web] ( ,texas7
 introduc$ ! foll[+ bill2 :i* 0 ref]r$  
to ! ,committee on ,ways & ,means1 & 9  
addition to ! ,committees on ,education 
& ,labor1 ,ov]sight & ,re=m1 ,h\se      
,adm9i/ration1 ,en]gy & ,comm]ce1 ,small
 ,bus9ess1 ! ,judici>y1 ,f9ancial       
,s]vices1 ,vet]ans' ,affairs1 &         
,agriculture1 = a p]iod to be           
subsequ5tly det]m9$ by ! ,speak]1 9 ea* 
case = consid]ation ( su* provisions z  
fall )9 ! jurisdiction ( ! committee    
conc]n$  ,a ,,bill  ,to provide tax &   
regulatory relief & heal? c>e           
flexibility to individuals & bus9esses  
affect$ by ! #bjbj coronavirus p&emic4  
#a4 ,%ort title ,?is ,act may be cit$ z 
,responsible ,relief = ,am]icans ,act4  
,i ,elim9at+ paid leave m&ate  #a4      
,elim9at+ paid leave m&ate  7a7 ,/rike  
section #ajb7;a77#a77;,f7 ( ! ,family   

,m$ical ,leave ,act ( #aiic 7#bi        
,u4,s4,c4 #bfab7;a77#a77;,f774  7b7     
,/rike section #aaj ( ! ,family ,m$ical 
,leave ,act ( #aiic 7#bi ,u4,s4,c4      
#bibj74  7c7 ,/rike division ,e (       
,public ,law #aaf-abg4  ,,ii ,address+  
ph>maceutical supply *a9  #a4 ,supply   
*a9 report+  7a7 ,section #ejf;,c ( !   
,f$]al ,food1 ,drug1 & ,cosmetic ,act   
7#ba ,u4,s4,c4 #cef;c7 is am5d$-- 7#a7 9
 subsection 7a7--  7,a7 9 p>agraph      
7#a77;,c71 by ins]t+ or any su* drug t  
is critical to ! public heal? dur+ a    
public heal? em]g5cy det]m9$ "u section 
#cai ( ! ,public ,heal? ,s]vice ,act    
aft] dur+ surg]y2 &  7,b7 9 ! flu% text 
at ! end--  7i7 by ins]t+ 1 or a        
discont9uance or an int]ruption 9 !     
manufacture ( ! active ph>maceutical    
+r$i5ts ( su* drug1 be=e t is likely2 & 
7ii7 by add+ at ! end ! foll[+3         
,notification "u ?is subsection %all    
include disclosure ( reasons = !        
discont9uation or int]ruption1 z        
applicable2 if an active ph>maceutical  

+r$i5t is a reason =1 or risk factor 91 
su* discont9uation or int]ruption1 !    
s\rce ( ! active ph>maceutical +r$i5t & 
any alt]native s\rces = ! active        
ph>maceutical +r$i5t kn[n by !          
manufactur]2 :e!r any associat$ m$ical  
devices us$ = prep>ation or adm9i/ration
 includ$ 9 ! f9i%$ dosage =m is a reason
 =1 or a risk factor 91 su*             
discont9uation or int]ruption2 ! expect$
 duration ( ! int]ruption2 & su* o!r    
in=mation z ! ,secret>y may require42 & 
7#b7 by add+ at ! end ! foll[+3  7j7    
,additional manufactur] report+ =       
ess5tial drugs & devices ,ea*           
manufactur] ( a drug describ$ 9         
subsection 7a7 %all provide to ! ,food &
 ,drug ,adm9i/ration1 on an annual      
basis1 or m frequ5tly at ! reque/ ( !   
,secret>y1 in=mation relat$ to !        
manufactur+ capacity ( su* drug4 ,su*   
in=mation %all include--  7#a7 details  
ab\t-- 7,a7 all locations ( production2 
7,b7 ! s\rc+ ( all compon5t p>ts2  7,c7 
! s\rc+ ( any active ph>maceutical      

+r$i5ts2 &  7,d7 ! use ( any sc>ce or   
raw mat]ials2 &  7#b7 any o!r in=mation 
det]m9$ by ! ,secret>y to be relevant to
 ! security ( ! supply *a9 ( ! drug or  
device4  4  ,,iii ,small ,bus9ess       
,prosp]ity ,act  #a4 ,increase &        
expansion ( d$uction = qualifi$ bus9ess 
income  7a7 ,d$uction made p]man5t      
,section #aii;,a ( ! ,int]nal ,rev5ue   
,code ( #aihf is am5d$ by /rik+         
subsection 7i74  7b7 ,d$uction ,to      
a*ieve a top rate on qualifi$ bus9ess   
income ( #ba p]c5t ,subsections 7a77#b71
 7b77#a77;,b71 & 7b77#b77;,a7 ( section 
#aii;,a ( su* ,code are ea* am5d$ by    
/rik+ #bj p]c5t & ins]t+ #dc p]c5t 7#dg 
p]c5t 9 ! case ( any taxable ye> beg9n+ 
aft] ,decemb] #ca1 #bjbe74  7c7 ,repeal 
( limitation bas$ on ,w-#b wages paid ) 
respect to ! trade or bus9ess ,section  
#aii;,a7b77#b7 ( section #aii;,a ( su*  
,code1 z am5d$ by subsection 7a71 is    
am5d$ to read z foll[s3  7#b7           
,det]m9ation ( d$uctible am\nt = ea*    
trade or bus9ess ,! am\nt det]m9$ "u ?is

 p>agraph ) respect to any qualifi$     
trade or bus9ess is #dc p]c5t 7#dg p]c5t
 9 ! case ( any taxable ye> beg9n+ aft] 
,decemb] #ca1 #bjbe7 ( ! taxpay]'s      
qualifi$ bus9ess income ) respect to !  
qualifi$ trade or bus9ess4  4  7d7      
,repeal ( exclusion ( specifi$ s]vice   
trades or bus9esses ,section #aii;,a7d7 
( su* ,code is am5d$ to read z foll[s3  
7d7 ,qualifi$ trade or bus9ess ,=       
purposes ( ?is section1 ! t]m qualifi$  
trade or bus9ess means any trade or     
bus9ess o!r ?an ! trade or bus9ess (    
p]=m+ s]vices z an employee4  4  7e7    
,con=m+ am5dm5ts  7#a7 ,section         
#aii;,a7b7 ( su* ,code1 z am5d$ by      
subsection 7d71 is am5d$-- 7,a7 by /rik+
 p>agraphs 7#c71 7#d71 & 7#f71 &        
r$esignat+ p>agraphs 7#e7 & 7#g7 z      
p>agraphs 7#c7 & 7#d72 &  7,b7 by /rik+ 
! less] (-- & all t foll[s 9 p>agraph   
7#d7 7z s r$esignat$7 & ins]t+ #i p]c5t 
( s mu* ( ! qualifi$ bus9ess income )   
respect to su* trade or bus9ess z is    
prop]ly allocable to qualifi$ paym5ts   

receiv$ f su* coop]ative4  7#b7 ,section
 #aii;,a7e7 ( su* ,code is am5d$ by     
/rik+ p>agraph 7#b74  7#c7 ,section     
#aii;,a7f77#a7 ( su* ,code is am5d$ to  
read z foll[s3  7#a7 ,application to    
p>tn]%ips & ,s corporations  7,a7 ,9    
g5]al ,9 ! case ( a p>tn]%ip or ,s      
corporation--  7i7 ?is section %all be  
appli$ at ! p>tn] or %>ehold] level1 &  
7ii7 ea* p>tn] or %>ehold] %all take    
into acc\nt su* p]son's allocable %>e ( 
ea* qualifi$ item ( income1 ga91        
d$uction1 & loss4  ,= purposes ( ?is    
subp>agraph1 9 ! case ( an ,s           
corporation1 an allocable %>e %all be ! 
%>ehold]'s pro rata %>e ( an item4  7,b7
 ,treatm5t ( trades or bus9ess 9 ,pu]to 
,rico ,9 ! case ( any taxpay] ) qualifi$
 bus9ess income f s\rces )9 !           
commonweal? ( ,pu]to ,rico1 if all su*  
income is taxable "u section #a = su*   
taxable ye>1 !n = purposes ( det]m9+ !  
qualifi$ bus9ess income ( su* taxpay] = 
su* taxable ye>1 ! t]m ,unit$ ,/ates    
%all include ! ,commonweal? ( ,pu]to    

,rico4  4  7#d7 ,section                
#aii;,a7f77#d77;,a7 ( su* ,code is am5d$
 by /rik+ & wages4  7#e7 ,section       
#aii;,a7g77#a7 ( su* ,code is am5d$ by  
/rik+ subp>agraph 7,b7 & r$esignat+     
subp>agraph 7,c7 z subp>agraph 7,b74    
7#f7 ,section #aii;,a ( su* ,code is    
am5d$ by /rik+ subsection 7h74  7f7     
,effective date ,! am5dm5ts made by ?is 
section %all apply to taxable ye>s      
beg9n+ aft] ,decemb] #ca1 #bjai4  #b4   
,no taxable ev5t = *ange ( corporate =m 
,not)/&+ any provision ( ! ,int]nal     
,rev5ue ,code ( #aihf1 a *ange 9 !      
organizational /ructure ( a corporation1
 h[ev] organiz$1 into ano!r             
organizational /ructure is n a taxable  
ev5t = ! purposes ( su* ,code if !re is 
no *ange among ! own]s1 _! own]%ip      
int]e/s1 or ! assets ( ! organization   
7o!r ?an a de m9imis *ange 9 su*        
assets74 ,! prec$+ s5t5ce %all apply to 
*anges 9 organizational /ructure occurr+
 aft] ,decemb] #ca1 #bjai4  #c4 ,repeal 
( e/ate tax & ret5tion ( basis /ep-up   

,effective = e/ates ( dec$5ts dy+ aft]  
,decemb] #ca1 #bjai1 *apt] #aa ( !      
,int]nal ,rev5ue ,code ( #aihf is       
repeal$4  ,,iv ,keep+ ,am]ican ,work]s  
,employ$ & ,paid ,act  #a4 ,def9itions  
,9 ?is title--  7#a7 ! t]ms             
,adm9i/ration & ,adm9i/rator mean !     
,small ,bus9ess ,adm9i/ration & !       
,adm9i/rator !re(1 respectively2  7#b7 !
 t]m cov]$ small bus9ess conc]n means a 
small bus9ess conc]n t has exp]i5c$1 z a
 result ( ,,covid-#ai--  7,a7 supply *a9
 disruptions1 includ+ *anges 9-- 7i7    
quantity & lead "t1 includ+ ! numb] (   
%ipm5ts ( compon5ts & delays 9 %ipm5ts2 
7ii7 quality1 includ+ %ortages 9 supply 
= quality control reasons2 &  7iii7     
te*nology1 includ+ a compromis$ paym5t  
network2  7,b7 /aff+ *all5ges2  7,c7 a  
decrease 9 sales or cu/om]s2 or  7,d7 a 
closure2 &  7#c7 ! t]m small bus9ess    
conc]n has ! mean+ giv5 ! t]m 9 section 
#c ( ! ,small ,bus9ess ,act 7#ae        
,u4,s4,c4 #fcf74  #b4 ,pay*eck          
protection program  7a7 ,9 g5]al        

,section #g7;a7 ( ! ,small ,bus9ess ,act
 7#ae ,u4,s4,c4 #fcf7;a77 is am5d$--    
7#a7 9 p>agraph 7#b7--  7,a7 9          
subp>agraph 7,a71 9 ! matt] prec$+      
clause 7i71 by /rik+ & 7,e7 & ins]t+    
7,e71 & 7,f72 &  7,b7 by add+ at ! end !
 foll[+3  7,f7 ,p>ticipation 9 ! pay*eck
 protection program ,9 an agreem5t to   
p>ticipate 9 a loan on a def]r$ basis "u
 p>agraph 7#cf71 ! p>ticipation by !    
,adm9i/ration %all be #ajj p]c5t4  2 &  
7#b7 by add+ at ! end ! foll[+3  7#cf7  
,pay*eck ,protection ,program  7,a7     
,def9itions ,9 ?is p>agraph-- 7i7 ! t]ms
 appropriate ,f$]al bank+ ag5cy & insur$
 depository in/itution h ! mean+s giv5  
^? t]ms 9 section #c ( ! ,f$]al ,deposit
 ,insurance ,act 7#ab ,u4,s4,c4 #ahac72 
7ii7 ! t]m cov]$ loan means a loan made 
"u ?is p>agraph dur+ ! cov]$ p]iod2     
7iii7 ! t]m cov]$ p]iod means ! p]iod   
beg9n+ on ,febru>y #ae1 #bjbj1 & end+ on
 ,june #cj1 #bjbj2  7iv7 ! t]m eligible 
recipi5t means an individual or entity t
 is eligible to receive a cov]$ loan2   

