,i #aaf? ,,congress #b;d ,session ,h4 ,r4 #gdha ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,july #b1 #bjbj,mr4 ,gold5 7= himself & ,mr4 ,kelly ( ,p5nsylvania7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,small ,bus9ess1 & 9 addition to ! ,committee on ,ways & ,means1 = 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 e/abli% a loan program = bus9esses affect$ by ,,covid-#ai1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,reviv+ ! ,economy ,su/a9ably ,t[>ds ,a ,recov]y 9 ,tw5ty-tw5ty ,act or ! ,,re/>t ,act4 #b4 ,,re/>t loan program 7a7 ,def9itions ,9 ?is section3 7#a7 ,adm9i/ration2 ,adm9i/rator ,! t]ms ,adm9i/ration & ,adm9i/rator mean ! ,small ,bus9ess ,adm9i/ration & ! ,adm9i/rator !re(1 respectively4 7#b7 ,community developm5t f9ancial in/itution ,! t]m community developm5t f9ancial in/itution has ! mean+ giv5 ! t]m 9 section #ajc ( ! ,riegle ,community ,developm5t & ,regulatory ,improvem5t ,act ( #aiid 7#ab ,u4,s4,c4 #dgjb74 7#c7 ,comp>able p]iod 7,a7 ,def9ition ,! t]m comp>able p]iod means a p]iod t-- 7i7 beg9s on ! date t is #a ye> or #b ye>s e>li] ?an ! beg9n+ ( a cov]$ p]iod2 & 7ii7 may be adju/$ to beg9 at ! beg9n+ ( a pay p]iod t is imm$iately be=e or imm$iately aft] ! date describ$ 9 clause 7i74 7,b7 ,holidays ,if a holiday occurs dur+ ! cov]$ p]iod or ! p]iod describ$ 9 subp>agraph 7,a77i71 ! holiday %all be includ$ z "p ( bo? p]iods4 7#d7 ,cov]$ loan ,! t]m cov]$ loan means a loan made "u ?is section dur+ ! cov]$ p]iod4 7#e7 ,cov]$ p]iod ,! t]m cov]$ p]iod means-- 7,a7 except z provid$ 9 subp>agraph 7,b71 & z det]m9$ by ! eligible recipi5t ( a cov]$ loan1 ! #f-mon? p]iod beg9n+ on-- 7i7 ! date ( ! orig9ation ( ! cov]$ loan2 7ii7 ! fir/ day ( ! next s*$ul$ pay p]iod foll[+ ! date ( ! orig9ation ( ! cov]$ loan2 7iii7 ! fir/ day ( ! fir/ full mon? foll[+ ! date ( ! orig9ation ( ! cov]$ loan2 or 7iv7 ,april #ae1 #bjbj2 or 7,b7 ) respect to an eligible recipi5t ( a cov]$ loan t suff]$ a decl9e 9 gross receipts ( m ?an #hj p]c5t 9 #bjbj z comp>$ to #bjai or 9 ! #f-mon? p]iod beg9n+ on ! date ( ! orig9ation ( ! cov]$ loan z comp>$ to a comp>able p]iod1 & z det]m9$ by ! eligible recipi5t ( a cov]$ loan1 ! #ab-mon? p]iod beg9n+ on-- 7i7 ! date ( ! orig9ation ( ! cov]$ loan2 7ii7 ! fir/ day ( ! next s*$ul$ pay p]iod foll[+ ! date ( ! orig9ation ( ! cov]$ loan2 7iii7 ! fir/ day ( ! fir/ full mon? foll[+ ! date ( ! orig9ation ( ! cov]$ loan2 or 7iv7 ,april #ae1 #bjbj4 7#f7 ,eligible recipi5t ,! t]m eligible recipi5t-- 7,a7 means an individual or entity t-- 7i7 is eligible to receive a loan made "u section #g7;a77#cf7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf772 or 7ii7 z ( ,febru>y #ae1 #bjbj1 has n m ?an #e1jjj full-"t employees2 7,b7 includes-- 7i7 a nonpr(it organization t-- 7,i7 z ( ,febru>y #ae1 #bjbj1 has n m ?an #e1jjj full-"t employees2 & 7,,ii7 is n m ?an #ej p]c5t own$ or controll$ by a ,/ate1 local1 or ,tribal gov]nm5t2 7ii7 a bus9ess conc]n t-- 7,i7 deals 9 r>e co9s & /amps2 & 7,,ii7 z ( ,febru>y #ae1 #bjbj1 has n m ?an #e1jjj full-"t employees2 & 7iii7 a bus9ess conc]n t leases or f9ances equipm5t to o!r bus9esses1 if ! bus9ess conc]n-- 7,i7 z ( ,febru>y #ae1 #bjbj1 has n m ?an #e1jjj full-"t employees2 & 7,,ii7 is n-- 7aa7 a mortgage l5d]2 or 7bb7 a l5d] p>ticipat+ 9 ! loan program "u section #g7;a77#cf7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf774 7#g7 ,m9ority depository in/itution ,! t]m m9ority depository in/itution has ! mean+ giv5 ! t]m 9 section #cjh ( ! ,f9ancial ,in/itutions ,re=m1 ,recov]y1 & ,en=cem5t ,act ( #aihi 7#ab ,u4,s4,c4 #adfc note74 7#h7 ,nonpr(it organization ,! t]m nonpr(it organization means an entity describ$ 9 p>agraph 7#c71 7#e71 7#f71 7#g7 7relat$ to h\s+71 7#ab71 7#ac71 or 7#ai7 ( section #eja7;c7 ( ! ,int]nal ,rev5ue ,code & t is exempt f taxation "u section #eja7;a7 ( su* ,code4 7#i7 ,payroll co/s ,! t]m payroll co/s has ! mean+ giv5 ! t]m 9 section #g7;a77#cf77;,a7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77;,a771 except t su* co/s %all n include-- 7,a7 qualifi$ wages tak5 into acc\nt 9 det]m9+ ! cr$it all[$ "u section #bcja7;g7 ( ! ,,c>es ,act 7,public ,law #aaf-acf72 or 7,b7 any paym5ts made to an indep5d5t contractor4 7#aj7 ,secret>y ,! t]m ,secret>y means ! ,secret>y ( ! ,treasury4 7#aa7 ,und]s]v$ borr[] ,! t]m und]s]v$ borr[] means any bus9ess conc]n t has traditionally _h difficulty access+ f9ance1 