,i #aafth ,,congress #b;d ,session ,h4 ,r4 #gfga ,,in ,,the ,,house ,,of ,,representatives ,july #bj1 #bjbj,mr4 ,vela 7for himself and ,mr4 ,gooden7 introduced the following bill2 which was referred to the ,committee on ,financial ,services ,a ,,bill ,to provide for the establishment of a ,,covid-#ai ,small ,business ,recovery ,fund1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,small ,business ,comeback ,act4 #b4 ,definitions ,in this ,act1 the following definitions apply3 7#a7 ,applicant ,the term applicant means a business filing an application for recovery compensation under this ,act4 7#b7 ,business ,the term business is intended broadly to refer to any type of for-profit business concern1 nonprofit organization1 veteran's organization1 or ,tribal business concern1 and shall include individuals who operate under a sole proprietorship or as an independent contractor1 and eligible self-employed individuals4 7#c7 ,collateral source ,the term collateral source means all compensation received by the applicant as a result of the losses for which the applicant is seeking compensation under this ,act1 including payments by ,federal1 ,state1 or local governments1 related to losses arising from the ,,covid-#ai pandemic4 7#d7 ,,covid-#ai pandemic ,the term ,,covid-#ai pandemic means the national emergency proclaimed by the ,president on ,march #ac1 #bjbj4 7#e7 ,eligible applicants ,the term eligible applicants means any type of for-profit business concern1 nonprofit organization1 veteran's organization1 or ,tribal business concern1 and shall include individuals who operate under a sole proprietorship or as an independent contractor1 and eligible self-employed individuals4 7#f7 ,eligible self-employed individual ,the term eligible self-employed individual has the meaning given the term in section #gjjb7;b7 of the ,families ,first ,coronavirus ,response ,act 7,public ,law #aaf-abg74 7#g7 ,financial institution ,the term financial institution means any institution the business of which is engaging in financial activities as described in section #d7k7 of the ,bank ,holding ,company ,act 7#ab ,u4,s4,c4 #ahdc7k774 7#h7 ,low-to-moderate income community ,the term low-to-moderate income community means a census tract where the annualized family income of the households or residents in the census tract are below #hj percent of the ,,hud median income for the county where the census tract is located4 7#i7 ,minority-owned business ,the term minority-owned business shall have the same meaning given the term under section #cdb7;g77#d7 of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #edeb7;g77#d774 7#aj7 ,secretary ,the term ,secretary means the ,secretary of the ,treasury4 7#aa7 ,special ,administrator ,the term ,special ,administrator means the ,special ,administrator appointed under this ,act4 7#ab7 ,state ,the term ,state means any ,state of the ,united ,states1 the ,commonwealth of ,puerto ,rico1 the ,district of ,columbia1 the ,commonwealth of the ,northern ,mariana ,islands1 ,american ,samoa1 ,guam1 each of the ,united ,states ,virgin ,islands1 and any territory or possession of the ,united ,states4 7#ac7 ,united ,states ,the term ,united ,states means the several ,states and includes the territorial sea and the continental shelf of the ,united ,states1 as those terms are defined in the ,violent ,crime ,control and ,law ,enforcement ,act of #aiid 7#ah ,u4,s4,c4 #bbhj1 #bbha74 7#ad7 ,women-owned business ,the term women-owned business shall have the same meaning given the term under section #cdb7;g77#f7 of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #edeb7;g77#f774 #c4 ,purpose 7a7 ,it is the purpose of this ,act to ensure domestic economic recovery from the ,,covid-#ai pandemic by ensuring that businesses in impaired sectors can resume their function as strong engines of the economy and employers by-- 7#a7 offsetting operating expenses for businesses that are partially or completely shut down as a result of ,,covid-#ai related closures1 and supporting employers' ability to retain employees and rehire employees laid off as a result of the ,,covid-#ai pandemic2 7#b7 encourage businesses to reopen by providing them the necessary assistance and resources to survive the ,,covid-#ai pandemic2 7#c7 assisting employees of eligible employers who have contracted or have been exposed during their employment to ,,covid-#ai1 who are unable to work and who would otherwise not be eligible for assistance2 7#d7 providing support for small businesses and