7v7 ! t]m eligible self-employ$         
individual has ! mean+ giv5 ! t]m 9     
section #gjjb7;b7 ( ! ,families ,fir/   
,coronavirus ,response ,act 7,public    
,law #aaf-abg72  7vi7 ! t]m nonpr(it    
organization means an organization t is 
describ$ 9 section #eja7;c77#c7 ( !     
,int]nal ,rev5ue ,code ( #aihf & t is   
exempt f taxation "u section #eja7;a7 ( 
su* ,code2  7vii7 ! t]m payroll co/s--  
7,i7 means-- 7aa7 ! sum ( paym5ts ( any 
comp5sation ) respect to employees t is 
a-- 7,,aa7 sal>y or wage2 7,,bb7 paym5t 
( ca% tip or equival5t2 7,,cc7 paym5t = 
vacation1 p>5tal1 family1 m$ical1 or    
sick leave2 7,,dd7 all[ance = dismissal 
or sep>ation2 7,,ee7 paym5t requir$ = ! 
provisions ( gr\p heal? c>e b5efits1    
includ+ insurance premiums2 7,,ff7      
paym5t ( any retirem5t b5efit2 or 7,,gg7
 paym5t ( ,/ate or local tax assess$ on 
! comp5sation ( employees2 &  7bb7 ! sum
 ( paym5ts ( any comp5sation to a sole  
proprietor or indep5d5t contractor t is 
a wage1 commission1 or simil>           

comp5sation & t is 9 an am\nt t is n m  
?an #ajj1jjj 9 #a ye>1 z prorat$ = !    
cov]$ p]iod2 &  7,,ii7 %all n include-- 
7aa7 ! comp5sation ( an individual      
employee 9 excess ( an annual sal>y (   
#ajj1jjj1 z prorat$ = ! cov]$ p]iod2    
7bb7 taxes impos$ or )held "u *apt]s    
#ba1 #bb1 or #bd ( ! ,int]nal ,rev5ue   
,code ( #aihf dur+ ! cov]$ p]iod2  7cc7 
any comp5sation ( an employee ^:        
pr9cipal place ( resid5ce is outside ( !
 ,unit$ ,/ates2  7dd7 qualifi$ sick     
leave wages = :i* a cr$it is all[$ "u   
section #gjja ( ! ,families ,fir/       
,coronavirus ,response ,act 7,public    
,law #aaf-abg72 or  7ee7 qualifi$ family
 leave wages = :i* a cr$it is all[$ "u  
section #gjjc ( ! ,families ,fir/       
,coronavirus ,response ,act 7,public    
,law #aaf-abg72 &  7viii7 ! t]m vet]ans 
organization means an organization t is 
describ$ 9 section #eja7;c77#ai7 ( !    
,int]nal ,rev5ue ,code t is exempt f    
taxation "u section #eja7;a7 ( su*      
,code4  7,b7 ,small bus9ess int]ruption 

loans ,except z o!rwise provid$ 9 ?is   
p>agraph1 ! ,adm9i/rator may gu>antee   
cov]$ loans "u ! same t]ms1 conditions1 
& processes z a loan made "u ?is        
subsection4  7,c7 ,regi/ration ( loans  
,n lat] ?an #ae days aft] ! date on :i* 
a loan is made "u ?is p>agraph1 !       
,adm9i/ration %all regi/] ! loan us+ !  
,,t9 7z def9$ 9 section #ggja ( !       
,int]nal ,rev5ue ,code ( #aihf7 assign$ 
to ! borr[]4  7,d7 ,increas$ eligibility
 = c]ta9 small bus9esses & organizations
  7i7 ,9 g5]al ,dur+ ! cov]$ p]iod1 9   
addition to small bus9ess conc]ns1 any  
bus9ess conc]n1 nonpr(it organization1  
or vet]ans organization %all be eligible
 to receive a cov]$ loan if ! bus9ess   
conc]n1 nonpr(it organization1 or       
vet]ans organization employs n m ?an !  
great] (--  7,i7 #ejj employees2 or     
7,,ii7 if applicable1 ! size /&>d 9     
numb] ( employees e/abli%$ by !         
,adm9i/ration = ! indu/ry 9 :i* !       
bus9ess conc]n1 nonpr(it organization1  
or vet]ans organization op]ates4  7ii7  

,inclusion ( sole proprietors1 indep5d5t
 contractors1 & eligible self-employ$   
individuals  7,i7 ,9 g5]al ,dur+ ! cov]$
 p]iod1 individuals :o op]ate "u a sole 
proprietor%ip or z an indep5d5t         
contractor & eligible self-employ$      
individuals %all be eligible to receive 
a cov]$ loan4  7,,ii7 ,docum5tation ,an 
eligible self-employ$ individual seek+ a
 cov]$ loan %all submit payroll tax     
fil+s report$ to ! ,int]nal ,rev5ue     
,s]vice4  7iii7 ,bus9ess conc]ns ) m ?an
 #a physical location ,dur+ ! cov]$     
p]iod1 any bus9ess conc]n t employs n m 
?an #ejj employees p] physical location 
( ! bus9ess conc]n & t is assign$ a     
,nor? ,am]ican ,indu/ry ,classification 
,sy/em code beg9n+ ) #gb at ! "t (      
disbursal %all be eligible to receive a 
cov]$ loan4  7iv7 ,waiv] ( affiliation  
rules ,dur+ ! cov]$ p]iod1 ! provisions 
applicable to affiliations "u section   
#aba4ajc ( title #ac1 ,code ( ,f$]al    
,regulations1 or any successor          
regulation1 are waiv$ ) respect to      

eligibility = a cov]$ loan =--  7,i7 any
 bus9ess conc]n ) n m ?an #ejj employees
 t1 z ( ! date on :i* ! cov]$ loan is   
disburs$1 is assign$ a ,nor? ,am]ican   
,indu/ry ,classification ,sy/em code    
beg9n+ ) #gb2  7,,ii7 any bus9ess conc]n
 op]at+ z a fran*ise t is assign$ a     
fran*ise id5tifi] code by !             
,adm9i/ration2 &  7,,iii7 any bus9ess   
conc]n t receives f9ancial assi/ance f a
 company lic5s$ "u section #cja ( !     
,small ,bus9ess ,inve/m5t ,act ( #aieh  
7#ae ,u4,s4,c4 #fha74  7v7 ,employee ,= 
purposes ( det]m9+ :e!r a bus9ess       
conc]n1 nonpr(it organization1 vet]ans  
organization1 or ,tribal bus9ess conc]n 
describ$ 9 section #ca7;b77#b77;,c7     
employs n m ?an #ejj employees "u clause
 7i77,i71 ! t]m employee includes       
individuals employ$ on a full-"t1 "p-"t1
 or o!r basis4  7vi7 ,affiliation ,!    
provisions applicable to affiliations "u
 section #aba4ajc ( title #ac1 ,code (  
,f$]al ,regulations1 or any successor   
!reto1 %all apply ) respect to a        

nonpr(it organization & a vet]ans       
organization 9 ! same mann] z ) respect 
to a small bus9ess conc]n4  7,e7        
,maximum loan am\nt ,dur+ ! cov]$ p]iod1
 ) respect to a cov]$ loan1 ! maximum   
loan am\nt %all be ! less] (--  7i7     
7,i7 ! product obta9$ by multiply+--    
7aa7 ! av]age total mon?ly paym5ts by ! 
applicant = payroll co/s incurr$ dur+ ! 
#a-ye> p]iod be=e ! date on :i* ! loan  
is made1 except t1 9 ! case ( an        
applicant t is a seasonal employ]1 z    
det]m9$ by ! ,adm9i/rator1 ! av]age     
total mon?ly paym5ts = payroll %all be =
 ! #ab-week p]iod beg9n+ ,febru>y #ae1  
#bjai1 or at ! election ( ! eligible    
recipi5t1 ,m>* #a1 #bjai1 & end+ ,june  
#cj1 #bjai2 by  7bb7 #b4e2 or  7,,ii7 if
 reque/$ by an o!rwise eligible recipi5t
 t 0 n 9 bus9ess dur+ ! p]iod beg9n+ on 
,febru>y #ae1 #bjai1 & end+ on ,june    
#cj1 #bjai1 ! product obta9$ by         
multiply+--  7aa7 ! av]age total mon?ly 
paym5ts by ! applicant = payroll co/s   
incurr$ dur+ ! p]iod beg9n+ on ,janu>y  

#a1 #bjbj1 & end+ on ,febru>y #bi1      
#bjbj2 by  7bb7 #b4e2 or  7ii7          
#aj1jjj1jjj4  7,f7 ,all[able uses (     
cov]$ loans  7i7 ,9 g5]al ,dur+ ! cov]$ 
p]iod1 an eligible recipi5t may1 9      
addition to ! all[able uses ( a loan    
made "u ?is subsection1 use ! proce$s ( 
! cov]$ loan =--  7,i7 payroll co/s2    
7,,ii7 co/s relat$ to ! cont9uation (   
gr\p heal? c>e b5efits dur+ p]iods (    
paid sick1 m$ical1 or family leave1 &   
insurance premiums2  7,,iii7 employee   
sal>ies1 commissions1 or simil>         
comp5sations2  7,,iv7 mortgage paym5ts2 
7,v7 r5t 7includ+ r5t "u a lease        
agreem5t72  7,,vi7 utilities2 &  7,,vii7
 int]e/ on any o!r debt obligations t 7 
incurr$ be=e ! cov]$ p]iod4  7ii7       
,delegat$ au?ority  7,i7 ,9 g5]al ,=    
purposes ( mak+ cov]$ loans = ! purposes
 describ$ 9 clause 7i71 a l5d] approv$  
"u ?is p>agraph %all be consid]$ to h   
delegat$ au?ority to make & approve     
cov]$ loans1 subject to ! provisions (  
?is p>agraph4  7,,ii7 ,consid]ations ,9 

evaluat+ ! eligibility ( a borr[] = a   
cov]$ loan ) ! t]ms describ$ 9 ?is      
p>agraph1 a l5d] %all consid] :e!r !    
borr[]-- 7aa7 0 9 op]ation on ,febru>y  
#ae1 #bjbj2  7bb7 7,,aa7 _h employees = 
:om ! borr[] paid sal>ies & payroll     
taxes2 or 7,,bb7 paid indep5d5t         
contractors1 z report$ on a ,=m         
#ajii-,,misc2 &  7cc7 is sub/antially   
impact$ by public heal? re/rictions     
relat$ to ! ,coronavirus #bjai          
7,,covid-#ai74  7iii7 ,additional l5d]s 
,! au?ority to make loans "u ?is        
p>agraph %all be ext5d$ to additional   
l5d]s det]m9$ by ! ,adm9i/rator & !     
,secret>y ( ! ,treasury to h ! necess>y 
qualifications to process1 close1       
disburse & s]vice loans made ) !        
gu>antee ( ! ,adm9i/ration4  7iv7       
,limitation ,an eligible recipi5t ( a   
cov]$ loan = purposes ( pay+ payroll    
co/s & o!r obligations describ$ 9 ?is   
subp>agraph %all n be eligible to       
receive an economic injury disa/] loan  
"u subsection 7b77#b7 = ! same purpose4 

7,g7 ,borr[] requirem5ts  7i7           
,c]tification ,an eligible recipi5t     
apply+ = a cov]$ loan %all make a good  
fai? c]tification--  7,i7 t ! unc]ta9ty 
( curr5t economic conditions makes      
necess>y ! loan reque/ to support !     
ongo+ op]ations ( ! eligible recipi5t2 &
  7,,ii7 ackn[l$g+ t funds w be us$ to  
reta9 work]s & ma9ta9 payroll or make   
mortgage paym5ts1 lease paym5ts1 &      
utility paym5ts4  7ii7 ,full-"t         
equival5t employees ,an eligible        
recipi5t ( a cov]$ loan %all ma9ta9 an  
av]age mon?ly numb] ( full-"t equival5t 
employees 7z def9$ 9 section            
#de,r7d77#b7 ( ! ,int]nal ,rev5ue ,code 
( #aihf7 dur+ ! cov]$ p]iod t is n less 
?an ! av]age mon?ly numb] ( full-"t     
equival5t employees dur+ ! applicable   
p]iod describ$ 9 subclause 7,i77aa7 or  
subclause 7,,ii77aa7 ( subp>agraph      
7,e77i74  7,h7 ,fee waiv] ,dur+ ! cov]$ 
p]iod1 ) respect to a cov]$ loan--  7i7 
9 lieu ( ! fee o!rwise applicable "u    
p>agraph 7#bc77;,a71 ! ,adm9i/rator %all

 collect no fee2 &  7ii7 9 lieu ( ! fee 
o!rwise applicable "u p>agraph          
7#ah77;,a71 ! ,adm9i/rator %all collect 
no fee4  7,i7 ,cr$it else:]e ,dur+ !    
cov]$ p]iod1 ! requirem5t t a small     
bus9ess conc]n is unable to obta9 cr$it 
else:]e1 z def9$ 9 section #c7;h71 %all 
n apply to a cov]$ loan4  7,j7          
,collat]al & p]sonal gu>antee           
requirem5ts ,dur+ ! cov]$ p]iod1 )      
respect to a cov]$ loan--  7i7 no       
collat]al %all be requir$ = ! cov]$     
loan2 &  7ii7 no p]sonal gu>antee %all  
be requir$ = ! cov]$ loan4  7,k7        
,maturity = loans ) rema9+ balance aft] 
application ( =giv5ess ,) respect to a  
cov]$ loan t has a rema9+ balance aft]  
r$uction bas$ on ! loan =giv5ess am\nt  
"u section #aaje ( ! ,,c>es ,act-- 7i7 !
 rema9+ balance %all cont9ue to be      
gu>ante$ by ! ,adm9i/ration "u ?is      
subsection2 &  7ii7 ! cov]$ loan %all h 
a maximum maturity ( #aj ye>s f ! date  
on :i* ! borr[] applies = loan =giv5ess 
"u t section4  7,l7 ,int]e/ rate        

requirem5ts ,dur+ ! cov]$ p]iod1 a cov]$
 loan %all be> an int]e/ rate 9         
accordance ) ! maximum int]e/ rate 9    
effect on ,febru>y #ae1 #bjbj1 = a loan 
"u ?is subsection4  7,m7 ,subsidy       
rec\pm5t fee ,not)/&+ any o!r provision 
( law1 a cov]$ loan %all n be subject to
 a subsidy rec\pm5t fee4  7,n7 ,loan    
def]m5t  7i7 ,def9ition ( impact$ borr[]
  7,i7 ,9 g5]al ,9 ?is subp>agraph1 !   
t]m impact$ borr[] means an eligible    
recipi5t t--  7aa7 is 9 op]ation on     
,febru>y #ae1 #bjbj2 &  7bb7 has an     
application = a cov]$ loan t is approv$ 
or p5d+ approval on or aft] ! date (    
enactm5t ( ?is p>agraph4  7,,ii7        
,presumption ,= purposes ( ?is          
subp>agraph1 an impact$ borr[] is       
presum$ to h be5 adv]sely impact$ by    
,,covid-#ai4  7ii7 ,def]ral ,dur+ !     
cov]$ p]iod1 ! ,adm9i/rator %all--  7,i7
 consid] ea* eligible recipi5t t applies
 = a cov]$ loan to be an impact$ borr[]2
 &  7,,ii7 require l5d]s "u ?is         
subsection to provide complete paym5t   

def]m5t relief = impact$ borr[]s ) cov]$
 loans = a p]iod ( n m ?an #a ye>4      
7iii7 ,second>y m>ket ,dur+ ! cov]$     
p]iod1 ) respect to a cov]$ loan t is   
sold on ! second>y m>ket1 if an inve/or 
decl9es to approve a def]ral reque/$ by 
a l5d] "u clause 7ii71 ! ,adm9i/rator   
%all ex]cise ! au?ority to pur*ase !    
loan s t ! impact$ borr[] may receive a 
def]ral = a p]iod ( n m ?an #a ye>4     
7iv7 ,guidance ,n lat] ?an #cj days aft]
 ! date ( enactm5t ( ?is p>agraph1 !    
,adm9i/rator %all provide guidance to   
l5d]s "u ?is p>agraph on ! def]m5t      
process describ$ 9 ?is subp>agraph4     
7,o7 ,second>y m>ket sales ,a cov]$ loan
 %all n be eligible to be sold 9 !      
second>y m>ket until ! cov]$ recipi5t ( 
! cov]$ loan has reque/$ ! loan =giv5ess
 au?oriz$ "u section #aaje ( ! ,,c>es   
,act & ! ,adm9i/rator has f9ally det]m9$
 ! am\nt ( any =giv5ess to :i* !        
eligible recipi5t is entitl$ & has made 
paym5t to ! l5d]4 ,any rema9+ balance on
 ! loan aft] ! application ( t paym5t   