includ+-- 7,a7 bus9ess conc]ns t-- 7i7 h few] ?an #be full-"t equival5t employees z ( ,febru>y #ae1 #bjbj1 & d n h a /rong relation%ip ) a bank2 7ii7 are own$ or controll$ by m9orities2 7iii7 are own$ or controll$ by wom52 7iv7 are own$ or controll$ by vet]ans1 includ+ s]vice-disabl$ vet]ans 7z ^? t]ms are def9$ 9 section #c7q7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcb7q7772 or 7v7 are locat$ 9 l[-income & rural communities1 includ+ l[-income communities z def9$ 9 section #de;,d7e7 ( ! ,int]nal ,rev5ue ,code ( #aihf2 & 7,b7 ,tribal bus9ess conc]ns4 7b7 ,e/abli%m5t ,! ,adm9i/rator %all e/abli% a program to gu>antee loans made to eligible recipi5ts affect$ by ,,covid-#ai4 7c7 ,p>ticipation ,9 an agreem5t to p>ticipate 9 a cov]$ loan on a def]r$ basis1 ! p>ticipation by ! ,adm9i/ration %all be #ajj p]c5t4 7d7 ,t]ms & requirem5ts 7#a7 ,duration ,except z provid$ 9 p>agraph 7#d71 ! duration ( a cov]$ loan %all be = n m ?an #g ye>s4 7#b7 ,am\nt 7,a7 ,9 g5]al ,! am\nt ( a cov]$ loan made to an eligible recipi5t %all be n m ?an ! less] (-- 7i7 #de p]c5t ( ! #bjai gross receipts ( ! eligible recipi5t2 & 7ii7 #ab1jjj1jjj4 7,b7 ,duplication ( assi/ance ,an eligible recipi5t ( a cov]$ loan %all n use proce$s ( ! cov]$ loan = ! same exp5ses t are cov]$ us+ funds receiv$ "u subsection 7a77#cf7 or 7b77#b7 ( section #g ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf71 section #aaaj ( ! ,,c>es ,act 7,public ,law #aaf-acf71 or section #djjc ( ! ,,c>es ,act 7,public ,law #aaf-acf74 7#c7 ,int]e/ rate 7,a7 ,9 g5]al ,except z provid$ 9 p>agraph 7#d71 ! int]e/ rate on a cov]$ loan %all be1 z det]m9$ by ! ,adm9i/rator & ! ,secret>y-- 7i7 = ! fir/ #b ye>s ( ! cov]$ loan1 n less ?an #b p]c5t & n m ?an #d p]c5t2 & 7ii7 = ! ?ird ?r\gh sev5? ye>s ( ! cov]$ loan1 ! ,applicable ,f$]al ,rate plus #bej to #fjj basis po9ts bas$ on ! decl9e 9 gross receipts ( ! eligible recipi5t4 7,b7 ,no paym5ts = #ab mon?s ,no int]e/ paym5ts %all be due on a cov]$ loan = ! fir/ #ab mon?s ( ! cov]$ loan4 7#d7 ,special provisions = nonpr(it organizations ,at ! "t ( application = a cov]$ loan1 a nonpr(it organization describ$ 9 subsection 7a77#e77;,b7 %all make an election-- 7,a7 = a cov]$ loan ) a maturity ( n m ?an #ad ye>s & an int]e/ rate ( n m ?an #b p]c5t = ! fir/ #d ye>s & ! ,applicable ,f$]al ,rate plus #ajj to #cjj basis po9ts = ! rema9+ duration ( a cov]$ loan1 ) no eligibility = =giv5ess ( ! cov]$ loan "u subsection 7j72 or 7,b7 = a cov]$ loan ) ! maturity & int]e/ rate t]ms describ$ 9 p>agraphs 7#a7 & 7#c71 respectively1 ) ! ability to obta9 =giv5ess ( ! cov]$ loan if ! nonpr(it organization qualifies "u subsection 7j77#b74 7#e7 ,paym5t def]ral 7,a7 ,9 g5]al ,no paym5t ( pr9cipal %all be due on a cov]$ loan = ! fir/ #b ye>s ( ! cov]$ loan4 7,b7 ,additional def]ral ,aft] ! #b-ye> def]ral p]iod describ$ 9 subp>agraph 7,a71 ! ,adm9i/rator may grant n m ?an an additional #b ye>s ( pr9cipal def]ral to an eligible recipi5t ( a cov]$ loan if ! eligible recipi5t is c]tifi$ by ! ,adm9i/rator & ! ,secret>y z economically di/ress$ bas$ on publicly available crit]ia e/abli%$ by ! ,adm9i/rator & ! ,secret>y4 7#f7 ,orig9ation fees 7,a7 ,9 g5]al ,! orig9ation fee = a cov]$ loan %all be z foll[s3 7i7 #c4ge p]c5t = a cov]$ loan ( n m ?an #ajj1jjj4 7ii7 #c4e p]c5t = a cov]$ loan ( m ?an #ajj1jjj & n m ?an #bej1jjj4 7iii7 #c4be p]c5t = a cov]$ loan ( m ?an #bej1jjj & n m ?an #ejj1jjj4 7iv7 #c p]c5t = a cov]$ loan ( m ?an #ejj1jjj & n m ?an #gej1jjj4 7v7 #b4ge p]c5t = a cov]$ loan ( m ?an #gej1jjj & n m ?an #a1jjj1jjj4 7vi7 #b4e p]c5t = a cov]$ loan ( m ?an #a1jjj1jjj & n m ?an #a1ejj1jjj4 7vii7 #b4be p]c5t = a cov]$ loan ( m ?an #a1ejj1jjj & n m ?an #a1gej1jjj4 7viii7 #b p]c5t = a cov]$ loan ( m ?an #a1gej1jjj & n m ?an #b1jjj1jjj4 7ix7 #a4ge p]c5t = a cov]$ loan ( m ?an #b1jjj1jjj & n m ?an #b1ejj1jjj4 7x7 #a4e p]c5t = a cov]$ loan ( m ?an #b1ejj1jjj & n m ?an #c1jjj1jjj4 7xi7 #a4be p]c5t = a cov]$ loan ( m ?an #c1jjj1jjj & n m ?an #c1ejj1jjj4 7xii7 #a p]c5t = a cov]$ loan ( m ?an #c1ejj1jjj & n m ?an #d1jjj1jjj4 7xiii7 #j4ge p]c5t = a cov]$ loan ( m ?an #d1jjj1jjj & n m ?an #ab1jjj1jjj4 7,b7 ,paym5t by ,f$]al ,gov]nm5t ,! ,adm9i/rator %all-- 7i7 = any cov]$ loan t is made to an eligible recipi5t ) n m ?an #ejj full-"t employees z ( ,febru>y #ae1 #bjbj1 toge!r ) all its affiliates 9 ! aggregate1 )\t reg>d to any waiv] ( applicable affiliation rules1 