women- and minority-owned businesses2 and 7#e7 providing assistance in a manner that complements the assistance programs established under the ,coronavirus ,aid1 ,relief1 and ,economic ,security ,act 7,public ,law #aaf-acf74 7b7 ,any funds paid to an applicant under this ,act shall be used exclusively for the purpose of domestic economic recovery as set forth in subsection 7a74 7c7 ,prioritization ,the ,special ,administrator shall prioritize compensation payments under this ,act1 based on-- 7#a7 the level of impairment a business is experiencing as a result of the ,,covid-#ai pandemic2 7#b7 whether the business operates in a rural or low-to-moderate income community1 as determined by the ,special ,administrator2 7#c7 whether the business is a women-owned business or a minority-owned business2 and 7#d7 whether the business is a small business1 including an independently owned franchise1 as determined by the ,special ,administrator4 #d4 ,administration 7a7 ,in general ,the ,secretary shall appoint a ,special ,administrator on the basis of integrity and demonstrated ability in accounting1 auditing1 financial analysis1 law1 management analysis1 or public administration1 and acting through such ,special ,administrator1 shall-- 7#a7 administer the recovery compensation program established under this ,act2 7#b7 promulgate all procedural and substantive rules for the administration of this ,act2 and 7#c7 employ and supervise hearing officers and other administrative personnel to perform the duties of the ,special ,administrator under this ,act4 7b7 ,recovery compensation services ,to the extent the ,special ,administrator determines is necessary to implement the provisions of this ,act in a timely manner1 the ,special ,administrator is authorized to contract with third parties to review business applications1 recommend compensation determinations1 arrange payments1 and perform audits on behalf of the ,special ,administrator4 ,any third party contracting to provide recovery compensation services pursuant to this subsection shall be compensated on a cost basis pursuant to guidelines established by the ,special ,administrator in consultation with the ,oversight ,board4 7c7 ,limitation of liability 7#a7 ,the provisions of this ,act and the services provided under subsection 7b7 shall be enforced by the ,secretary4 ,any party contracting with the ,special ,administrator to assist in recovery compensation services pursuant to subsection 7b7 shall not bear any liability for the performance of such duties except for gross negligence1 willful misconduct1 or fraud4 7#b7 ,there shall be no liability imposed on any party for not contracting with the ,special ,administrator as described in paragraph 7#a74 ,any financial institution not contracting with the ,special ,administrator that provides assistance or information to an applicant with respect to the compensation program established under this ,act without receiving compensation for providing such assistance or information shall not bear any liability for the provision of such assistance or information except for gross negligence1 willful misconduct1 or fraud1 provided that nothing in this subsection shall be construed to alter any duty or obligation owed by such party to an applicant under otherwise applicable ,state or ,federal law or by agreement with the applicant4 7#c7 ,state laws or regulations conflicting with the directions of the ,special ,administrator pursuant to subsection 7b7 are preempted to the extent of such actual or implied conflict4 7#d7 ,governing law and jurisdiction ,the district courts of the ,united ,states shall have original and exclusive jurisdiction over any action arising out of a contract described in subsection 7b74 7d7 ,confidentiality 7#a7 ,retention of privilege ,the submission of any nonpublicly available data and information by an applicant to the ,special ,administrator under this ,act shall not constitute a waiver of1 or otherwise affect1 any privilege arising under ,federal or ,state law 7including the rules of any ,federal or ,state court7 to which the data or information is otherwise subject4 7#b7 ,continued application of prior confidentiality agreements ,any requirement under ,federal or ,state law to the extent otherwise applicable1 or any requirement pursuant to a written agreement in effect between an applicant and any third party which provides an applicant's nonpublicly available data or information to the ,special ,administrator1 regarding the privacy or confidentiality of