may be sold 9 ! second>y m>ket4  7,p7   
,regulatory capital requirem5ts  7i7    
,risk weight ,) respect to ! appropriate
 ,f$]al bank+ ag5cies apply+ capital    
requirem5ts "u _! respective risk-bas$  
capital requirem5ts1 a cov]$ loan %all  
receive a risk weight ( z]o p]c5t4  7ii7
 ,tempor>y relief f ,,tdr disclosures   
,not)/&+ any o!r provision ( law1 an    
insur$ depository in/itution t modifies 
a cov]$ loan 9 relation to              
,,covid-#ai-relat$ difficulties 9 a     
tr\bl$ debt re/ructur+ on or aft] ,m>*  
#ac1 #bjbj1 %all n be requir$ to comply 
) ! ,f9ancial ,acc\nt+ ,/&>ds ,bo>d     
,acc\nt+ ,/&>ds ,codification ,subtopic 
#caj-dj 7,receivables--,tr\bl$ ,debt    
,re/ructur+s by ,cr$itors7 = purposes ( 
compliance ) ! requirem5ts ( ! ,f$]al   
,deposit ,insurance ,act 7#ab ,u4,s4,c4 
#ahaa et seq471 until su* "t & "u su*   
circum/ances z ! appropriate ,f$]al     
bank+ ag5cy det]m9es appropriate4  7,q7 
,reimbursem5t = process+  7i7 ,9 g5]al  
,! ,adm9i/rator %all reimburse a l5d]   

au?oriz$ to make a cov]$ loan at a rate 
( #e p]c5t ( ! balance ( ! f9anc+ out/&+
 at ! "t ( disbursem5t ( ! cov]$ loan4  
7ii7 ,tim+ ,a reimbursem5t describ$ 9   
clause 7i7 %all be made n lat] ?an #e   
days aft] ! disbursem5t ( ! cov]$ loan4 
7,r7 ,duplication ,no?+ 9 ?is p>agraph  
%all prohibit a recipi5t ( an economic  
injury disa/] loan made "u subsection   
7b77#b7 dur+ ! p]iod beg9n+ on ,febru>y 
#ae1 #bjbj1 & end+ on ,m>* #ca1 #bjbj1 f
 receiv+ assi/ance "u ?is p>agraph4  4  
7b7 ,commitm5ts = #g7;a7 loans ,dur+ !  
p]iod beg9n+ on ,febru>y #ae1 #bjbj1 &  
end+ on ,june #cj1 #bjbj-- 7#a7 ! am\nt 
au?oriz$ = commitm5ts = g5]al bus9ess   
loans au?oriz$ "u section #g7;a7 ( !    
,small ,bus9ess ,act 7#ae ,u4,s4,c4     
#fcf7;a771 includ+ loans made "u        
p>agraph 7#cf7 ( su* section1 z add$ by 
subsection 7a71 %all be                 
#cdi1jjj1jjj1jjj2 &  7#b7 ! am\nt       
au?oriz$ = commitm5ts = su* loans "u !  
head+ ,bus9ess ,loans ,program ,acc\nt  
"u ! head+ ,small ,bus9ess ,adm9i/ration

 "u title ,v ( division ,c ( !          
,consolidat$ ,appropriations ,act1 #bjbj
 7,public ,law #aaf-ic2 #acc ,/at4      
#bdge7 %all n apply4  7c7 ,express loans
  7#a7 ,9 g5]al ,section                
#g7;a77#ca77;,d7 ( ! ,small ,bus9ess    
,act 7#ae ,u4,s4,c4 #fcf7;a77#ca77;,d77 
is am5d$ by /rik+ #cej1jjj & ins]t+     
#a1jjj1jjj4  7#b7 ,prospective repeal   
,effective on ,janu>y #a1 #bjba1 section
 #g7;a77#ca77;,d7 ( ! ,small ,bus9ess   
,act 7#ae ,u4,s4,c4 #fcf7;a77#ca77;,d77 
is am5d$ by /rik+ #a1jjj1jjj & ins]t+   
#cej1jjj4  7d7 ,int]im rule ,on & aft] !
 date ( enactm5t ( ?is ,act1 ! int]im   
f9al rule publi%$ by ! ,adm9i/rator     
entitl$ ,express ,loan ,programs3       
,affiliation ,/&>ds 7#he ,f$4 ,reg4     
#gfbb 7,febru>y #aj1 #bjbj77 %all h no  
=ce or effect4  #c4 ,waiv] ( mat*+ funds
 requirem5t "u ! wom5's bus9ess c5t]    
program ,dur+ ! #c-mon? p]iod beg9n+ on 
! date ( enactm5t ( ?is ,act1 !         
requirem5t relat+ to obta9+ ca%         
contributions f non-,f$]al s\rces "u    

section #bi7;c77#a7 ( ! ,small ,bus9ess 
,act 7#ae ,u4,s4,c4 #fef7;c77#a77 is    
waiv$ = any recipi5t ( assi/ance "u su* 
section #bi4  #d4 ,loan =giv5ess  7a7   
,def9itions ,9 ?is section--  7#a7 ! t]m
 cov]$ loan means a loan gu>ante$ "u    
p>agraph 7#cf7 ( section #g7;a7 ( !     
,small ,bus9ess ,act 7#ae ,u4,s4,c4     
#fcf7;a771 z add$ by ,section #b2  7#b7 
! t]m cov]$ mortgage obligation means   
any indebt$ness or debt in/rum5t incurr$
 9 ! ord9>y c\rse ( bus9ess t--  7,a7 is
 a liability ( ! borr[]2  7,b7 is a     
mortgage on real or p]sonal prop]ty2 &  
7,c7 0 incurr$ be=e ,febru>y #ae1 #bjbj2
  7#c7 ! t]m cov]$ p]iod means ! #h-week
 p]iod beg9n+ on ! date ( ! orig9ation (
 a cov]$ loan2  7#d7 ! t]m cov]$ r5t    
obligation means r5t obligat$ "u a leas+
 agreem5t 9 =ce be=e ,febru>y #ae1      
#bjbj2  7#e7 ! t]m cov]$ utility paym5t 
means paym5t = a s]vice = ! di/ribution 
( electricity1 gas1 wat]1               
transportation1 telephone1 or int]net   
access = :i* s]vice began be=e ,febru>y 

#ae1 #bjbj2  7#f7 ! t]m eligible        
recipi5t means ! recipi5t ( a cov]$     
loan2  7#g7 ! t]m expect$ =giv5ess am\nt
 means ! am\nt ( pr9cipal t a l5d]      
reasonably expects a borr[] to exp5d    
dur+ ! cov]$ p]iod on ! sum ( any--     
7,a7 payroll co/s2  7,b7 paym5ts (      
int]e/ on any cov]$ mortgage obligation 
7:i* %all n include any prepaym5t ( or  
paym5t ( pr9cipal on a cov]$ mortgage   
obligation72  7,c7 paym5ts on any cov]$ 
r5t obligation2 &  7,d7 cov]$ utility   
paym5ts2 &  7#h7 ! t]m payroll co/s has 
! mean+ giv5 t t]m 9 p>agraph 7#cf7 (   
section #g7;a7 ( ! ,small ,bus9ess ,act 
7#ae ,u4,s4,c4 #fcf7;a771 z add$ by     
,section #b ( ?is ,act4  7b7 ,=giv5ess  
,an eligible recipi5t %all be eligible =
 =giv5ess ( indebt$ness on a cov]$ loan 
9 an am\nt equal to ! sum ( ! foll[+    
co/s incurr$ & paym5ts made dur+ ! cov]$
 p]iod3  7#a7 ,payroll co/s4  7#b7 ,any 
paym5t ( int]e/ on any cov]$ mortgage   
obligation 7:i* %all n include any      
prepaym5t ( or paym5t ( pr9cipal on a   

cov]$ mortgage obligation74  7#c7 ,any  
paym5t on any cov]$ r5t obligation4     
7#d7 ,any cov]$ utility paym5t4  7c7    
,treatm5t ( am\nts =giv5  7#a7 ,9 g5]al 
,am\nts :i* h be5 =giv5 "u ?is section  
%all be consid]$ cancel$ indebt$ness by 
a l5d] au?oriz$ "u section #g7;a7 ( !   
,small ,bus9ess ,act 7#ae ,u4,s4,c4     
#fcf7;a774  7#b7 ,pur*ase ( gu>antees ,=
 purposes ( ! pur*ase ( ! gu>antee = a  
cov]$ loan by ! ,adm9i/rator1 am\nts :i*
 are =giv5 "u ?is section %all be treat$
 9 accordance ) ! proc$ures t are       
o!rwise applicable to a loan gu>ante$ "u
 section #g7;a7 ( ! ,small ,bus9ess ,act
 7#ae ,u4,s4,c4 #fcf7;a774  7#c7        
,remittance ,n lat] ?an #ij days aft] ! 
date on :i* ! am\nt ( =giv5ess "u ?is   
section is det]m9$1 ! ,adm9i/rator %all 
remit to ! l5d] an am\nt equal to !     
am\nt ( =giv5ess1 plus any int]e/ accru$
 ?r\gh ! date ( paym5t4  7#d7 ,advance  
pur*ase ( cov]$ loan  7,a7 ,report ,a   
l5d] au?oriz$ "u section #g7;a7 ( !     
,small ,bus9ess ,act 7#ae ,u4,s4,c4     

#fcf7;a77 may report to ! ,adm9i/rator  
an expect$ =giv5ess am\nt on a cov]$    
loan or on a pool ( cov]$ loans ( up to 
#ajj p]c5t ( ! pr9cipal on ! cov]$ loan 
or pool ( cov]$ loans1 respectively4    
7,b7 ,pur*ase ,! ,adm9i/rator %all      
pur*ase ! expect$ =giv5ess am\nt        
describ$ 9 subp>agraph 7,a7 z if ! am\nt
 7 ! pr9cipal am\nt ( a loan gu>ante$ "u
 section #g7;a7 ( ! ,small ,bus9ess ,act
 #fcf7;a774  7,c7 ,tim+ ,n lat] ?an #e  
days aft] ! date on :i* ! ,adm9i/rator  
receives a report "u subp>agraph 7,a71 !
 ,adm9i/rator %all pur*ase ! expect$    
=giv5ess am\nt "u subp>agraph 7,b7 )    
respect to ea* cov]$ loan to :i* !      
report relates4  7d7 ,limits on am\nt ( 
=giv5ess  7#a7 ,am\nt may n exce$       
pr9cipal ,! am\nt ( loan =giv5ess "u ?is
 section %all n exce$ ! pr9cipal am\nt (
 ! f9anc+ made available "u ! applicable
 cov]$ loan4  7#b7 ,r$uction bas$ on    
r$uction 9 numb] ( employees  7,a7 ,9   
g5]al ,! am\nt ( loan =giv5ess "u ?is   
section %all be r$uc$1 b n increas$1 by 

multiply+ ! am\nt describ$ 9 subsection 
7b7 by ! quoti5t obta9$ by divid+--  7i7
 ! av]age numb] ( full-"t equival5t     
employees p] mon? employ$ by ! eligible 
recipi5t dur+ ! cov]$ p]iod2 by  7ii7   
7,i7 ! av]age numb] ( full-"t equival5t 
employees p] mon? employ$ by ! eligible 
recipi5t dur+ ! p]iod beg9n+ on ,febru>y
 #ae1 #bjai1 & end+ on ,june #cj1 #bjai2
  7,,ii7 if ! eligible recipi5t 0 n 9   
op]ation be=e ,june #cj1 #bjai1 ! av]age
 numb] ( full-"t equival5t employees p] 
mon? employ$ by ! eligible recipi5t dur+
 ! p]iod beg9n+ on ,janu>y #a1 #bjbj1 & 
end+ on ,febru>y #bi1 #bjbj2 or  7,,iii7
 9 ! case ( an eligible recipi5t t is a 
seasonal employ]1 z det]m9$ by !        
,adm9i/rator1 ! av]age numb] ( full-"t  
equival5t employees p] mon? employ$ by !
 eligible recipi5t dur+ ! p]iod beg9n+  
on ,febru>y #ae1 #bjai1 & end+ on ,june 
#cj1 #bjai4  7,b7 ,calculation ( av]age 
numb] ( employees ,= purposes (         
subp>agraph 7,a71 ! av]age numb] (      
full-"t equival5t employees %all be     

det]m9$ by calculat+ ! av]age numb] (   
full-"t equival5t employees = ea* pay   
p]iod fall+ )9 a mon?4  7#c7 ,r$uction  
relat+ to sal>y & wages  7,a7 ,9 g5]al  
,! am\nt ( loan =giv5ess "u ?is section 
%all be r$uc$ by ! am\nt ( any r$uction 
9 total sal>y or wages ( any employee   
describ$ 9 subp>agraph 7,b7 dur+ ! cov]$
 p]iod t is 9 excess ( #be p]c5t ( !    
total sal>y or wages ( ! employee dur+ !
 mo/ rec5t full qu>t] dur+ :i* !        
employee 0 employ$ be=e ! cov]$ p]iod4  
7,b7 ,employees describ$ ,an employee   
describ$ 9 ?is subp>agraph is any       
employee :o did n receive1 dur+ any s+le
 pay p]iod dur+ #bjai1 wages or sal>y at
 an annualiz$ rate ( pay 9 an am\nt m   
?an #ajj1jjj4  7#d7 ,exception = tipp$  
work]s ,an eligible recipi5t ) tipp$    
employees describ$ 9 section            
#c7m77#b77;,a7 ( ! ,fair ,labor ,/&>ds  
,act ( #aich 7#bi ,u4,s4,c4             
#bjc7m77#b77;,a77 may receive =giv5ess =
 additional wages paid to ^? employees4 
7#e7 ,exemption = re-hires  7,a7 ,9     