pay ! applicable orig9ation fee describ$ 9 subp>agraph 7,a72 & 7ii7 = any cov]$ loan ( n m ?an #aj1jjj1jjj t is made to an eligible recipi5t ) m ?an #ejj full-"t employees z ( ,febru>y #ae1 #bjbj1 9 ! aggregate1 )\t reg>d to any waiv] ( applicable affiliation rules1 pay #ej p]c5t ( ! am\nt ( ! applicable orig9ation fee describ$ 9 subp>agraph 7,a74 7,c7 ,paym5t by eligible recipi5t ,aft] any applicable paym5ts by ! ,adm9i/rator "u subp>agraph 7,b71 ! eligible recipi5t ( a cov]$ loan-- 7i7 %all be responsible = pay+ ! rema9d] ( any applicable orig9ation fee "u subp>agraph 7,a72 & 7ii7 may f9ance ! am\nt ( ! applicable orig9ation fee z "p ( ! cov]$ loan am\nt1 ) su* orig9ation fee am\nt n c\nt+ t[>d ! limitation on cov]$ loan am\nts describ$ 9 p>agraph 7#b77;,a74 7#g7 ,/reaml9$ proc$ures ,! ,adm9i/rator & ! ,secret>y %all e/abli% /reaml9$ application & loan approval proc$ures = eligible recipi5ts ) n m ?an #ejj full-"t employees1 includ+ by all[+ an eligible recipi5t to use an exi/+ application submitt$ to a l5d] = ! loan program "u section #g7;a77#cf7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77 & update ! application z necess>y = purposes ( apply+ = a cov]$ loan4 7#h7 ,application 7,a7 ,availability ,! ,adm9i/rator %all make available ! application = a cov]$ loan 9 ! #aj mo/ commonly spok5 languages1 o!r ?an ,engli%1 9 ! ,unit$ ,/ates1 :i* %all include ,spani%1 ,m&>91 ,cantonese1 ,japanese1 & ,korean4 7,b7 ,guidance ,n lat] ?an #ae days aft] ! date ( enactm5t ( ?is ,act1 ! ,adm9i/rator & ! ,secret>y %all issue guidance to all[ l5d]s to receive applications = cov]$ loans4 7,c7 ,deadl9e = response ,a l5d] t receives an application = a cov]$ loan %all-- 7i7 n lat] ?an #b days aft] submission ( ! application to ! ,adm9i/rator1 notify ! applicant t ! l5d] submitt$ ! application & provide ! confirmation numb]2 & 7ii7 n lat] ?an #ae days aft] approv+ ! application1 disburse ! funds to ! applicant4 7,d7 ,=mat ,! application = a cov]$ loan %all be simil> to ! application us$ = a loan made "u section #g7;a77#cf7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf771 ) additional details reque/$ by ! ,adm9i/rator z necess>y4 7,e7 ,application w9d[s ,! ,adm9i/rator %all make ef=ts to ensure t und]s]v$ borr[]s t are eligible recipi5ts receive cov]$ loans1 includ+ by e/abli%+ exclusive application w9d[s = ^? eligible recipi5ts4 7#i7 ,limitation on numb] ( loans ,an eligible recipi5t may receive n m ?an #b cov]$ loans1 ! reque/$ aggregate am\nt ( :i* %all n exce$ ! limitation on cov]$ loan am\nts describ$ 9 p>agraph 7#b77;,a74 7#aj7 ,waiv] ( prepaym5t p5alty ,not)/&+ any o!r provision ( law1 !re %all be no prepaym5t p5alty = any paym5t made on a cov]$ loan4 7#aa7 ,unit$ /ates op]ations ,a cov]$ loan may only be us$ = exp5ses :i* are-- 7,a7 prop]ly allocable to ! production ( income f s\rces )9 ! ,unit$ ,/ates 7z det]m9$ "u rules simil> to ! rules ( "p ,i ( sub*apt] ,n ( ! ,int]nal ,rev5ue ,code ( #aihf71 & 7,b7 effectively connect$ 7z det]m9$ "u rules simil> to ! rules section #ieb ( su* ,code7 ) ! conduct by ! eligible recipi5t ( a trade or bus9ess )9 ! ,unit$ ,/ates 7or any t]ritory or possession ( ! ,unit$ ,/ates7 or (f ! coa/l9e ( ! ,unit$ ,/ates1 includ+ ,/ate subm]g$ l&s & t]ritorial sea & exclusive economic zones own$ by a ,unit$ ,/ates entity4 7e7 ,l5d]s 7#a7 ,exi/+ ,,ppp l5d]s ,a l5d] t is approv$ to make loans "u section #g7;a77#cf7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77 & is approv$ by ! ,adm9i/rator & ! ,secret>y may make & approve cov]$ loans4 7#b7 ,additional l5d]s ,! au?ority to make cov]$ loans %all be ext5d$ to additional l5d]s det]m9$ by ! ,adm9i/rator & ! ,secret>y to h ! necess>y qualifications to process1 close1 disburse1 & s]vice loans made ) ! gu>antee ( ! ,adm9i/ration4 7#c7 ,l5d]s s]v+ und]s]v$ borr[]s ,9 approv+ l5d]s to make cov]$ loans1 ! ,adm9i/rator & ! ,secret>y %all give priority to l5d]s t are community developm5t f9ancial in/itutions ) l[] l5d+ volumes1 m9ority depository in/itutions1 mission-bas$ nonpr(it l5d]s1 nonbank l5d]s1 & o!r f9ancial in/itutions t disproportionately s]ve und]s]v$ borr[]s4 7#d7 ,resale ( loans ,a l5d] ( a cov]$ loan may sell ! cov]$ loan to a ?ird p>ty4 7#e7 ,sale ( p>ticipation 9 cov]$ loans ,a l5d] ( a cov]$ loan may sell a p>ticipation 9 ! cov]$ loan to a non-au?oriz$ l5d] 9 an am\nt t is n m ?an #he p]c5t ( ! cov]$ loan4 7#f7 ,ag5t