any data or information in the possession of the third party1 shall continue to apply to such data or information after the data or information has been provided to the ,special ,administrator under this ,act4 7#c7 ,the ,special ,administrator1 and any third party which obtains an applicant's nonpublicly available data or information1 is prohibited from sharing or selling such information except as required by law4 ,the ,special ,administrator or third party may share information as necessary to meet the obligations under this ,act1 so long as the third party agrees in writing to maintain the confidentiality of the information4 7e7 ,audit authority 7#a7 ,in general ,the ,secretary1 and the ,special ,inspector ,general established by this ,act1 shall have access1 for purposes of audit1 to the records and other pertinent documents of the ,special ,administrator1 any third party described in subsection 7b71 and any applicant1 including with respect to collateral source records and documents1 used in carrying out this ,act4 7f7 ,reports 7#a7 ,in general ,the ,special ,administrator shall submit weekly reports to ,congress that shall include-- 7,a7 a listing of the eligible businesses receiving recovery compensation under this ,act2 7,b7 a listing of each contract the ,special ,administrator made with third-party service providers under subsection 7b71 including information with respect to the services being provided under such contracts2 7,c7 a listing of all outstanding appeals of compensation determinations2 and 7,d7 an estimate of the total amount of recovery compensation payments made under this ,act that is current as of the date on which the report is submitted4 7#b7 ,timing ,the reports required under this subsection shall be submitted not later than #g calendar days after the date that recovery compensation is first paid under this ,act1 and every #g calendar days thereafter4 7g7 ,special ,administrator ,the ,special ,administrator shall be subject to the prohibition on acts affecting personal financial interest under section #bjh of title #ah1 ,united ,states ,code1 and shall be subject to limitations on outside employment and outside income pursuant to title ,v of the ,ethics in ,government ,act of #aigh 7#e ,u4,s4,c4 ,app474 7h7 ,authorization of appropriations ,there are authorized to be appropriated such sums as may be necessary to pay the administrative and support costs for the ,special ,administrator 7including the contracts described in subsection 7b77 in carrying out this ,act4 #e4 ,determination of eligibility for recovery compensation 7a7 ,filing of application for recovery compensation claim 7#a7 ,in general ,an applicant may file an application for recovery compensation under this ,act with the ,special ,administrator4 ,except as provided under paragraph 7#c71 the application for recovery compensation shall be on the form developed under paragraph 7#b7 and shall state the factual basis for eligibility for recovery compensation and the amount of recovery compensation sought4 7#b7 ,application form 7,a7 ,in general 7i7 ,the ,special ,administrator shall develop an application form that shall be simple to file and audit for fraud that applicants shall use when submitting applications under paragraph 7#a74 7ii7 ,the ,special ,administrator shall ensure that the form described in clause 7i7 can be filed electronically1 if determined to be practicable4 7,b7 ,multiple languages ,the form developed under subparagraph 7,a7 shall be made available in ,english and ,spanish1 and the ,special ,administrator may prioritize translation of the form into additional languages in order to serve the broadest pool of applicants4 7,c7 ,contents ,the form developed under subparagraph 7,a7 shall require that an applicant disclose all known collateral compensation1 and shall request information on the applicant's impairment that the ,special ,administrator deems necessary1 including information relating to the applicant's expenses1 payroll1 and loss of revenue due to the ,,covid-#ai pandemic4 7,d7 ,expenses1 payroll1 and lost revenue ,in developing the contents of the form under subparagraph 7,c71 the ,special ,administrator may consider requiring information on payroll1 operating expenses1 lost revenue1 and payments to employees with potential ,,covid-#ai-related illness4 ,such information required may include-- 7i7 the average total monthly payments by the applicant for payroll1 payroll support 7including paid sick1 medical1 or family leave1 and costs