g5]al ,9 a circum/ance describ$ 9       
subp>agraph 7,b71 ! am\nt ( loan        
=giv5ess "u ?is section %all be det]m9$ 
)\t reg>d to a r$uction 9 ! numb] (     
full-"t equival5t employees ( an        
eligible recipi5t or a r$uction 9 !     
sal>y ( #a or m employees ( ! eligible  
recipi5t1 z applicable1 dur+ ! p]iod    
beg9n+ on ,febru>y #ae1 #bjbj1 & end+ on
 ,april #a1 #bjbj4  7,b7 ,circum/ances  
,a circum/ance describ$ 9 ?is           
subp>agraph is a circum/ance--  7i7 9   
:i*-- 7,i7 dur+ ! p]iod beg9n+ on       
,febru>y #ae1 #bjbj1 & end+ on ,april   
#a1 #bjbj1 !re is a r$uction1 z comp>$  
to ,febru>y #ae1 #bjbj1 9 ! numb] (     
full-"t equival5t employees ( an        
eligible recipi5t2 &  7,,ii7 n lat] ?an 
,june #cj1 #bjbj1 ! eligible employ] has
 elim9at$ ! r$uction 9 ! numb] ( full-"t
 equival5t employees2  7ii7 9 :i*--     
7,i7 dur+ ! p]iod beg9n+ on ,febru>y    
#ae1 #bjbj1 & end+ on ,april #a1 #bjbj1 
!re is a r$uction1 z comp>$ to ,febru>y 
#ae1 #bjbj1 9 ! sal>y or wages ( #a or m

 employees ( ! eligible recipi5t2 &     
7,,ii7 n lat] ?an ,june #cj1 #bjbj1 !   
eligible employ] has elim9at$ ! r$uction
 9 ! sal>y or wages ( su* employees2 or 
7iii7 9 :i* ! ev5ts describ$ 9 clause   
7i7 & 7ii7 occur4  7e7 ,application ,an 
eligible recipi5t seek+ loan =giv5ess "u
 ?is section %all submit to ! l5d] t    
orig9at$ ! cov]$ loan an application1   
:i* %all include--  7#a7 docum5tation   
v]ify+ ! numb] ( full-"t equival5t      
employees on payroll & pay rates = !    
p]iods describ$ 9 subsection 7d71       
includ+-- 7,a7 payroll tax fil+s report$
 to ! ,int]nal ,rev5ue ,s]vice2 &  7,b7 
,/ate income1 payroll1 & unemploym5t    
insurance fil+s2  7#b7 docum5tation1    
includ+ cancell$ *ecks1 paym5t receipts1
 transcripts ( acc\nts1 or o!r docum5ts 
v]ify+ paym5ts on cov]$ mortgage        
obligations1 paym5ts on cov]$ lease     
obligations1 & cov]$ utility paym5ts2   
7#c7 a c]tification f a repres5tative ( 
! eligible recipi5t au?oriz$ to make su*
 c]tifications t-- 7,a7 ! docum5tation  

pres5t$ is true & correct2 &  7,b7 !    
am\nt = :i* =giv5ess is reque/$ 0 us$ to
 reta9 employees1 make int]e/ paym5ts on
 a cov]$ mortgage obligation1 make      
paym5ts on a cov]$ r5t obligation1 or   
make cov]$ utility paym5ts2 &  7#d7 any 
o!r docum5tation ! ,adm9i/rator det]m9es
 necess>y4  7f7 ,prohibition on =giv5ess
 )\t docum5tation ,no eligible recipi5t 
%all receive =giv5ess "u ?is section )\t
 submitt+ to ! l5d] t orig9at$ ! cov]$  
loan ! docum5tation requir$ "u          
subsection 7e74  7g7 ,decision ,n lat]  
?an #fj days aft] ! date on :i* a l5d]  
receives an application = loan =giv5ess 
"u ?is section f an eligible recipi5t1 !
 l5d] %all issue a decision on !        
application4  7h7 ,safe h>bor ,if a l5d]
 det]m9es t an eligible recipi5t has    
accurately v]ifi$ ! paym5ts = payroll   
co/s1 paym5ts on cov]$ mortgage         
obligations1 paym5ts on cov]$ lease     
obligations1 or cov]$ utility paym5ts   
dur+ ! cov]$ p]iod-- 7#a7 an en=cem5t   
action may n be tak5 aga9/ ! l5d] "u    

section #dg7;e7 ( ! ,small ,bus9ess ,act
 7#ae ,u4,s4,c4 #fegt7e77 relat+ to loan
 =giv5ess = ! paym5ts = payroll co/s1   
paym5ts on cov]$ mortgage obligations1  
paym5ts on cov]$ lease obligations1 or  
cov]$ utility paym5ts1 z ! case may be2 
&  7#b7 ! l5d] %all n be subject to any 
p5alties by ! ,adm9i/rator relat+ to    
loan =giv5ess = ! paym5ts = payroll     
co/s1 paym5ts on cov]$ mortgage         
obligations1 paym5ts on cov]$ lease     
obligations1 or cov]$ utility paym5ts1 z
 ! case may be4  7i7 ,taxability        
,cancel$ indebt$ness "u ?is section %all
 be exclud$ f gross income = purposes ( 
! ,int]nal ,rev5ue ,code ( #aihf4  7j7  
,rule ( con/ruction ,! cancellation (   
indebt$ness on a cov]$ loan "u ?is      
section %all n o!rwise modify ! t]ms &  
conditions ( ! cov]$ loan4  7k7         
,regulations ,n lat] ?an #cj days aft] !
 date ( enactm5t ( ?is ,act1 !          
,adm9i/rator %all issue guidance &      
regulations implem5t+ ?is section4  #e4 
,direct appropriations  7a7 ,9 g5]al    

,!re is appropriat$1 out ( am\nts 9 !   
,treasury n o!rwise appropriat$1 = !    
fiscal ye> end+ ,septemb] #cj1 #bjbj1 to
 rema9 available until ,septemb] #cj1   
#bjba1 = additional am\nts-- 7#a7       
#bii1djj1jjj1jjj "u ! head+ ,small      
,bus9ess ,adm9i/ration--,bus9ess ,loans 
,program ,acc\nt = ! co/ ( gu>ante$     
loans z au?oriz$ "u p>agraph 7#cf7 (    
section #g7;a7 ( ! ,small ,bus9ess ,act 
7#ae ,u4,s4,c4 #fcf7;a771 z add$ by     
section #b7;a7 ( ?is title2  7#b7       
#gjj1jjj1jjj "u ! head+ ,small ,bus9ess 
,adm9i/ration--,sal>ies & ,exp5ses =    
sal>ies & exp5ses ( ! ,adm9i/ration2 &  
7#c7 #be1jjj1jjj "u ! head+ ,small      
,bus9ess ,adm9i/ration--,(fice (        
,inspector ,g5]al = necess>y exp5ses ( !
 ,(fice ( ,inspector ,g5]al ( !         
,adm9i/ration 9 c>ry+ out ! provisions (
 ! ,inspector ,g5]al ,act ( #aigh 7#e   
,u4,s4,c4 ,app474  #f4 ,contract+  7a7  
,def9ition ,9 ?is section1 ! t]m cov]$  
entity means a small bus9ess conc]n or  
nonpr(it organization-- 7#a7 t is a p>ty

 to a contract ) a ,f$]al ag5cy2 &  7#b7
 = :i* ! contractor p]=mance is adv]sely
 impact$ z a result ( ,,covid-#ai4  7b7 
,promotion ( small bus9ess contract+    
7#a7 ,small bus9ess contract+ relief    
7,a7 ,9 g5]al ,not)/&+ any o!r provision
 ( law or regulation1 & except z provid$
 9 subp>agraph 7,b71 dur+ ! p]iod beg9n+
 on ! date ( enactm5t ( ?is ,act & end+ 
on ,septemb] #cj1 #bjba1 ! head ( !     
,f$]al ag5cy ) :i* a cov]$ entity has a 
contract %all provide ! cov]$ entity ) !
 great] (--  7i7 #cj additional days to 
c>ry out ! responsibilities ( ! cov]$   
entity "u ! contract2 or  7ii7 an       
additional am\nt ( "t to c>ry out !     
responsibilities ( ! cov]$ entity "u !  
contract t ! head ( ! ,f$]al ag5cy      
det]m9es to be appropriate aft] tak+    
into consid]ation ! sev]ity ( ! adv]se  
impact exp]i5c$ by ! cov]$ entity4  7,b7
 ,exclusion ( mission-critical contracts
 ,subp>agraph 7,a7 %all n apply to any  
contract t ! head ( ! ,f$]al ag5cy t is 
a p>ty to ! contract det]m9es is        

critical to c>ry+ out ! mission ( !     
,f$]al ag5cy4  7#b7 ,paym5t cont9uation 
,if ! p]=mance ( all or any "p ( ! "w ( 
a ,f$]al goods or s]vices contract ) a  
contractor t is a small bus9ess conc]n  
or a nonpr(it organization 9 =ce &      
effect dur+ ! p]iod beg9n+ on ! date (  
enactm5t ( ?is ,act & end+ on ,septemb] 
#cj1 #bjba1 is unavoidably delay$ or    
int]rupt$ by ! inability ( ! employees (
 ! small bus9ess conc]n or nonpr(it     
organization1 z applicable1 to access   
,gov]nm5t facilities1 sy/ems1 or o!r    
,gov]nm5t-provid$ res\rces due to       
re/rictions relat$ to ,,covid-#ai t h   
be5 impos$ by any au?ority or due to    
ord]s or in/ructions issu$ by !         
contract+ ag5cy 9 response to           
,,covid-#ai--  7,a7 ! ,gov]nm5t %all pay
 ! small bus9ess conc]n or nonpr(it     
organization1 z applicable1 ^u !        
submission ( ! docum5tation requir$ by !
 contract & accord+ to ! t]ms specifi$ 9
 ! contract1 ! prices /ipulat$ 9 !      
contract = goods or s]vices z if ! small

 bus9ess conc]n or nonpr(it             
organization1 z applicable1 _h r5d]$ & !
 ,gov]nm5t accept$ ! goods or s]vices2 &
  7,b7 contractor deliv]y s*$ules %all  
be revis$ & ! small bus9ess conc]n or   
nonpr(it organization1 z applicable1    
%all be eligible = equitable adju/m5ts  
bas$ on ! revis$ s*$ules4  7#c7 ,prompt 
paym5ts ,not)/&+ any o!r provision ( law
 or regulation1 dur+ any p]iod 9 :i* !  
,presid5t invokes ! au?orities ( !      
,def5se ,production ,act ( #aiej 7#ej   
,u4,s4,c4 #deja et seq471 = any paym5t  
due by ! head ( a ,f$]al ag5cy on a     
contract = an item ( prop]ty or s]vice  
provid$-- 7,a7 ) respect to a prime     
contractor 7z def9$ 9 section #hgja (   
title #da1 ,unit$ ,/ates ,code7 t is a  
small bus9ess conc]n or nonpr(it        
organization1 ! head ( ! ,f$]al ag5cy   
%all1 to ! fulle/ ext5t p]mitt$ by law &
 to ! maximum ext5t practicable1 e/abli%
 an accel]at$ paym5t date ( #ae days    
aft] a prop] invoice = ! am\nt due is   
receiv$2 &  7,b7 ) respect to a prime   

contractor 7z def9$ 9 section #hgja (   
title #da1 ,unit$ ,/ates ,code7 t       
subcontracts ) a small bus9ess conc]n or
 nonpr(it organization1 ! head ( !      
,f$]al ag5cy %all1 to fulle/ ext5t      
p]mitt$ by law & to ! maximum ext5t     
practicable1 e/abli% an accel]at$ paym5t
 date ( #ae days aft] receipt ( a prop] 
invoice = ! am\nt due if ! prime        
contractor agrees to make paym5ts to !  
subcontractor 9 accordance ) ! accel]at$
 paym5t date1 to ! maximum ext5t        
practicable1 )\t any fur!r consid]ation 
f or fees *>g$ to ! subcontractor4  7#d7
 ,b> on multiple =ms ( contract relief  
,a small bus9ess conc]n or nonpr(it     
organization may n receive a            
modification ( t]ms or assi/ance "u m   
?an #a p>agraph ( ?is subsection )      
respect to any s+le contract4  7c7      
,resolicitation ( contracts ) small     
bus9ess conc]ns ,dur+ fiscal ye>s #bjba 
& #bjbb1 a ,f$]al ag5cy %all n cancel a 
contract 9 :i* ! prime contractor 7z    
def9$ 9 section #hgja ( title #da1      

,unit$ ,/ates ,code7 is a small bus9ess 
conc]n t default$ on ! t]ms ( ! contract
 directly or indirectly due to !        
,,covid-#ai unless ! ,director ( ,small 
& ,disadvantag$ ,bus9ess ,utilization ( 
! ,f$]al ag5cy c]tifies t-- 7#a7 !      
contract is mission-critical2  7#b7     
resolicitation ( ! contract w\ld all[ a 
fa/] deliv]y ?an ! small bus9ess conc]n 
c\ld provide2 &  7#c7 ! resolicitation (
 ! contract is1 to ! greate/ ext5t      
possible1 aw>d$ to ano!r small bus9ess  
conc]n4  #g4 ,unit$ ,/ates ,treasury    
program managem5t au?ority  7a7         
,au?ority ,to include additional        
f9ancial in/itutions ,! ,dep>tm5t ( !   
,treasury1 9 consultation ) !           
,adm9i/ration1 ! ,f>m ,cr$it            
,adm9i/ration1 & ! o!r ,f$]al f9ancial  
regulatory ag5cies 7z def9$ 9 section   
#cac7r7 ( title #ca1 ,unit$ ,/ates      
,code71 %all e/abli% crit]ia = insur$   
depository in/itutions 7z def9$ 9       
section #c ( ! ,f$]al ,deposit          
,insurance ,act 7#ab ,u4,s4,c4 #ahac771 

in/itutions ( ! ,f>m ,cr$it ,sy/em *>t]$
 "u ! ,f>m ,cr$it ,act ( #aiga 7#ab     
,u4,s4,c4 #bjja et seq471 & o!r l5d]s t 
d n already p>ticipate 9 l5d+ "u        
programs ( ! ,adm9i/ration1 to          
p>ticipate 9 ! small bus9ess int]ruption
 loans program to provide loans "u ?is  
section until ! date on :i* ! national  
em]g5cy decl>$ by ! ,presid5t "u !      
,national ,em]g5cies ,act 7#ej ,u4,s4,c4
 #afja et seq47 ) respect to !          
,coronavirus ,disease #bjai             
7,,covid-#ai7 expires4  7b7 ,safety &   
s\ndness ,an insur$ depository          
in/itution 7z def9$ 9 section #c ( !    
,f$]al ,deposit ,insurance ,act 7#ab    
,u4,s4,c4 #ahac771 in/itution ( ! ,f>m  
,cr$it ,sy/em *>t]$ "u ! ,f>m ,cr$it    
,act ( #aiga 7#ab ,u4,s4,c4 #bjja et    
seq471 or o!r l5d] may only p>ticipate 9
 ! program e/abli%$ "u ?is section if   
p>ticipation does n affect ! safety &   
s\ndness ( ! in/itution or l5d]4  7c7   
,regulations = l5d]s & loans  7#a7 ,9   
g5]al ,! ,secret>y ( ! ,treasury1 9     