disclosure ,9 ord] to be eligible to obta9 a fee1 any ag5t %all be disclos$ to ! l5d] & ! ,adm9i/rator at ! "t ( application = a cov]$ loan4 7#g7 ,capital & liquidity requirem5ts ,until ,decemb] #ca1 #bjba1 ! am\nt ( a cov]$ loan made by a l5d] %all be disreg>d$ by ,f$]al regulators = ! purpose ( calculat+ regulatory capital & liquidity requirem5ts4 7f7 ,borr[] requirem5ts 7#a7 ,c]tification ,an eligible recipi5t apply+ = a cov]$ loan %all submit a good fai? c]tification t ! eligible recipi5t suff]$ a decl9e 9 gross receipts ( n less ?an #be p]c5t-- 7,a7 dur+ an #h-week p]iod dur+ ! p]iod beg9n+ on ,febru>y #a1 #bjbj1 & end+ on ,july #ca1 #bjbj1 relative to-- 7i7 an #h-week p]iod dur+ ! p]iod beg9n+ on ,janu>y #a1 #bjbj1 & end+ on ,m>* #ca1 #bjbj2 or 7ii7 a comp>able #h-week p]iod 9 #bjai2 or 7,b7 dur+ a cal5d> or fiscal qu>t] dur+ ! p]iod beg9n+ on ,febru>y #ae1 #bjbj1 & end+ on ,july #ca1 #bjbj1 relative to ! same cal5d> or fiscal qu>t] 9 #bjai4 7#b7 ,acc\nt+ me?od ,an eligible recipi5t may calculate ! decl9e 9 gross receipts describ$ 9 p>agraph 7#a7 us+ ! ca% or accrual acc\nt+ me?od4 7#c7 ,adju/m5ts ,! ,adm9i/rator1 9 consultation ) ! ,secret>y1 %all provide guidance on appropriate adju/m5ts to ! t]ms "u ?is subsection = eligible recipi5ts seek+ a cov]$ loan t are fiscal ye> taxpay]s or seasonal bus9esses4 7#d7 ,re/rictions 7,a7 ,9 g5]al ,! ,adm9i/rator may ent] into agreem5ts to gu>antee cov]$ loans made to eligible recipi5ts only if ! ,adm9i/rator det]m9es t ! agreem5t provides t1 until ! date t is #ab mon?s aft] ! date on :i* ! cov]$ loan is no long] out/&+-- 7i7 ! eligible recipi5t or an affiliate ( ! eligible recipi5t %all n pur*ase an equity security t is li/$ on a national securities ex*ange ( ! eligible recipi5t or any p>5t company ( ! eligible recipi5t1 except to ! ext5t requir$ "u a contractual obligation 9 effect z ( ! date ( enactm5t ( ?is ,act2 7ii7 ! eligible recipi5t %all n pay divid5ds or make o!r capital di/ributions ) respect to ! common /ock ( ! eligible recipi5t2 & 7iii7 ! re/rictions on c]ta9 employee comp5sation describ$ 9 section #djjd7;a7 ( ! ,,c>es ,act 7,public ,law #aaf-acf7 apply to (fic]s & employees ( ! eligible recipi5t4 7,b7 ,exceptions 7i7 ,divid5ds 7,i7 ,real e/ate inve/m5t tru/s ,subp>agraph 7,a77ii7 %all n apply to any eligible recipi5t t is a real e/ate inve/m5t tru/ 7z def9$ "u section #hef ( ! ,int]nal ,rev5ue ,code ( #aihf7 = ! taxable ye> 9 :i* ! di/ribution is made to ! ext5t t su* entity di/ributes no m ?an #ajj p]c5t ( real e/ate inve/m5t tru/ taxable income 7z def9$ 9 section #heg7;b77#b7 ( su* ,code1 det]m9$ )\t reg>d to ! d$uction = divid5ds paid 7z def9$ 9 section #efa ( su* ,code77 dur+ su* taxable ye>4 7,,ii7 ,regulat$ inve/m5t companies ,subp>agraph 7,a77ii7 %all n apply to any eligible recipi5t t is a regulat$ inve/m5t company 7z def9$ "u section #hea ( ! ,int]nal ,rev5ue ,code ( #aihf7 = ! taxable ye> 9 :i* ! di/ribution is made to ! ext5t t su* entity di/ributes no m ?an #ajj p]c5t ( inve/m5t company taxable income 7z def9$ 9 section #heb7;b77#b7 ( su* ,code1 det]m9$ )\t reg>d to ! d$uction = divid5ds paid 7z def9$ 9 section #efa ( su* ,code77 dur+ su* taxable ye>4 7ii7 ,di/ributions ,not)/&+ subp>agraph 7,a71 dur+ ! p]iod describ$ 9 t subp>agraph an eligible recipi5t t is an ,s-corporation or a limit$ liability company may provide a di/ribution to pay income taxes4 7#e7 ,em]g5cy relief funds 7,a7 ,9 g5]al ,except z provid$ 9 subp>agraph 7,b71 an eligible recipi5t apply+ = a cov]$ loan may n receive or h receiv$ any assi/ance "u #djjc ( ! ,,c>es ,act 7,public ,law #aaf-acf7 = any purpose4 7,b7 ,return ( funds ,an eligible recipi5t t receiv$ assi/ance "u section #djjc ( ! ,,c>es ,act 7,public ,law #aaf-acf7 may apply = a cov]$ loan if ! eligible recipi5t returns ! funds receiv$ "u su* section #djjc4 7#f7 ,bus9ess conc]ns ) m ?an #a physical location ,a bus9ess conc]n t employs n m ?an #ejj full-"t 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]$ loan ( n m ?an #be1jjj1jjj if ! numb] ( full-"t employees1 9 ! aggregate1 does n exce$ #e1jjj4 7#g7 ,waiv] ( affiliation rules 7,a7 ,9 g5]al ,! 