related to the continuation of group health care benefits during those periods of leave7 during the #ah-month period before ,march #ac1 #bjbj1 except that1 in the case of an applicant that is a seasonal employer1 as determined by the ,special ,administrator1 the average total monthly payments for payroll and payroll support shall be for the period beginning ,march #a1 #bjai1 and ending ,june #cj1 #bjai2 7ii7 the average total monthly payments by the applicant for mortgage payments1 rent payments1 utilities1 insurance payments1 and payments on any debt obligations incurred prior to ,july #a1 #bjbj1 during the #ah-month period before ,july #a1 #bjbj2 7iii7 to the extent that the ,special ,administrator is making available recovery compensation for lost revenue1 the average monthly revenue1 including unpaid accounts receivable1 that does not include net profits for the applicant during the #ah-month period before the date on which the application for recovery compensation is submitted2 and 7iv7 the wages1 salary1 or other payments made to employees who are unable to work because they tested positive for or were exposed to ,,covid-#ai4 7,e7 ,confidential business information ,to the extent the information in the application is non-public information1 the contents shall be deemed ,confidential ,business ,information not subject to disclosure4 7#c7 ,interim application filing ,during the period beginning on the date of enactment of this ,act and ending on the date on which regulations are promulgated under this ,act1 an applicant may file with the ,special ,administrator an interim application for immediate relief without the use of an approved form1 provided the application includes information described in subparagraph 7,c7 of paragraph 7#b7 of this subsection4 7#d7 ,limitation ,no application may be filed under paragraph 7#a71 or paid by the ,special ,administrator1 with respect to losses accrued after the termination of the national emergency proclaimed by the ,president on ,march #ac1 #bjbj4 ,within a reasonable time after such termination1 and subject to the provisions of this ,act1 the ,special ,administrator shall notify ,congress of the expected closure of the program established under this ,act1 while ensuring that all applications filed prior to the termination of the national emergency receive due consideration4 7#e7 ,new businesses ,the ,special ,administrator shall provide guidelines on how applicants that are operating new entities before ,march #ac1 #bjbj1 shall substantiate their ,expenses1 ,payroll1 and ,lost ,revenue4 7b7 ,review and determination 7#a7 ,review ,the ,special ,administrator shall review an application submitted under subsection 7a77#a7 and determine-- 7,a7 whether the applicant is an eligible applicant under subsection 7c72 and 7,b7 the amount of recovery compensation the eligible applicant shall receive1 on a monthly basis1 based on what is necessary to maintain continuity of operations for the applicant with respect to paying expenses and payroll and compensating for lost revenue as described in subparagraph 7,d7 of subsection 7a77#b72 provided that-- 7i7 the amount of recovery compensation the eligible applicant receives shall be adjusted each month to take into account increases or decreases in such applicant's revenue over the previous month2 7ii7 the total amount of recovery compensation to which the applicant is entitled based on this subparagraph shall take into account the amount of any interim compensation awarded to the applicant pursuant to paragraph 7#b72 and 7iii7 the maximum amount of recovery compensation to which an eligible applicant may be entitled shall be the lesser of-- 7,i7 the applicant's average total monthly expense payments1 as determined under subparagraph 7,c71 for a period not to exceed #d months in aggregate2 and 7,,ii7 #ej1jjj1jjj4 7,c7 ,average total monthly expense payments ,for purposes of clause 7iii7 of subparagraph 7,b71 an applicant's average total monthly expense payments shall be the average monthly payments by the applicant during the #a year prior to the date on which an application is made 7or in the case of a seasonal business or new business1 a period determined by the ,special ,administrator71 for-- 7i7 payroll costs2 7ii7 costs related to the continuation of group health care benefits during periods of paid sick1 medical1 or family leave2 7iii7 any insurance premiums2 7iv7 employee salaries1 commissions1 or similar compensations1 except that recovery compensation may not be used