consultation ) ! ,adm9i/rator1 %all     
issue regulations & guidance 9 ord] to  
direct additional l5d]s "u ?is section &
 e/abli% t]ms & conditions = small      
bus9ess int]ruption loans "u ?is        
section1 includ+ t]ms conc]n+           
comp5sation1 und]writ+ /&>ds1 int]e/    
rates1 & maturity4  7#b7 ,requirem5ts ,!
 t]ms & conditions e/abli%$ "u p>agraph 
7#a7 %all provide = ! foll[+3  7,a7 ,a  
rate ( int]e/ t does n exce$ ! maximum  
p]missible rate ( int]e/ available on a 
loan ( comp>able maturity "u p>agraph   
7#cf7 ( section #g7;a7 ( ! ,small       
,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a771 
z add$ by section #b ( ?is ,act4  7,b7  
,t]ms & conditions t1 to ! maximum ext5t
 practicable1 are ! same z ! t]ms &     
conditions requir$ "u ! foll[+          
provisions ( p>agraph 7#cf7 ( section   
#g7;a7 ( ! ,small ,bus9ess ,act 7#ae    
,u4,s4,c4 #fcf7;a771 z add$ by section  
#b ( ?is ,act3  7i7 ,subp>agraph 7,d71  
p]ta9+ to borr[] eligibility4  7ii7     
,subp>agraph 7,e71 p]ta9+ to ! maximum  

loan am\nt4  7iii7 ,subp>agraph 7,f77i71
 p]ta9+ to all[able uses ( program      
loans4  7iv7 ,subp>agraph 7,h71 p]ta9+  
to fee waiv]s4  7v7 ,subp>agraph 7,n71  
p]ta9+ to loan def]m5t4  7,c7 ,a        
gu>antee p]c5tage t1 to ! maximum ext5t 
practicable1 is ! same z ! gu>antee     
p]c5tage requir$ "u subp>agraph 7,f7 (  
section #g7;a77#b7 ( ! ,small ,bus9ess  
,act 7#ae ,u4,s4,c4 #fcf7;a77#b771 z    
add$ by section #b ( ?is ,act4  7d7     
,additional regulations g5]ally ,!      
,secret>y ( ! ,treasury may issue       
regulations & guidance z may be necess>y
 to c>ry out ! purposes ( ?is section4  
7e7 ,c]tification ,z a condition (      
receiv+ a loan "u ?is section1 a borr[] 
%all c]tify "u t]ms acceptable to !     
,secret>y ( ! ,treasury t ! borr[]--    
7#a7 does n h an application p5d+ = a   
loan "u section #g7;a7 ( ! ,small       
,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a772 
&  7#b7 has n receiv$ su* a loan dur+ ! 
p]iod beg9n+ on ,febru>y #ae1 #bjbj1 &  
end+ on ,decemb] #ca1 #bjbj4  7f7       

,program adm9i/ration ,"u !             
infra/ructure ( ! ,dep>tm5t ( !         
,treasury & ) guidance f ! ,secret>y ( !
 ,treasury1 ! ,adm9i/rator %all adm9i/] 
! program e/abli%$ "u ?is section1      
includ+ ! mak+ & pur*as+ ( gu>antees on 
loans "u ! program1 until ! date on :i* 
! national em]g5cy decl>$ by ! ,presid5t
 "u ! ,national ,em]g5cies ,act 7#ej    
,u4,s4,c4 #afja et seq47 ) respect to ! 
,coronavirus ,disease #bjai             
7,,covid-#ai7 expires4  7g7 ,crim9al    
p5alties ,a loan "u ?is section %all be 
deem$ to be a loan "u ! ,small ,bus9ess 
,act 7#ae ,u4,s4,c4 #fca et seq47 =     
purposes ( section #af ( su* ,act 7#ae  
,u4,s4,c4 #fde74  #h4 ,em]g5cy ,,eidl   
grants  7a7 ,def9itions ,9 ?is section--
 7#a7 ! t]m cov]$ p]iod means ! p]iod   
beg9n+ on ,janu>y #ca1 #bjbj1 & end+ on 
,decemb] #ca1 #bjbj2 &  7#b7 ! t]m      
eligible entity means-- 7,a7 a />tup ) n
 m ?an #ejj employees2  7,b7 any        
individual :o op]ates "u a sole         
proprietor%ip or z an indep5d5t         

contractor2  7,c7 a coop]ative ) n m ?an
 #ejj employees2 or  7,d7 an ,,esop 7z  
def9$ 9 section #c ( ! ,small ,bus9ess  
,act 7#ae ,u4,s4,c4 #fcb77 ) n m ?an    
#ejj employees4  7b7 ,eligible entities 
,dur+ ! cov]$ p]iod1 9 addition to small
 bus9ess conc]ns1 private nonpr(it      
organizations1 & small agricultural     
coop]atives1 an eligible entity %all be 
eligible = a loan made "u section       
#g7;b77#b7 ( ! ,small ,bus9ess ,act 7#ae
 ,u4,s4,c4 #fcf7;b77#b774  7c7 ,t]ms2   
cr$it else:]e ,) respect to a loan made 
"u section #g7;b77#b7 ( ! ,small        
,bus9ess ,act 7#ae ,u4,s4,c4            
#fcf7;b77#b77 9 response to ,,covid-#ai 
dur+ ! cov]$ p]iod1 ! ,adm9i/rator %all 
waive-- 7#a7 any rules relat$ ! p]sonal 
gu>antee on advances & loans ( n m ?an  
#bjj1jjj dur+ ! cov]$ p]iod = all       
applicants2  7#b7 ! requirem5t t an     
applicant ne$s to be 9 bus9ess = !      
#a-ye> p]iod be=e ! disa/]2 &  7#c7 !   
requirem5t 9 ! flu% matt] foll[+        
subp>agraph 7,e7 ( section #g7;b77#b7 ( 

! ,small ,bus9ess ,act 7#ae ,u4,s4,c4   
#fcf7;b77#b771 z s r$esignat$ by        
subsection 7f7 ( ?is section1 t an      
applicant be unable to obta9 cr$it      
else:]e4  7d7 ,approval & ability ,to   
repay = small doll> loans ,) respect to 
a loan made "u section #g7;b77#b7 ( !   
,small ,bus9ess ,act 7#ae ,u4,s4,c4     
#fcf7;b77#b77 9 response to ,,covid-#ai 
dur+ ! cov]$ p]iod1 a l5d] may-- 7#a7   
approve an applicant bas$ solely on !   
cr$it score ( ! applicant & %all n      
require an applicant to submit a tax    
return or a tax return transcript = su* 
approval2 or  7#b7 use alt]native       
appropriate me?ods to det]m9e an        
applicant's ability to repay4  7e7      
,em]g5cy grant  7#a7 ,9 g5]al ,dur+ !   
cov]$ p]iod1 an eligible entity t       
applies = a loan "u section #g7;b77#b7 (
 ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4  
#fcf7;b77#b77 9 response to ,,covid-#ai 
may reque/ t ! ,adm9i/rator provide an  
advance 9 ! am\nt reque/$ by su*        
applicant 7n to exce$ #aj1jjj7 to su*   

applicant )9 #c days aft] ! ,adm9i/rator
 receives an application f su*          
applicant4  7#b7 ,v]ification ,be=e     
disburs+ am\nts "u ?is subsection1 !    
,adm9i/rator %all v]ify t ! applicant is
 an eligible entity4  7#c7 ,use ( funds 
,an advance provid$ "u ?is subsection   
may be us$ to address any all[able      
purpose = a loan made "u section        
#g7;b77#b7 ( ! ,small ,bus9ess ,act 7#ae
 ,u4,s4,c4 #fcf7;b77#b771 includ+--     
7,a7 provid+ paid sick leave to         
employees unable to "w due to ! direct  
effect ( ! ,,covid-#ai2  7,b7 ma9ta9+   
payroll to reta9 employees dur+ bus9ess 
disruptions or sub/antial sl[d[ns2  7,c7
 meet+ increas$ co/s to obta9 mat]ials  
unavailable f ! applicant's orig9al     
s\rce due to int]rupt$ supply *a9s2     
7,d7 mak+ r5t or mortgage paym5ts2 &    
7,e7 repay+ obligations t _c be met due 
to rev5ue losses4  7#d7 ,repaym5t ,an   
applicant %all n be requir$ to repay any
 am\nts ( an advance provid$ "u ?is     
subsection1 ev5 if subsequ5tly d5i$ a   

loan "u section #g7;b77#b7 ( ! ,small   
,bus9ess ,act 7#ae ,u4,s4,c4            
#fcf7;b77#b774  7#e7 ,unemploym5t grant 
,if an applicant t receives an advance  
"u ?is subsection transf]s into ! loan  
program "u section #g7;a7 ( ! ,small    
,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a771 
! advance am\nt %all be consid]$ :5     
det]m9+ loan =giv5ess = a loan = payroll
 co/s made "u su* section #g7;a74  7#f7 
,au?orization ( appropriations ,!re is  
au?oriz$ to be appropriat$ to !         
,adm9i/ration #aj1jjj1jjj1jjj to c>ry   
out ?is subsection4  7#g7 ,t]m9ation ,! 
au?ority to c>ry out grants "u ?is      
subsection %all t]m9ate on ,decemb] #cj1
 #bjbj4  7f7 ,em]g5cies involv+ ,f$]al  
prim>y responsibility qualify+ = ,,sba  
assi/ance ,section #g7;b77#b7 ( ! ,small
 ,bus9ess ,act 7#ae ,u4,s4,c4           
#fcf7;b77#b77 is am5d$--  7#a7 9        
subp>agraph 7,a71 by /rik+ or at ! end2 
7#b7 9 subp>agraph 7,b71 by /rik+ or at 
! end2  7#c7 9 subp>agraph 7,c71 by     
/rik+ or at ! end2  7#d7 by r$esignat+  

subp>agraph 7,d7 z subp>agraph 7,e72    
7#e7 by ins]t+ aft] subp>agraph 7,c7 !  
foll[+3  7,d7 an em]g5cy involv+ ,f$]al 
prim>y responsibility det]m9$ to exi/ by
 ! ,presid5t "u section #eja7;b7 ( !    
,rob]t ,t4 ,/af=d ,disa/] ,relief &     
,em]g5cy ,assi/ance ,act 7#db ,u4,s4,c4 
#eaia7;b772 or  2 &  7#f7 9 subp>agraph 
7,e71 z s r$esignat$-- 7,a7 by /rik+ or 
7,c7 & ins]t+ 7,c71 or 7,d72  7,b7 by   
/rik+ disa/] decl>ation ea* place x     
appe>s & ins]t+ disa/] or em]g5cy       
decl>ation2  7,c7 by /rik+ disa/] has   
occurr$ & ins]t+ disa/] or em]g5cy has  
occurr$2  7,d7 by /rik+ su* disa/] &    
ins]t+ su* disa/] or em]g5cy2 &  7,e7 by
 /rik+ disa/] /rick5 & ins]t+ disa/]- or
 em]g5cy-/rick52 &  7#g7 9 ! flu% matt] 
foll[+ subp>agraph 7,e71 z s r$esignat$1
 by /rik+ ! p]iod at ! end & ins]t+ !   
foll[+3 3 ,provid$ fur!r1 ,t = purposes 
( subp>agraph 7,d71 ! ,adm9i/rator %all 
deem t su* an em]g5cy affects ea* ,/ate 
or subdivision !re( 7includ+ c\nties71 &
 t ea* ,/ate or subdivision has         

suffici5t economic damage to small      
bus9ess conc]ns to qualify = assi/ance  
"u ?is p>agraph & ! ,adm9i/rator %all   
accept applications = su* assi/ance     
imm$iately44  #i4 ,subsidy = c]ta9 loan 
paym5ts  7a7 ,def9ition ( cov]$ loan ,9 
?is section1 ! t]m cov]$ loan means a   
loan t is--  7#a7 gu>ante$ by !         
,adm9i/ration "u-- 7,a7 section #g7;a7 (
 ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4  
#fcf7;a771 includ+ a loan made "u !     
,community ,advantage ,pilot ,program ( 
! ,adm9i/ration2 or  7,b7 title ,v ( !  
,small ,bus9ess ,inve/m5t ,act ( #aieh  
7#ae ,u4,s4,c4 #fie et seq472 or  7#b7  
made by an int]m$i>y to a small bus9ess 
conc]n us+ loans or grants receiv$ "u   
section #g7m7 ( ! ,small ,bus9ess ,act  
7#ae ,u4,s4,c4 #fcf7m774  7b7 ,s5se (   
,congress ,x is ! s5se ( ,congress t--  
7#a7 all borr[]s are adv]sely affect$ by
 ,,covid-#ai2  7#b7 relief paym5ts by ! 
,adm9i/ration are appropriate = all     
borr[]s2 &  7#c7 9 addition to ! relief 
provid$ "u ?is ,act1 ! ,adm9i/ration    

%\ld enc\rage l5d]s to provide paym5t   
def]m5ts1 :5 appropriate1 & to ext5d !  
maturity ( cov]$ loans1 s z to avoid    
balloon paym5ts or any requirem5t =     
increases 9 debt paym5ts result+ f      
def]m5ts provid$ by l5d]s dur+ ! p]iod (
 ! national em]g5cy decl>$ by !         
,presid5t "u ! ,national ,em]g5cies ,act
 7#ej ,u4,s4,c4 #afja et seq47 ) respect
 to ! ,coronavirus ,disease #bjai       
7,,covid-#ai74  7c7 ,pr9cipal & int]e/  
paym5ts  7#a7 ,9 g5]al ,! ,adm9i/rator  
%all pay ! pr9cipal1 int]e/1 & any      
associat$ fees t are ow$ on a cov]$ loan
 9 a regul> s]vic+ /atus-- 7,a7 )       
respect to a cov]$ loan made be=e ! date
 ( enactm5t ( ?is ,act & n on def]m5t1 =
 ! #f-mon? p]iod beg9n+ ) ! next paym5t 
due on ! cov]$ loan2  7,b7 ) respect to 
a cov]$ loan made be=e ! date ( enactm5t
 ( ?is ,act & on def]m5t1 = ! #f-mon?   
p]iod beg9n+ ) ! next paym5t due on !   
cov]$ loan aft] ! def]m5t p]iod2 &  7,c7
 ) respect to a cov]$ loan made dur+ !  
p]iod beg9n+ on ! date ( enactm5t ( ?is 