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 =-- 7i7 any eligible recipi5t ) n m ?an #ejj full-"t employees t is assign$ a ,nor? ,am]ican ,indu/ry ,classification ,sy/em code beg9n+ ) #gb2 7ii7 any eligible recipi5t op]at+ z a fran*ise2 7iii7 any eligible recipi5t t receives f9ancial assi/ance f a company lic5s$ "u section #cja ( ! ,small ,bus9ess ,inve/m5t ,act ( #aieh 7#ae ,u4,s4,c4 #fha72 & 7iv7 any eligible recipi5t ) n m ?an #ejj full-"t employees t is n m ?an #ej p]c5t own$ or controll$ by ano!r entity4 7,b7 ,control ,= purposes ( ?is p>agraph1 ! t]m control1 ) respect to an eligible recipi5t1 %all include-- 7i7 ! possession1 direct or indirect1 ( ! p[] to vote n less ?an #ej p]c5t ( ! vot+ equity 9 ! eligible recipi5t2 7ii7 own]%ip1 direct or indirect1 ( n less ?an #ej p]c5t ( ! equity int]e/s 9 ! eligible recipi5t2 & 7iii7 direct or indirect control ov] ! managem5t ( affairs ( ! eligible recipi5t4 7#h7 ,calculation ( full-"t employees ,= purposes ( det]m9+ ! numb] ( full-"t employees ( an eligible recipi5t z ( ,febru>y #ae1 #bjbj-- 7,a7 any employee work+ n few] ?an1 at ! election ( ! eligible recipi5t1 an av]age ( #cj h\rs p] week dur+ ! prec$+ #c-mon? p]iod or #cj h\rs dur+ ! prec$+ pay p]iod %all be consid]$ a full-"t employee2 & 7,b7 any employee work+ n few] ?an #aj h\rs & few] ?an #cj h\rs p] week %all be c\nt$ z "o-half ( a full-"t employee4 7#i7 ,cr$it else:]e ,dur+ ! cov]$ p]iod1 an eligible recipi5t is n requir$ to %[ t ! eligible recipi5t is unable to obta9 cr$it else:]e1 z def9$ 9 section #c7;h7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcb7;h774 7#aj7 ,subord9ation ,any cov]$ loan made to an eligible recipi5t %all be subord9ate to any liability incurr$ by ! eligible recipi5t be=e ,febru>y #ae1 #bjbj4 7#aa7 ,re/rictions = prior bankruptcy ,a l5d] may d5y an application = a cov]$ loan submitt$ by an eligible recipi5t if1 dur+ ! #g-ye> p]iod prec$+ ! date ( ! application1 ! eligible recipi5t or a p]son t owns or controls ! eligible recipi5t fil$ a petition = bankruptcy "u *apt] #g or #ac ( title #aa1 ,unit$ ,/ates ,code4 7g7 ,use ( funds 7#a7 ,9 g5]al ,an eligible recipi5t ( a cov]$ loan may use ! proce$s = all[able exp5ses describ$ 9 p>agraph 7#b74 7#b7 ,all[able exp5ses ,! exp5ses describ$ 9 ?is p>agraph are-- 7,a7 payroll co/s = employees & furl\gh$ employees1 includ+-- 7i7 co/s = cont9uation cov]age provid$ pursuant to "p #f ( subtitle ,b ( title ,i ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd 7o!r ?an "u section #fji71 title ,,xxii ( ! ,public ,heal? ,s]vice ,act1 section #dihj;,b ( ! ,int]nal ,rev5ue ,code ( #aihf 7o!r ?an subsection 7f77#a7 ( su* section ins(> z x relates to p$iatric vacc9es71 or section #hije;a ( title #e1 ,unit$ ,/ates ,code1 or "u a ,/ate program t provides comp>able cont9uation cov]age1 o!r ?an cov]age "u a heal? flexible sp5d+ arrangem5t "u a cafet]ia plan )9 ! mean+ ( section #abe ( ! ,int]nal ,rev5ue ,code ( #aihf2 or 7ii7 any o!r non-ca% b5efit2 7,b7 r5t2 7,c7 utilities2 7,d7 s*$ul$ mortgage int]e/ paym5ts on exi/+ mortgages z ( ,febru>y #ae1 #bjbj2 7,e7 s*$ul$ int]e/ paym5ts on o!r s*$ul$ debt z ( ,febru>y #ae1 #bjbj2 7,f7 co/s relat$ to p]sonal protective equipm5t1 :i* %all include ,n#ie masks & au?oriz$ equival5t respirator masks1 surgical masks1 exam gloves1 face %ields1 head cov]s1 isolation g[ns1 & cov]alls2 7,g7 paym5ts ( pr9cipal on out/&+ loans z ( ,febru>y #ae1 #bjbj1 n includ+ ! prepaym5t ( any obligation = a p]iod 9 excess ( a mon? unless ! paym5t = su* p]iod is cu/om>ily due 9 advance2 7,h7 paym5ts ( pr9cipal on out/&+ loans2 7,i7 paym5ts made to indep5d5t contractors1 z report$ on ,int]nal ,rev5ue ,s]vice ,=m-#ajii ,,nec2 7,j7 o!r ord9>y & necess>y bus9ess exp5ses1 includ+-- 7i7 settl+ exi/+ debts ow$ to v5dors & repl5i%+ inv5tory2 7ii7 fran*ise fees2 7iii7 managem5t fees paid to ?ird p>ties on an arm's l5g? basis2 7iv7 ma9t5ance exp5ses2 7v7 adm9i/rative co/s2 7vi7 taxes2 7vii7 op]at+ leases2 & 7viii7 any o!r capital exp5diture or exp5se requir$ "u any ,/ate1 local1 or ,f$]al law or guidel9e relat$ to social di/anc+ z a result ( ,,covid-#ai4 7#c7 ,prohibit$ exp5ses ,an eligible recipi5t may n use ! proce$s ( a cov]$ loan-- 7,a7 to pur*ase real e/ate2 7,b7 = paym5ts ( int]e/ or pr9cipal on loans orig9at$ aft] ,febru>y #ae1 #bjbj2 7,c7 to inve/ or re-l5d funds2 7,d7 = contributions or exp5ditures to1 or on behalf (1 any political p>ty1 p>ty committee1 or c&idate = elective (fice2 7,e7 = exp5ses relat$ to any acquisition or dive/iture2 or 7,f7 = any o!r use z may be prohibit$ by ! ,adm9i/rator4 7h7 ,loan disbursal 7#a7 ,initial disbursal ,dur+ ! initial #ad-;day p]iod 9 :i* l5d]s make & approve cov]$ loans1 ! l5d]s %all be limit$ to mak+ cov]$ loans to eligible recipi5ts-- 7,a7 ) few] ?an #ej full-"t employees = ! fir/ #g-;day p]iod2 & 7,b7 ) few] ?an #ejj full-"t employees = ! second #g-;day p]iod4 7#b7 ,report ,n lat] ?an ! lat] ( ! date t is #ahj days aft] ! date on :i* am\nts made available to c>ry out ?is ,act are exp5d$ or ,july #ca1 #bjba1 ! ,inspector ,g5]al ( ! ,adm9i/ration %all submit to ,congress a report evaluat+ :e!r small bus9ess conc]ns 7z def9$ 9 section #c ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcb771 m9ority-own$ eligible recipi5ts1 & o!r und]s]v$ borr[]s are treat$ fairly 9 ! process ( mak+ & approv+ cov]$ loans4 7#c7 ,requirem5t to draw funds ,an eligible recipi5t %all draw all cov]$ loan proce$s n lat] ?an ,m>* #ca1 #bjba4 7i7 ,maturity = loans ) rema9+ balance aft] application = =giv5ess ,) respect to a cov]$ loan t has a rema9+ balance aft] a r$uction bas$ on ! loan =giv5ess am\nt "u subsection 7j7-- 7#a7 ! rema9+ balance %all cont9ue to be gu>ante$ by ! ,adm9i/ration "u ?is section2 & 7#b7 ! cov]$ loan %all h a maximum maturity ( #g ye>s beg9n+ on ! date ( ! orig9ation ( ! cov]$ loan4 7j7 ,loan =giv5ess 7#a7 ,9 g5]al ,except z o!rwise provid$ 9 ?is subsection1 an eligible recipi5t ( a cov]$ loan t is n a nonpr(it organization & submits an application n lat] ?an ,decemb] #ca1 #bjbc1 %all be eligible = =giv5ess = exp5ses describ$ 9 subp>agraphs 7,a7 ?r\gh 7,f7 ( subsection 7g77#b7 incurr$ dur+ ! cov]$ p]iod us+ proce$s ( ! cov]$ loan 9 an am\nt equal to ! product obta9$ by multiply+-- 7,a7 ! product obta9$ by multiply+-- 7i7 ! p]c5tage decl9e 9 gross receipts ( ! eligible recipi5t-- 7,i7 if ! cov]$ p]iod does n ext5d pa/ ,m>* #ca1 #bjba1 betwe5 ! total gross receipts receiv$ by ! bus9ess dur+ cal5d> ye> #bjbj & ! total gross receipts receiv$ by ! bus9ess dur+ cal5d> ye> #bjai2 7,,ii7 betwe5 ! total gross receipts receiv$ by ! bus9ess dur+ ! #f-mon? p]iod foll[+ ! date ( ! orig9ation ( ! cov]$ loan & ! total gross receipts receiv$ by ! bus9ess dur+ a comp>able #f-mon? p]iod dur+ ! #ab-mon? p]iod prec$+ ! date ( ! orig9ation ( ! cov]$ loan2 or 7,,iii7 if ! cov]$ p]iod ext5ds pa/ ,m>* #ca1 #bjba1 betwe5 ! total gross receipts receiv$ by ! bus9ess dur+ ! cov]$ p]iod & ! total gross receipts receiv$ by ! bus9ess dur+ a comp>able p]iod2 & 7ii7 4#ij2 & 7,b7 7i7 = an eligible recipi5t ) n m ?an #ejj full-"t employees z ( ,febru>y #ae1 #bjbj1 ! sum ( ! exp5ses ( ! eligible recipi5t describ$ 9 subp>agraphs 7,a7 ?r\gh 7,f7 ( subsection 7g77#b7 paid dur+ ! cov]$ p]iod2 or 7ii7 = an eligible recipi5t ) m ?an #ejj & n m ?an #e1jjj full-"t employees z ( ,febru>y #ae1 #bjbj1 ! sum (-- 7,i7 ! b5efits describ$ 9 clauses 7i7 & 7ii7 ( subsection 7g77#b77;,a7 ( ?is section & ! paym5ts describ$ 9 subitems 7,,cc7 ?r\gh 7,,gg7 ( section #g7;a77#cf77;,a77viii77,i77aa7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77;,a77viii77,i77aa77 t 7 paid dur+ ! cov]$ p]iod2 & 7,,ii7 ! exp5ses describ$ 9 subp>agraphs 7,b7 ?r\gh 7,f7 ( subsection 7g77#b7 t 7 paid dur+ ! cov]$ p]iod4 7#b7 ,alt]native am\nt ,if ! am\nt ( =giv5ess on a cov]$ loan z calculat$ "u p>agraph 7#a7 is less ?an or equal to ! am\nt ( accru$ int]e/ paym5ts = ! fir/ #ab mon?s ( ! cov]$ loan-- 7,a7 ! am\nt ( loan =giv5ess %all be equal to ! am\nt ( ^? int]e/ paym5ts2 7,b7 =giv5ess %all n be subject to section #ajh7;j7 ( ! ,int]nal ,rev5ue ,code1 z add$ by p>agraph 7#h77;,c72 & 7,c7 to receive ! =giv5ess am\nt describ$ 9 subp>agraph 7,a71 ! eligible recipi5t %all include 9 ! loan =giv5ess application a c]tification to ! ,adm9i/rator t ! eligible recipi5t 0 eligible = a cov]$ loan "u ?is section at ! "t ( application = ! cov]$ loan4 7#c7 ,loan =giv5ess = small nonpr(its ,a nonpr(it organization describ$ 9 subsection 7a77#e77;,b7 ) n m ?an #ejj full-"t employees z ( ,febru>y #ae1 #bjbj1 t is an eligible recipi5t ( a cov]$ loan & submits an application n lat] ?an ,decemb] #ca1 #bjbc1 %all be eligible = =giv5ess = exp5ses describ$ 9 subp>agraphs 7,a7 ?r\gh 7,f7 ( subsection 7g77#b7 us+1 at ! election ( ! nonpr(it organization-- 7,a7 ! am\nt obta9$ us+ ! =mula describ$ 9 p>agraph 7#a71 except t gross receipts %all n include donations1 grants1 dues1 & inve/m5t income2 or 7,b7 ! am\nt obta9$ us+ ! =mula describ$ 9 p>agraph 7#a71 except t ! numb] 9 subp>agraph 7,a77ii7 ( su* p>agraph %all be-- 7i7 4#g = a nonpr(it organization ) n