for the compensation of an individual employee in excess of an annual salary of #ajj1jjj1 as prorated for the relevant compensation period2 7v7 payments of interest on any mortgage obligation 7which shall not include any prepayment of or payment of principal on a mortgage obligation72 7vi7 rent 7including rent under a lease agreement72 7vii7 utilities2 7viii7 loan repayment obligations incurred by the applicant pursuant to section #aajb of the ,coronavirus ,aid1 ,relief1 and ,economic ,security ,act 7,public ,law #aaf-acf72 7ix7 loan repayment obligations incurred by the applicant pursuant to a disaster loan authorized under section #g7;b7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;b772 7x7 interest on any other debt obligations that were incurred before ,march #a1 #bjbj2 and 7xi7 ,state and local tax obligations4 7#b7 ,interim applications review ,the ,special ,administrator shall review an interim application submitted under subsection 7a77#c7 and determine-- 7,a7 whether the applicant is an eligible applicant under subsection 7c72 and 7,b7 with respect to an applicant determined to be an eligible applicant1 the amount of interim compensation to which an eligible applicant is entitled under subparagraph 7,c74 7,c7 ,interim compensation amount ,an eligible applicant under this paragraph shall be entitled to interim compensation in such amounts as determined by the ,special ,administrator not to exceed1 as calculated under subparagraph 7,c7 of paragraph 7#a7-- 7i7 in the case of an applicant with average monthly payments in excess of #a1jjj1jjj1 #be percent of such payments2 7ii7 in the case of an applicant with average monthly payments in excess of #ajj1jjj but less than #a1jjj1jjj1 #ej percent of such payments2 and 7iii7 in the case of an applicant with average monthly payments of #ajj1jjj or less1 #ge percent of such payments4 7#c7 ,determinations ,a determination under this subsection shall be final and not subject to judicial review4 7,a7 ,as soon as practicable1 and for applications given priority by the ,special ,administrator under this ,act1 not later than #cj calendar days after that date on which an application is filed under subsection 7a77#a71 the ,special ,administrator shall either request more information from the applicant or complete a review and make a determination pursuant to paragraph 7#a7 of this subsection1 and provide written notice to the applicant1 with respect to the matters that were the subject of the application for recovery compensation under review4 ,if the ,special ,administrator requests additional information pursuant to this subparagraph1 the ,special ,administrator shall absent exigent circumstances make its determination pursuant to paragraph 7#a7 of this subsection within #cj calendar days of receiving a response to its request for more information4 7,b7 ,not later than #ae calendar days after the date on which an interim application is filed under subsection 7a77#c71 the ,special ,administrator shall complete a review and make a determination on interim compensation pursuant to paragraph 7#b7 of this subsection1 and provide written notice to the applicant with respect to that determination4 7#d7 ,collateral sources ,in determining the amount of recovery compensation to be paid to an applicant under paragraph 7#a77;,b7 the ,special ,administrator shall consider the amount of the collateral source compensation the applicant received or the value of collateral source compensation the applicant is reasonably certain to receive as a result of the ,,covid-#ai pandemic4 7#e7 ,appeals ,the ,special ,administrator shall promulgate regulations establishing a procedure by which an applicant may appeal directly to the ,special ,administrator an eligibility or compensation determination with respect to such applicant made under this ,act4 ,the ,united ,states ,court of ,federal ,claims shall have exclusive jurisdiction of an appeal from a final determination by the ,special ,administrator under this ,act4 7#f7 ,rights of an applicant ,in all matters related to its application1 an applicant shall have the right to be represented by an attorney4 ,notwithstanding any contract1 a representative of an applicant may not charge1 for services rendered in connection with an application under this ,act1 more than #aj percent of the difference between-- 7,a7 the initial amount of recovery compensation awarded to such applicant as determined by the ,special ,administrator under paragraph 7#c72 and 7,b7 the final amount of