,act & end+ on ! date t is #f mon?s aft]
 su* date ( enactm5t1 = ! #f-mon? p]iod 
beg9n+ ) ! fir/ paym5t due on ! cov]$   
loan4  7#b7 ,tim+ ( paym5t ,!           
,adm9i/rator %all beg9 mak+ paym5ts "u  
p>agraph 7#a7 on a cov]$ loan n lat] ?an
 #cj days aft] ! date on :i* ! fir/ su* 
paym5t is due4  7#c7 ,application (     
paym5t ,any paym5t made by !            
,adm9i/rator "u p>agraph 7#a7 %all be   
appli$ to ! cov]$ loan su* t ! borr[] is
 reliev$ ( ! obligation to pay t am\nt4 
7d7 ,o!r requirem5ts ,! ,adm9i/rator    
%all-- 7#a7 communicate & coord9ate ) ! 
,f$]al ,deposit ,insurance ,corporation1
 ! ,(fice ( ! ,comptroll] ( ! ,curr5cy1 
& ,/ate bank regulators to enc\rage ^?  
entities to n require l5d]s to increase 
_! res]ves on acc\nt ( receiv+ paym5ts  
made by ! ,adm9i/rator "u subsection    
7c72  7#b7 waive /atutory limits on     
maximum loan maturities = any cov]$ loan
 durations :]e ! l5d] provides a def]ral
 & ext5ds ! maturity ( cov]$ loans dur+ 
! #a-ye> p]iod foll[+ ! date ( enactm5t 

( ?is ,act2 &  7#c7 :5 necess>y to      
provide m "t because ( ! pot5tial (     
high] volumes1 travel re/rictions1 & !  
inability to access "s prop]ties dur+ ! 
,,covid-#ai p&emic1 ext5d l5d] site     
visit requirem5ts to--  7,a7 n m ?an #fj
 days 7:i* may be ext5d$ at ! discretion
 ( ! ,adm9i/ration7 aft] ! occurr5ce (  
an adv]se ev5t1 o!r ?an a paym5t        
default1 caus+ a loan to be classifi$ z 
9 liquidation2 &  7,b7 n m ?an #ij days 
aft] a paym5t default4  7e7 ,rule (     
con/ruction ,no?+ 9 ?is section may be  
con/ru$ to limit ! au?ority ( !         
,adm9i/rator to make paym5ts pursuant to
 subsection 7c7 ) respect to a cov]$    
loan solely because ! cov]$ loan has be5
 sold 9 ! second>y m>ket4  7f7          
,au?orization ( appropriations ,!re is  
au?oriz$ to be appropriat$ to !         
,adm9i/rator #af1hjj1jjj1jjj to c>ry out
 ?is section4  #aj4 ,em]g5cy rulemak+   
au?ority ,n lat] ?an #ae days aft] !    
date ( enactm5t ( ?is ,act1 !           
,adm9i/rator %all issue regulations to  

c>ry out ?is ,act & ! am5dm5ts made by  
?is ,act )\t reg>d to ! notice          
requirem5ts "u section #eec7;b7 ( title 
#e1 ,unit$ ,/ates ,code4  ,v ,regulatory
 relief  #a4 ,repeal+ burd5some         
regulations  7a7 ,)9 #g days ( enactm5t 
( ?is ,act1 ea* ag5cy 7z def9$ 9 #e     
,u4,s4,c4 #eea7 %all id5tify major      
regulations 7z def9$ 9 #e ,u4,s4,c4     
#hjd7b77 t1 if am5d$1 susp5d$1 or       
repeal$1 w\ld provide imm$iate f9ancial 
or economic relief4  7b7 ,)9 #ae days ( 
enactm5t1 ea* ag5cy %all submit to !    
,presid5t a plan to imm$iately susp5d   
en=cem5t ( ! regulations id5tifi$ 9     
accordance ) subsection 7a74  7c7       
,regulations susp5d$ 9 accordance ) ?is 
section may n be re9/at$ unless approv$ 
by a jo9t resolution ( ,congress4  7d7  
,! requirem5ts "u *apt] #e ( title #e1  
,unit$ ,/ates ,code1 %all n apply to !  
susp5sion ( regulations id5tifi$ "u ?is 
section4  ,,vi ,tempor>y relief f home &
 auto loans  #a4 ,=eclosure moratorium &
 consum] "r to reque/ =be>ance  7a7     

,def9itions ,9 ?is section3  7#a7       
,,covid-#ai em]g5cy ,! t]m ,,covid-#ai  
em]g5cy means ! national em]g5cy conc]n+
 ! novel coronavirus disease            
7,,covid-#ai7 outbreak decl>$ by !      
,presid5t on ,m>* #ac1 #bjbj1 "u !      
,national ,em]g5cies ,act 7#ej ,u4,s4,c4
 #afja et seq474  7#b7 ,f$]ally back$   
mortgage loan ,! t]m ,f$]ally back$     
mortgage loan includes any loan :i* is  
secur$ by a fir/ or subord9ate li5 on   
resid5tial real prop]ty 7includ+        
individual units ( condom9iums &        
coop]atives7 design$ pr9cipally = !     
occupancy ( f #a to #d families t is--  
7,a7 insur$ by ! ,f$]al ,h\s+           
,adm9i/ration "u title ,,ii ( !         
,national ,h\s+ ,act 7#ab ,u4,s4,c4     
#agjg et seq472  7,b7 insur$ "u section 
#bee ( ! ,national ,h\s+ ,act 7#ab      
,u4,s4,c4 #agaez-#bj72  7,c7 gu>ante$ "u
 section #ahd or #ahd;,a ( ! ,h\s+ &    
,community ,developm5t ,act ( #aiib 7#ab
 ,u4,s4,c4 #agaez-#ac;a1 #agaez-#ac;b72 
7,d7 gu>ante$ or insur$ by ! ,dep>tm5t (

 ,vet]ans ,affairs2  7,e7 gu>ante$ or   
insur$ by ! ,dep>tm5t ( ,agriculture2   
7,f7 made by ! ,dep>tm5t ( ,agriculture2
 or  7,g7 pur*as$ or securitiz$ by !    
,f$]al ,home ,loan ,mortgage            
,corporation or ! ,f$]al ,national      
,mortgage ,association4  7#c7 ,cov]$    
p]iod ,! t]m cov]$ p]iod means ! p]iod  
beg9n+ on ! date ( enactm5t ( ?is ,act &
 end+ on ! soon] (--  7,a7 ! t]m9ation  
date ( ! national em]g5cy conc]n+ !     
novel coronavirus disease 7,,covid-#ai7 
outbreak decl>$ by ! ,presid5t on ,m>*  
#ac1 #bjbj1 "u ! ,national ,em]g5cies   
,act 7#ej ,u4,s4,c4 #afja et seq472 or  
7,b7 ,decemb] #ca1 #bjbj4  7#d7         
,f9ancial h>d%ip ,! t]m f9ancial h>d%ip 
means an inability to meet basic liv+   
exp5ses = goods & s]vices necess>y = !  
borr[] & 8 or h] sp\se & dep5d5ts4  7b7 
,=be>ance  7#a7 ,9 g5]al ,dur+ ! cov]$  
p]iod1 a borr[] ) a ,f$]ally back$      
mortgage loan exp]i5c+ a f9ancial h>d%ip
 due1 directly or indirectly1 to !      
,,covid-#ai em]g5cy may reque/ =be>ance 

on ! ,f$]ally back$ mortgage loan1      
reg>dless ( del9qu5cy /atus1 by--  7,a7 
submitt+ a reque/ to ! borr[]'s s]vic]2 
&  7,b7 affirm+ t ! borr[] is exp]i5c+ a
 f9ancial h>d%ip dur+ ! ,,covid-#ai     
em]g5cy4  7#b7 ,duration ( =be>ance ,^u 
a reque/ by a borr[] = =be>ance "u      
p>agraph 7#a71 su* =be>ance %all be     
grant$ = up to #fj days1 & %all be      
ext5d$ = up to #d p]iods ( #cj days ea* 
at ! reque/ ( ! borr[]1 provid$ t1 !    
borr[]'s reque/ = an ext5sion is made   
dur+ ! cov]$ p]iod1 &1 at ! borr[]'s    
reque/1 ei!r ! initial or ext5d$ p]iod (
 =be>ance may be %ort5$4  7#c7 ,accrual 
( int]e/ or fees ,dur+ a p]iod (        
=be>ance describ$ 9 ?is subsection1 no  
fees1 p5alties1 or int]e/ beyond !      
am\nts s*$ul$ or calculat$ z if ! borr[]
 made all contractual paym5ts on "t & 9 
full "u ! t]ms ( ! mortgage contract1   
%all accrue on ! borr[]'s acc\nt4  7c7  
,requirem5ts = s]vic]s  7#a7 ,9 g5]al   
,^u receiv+ a reque/ = =be>ance f a     
borr[] "u subsection 7b71 ! s]vic]      

%all-- 7,a7 ) no additional docum5tation
 requir$ o!r ?an ! borr[]'s atte/ation  
to a f9ancial h>d%ip caus$ by !         
,,covid-#ai em]g5cy & ) no fees1        
p5alties1 or int]e/ 7beyond ! am\nts    
s*$ul$ or calculat$ z if ! borr[] made  
all contractual paym5ts on "t & 9 full  
"u ! t]ms ( ! mortgage contract7 *>g$ to
 ! borr[] 9 connection ) ! =be>ance1    
provide ! =be>ance = up to #fj days1 :i*
 may be ext5d$ = up to #d p]iods ( #cj  
days ea* at ! reque/ ( ! borr[]1 provid$
 t1 ! borr[]'s reque/ = an ext5sion is  
made dur+ ! cov]$ p]iod1 &1 at !        
borr[]'s reque/1 ei!r ! initial or      
ext5d$ p]iod ( =be>ance may be %ort5$2  
7,b7 :ile su* =be>ance is 9 effect1 pay 
or advance funds to make disbursem5ts 9 
a timely mann] f any escr[ acc\nt       
e/abli%$ on ! mortgage loan1 & ma9ta9   
regul> communication ) su* borr[]2 &    
7,c7 be=e ! end ( su* =be>ance1 evaluate
 ! borr[]'s ability to return to mak+   
regul> mortgage paym5ts1 & bas$ on t    
evaluation2  7,d7 if ! borr[] is able to

 return to mak+ regul> mortgage paym5ts 
at ! end ( ! =be>ance p]iod1 at !       
borr[]'s reque/ & 9 accordance ) !      
borr[]'s *oice-- 7i7 re9/ate ! loan ) no
 p5alties1 fees1 or int]e/ accru$ beyond
 ! am\nts s*$ul$ or calculat$ z if !    
borr[] made all contractual paym5ts on  
"t & 9 full "u ! t]ms ( ! mortgage      
contract & ) no modification fees *>g$  
to ! borr[]2  7ii7 provide a writt5     
repaym5t plan ) no p5alties1 fees1 or   
int]e/ accru$ beyond ! am\nts s*$ul$ or 
calculat$ z if ! borr[] made all        
contractual paym5ts on "t & 9 full "u ! 
t]ms ( ! mortgage contract & ) no       
modification fees *>g$ to ! borr[]2 or  
7iii7 7,i7 at ! borr[]'s reque/1 modify 
! borr[]'s loan to ext5d ! t]m = a p]iod
 t is at lea/ ! same p]iod z ! l5g? ( ! 
=be>ance1 ) all paym5ts t 7 n made dur+ 
! =be>ance di/ribut$ across ! paym5ts   
add$ by ! ext5sion at ! same int]vals z 
! borr[]'s exi/+ paym5t s*$ule & ev5ly  
di/ribut$ across ^? int]vals1 ) no      
p5alties1 fees1 or int]e/ accru$ beyond 

! am\nts s*$ul$ or calculat$ z if !     
borr[] made all contractual paym5ts on  
"t & 9 full "u ! t]ms ( ! mortgage      
contract & ) no modification fees *>g$  
to ! borr[]2 &  7,,ii7 notify ! borr[] 9
 writ+ ( ! ext5sion1 includ+ provision (
 a new paym5t s*$ule & date ( maturity1 
& t ! borr[] %all h ! election ( prepay+
 ! =borne paym5ts at any "t1 9 a lump   
sum or o!rwise2  7iv7 7,i7 if ! borr[]  
elects to modify ! loan to capitalize a 
result+ escr[ %ortage or defici5cy1 !   
s]vic] may modify ! borr[]'s loan by    
re-amortiz+ ! pr9cipal balance & ext5d+ 
! t]m ( ! loan suffici5t to ma9ta9 !    
regul> mortgage paym5ts1 ) no p5alties1 
fees1 or int]e/ accru$ beyond ! am\nts  
s*$ul$ or calculat$ z if ! borr[] made  
all contractual paym5ts on "t & 9 full  
"u ! t]ms ( ! mortgage contract & ) no  
modification fees *>g$ to ! borr[]2 &   
7,,ii7 notify ! borr[] 9 writ+ ( !      
ext5sion1 includ+ provision ( a new     
paym5t s*$ule & date ( maturity1 & t !  
borr[] %all h ! election ( prepay+ !    