m ?an #ej full-"t employees z ( ,febru>y #ae1 #bjbj2 & 7ii7 4#b = a nonpr(it organization ) n few] ?an #ej & n m ?an #ejj full-"t employees z ( ,febru>y #ae1 #bjbj4 7#d7 ,prohibition on =giv5ess ,any cov]$ loan made to an eligible recipi5t t is publicly trad$1 is a nonpr(it organization describ$ 9 section #eja7;c77#g7 ( ! ,int]nal ,rev5ue ,code1 or is an eligible recipi5t describ$ 9 subsection 7f77#g77;,d7 %all n be eligible = loan =giv5ess "u ?is subsection4 7#e7 ,limitation on am\nt ( =giv5ess 7,a7 ,9 g5]al ,! am\nt ( all cov]$ loans made to an eligible recipi5t t may be =giv5 "u ?is subsection %all n exce$ ! total losses incurr$ by ! eligible recipi5t 9 ! taxable ye> #bjbj4 7,b7 ,application ( relat$ p>ty paym5ts ,! ,secret>y %all issue regulations t provide t1 = purposes ( ! loss calculation "u subp>agraph 7,a7-- 7i7 ) respect to an eligible recipi5t ( a cov]$ loan ) n few] ?an #ejj full-"t employees1 relat$ p>ty transactions are prohibit$ f c\nt+ t[>d ! loss calculation2 & 7ii7 ) respect to an eligible recipi5t ( a cov]$ loan ) n m ?an #ejj full-"t employees1 any relat$ p>ty paym5ts made dur+ ! cov]$ p]iod _c be great] ?an relat$ p>ty paym5ts made dur+ taxable ye> #bjai4 7,c7 ,capital losses ,= purposes ( ! loss calculation "u subp>agraph 7,a71 capital losses f ! sale ( assets or d$uctions = gu>ante$ paym5ts to p>tn]s 9 p>tn]%ips or own]s 9 ,s-corporations %all n c\nt t[>d ! loss calculation4 7,d7 ,limitation on ,,ppe exp5ses ,an eligible recipi5t may only receive =giv5ess = p]sonal protective equipm5t exp5ses describ$ 9 subsection 7g77#b77;,f7 ( n m ?an #e1jjj4 7#f7 ,no limits bas$ on p]c5tage ( funds us$ = c]ta9 exp5ses ,! ,adm9i/rator or ! ,secret>y %all n place limitations on =giv5ess "u ?is subsection bas$ on ! p]c5tage ( cov]$ loan proce$s t are us$ = specific exp5ses describ$ 9 subsection 7g77#b74 7#g7 ,hold h>mless ,if a l5d] approv$ to make cov]$ loans has receiv$ ! requir$ docum5tation "u ?is section f an applicant atte/+ t ! applicant has accurately v]ifi$ ! eligibility1 gross receipts1 & exp5ses ( ! applicant 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 = ^? exp5ses2 & 7,b7 ! l5d] %all n be subject to any p5alties by ! ,adm9i/rator relat+ to loan =giv5ess = ! exp5ses4 7#h7 ,treatm5t ( =giv5 am\nts 7,a7 ,9 g5]al ,section #ajh7;a77#a7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ or at ! end ( subp>agraph 7,d71 by /rik+ ! p]iod at ! end ( subp>agraph 7,e77ii7 & ins]t+ 1 or1 & by add+ at ! end ! foll[+ new subp>agraph3 7,f7 ! indebt$ness dis*>g$ is a cov]$ loan 7z def9$ 9 section #b7;a7 ( ! ,,re/>t ,act7 dis*>g$ "u section #b7;j7 ( su* ,act4 4 7,b7 ,r$uction ( tax attributes ,section #ajh7;b77#a7 ( su* ,code is am5d$ by /rik+ or 7,c7 & ins]t+ 1 7,c71 or 7,f7 7aft] application ( subsection 7j77i774 7,c7 ,limitation ,section #ajh ( su* ,code is am5d$ by add+ at ! end ! foll[+ new subsection3 7j7 ,special rules = dis*>ges ( cov]$ loans 7#a7 ,inclusion ( excess am\nts 7,a7 ,9 g5]al ,9 ! case ( any taxpay] to :i* subsection 7a77#a77;,f7 applies1 ! gross income ( su* taxpay] = any taxable ye> 9 ! applicable p]iod %all be increas$ by ! product (-- 7i7 #bj p]c5t1 & 7ii7 s mu* ( ! am\nt exclud$ "u subsection 7a77#a77;,f7 z exce$s #bej1jjj4 7,b7 ,applicable p]iod ,= purposes ( subp>agraph 7,a71 ! t]m applicable p]iod means ! #e taxable-ye> p]iod beg9n+ ) ! taxable ye> 9 :i* ! dis*>ge occurs4 7#b7 ,application to tax attributes ,= purposes ( apply+ subsection 7b71 ! am\nt tak5 into acc\nt z exclud$ f income "u subsection 7a77#a77;,f7 %all n exce$ #bej1jjj4 4 7,d7 ,effective date ,! am5dm5ts made by ?is p>agraph %all apply to dis*>ges ( indebt$ness aft] ! date ( ! enactm5t ( ?is ,act4 7#i7 ,coord9ation ) employee ret5tion tax cr$it ,section #bcja7;g7 ( ! ,,c>es ,act 7,public ,law #aaf-acf7 is am5d$ to read z foll[s3 7g7 ,election ,to n take c]ta9 wages into acc\nt 7#a7 ,9 g5]al ,?is section %all n apply to qualifi$ wages paid by an eligible employ] ) respect to :i* su* employ] makes an election 7at su* "t & 9 su* mann] z ! ,secret>y may prescribe7 to h ?is section n apply to su* wages4 7#b7 ,coord9ation ) ,,re/>t loans ,! ,secret>y1 9 consultation ) ! ,adm9i/rator ( ! ,small ,bus9ess ,adm9i/ration1 %all issue guidance provid+ t payroll co/s paid or incurr$ dur+ ! cov]$ p]iod %all n fail to be treat$ z qualifi$ wages "u ?is section by reason ( an election "u p>agraph 7#a7 to ! ext5t t a cov]$ loan ( ! eligible employ] is n =giv5 by reason ( a decision "u section #b7;j7 ( ! ,,re/>t ,act4 ,t]ms us$ 9 ! prec$+ s5t5ce :i* are also us$ 9 section #c ( su* ,act %all h ! same mean+ z :5 us$ 9 su* section4 4 7k7 ,special rules = seasonal & new bus9esses 7#a7 ,9 g5]al ,! ,adm9i/rator & ! ,secret>y %all develop special rules & proc$ures = eligibility1 calculation ( full-"t employees1 loan t]ms1 & loan =giv5ess =-- 7,a7 cov]$ loans made to eligible recipi5ts t are seasonal t d n h suffici5t rev5ue to fully b5efit f assi/ance provid$ "u ?is section2 & 7,b7 cov]$ loans made to eligible recipi5ts =m$ aft] ,janu>y #a1 #bjai1 t d n h suffici5t rev5ue to fully b5efit f assi/ance provid$ "u ?is section4 7#b7 ,loan am\nt ,! ,adm9i/rator & ! ,secret>y %all develop t]ms ) respect to ! loan am\nt ( a cov]$ loan = ! eligible recipi5ts describ$ 9 p>agraph 7#a7 to provide consi/5t support to ^? eligible recipi5ts relative to an exi/+ or a non-seasonal eligible recipi5t4 7#c7 ,prohibition ,an eligible recipi5t =m$ aft] ,janu>y #a1 #bjai1 %all n be eligible = loan =giv5ess "u ?is section4 7l7 ,transp>5cy 7#a7 ,report+ ,! ,adm9i/rator %all collect & publi% in=mation 9 se>*able & d[nloadable =mat on eligible recipi5ts ( cov]$ loans1 includ+-- 7,a7 ! "n ( ea* eligible recipi5t ) n few] ?an #ej full-"t employees t receiv$ a cov]$ loan1 :i* %all be publi%$ on a mon?ly basis2 7,b7 aggregate demographic in=mation ( applicants t appli$ & applicants t 7 approv$ = a cov]$ loan1 :i* %all be publi%$ on a weekly basis2 7,c7 ! numb] ( loan applications receiv$ & total loan am\nt reque/$1 ! numb] ( loan applications await+ disposition & ! total loan am\nt await+ disposition1 ! numb] ( loan applications reject$ & ! total loan am\nt reject$1 & ! numb] ( loan applications approv$ & ! total loan am\nt approv$ by ea* l5d]1 :i* %all be publi%$ on a weekly basis2 7,d7 aggregate total loan volume approv$ brok5 d[n by ! applicable ,nor? ,am]ican ,indu/ry ,classification ,sy/em code & by ,/ate1 :i* %all be publi%$ on a weekly basis2 7,e7 details on ! total numb] ( employees1 loan size1 applicable ,nor? ,am]ican ,indu/ry ,classification ,sy/em code1 & headqu>t]s location ( ea* eligible recipi5t ( a cov]$ loan1 :i* %all be publi%$ on a mon?ly basis2 & 7,f7 ! "n ( & loan am\nt =giv5 = ea* eligible recipi5t ( a cov]$ loan ) n few] ?an #ej full-"t employees1 ) aggregate loan am\nt =giv5ess data provid$ = all eligible recipi5ts ( cov]$ loans1 :i* %all be publi%$ 9 a f9al report n lat] ?an ,decemb] #ca1 #bjbb4 7#b7 ,multiple applications ,to ! ext5t possible1 ! ,adm9i/rator %\ld endeavor to de-duplicate multiple applications = a cov]$ loan submitt$ by ! same applicant to diff]5t l5d]s = purposes ( public report+4 7#c7 ,in=mation f borr[]s ,! ,adm9i/rator %all require l5d]s ( cov]$ loans to collect in=mation f eligible recipi5ts & submit ! in=mation to ! ,adm9i/rator = ! purpose ( meet+ ! report+ requirem5ts 9 p>agraph 7#a74 7m7 ,sep>ation ( funds & bankruptcy treatm5t 7#a7 ,sep>ation ( funds ,an eligible recipi5t ( a cov]$ loan %all-- 7,a7 sep>ately acc\nt =1 & n comm+le ) o!r funds1 ! proce$s ( ! cov]$ loan2 & 7,b7 acc\nt 9 detail = ! use ( ! proce$s4 7#b7 ,bankruptcy treatm5t 7,a7 ,9 g5]al ,if an eligible recipi5t ( a cov]$ loan is a debtor 9 a case "u *apt] #g or #ac ( title #aa1 ,unit$ ,/ates ,code1 & ! cov]$ loan is /ill out/&+ on ! date ( ! comm5cem5t ( ! case-- 7i7 any int]e/ ( ! eligible recipi5t 9 ! proce$s ( ! cov]$ loan %all n be includ$ 9 ! prop]ty ( ! e/ate2 & 7ii7 ! am\nt ( ! proce$s ( ! cov]$ loan t 7 n exp5d$ on all[able exp5ses describ$ 9 subsection 7g77#b7 or =giv5 "u subjection 7j7 %all be transf]r$ to ! ,f$]al ,gov]nm5t4 7,b7 ,unrecov]$ am\nts on cov]$ loans ,no?+ 9 subp>agraph 7,a7 %all preclude ! ,f$]al ,gov]nm5t f pursu+ a claim 9 a case "u *apt] #g or #ac ( title #aa1 ,unit$ ,/ates ,code1 ) respect to ! diff]5ce1 if any1 betwe5 ! am\nt due to ! ,f$]al ,gov]nm5t on a cov]$ loan & ! am\nt t 0 transf]r$ "u subp>agraph 7,a77ii74 7n7 ,au?orization ( appropriations ,!re is au?oriz$ to be appropriat$ to ! ,adm9i/ration-- 7#a7 su* sums z may be necess>y to c>ry out ?is section1 to rema9 available until ,decemb] #ca1 #bjbj2 & 7#b7 #aej1jjj1jjj1 to rema9 available until exp5d$1 = adm9i/rative purposes to update te*nologies to all[ = digital case managem5t1 electronic submissions1 & increas$ telecommunications relat$ to ! program "u ?is section4