recovery compensation awarded to such applicant after any appeal of such determination4 7c7 ,eligibility 7#a7 ,in general ,an applicant shall be determined to be an eligible applicant for purposes of this subsection if the ,special ,administrator determines that such applicant-- 7,a7 is a business or organization in an impaired sector as defined by the ,special ,administrator1 including #eja;c7#f7 organizations2 7,b7 is a business or organization that is created or organized in the ,united ,states or under the laws of the ,united ,states and has significant operations in1 and a majority of its employees based in1 the ,united ,states2 7,c7 is not eligible for loans or loan guarantees under subsection 7b77#a71 7b77#b71 or 7b77#c7 of section #djjc of the ,coronavirus ,aid1 ,relief1 and ,economic ,security ,act 7,public ,law #aaf-acf72 7,d7 in the case of an applicant that has received a loan under section #aajb of the ,coronavirus ,aid1 ,relief1 and ,economic ,security ,act 7,public ,law #aaf-acf71 has complied with all applicable borrower repayment obligations under such loan2 7,e7 is not registered with the ,securities and ,exchange ,commission as a ,family ,office pursuant to section #bge4bjb7;a77#aa77;,g7-#a of title #ag1 ,code of ,federal ,regulations2 7,f7 to the extent not otherwise eligible under this paragraph1 any business utilizing business format franchising as a franchisor or franchisee under part #dcf of title #af1 ,code of ,federal ,regulations or a business concern operating as a franchisor or franchisee that is assigned a franchise identifier code by the ,small ,business ,administration2 and 7,g7 meets the requirements of paragraph 7#b74 7#b7 ,requirements 7,a7 ,an applicant shall not be determined to be an eligible applicant by the ,special ,administrator unless the applicant-- 7i7 was in operation on ,march #a1 #bjbj2 7ii7 was not a debtor concerning which an active case under title #aa1 ,united ,states ,code1 had been commenced prior to ,march #a1 #bjbj2 and 7iii7 to the extent the applicant is seeking recovery compensation for payroll and payroll support as described in this ,act1 had employees for whom the applicant paid salaries or wages1 and payroll taxes4 7,b7 ,an applicant requesting recovery compensation for losses described under this ,act shall not be eligible for such compensation unless the applicant continued to pay salaries or wages to such employees1 or will otherwise provide relief received under subsection 7a77#b77;,d7 to such employees1 who-- 7i7 tested positive for ,,covid-#ai2 or 7ii7 were exposed to ,,covid-#ai in the workplace4 7,c7 ,single application ,not more than one application may be submitted under this ,act by an applicant1 except that1 for purposes of this subparagraph-- 7i7 an eligible applicant that submitted an interim application under subsection 7a77#c7 shall remain eligible to file an application for recovery compensation under subsection 7a77#a72 7ii7 in the event the ,secretary notifies ,congress of a renewed ,,covid-#ai threat under this ,act1 an eligible applicant shall remain eligible to file a renewal or updated version of a previously filed application2 and 7iii7 pursuant to guidelines to be established by the ,special ,administrator1 related entities may submit a joint application4 #f4 ,payments to eligible applicants 7a7 ,in general ,as soon as practicable1 but not later than #e calendar days after the date on which a determination is made by the ,special ,administrator regarding the amount of recovery compensation or interim compensation due to an applicant under this ,act1 the ,special ,administrator shall authorize payment to such applicant of the amount determined with respect to the applicant4 7b7 ,allowable uses of recovery compensation 7#a7 ,in general ,an eligible applicant may use recovery compensation proceeds only for-- 7,a7 payroll costs2 7,b7 costs related to the continuation of group health care benefits during periods of paid sick1 medical1 or family leave2 7,c7 any insurance premiums2 7,d7 employee salaries1 commissions1 or similar compensations1 except that recovery compensation may not be used for the compensation of an individual employee in excess of an annual salary of #ajj1jjj1 as prorated for the relevant compensation period2 7,e7 payments of interest on any mortgage obligation 7which shall not include any prepayment of or payment of principal on a mortgage obligation72 7,f7 rent 7including rent under a lease agreement72 7,g7 utilities2 7,h7 loan repayment obligations