susp5d$ paym5ts at any "t1 9 a lump sum 
or o!rwise2 or  7v7 if ! borr[] is      
f9ancially unable to return to mak+     
regul> mortgage paym5ts at ! end ( !    
=be>ance p]iod & if ! borr[] elects1 or 
if ! borr[] is able to return to mak+   
regul> mortgage paym5ts b s elects--    
7,i7 evaluate ! borr[] = all loan       
modification options )\t reg>d to :e!r !
 borr[] has previ\sly reque/$1 be5 (f]$1
 or provid$ a loan modification or o!r  
loss mitigation option1 includ+-- 7aa7  
fur!r ext5d+ ! borr[]'s repaym5t p]iod2 
or  7bb7 o!r modification options       
available to ! s]vic] "u ! t]ms ( _!    
loan & exi/+ laws & policies2 &  7,,ii7 
if ! borr[] qualifies = su* a           
modification1 modify ! borr[]'s loan to 
provide a loan ) su* t]ms z to provide  
an af=dable paym5t1 ) no p5alties1      
additional int]e/ beyond ! am\nts s*$ul$
 to be calculat$ z if ! borr[] made all 
contractual paym5ts on "t & 9 full "u ! 
t]ms ( ! mortgage contract 9 effect at !
 "t ! borr[] ent]$ into ! =be>ance1 & ) 

no modification fees *>g$ to ! borr[]4  
7#b7 ,notification  7,a7 ,9 g5]al ,ea*  
s]vic] ( a ,f$]ally back$ mortgage loan 
%all notify ! borr[] ( _! "r to reque/  
=be>ance "u ?is section ?r\gh\t ! p]iod 
( ! ,,covid-#ai em]g5cy-- 7i7 on1 or    
accompany+1 ea* p]iodic /atem5t provid$ 
to ! borr[]2 &  7ii7 9 any oral or      
writt5 communication by ! s]vic] ) or to
 ! borr[]4  7,b7 ,mann] ( notification  
7i7 ,writt5 notification ,any writt5    
notification requir$ "u subp>agraph     
7,a7--  7,i7 %all be provid$-- 7aa7 9   
,engli% & ,spani% at a m9imum2 &  7bb7  
at lea/ z cle>ly & conspicu\sly z ! mo/ 
cle> & conspicu\s disclosure on !       
docum5t2  7,,ii7 %all include !         
notification ( ! availability ( language
 assi/ance & h\s+ c\nsel+2 &  7,,iii7   
may be provid$ by fir/-class mail or    
electronically1 if ! borr[] has o!rwise 
cons5t$ to electronic communication ) ! 
s]vic] & has n revok$ su* cons5t4  7ii7 
,oral notification ,any oral            
notification requir$ "u subp>agraph 7,a7

 %all be provid$ 9 ! language ! s]vic]  
o!rwise uses to communicate ) ! borr[]4 
7iii7 ,writt5 translations ,9 provid+   
writt5 notifications 9 languages o!r ?an
 ,engli% "u clause 7i71 a s]vic] may    
rely on writt5 translations develop$ by 
! ,f$]al ,h\s+ ,f9ance ,ag5cy or !      
,bureau ( ,consum] ,f9ancial            
,protection4  7#c7 ,=eclosure moratorium
 ,except ) respect to a vacant or ab&on$
 prop]ty1 a s]vic] ( a ,f$]ally back$   
mortgage loan may n initiate any        
judicial or non-judicial =eclosure      
process1 move = a =eclosure judgm5t or  
ord] ( sale1 or execute a               
=eclosure-relat$ eviction or =eclosure  
sale = n less ?an ! #fj-;day p]iod      
beg9n+ on ,m>* #ah1 #bjbj4  7d7         
,en=cem5t ,! provisions ( ?is section   
%all be en=ceable us+ ! rem$ies         
available-- 7#a7 to ! ,f$]al ag5cy      
insur]1 gu>antor1 orig9ator1 or pur*as] 
( ! ,f$]ally back$ mortgage loan2 &     
7#b7 "u ! ,real ,e/ate ,settlem5t       
,proc$ures ,act ( #aigd 7#ab ,u4,s4,c4  

#bfja et seq474  #b4 ,=be>ance (        
resid5tial mortgage loan paym5ts =      
multifamily prop]ties ) f$]ally back$   
loans  7a7 ,9 g5]al ,dur+ ! cov]$ p]iod1
 a multifamily borr[] ) a ,f$]ally back$
 multifamily mortgage loan exp]i5c+ a   
f9ancial h>d%ip due1 directly or        
indirectly1 to ! ,,covid-#ai em]g5cy may
 reque/ a =be>ance "u ! t]ms set =? 9   
?is section4  7b7 ,reque/ = relief ,a   
multifamily borr[] ) a ,f$]ally back$   
multifamily mortgage loan t 0 curr5t on 
its paym5ts z ( ,febru>y #a1 #bjbj1 may 
submit an oral or writt5 reque/ =       
=be>ance "u subsection 7a7 to ! borr[]'s
 s]vic] affirm+ t ! multifamily borr[]  
is exp]i5c+ a f9ancial h>d%ip dur+ !    
,,covid-#ai em]g5cy4  7c7 ,=be>ance     
p]iod  7#a7 ,9 g5]al ,^u receipt ( an   
oral or writt5 reque/ = =be>ance f a    
multifamily borr[]1 a s]vic] %all--     
7,a7 docum5t ! f9ancial h>d%ip2  7,b7   
provide ! =be>ance = up to #cj days2 &  
7,c7 ext5d ! =be>ance = up to #b        
additional #cj-;day p]iods ^u ! reque/ (

 ! borr[] provid$ t1 ! borr[]'s reque/ =
 an ext5sion is made dur+ ! cov]$ p]iod1
 &1 at lea/ #ae days prior to ! end ( ! 
=be>ance p]iod describ$ "u subp>agraph  
7,b74  7#b7 ,"r to discont9ue ,a        
multifamily borr[] %all h ! option to   
discont9ue ! =be>ance at any "t4  7d7   
,r5t] protections dur+ =be>ance p]iod ,a
 multifamily borr[] t receives a        
=be>ance "u ?is section may n1 = !      
duration ( ! =be>ance-- 7#a7 evict or   
initiate ! eviction ( a t5ant f a dwell+
 unit locat$ 9 or on ! applicable       
prop]ty solely = nonpaym5t ( r5t or o!r 
fees or *>ges2 or  7#b7 *>ge any late   
fees1 p5alties1 or o!r *>ges to a t5ant 
describ$ 9 p>agraph 7#a7 = late paym5t (
 r5t4  7e7 ,notice ,a multifamily borr[]
 t receives a =be>ance "u ?is section-- 
7#a7 may n require a t5ant to vacate a  
dwell+ unit locat$ 9 or on ! applicable 
prop]ty be=e ! date t is #cj days aft] !
 date on :i* ! borr[] provides ! t5ant )
 a notice to vacate2 &  7#b7 may n issue
 a notice to vacate "u p>agraph 7#a7    

until aft] ! expiration ( ! =be>ance4   
7f7 ,def9itions ,9 ?is section3 7#a7    
,applicable prop]ty ,! t]m applicable   
prop]ty1 ) respect to a ,f$]ally back$  
multifamily mortgage loan1 means !      
resid5tial multifamily prop]ty aga9/ :i*
 ! mortgage loan is secur$ by a li54    
7#b7 ,f$]ally back$ multifamily mortgage
 loan ,! t]m ,f$]ally back$ multifamily 
mortgage loan includes any loan 7o!r ?an
 tempor>y f9anc+ su* z a con/ruction    
loan7 t-- 7,a7 is secur$ by a fir/ or   
subord9ate li5 on resid5tial multifamily
 real prop]ty design$ pr9cipally = !    
occupancy ( #e or m families1 includ+   
any su* secur$ loan1 ! proce$s ( :i* are
 us$ to prepay or pay (f an exi/+ loan  
secur$ by ! same prop]ty2 &  7,b7 is    
made 9 :ole or 9 "p1 or insur$1         
gu>ante$1 supplem5t$1 or assi/$ 9 any   
way1 by any (fic] or ag5cy ( ! ,f$]al   
,gov]nm5t or "u or 9 connection ) a h\s+
 or urban developm5t program adm9i/]$ by
 ! ,secret>y ( ,h\s+ & ,urban           
,developm5t or a h\s+ or relat$ program 

adm9i/]$ by any o!r su* (fic] or ag5cy1 
or is pur*as$ or securitiz$ by ! ,f$]al 
,home ,loan ,mortgage ,corporation or ! 
,f$]al ,national ,mortgage ,association4
  7#c7 ,multifamily borr[] ,! t]m       
multifamily borr[] means a borr[] ( a   
resid5tial mortgage loan t is secur$ by 
a li5 aga9/ a prop]ty compris+ #e or m  
dwell+ units4  7#d7 ,,covid-#ai em]g5cy 
,! t]m ,,covid-#ai em]g5cy means !      
national em]g5cy conc]n+ ! novel        
coronavirus disease 7,,covid-#ai7       
outbreak decl>$ by ! ,presid5t on ,m>*  
#ac1 #bjbj1 "u ! ,national ,em]g5cies   
,act 7#ej ,u4,s4,c4 #afja et seq474     
7#e7 ,cov]$ p]iod ,! t]m cov]$ p]iod    
means ! p]iod beg9n+ on ! date (        
enactm5t ( ?is ,act & end+ on ! soon]   
(--  7,a7 ! t]m9ation date ( ! national 
em]g5cy conc]n+ ! novel coronavirus     
disease 7,,covid-#ai7 outbreak decl>$ by
 ! ,presid5t on ,m>* #ac1 #bjbj1 "u !   
,national ,em]g5cies ,act 7#ej ,u4,s4,c4
 #afja et seq472 or  7,b7 ,decemb] #ca1 
#bjbj4  ,,vii ,curr5t expect$ cr$it     

losses impact /udy & op]at+ delay  #a4  
,def9itions ,9 ?is ,act-- 7#a7 ! t]m    
appropriate committees ( ,congress      
means--  7,a7 ! ,committee on ,bank+1   
,h\s+1 & ,urban ,affairs ( ! ,s5ate2 &  
7,b7 ! ,committee on ,f9ancial ,s]vices 
( ! ,h\se ( ,repres5tatives2  7#b7 ! t]m
 ,,cecl means ! acc\nt+ /&>d 9 ,acc\nt+ 
,/&>ds ,update #bjaf-ac1 ,f9ancial      
,in/rum5ts--,cr$it ,losses 7,topic      
#cbf71 issu$ by ! ,f9ancial ,acc\nt+    
,/&>ds ,bo>d 9 ,june #bjaf1 z am5d$ by  
,acc\nt+ ,/&>ds ,update #bjah-ai1       
,codification ,improvem5ts to ,topic    
#cbf1 ,f9ancial ,in/rum5ts--,cr$it      
,losses1 issu$ by ! ,f9ancial ,acc\nt+  
,/&>ds ,bo>d 9 ,novemb] #bjah2  7#c7 !  
t]m ,commission means ! ,securities &   
,ex*ange ,commission2  7#d7 ! t]m ,f$]al
 f9ancial regulators means-- 7,a7 !     
,secret>y ( ! ,treasury2  7,b7 ! ,bo>d (
 ,gov]nors ( ! ,f$]al ,res]ve ,sy/em2   
7,c7 ! ,bureau ( ,consum] ,f9ancial     
,protection2  7,d7 ! ,comptroll] ( !    
,curr5cy2  7,e7 ! ,commodity ,futures   

,trad+ ,commission2  7,f7 ! ,f$]al      
,deposit ,insurance ,corporation2  7,g7 
! ,director ( ! ,f$]al ,h\s+ ,f9ance    
,ag5cy2 &  7,h7 ! ,national ,cr$it      
,union ,adm9i/ration2 &  7#e7 ! t]m     
small bus9ess conc]n has ! mean+ giv5 ! 
t]m 9 section #c7;a7 ( ! ,small ,bus9ess
 ,act 7#ae ,u4,s4,c4 #fcb7;a774  #b4    
,/udy & report  7a7 ,9 g5]al ,!         
,commission & ! ,f$]al f9ancial         
regulators1 9 consultation ) ! ,f9ancial
 ,acc\nt+ ,/&>ds ,bo>d1 %all conduct a  
quantitative /udy (-- 7#a7 ! pot5tial   
impact t ! implem5tation ( ,,cecl may h 
on ! availability ( cr$it1 ) a p>ticul> 
focus on ! impact on t availability--   
7,a7 = consum]s & small bus9ess conc]ns2
 &  7,b7 ) respect to ! cr$it products  
on :i* consum]s & small bus9ess conc]ns 
rely dur+ p]iods ( economic expansion & 
dur+ recessions2  7#b7 :e!r implem5t+   
,,cecl c\ld-- 7,a7 accel]ate ! depletion
 ( regulatory capital t is available =  
l5d+ purposes dur+ a recession2  7,b7 h 
a great] impact on regulatory capital1  

or ext5d ! p]iod 9 :i* regulatory       
capital is r$uc$1 dur+ a recession2 or  
7,c7 pose any o!r sy/emic risks to !    
economy ( ! ,unit$ ,/ates2  7#c7 !      
pot5tially disproportionate impact t !  
implem5tation ( ,,cecl may h on f9ancial
 in/itutions1 tak+ into acc\nt-- 7,a7 ! 
v>i\s sizes & levels ( complexity ( ^?  
f9ancial in/itutions2 &  7,b7 ! diff]5t 
am\nts ( res\rces t are available to ^? 
f9ancial in/itutions2  7#d7 ! pot5tial  
impact t ! implem5tation ( ,,cecl may h 
on ! decisions made by inve/ors2 &  7#e7
 ! pot5tial competitive impact t !      
implem5tation ( ,,cecl may h on         
in/itutions 9 ! ,unit$ ,/ates z a result
 ( diff]+ int]national acc\nt+ /&>ds us$
 to measure cr$it loss4  7b7 ,report ,n 
lat] ?an #a ye> aft] ! date ( enactm5t (
 ?is ,act1 ! ,commission & ! ,f$]al     
f9ancial regulators %all submit to !    
,f9ancial ,acc\nt+ ,/&>ds ,bo>d & !     
appropriate committees ( ,congress a    
report--  7#a7 reg>d+ ! results ( ! /udy
 conduct$ "u subsection 7a72 &  7#b7 t  