incurred by the applicant pursuant to section #aajb of the ,coronavirus ,aid1 ,relief1 and ,economic ,security ,act 7,public ,law #aaf-acf72 7,i7 loan repayment obligations incurred by the applicant pursuant to a disaster loan authorized under section #g7;b7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;b772 7,j7 interest on any other debt obligations that were incurred before ,march #a1 #bjbj2 and 7,k7 ,federal1 ,state1 and local tax obligations4 7#b7 ,certification on use of funds ,as a condition for receipt of recovery compensation under this ,act1 an eligible applicant shall make a good-faith certification that-- 7,a7 the uncertainty of economic conditions as of the date of the application makes necessary the recovery compensation request to support the ongoing operations of the applicant2 7,b7 the funds the applicant receives will be used to retain at least #ij percent of the applicant's workforce as of the date of application1 at full compensation and benefits1 for the period that they receive compensation2 7,c7 the applicant intends to restore compensation and benefits to not less than #ge percent of the workforce of the applicant that existed as of ,march #a1 #bjbj1 no later than #d months after the termination date of the public health emergency declared by the ,secretary of ,health and ,human ,services on ,january #ca1 #bjbj1 under section #cai of the ,public ,health ,service ,act 7#db ,u4,s4,c4 #bdg;d7 in response to ,,covid-#ai2 7,d7 the applicant is an entity or business that is created or organized in the ,united ,states or under the laws of the ,united ,states and has significant operations in1 and a majority of its employees based in1 the ,united ,states2 and 7,e7 the funds the applicant receives will not be used for a restricted purpose under subsection 7c74 7c7 ,restrictions ,the ,special ,administrator shall make a payment of recovery compensation to an applicant only if such applicant agrees-- 7#a7 until the date #ab months after the date on which the payment is made1 not to repurchase an equity security that is listed on a national securities exchange of the applicant or any parent company of the applicant1 except to the extent required under a contractual obligation that is in effect as of the date of enactment of this ,act2 7#b7 until the date #ab months after the date on which the payment is made1 not to pay dividends or make other capital distributions with respect to the common stock of the applicant1 during the eligible period a recipient that is an ,s corporation or passthrough entity may provide a distribution to pay tax obligations2 and 7#c7 no funds received by the applicant may be used for payment of an expense to a foreign person which is a related party of the applicant to which a deduction is allowable under chapter #a of the ,internal ,revenue ,code of #aihf4 7d7 ,final netting 7#a7 ,in general ,not later than #f months after the end of an eligible applicant's covered period1 an eligible applicant shall report1 pursuant to rules prescribed by the ,special ,administrator1 a final accounting of all eligible operating costs incurred during the covered period1 and all eligible revenue received during the covered period4 7#b7 ,review ,the ,special ,administrator shall determine1 based on a report submitted under paragraph 7#a71 whether an applicant received any excess recovery compensation under this title during the covered period4 7#c7 ,overpayments ,to the extent an eligible applicant received excess recovery compensation as determined by the ,special ,administrator1 an eligible applicant shall return such excess recovery compensation to the ,treasury in a manner prescribed by the ,special ,administrator4 7e7 ,payment authority ,this ,act constitutes budget authority in advance of appropriations ,acts and represents the obligation of the ,federal ,government to provide for the payment of amounts for compensation under this ,act4 #g4 ,regulations ,not later than #cj calendar days after the date of enactment of this ,act1 the ,secretary1 in consultation with the ,special ,administrator1 shall promulgate regulations to carry out this ,act1 including regulations with respect to-- 7#a7 forms to be used in submitting applications under this ,act2 7#b7 the information to be included in such forms2 7#c7 procedures to assist an applicant in filing and pursuing applications under this ,act2 7#d7 the amount of the fee paid by the ,special ,administrator for services provided under this ,act2 and 7#e7 other matters determined