%all include--  7,a7 ! id5tification (  
any negative impacts result+ f !        
implem5tation ( ,,cecl2 &  7,b7         
recomm5dations = *anges to ,,cecl to    
elim9ate or mitigate ! negative impacts 
describ$ 9 subp>agraph 7,a74  #c4       
,co/-b5efit /udy ( ,,cecl impact on     
non-f9ancial in/itutions1 insur]s1 &    
,gov]nm5t-sponsor$ ent]prises  7a7 ,/udy
 ,! ,commission & ! ,f$]al f9ancial     
regulators1 9 consultation ) ! ,f9ancial
 ,acc\nt+ ,/&>ds ,bo>d1 %all c>ry out a 
/udy on ! pot5tial co/s & b5efits ( !   
impact ( ,,cecl on non-f9ancial         
in/itutions1 ! insurance indu/ry        
7includ+ re9surance71 &                 
,gov]nm5t-sponsor$ ent]prises4  7b7     
,report ,n lat] ?an #a ye> aft] ! date (
 enactm5t ( ?is ,act1 ! ,commission & ! 
,f$]al f9ancial regulators %all submit  
to ! ,f9ancial ,acc\nt+ ,/&>ds ,bo>d & !
 appropriate committees ( ,congress a   
report conta9+ all f9d+s & det]m9ations 
made 9 c>ry+ out ! /udy requir$ "u      
subsection 7a74  #d4 ,delay 9           

implem5tation ( ,,cecl ,beg9n+ on ! date
 ( enactm5t ( ?is ,act nei!r !          
,commission nor any ( ! ,f$]al f9ancial 
regulators may require a p]son to comply
 ) ,,cecl4  ,,viii ,p]sonaliz$ ,c>e ,act
  #a4 ,heal? sav+s acc\nt eligibility   
7a7 ,9 g5]al ,p>agraph 7#a7 ( section   
#bbc7;c7 ( ! ,int]nal ,rev5ue ,code (   
#aihf is am5d$ to read z foll[s3  7#a7  
,eligible individual ,! t]m eligible    
individual means1 ) respect to any mon?1
 any individual if su* individual is--  
7,a7 cov]$ "u--  7i7 a gr\p or          
individual heal? plan1  7ii7 heal?      
insurance cov]age1 includ+ a %ort t]m   
limit$ duration plan or m$ical indemnity
 plan1 or  7iii7 a gov]nm5t plan1       
includ+ cov]age "u ! ,m$ic>e program "u 
"p ,a or "p ,b ( title ,,xviii ( !      
,social ,security ,act1 ! ,m$icaid      
program "u title ,,xix ( su* ,act1 !    
,,*ip program "u title ,,xxi ( su* ,act 
or a qualifi$ ,,*ip look-alike program  
7z def9$ 9 section #bajg7;g7 ( su*      
,act71 m$ical cov]age "u *apt] #ee (    

title #aj1 ,unit$ ,/ates ,code 7includ+ 
cov]age "u ! ,,tric>e program71 a heal? 
c>e program "u *apt] #ag or #ah ( title 
#ch1 ,unit$ ,/ates ,code1 z det]m9$ by !
 ,secret>y ( ,vet]ans ,affairs 9        
coord9ation ) ! ,secret>y ( ,heal? &    
,human ,s]vices & ! ,secret>y1 a m$ical 
c>e program ( ! ,indian ,heal? ,s]vice  
or a tribal organization1 or cov]age "u 
*apt] #hi ( title #e1 ,unit$ ,/ates     
,code1 or  7,b7 a p>ticipant 9 a heal?  
c>e %>+ m9i/ry 7z def9$ 9 section       
#ejjj;,a7d77#b77;,b77ii771  z ( ! #a/   
day ( su* mon?4  4  7b7 ,con=m+ am5dm5ts
  7#a7 ,subsection 7c7 ( section #bbc ( 
su* ,code is am5d$ by /rik+ p>agraphs   
7#b7 & 7#c7 & by r$esignat+ p>agraphs   
7#d7 & 7#e7 z p>agraphs 7#b7 & 7#c71    
respectively4  7#b7 ,p>agraphs 7#b77;,a7
 & 7#b77;,b7 ( section #bbc7;b7 ( su*   
,code are ea* am5d$ by /rik+ a high     
d$uctible heal? plan & ins]t+ a heal?   
plan1 insurance1 or m9i/ry describ$ 9   
subsection 7c77#a74  7#c7 ,p>agraph     
7#h77;,a77ii7 ( section #bbc7;b7 ( su*  

,code is am5d$ by /rik+ high d$uctible  
heal? plan & ins]t+ heal? plan1         
insurance1 or m9i/ry describ$ 9         
subsection 7c77#a74  7#d7 ,section      
#bbc7;g77#a7 ( su* ,code is am5d$--     
7,a7 by /rik+ subsections 7b77#b7 &     
7c77#b77;,a7 bo? places x appe>s &      
ins]t+ subsection 7b77#b72 &  7,b7 by   
/rik+ = cal5d> ye> #bjaf 9 subp>agraph  
7,b7 & all t foll[s ?r\gh cal5d> ye>    
#bjjc4 & ins]t+ cal5d> ye> #aiig =      
cal5d> ye> #bjaf 9 subp>agraph 7,a77ii7 
!re(44  7#e7 ,! head+ ( subp>agraph 7,b7
 ( section #bbc7;b77#h7 ( su* ,code is  
am5d$ by /rik+ high d$uctible heal?     
plan4  7#f7 ,section #bf7;b77#b77,s7 (  
su* ,code is am5d$ by /rik+ high        
d$uctible heal? plan4  7#g7 ,! head+ (  
p>agraph 7#c7 ( section #ajf7;e7 ( su*  
,code is am5d$ by /rik+ high d$uctible  
heal? plan4  7#h7 ,clause 7ii7 ( section
 #ajf7;e77#e77;,b7 ( su* ,code is am5d$ 
by /rik+ a high d$uctible heal? plan &  
ins]t+ a heal? plan4  7#i7 ,p>agraph    
7#i7 ( section #djh7;d7 ( su* ,code is  

am5d$-- 7,a7 by /rik+ ! high d$uctible  
heal? plan cov]+ 9 subp>agraph          
7,c77i77,i7 & ins]t+ heal? plan1        
insurance1 or m9i/ry (2  7,b7 by /rik+ a
 high d$uctible heal? plan ! fir/ place 
x appe>s 9 subp>agraph 7,c77ii77,,ii7 & 
ins]t+ a heal? plan1 insurance1 or      
m9i/ry describ$ 9 section #bbc7;c77#a72 
7,c7 by /rik+ a high d$uctible heal?    
plan ! second place x appe>s 9          
subp>agraph 7,c77ii77,,ii7 & ins]t+ any 
su* plan1 insurance1 or m9i/ry2 &  7,d7 
by /rik+ high d$uctible heal? plan 9 !  
head+ ( subp>agraph 7,d74  7c7          
,effective date ,! am5dm5ts made by ?is 
section %all apply to taxable ye>s      
beg9n+ aft] ,decemb] #ca1 #bjai4  #b4   
,increase 9 ,,hsa contribution limits   
7a7 ,9 g5]al ,p>agraph 7#b7 ( section   
#bbc7;b7 ( ! ,int]nal ,rev5ue ,code (   
#aihf is am5d$-- 7#a7 by /rik+ #b1bej 9 
subp>agraph 7,a7 & ins]t+ #aj1hjj2 &    
7#b7 by /rik+ #d1ejj 9 subp>agraph 7,b7 
& ins]t+ #bi1ejj4  7b7 ,co/-(-,liv+     
adju/m5t ,p>agraph 7#a7 ( section       

#bbc7;g7 ( ! ,int]nal ,rev5ue ,code (   
#aihf1 z am5d$ by section #b1 is am5d$--
  7#a7 by /rik+ ,ea* & ins]t+ ,9 ! case 
( a taxable ye> beg9n+ aft] #bjbj1 ea*2 
&  7#b7 by /rik+ cal5d> ye> #aiig &     
ins]t+ cal5d> ye> #bjai4  7c7 ,effective
 date ,! am5dm5ts made by ?is section   
%all apply to taxable ye>s beg9n+ aft]  
,decemb] #ca1 #bjai4  #c4 ,paym5t (     
heal? plan & heal? insurance premiums f 
,,hsa  7a7 ,9 g5]al ,p>agraph 7#b7 (    
section #bbc7;d7 ( ! ,int]nal ,rev5ue   
,code ( #aihf is am5d$--  7#a7 by /rik+ 
subp>agraph 7,b72  7#b7 by r$esignat+   
subp>agraph 7,c7 z subp>agraph 7,b72    
7#c7 by /rik+ ,subp>agraph 7,b7 %all n  
apply to any exp5se = cov]age "u 9      
subp>agraph 7,b71 z s r$esignat$1 &     
ins]t+ ,subp>agraph 7,a7 %all n apply to
 any paym5t = insurance o!r ?an2 &  7#d7
 9 subp>agraph 7,b71 z s r$esignat$--   
7,a7 by /rik+ or at ! end ( clause      
7iii72  7,b7 by /rik+ ! p]iod at ! end (
 clause 7iv7 & ins]t+ 1 or2 &  7,c7 by  
add+ at ! end ! foll[+ new clause3  7v7 

a heal? plan or heal? insurance cov]age 
describ$ 9 subsection 7c77#a77;,a74  4  
7b7 ,effective date ,! am5dm5ts made by 
?is section %all apply to taxable ye>s  
beg9n+ aft] ,decemb] #ca1 #bjai4  #d4   
,treatm5t ( m$ical c>e s]vice           
arrangem5ts  7a7 ,inclusion z m$ical    
exp5ses ,p>agraph 7#b7 ( section        
#bbc7;d7 ( ! ,int]nal ,rev5ue ,code (   
#aihf1 z am5d$ by section #d1 is fur!r  
am5d$ by add+ at ! end ! foll[+ new     
subp>agraph3  7,c7 ,inclusion ( m$ical  
c>e s]vice arrangem5ts ,! t]m qualifi$  
m$ical exp5ses %all include-- 7i7       
p]iodic fees paid to a physician = a    
def9$ set ( m$ical s]vices or = ! "r to 
receive m$ical s]vices on an z-ne$$     
basis2 &  7ii7 am\nts prepaid = m$ical  
s]vices design$ to scre5 =1 diagnose1   
cure1 mitigate1 treat1 or prev5t disease
 & promote wellness4  4  7b7 ,arrangem5t
 n ,to be treat$ z heal? insurance      
,subsection 7c7 ( section #bbc ( !      
,int]nal ,rev5ue ,code ( #aihf1 z am5d$ 
by section #b7;b71 is fur!r am5d$ by    

add+ at ! end ! foll[+ new p>agraph3    
7#d7 ,treatm5t ( m$ical c>e s]vice      
arrangem5ts ,an arrangem5t "u :i* an    
individual is provid$ m$ical s]vices 9  
ex*ange = a fix$ p]iodic fee or paym5t =
 su* s]vices %all n be treat$ z a heal? 
plan1 insurance1 or arrangem5t describ$ 
9 p>agraph 7#a74  4  7c7 ,effective date
 ,! am5dm5ts made by ?is section %all   
apply to taxable ye>s beg9n+ aft]       
,decemb] #ca1 #bjai4  #e4 ,p]iodic      
provid] fees treat$ z m$ical c>e  7a7 ,9
 g5]al ,section #bac7;d7 ( ! ,int]nal   
,rev5ue ,code ( #aihf is am5d$ by add+  
at ! end ! foll[+ new p>agraph3  7#ab7  
,p]iodic provid] fees ,p]iodic fees paid
 = a def9$ set ( m$ical s]vices provid$ 
on an z-ne$$ basis %all be treat$ z     
am\nts paid = m$ical c>e4  4  7b7       
,effective date ,! am5dm5t made by ?is  
section %all apply to taxable ye>s      
beg9n+ aft] ,decemb] #ca1 #bjai4  #f4   
,exp&+ ov]-!-c\nt] drug cov]age & re/or+
 l[] p5alty = nonqualifi$ di/ributions  
7a7 ,ov]-!-,c\nt] cov]age ,section      

#bbc7;d77#b77;,a7 ( ! ,int]nal ,rev5ue  
,code ( #aihf is am5d$ by /rik+ ! la/   
s5t5ce & ins]t+ ! foll[+3 ,su* t]m %all 
include an am\nt paid = any prescription
 or ov]-!-c\nt] m$ic9e or drug44  7b7   
,p5alty ,section #bbc7;e77#d77;,a7 ( !  
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by /rik+ #bj p]c5t & ins]t+ #aj p]c5t4  
7c7 ,effective date ,! am5dm5ts made by 
?is section %all apply to di/ributions  
made 9 taxable ye>s beg9n+ aft] ,decemb]
 #ca1 #bjai4  #g4 ,treatm5t ( heal? c>e 
%>+ m9i/ries  7a7 ,inclusion z m$ical   
exp5ses ,p>agraph 7#b7 ( section        
#bbc7;d7 ( ! ,int]nal ,rev5ue ,code (   
#aihf1 z am5d$ by sections #d & #e1 is  
fur!r am5d$ by add+ at ! end ! foll[+   
new subp>agraph3  7,d7 ,inclusion (     
heal? c>e %>+ m9i/ries ,! t]m qualifi$  
m$ical exp5ses %all include am\nts paid 
by a memb] ( a heal? c>e %>+ m9i/ry 7z  
def9$ 9 section                         
#ejjj;,a7d77#b77;,b77ii77 =--  7i7 ! %>+
 ( m$ical exp5ses among memb]s1 &  7ii7 
adm9i/rative fees ( ! m9i/ry4  4  7b7   

,heal? c>e %>+ m9i/ry n ,to be treat$ z 
heal? insurance ,subsection 7c7 (       
section #bbc ( ! ,int]nal ,rev5ue ,code 
( #aihf1 z am5d$ by sections #b & #e1 is
 fur!r am5d$ by add+ at ! end ! foll[+  
new p>agraph3  7#e7 ,treatm5t ( heal?   
c>e %>+ m9i/ries ,a heal? c>e %>+ m9i/ry
 7z def9$ 9 section                     
#ejjj;,a7d77#b77;,b77ii77 %all n be     
treat$ z a heal? plan or insurance =    
purposes ( ?is title4  4  7c7 ,effective
 date ,! am5dm5ts made by ?is section   
%all apply to taxable ye>s beg9n+ aft]  
,decemb] #ca1 #bjai4  ,,ix #bjai tax    
fil+ deadl9e ext5sion  #a4 ,ext5d+      
deadl9e to ,novemb] #ae1 #bjbj  7a7 ,9  
g5]al ,= purposes ( any return made "u  
section #fjab7;a77#a71 #fjac1 or #fjag  
on ! basis ( cal5d> ye> #bjai1 section  
#fjgb7;a7 ( ! ,int]nal ,rev5ue ,code (  
#aihf %all be appli$ by sub/itut+ #ae?  
day ( ,novemb] = #ae? day ( ,april4  7b7
 ,int]e/ on )hold+ ov]paym5ts ,= !      
purposes ( any tax d$uct$ & )held at !  
s\rce dur+ cal5d> ye> #bjai1 section    

#feac7;b77#a7 ( ! ,int]nal ,rev5ue ,code
 ( #aihf %all be appli$ by ins]t+ 7!    
#ae? day ( ,novemb] 9 ! case ( a taxable
 ye> end+ on ,decemb] #ca1 #bjai7 be=e !
 p]iod at ! end4  7c7 ,failure by       
individual ,to pay e/imat$ income tax ,9
 ! case ( an in/allm5t ( e/imat$ tax )  
respect to #bjai1 section               
#ffed7;b77#b77;,a7 ( ! ,int]nal ,rev5ue 
,code ( #aihf %all be appli$ by ins]t+  
7! #ae? day ( ,novemb] 9 ! case ( a     
taxable ye> end+ on ,decemb] #ca1 #bjai7
 be=e ! comma at ! end4