appropriate by the ,secretary4 #h4 ,program renewal for resurgence of coronavirus threat ,in the event that the ,secretary determines that a resurgence of the ,,covid-#ai threat has resulted in economic conditions that warrant an extension or renewal of recovery compensation assistance to businesses under this ,act1 the ,secretary shall-- 7#a7 notify ,congress of such determination no later than #b calendar days after making such determination2 and 7#b7 direct the ,special ,administrator to accept new and updated applications for recovery compensation under this ,act4 #i4 ,special ,inspector ,general for ,,covid-#ai recovery funds 7a7 ,office of ,inspector ,general ,there is hereby established within the ,department of the ,treasury the ,office of the ,special ,inspector ,general for ,,covid-#ai ,recovery ,funds4 7b7 ,appointment of ,inspector ,general2 removal 7#a7 ,in general ,the head of the ,office of the ,special ,inspector ,general for ,,covid-#ai ,recovery ,funds shall be the ,special ,inspector ,general for ,,covid-#ai ,recovery ,funds 7referred to in this section as the ,special ,inspector ,general71 who shall be appointed by the ,president1 by and with the advice and consent of the ,senate4 7#b7 ,nomination ,the nomination of the ,special ,inspector ,general shall be made on the basis of integrity and demonstrated ability in accounting1 auditing1 financial analysis1 law1 management analysis1 public administration1 or investigations4 ,the nomination of an individual as ,special ,inspector ,general shall be made within #cj calendar days of enactment of this ,act4 7#c7 ,removal ,the ,special ,inspector ,general shall be removable from office in accordance with the provisions of section #c7;b7 of the ,inspector ,general ,act of #aigh 7#e ,u4,s4,c4 ,app471 provided that such removal is made in concurrence with the ,congressional ,oversight ,board established under this ,act4 7#d7 ,political activity ,for purposes of section #gcbd of ,act #e1 ,united ,states ,code1 the ,special ,inspector ,general shall not be considered an employee who determines policies to be pursued by the ,united ,states in the nationwide administration of ,federal law4 7#e7 ,basic pay ,the annual rate of basic pay of the ,special ,inspector ,general shall be the annual rate of basic pay for an ,inspector ,general under section #c7;e7 of the ,inspector ,general ,act of #aigh 7#e ,u4,s4,c4 ,app474 7c7 ,duties 7#a7 ,in general ,it shall be the duty of the ,special ,inspector ,general to1 in accordance with section #d7;b77#a7 of the ,inspector ,general ,act of #aigh 7#e ,u4,s4,c4 ,app471 conduct1 supervise1 and coordinate audits and investigations of the payment of recovery compensation by the ,special ,administrator under this ,act1 and the administration of the provisions of this ,act by the ,special ,administrator1 including by collecting and summarizing the following information3 7,a7 ,a listing of the eligible businesses receiving recovery compensation under this ,act4 7,b7 ,an explanation of the reasons the ,special ,administrator determined it to be appropriate to make each recovery compensation determination4 7,c7 ,a listing of each contract the ,special ,administrator made with third-party service providers under this ,act1 including information with respect to the fees and the services being provided under such contracts4 7,d7 ,a current1 as of the date on which the information is collected1 estimate of the total amount of recovery compensation payments made under this ,act4 7#b7 ,maintenance of systems ,the ,special ,inspector ,general shall establish1 maintain1 and oversee such systems1 procedures1 and controls as the ,special ,inspector ,general considers appropriate to discharge the duties of the ,special ,inspector ,general under paragraph 7#a74 7#c7 ,testimony ,the ,special ,inspector ,general shall make reasonable efforts to comply with any request to appear before a ,committee of ,congress for purposes of providing testimony relating to the compensation program established under this ,act4 7#d7 ,additional duties and responsibilities ,in addition to the duties described1 the ,special ,inspector ,general shall also have the duties and responsibilities of inspectors general under the ,inspector ,general ,act of #aigh 7#e ,u4,s4,c4 ,app474 7d7 ,powers and authorities 7#a7 ,in general ,in carrying out the duties of the ,special ,inspector ,general under subsection 7c71 the ,special ,inspector ,general shall have the authorities provided in section #f of the ,inspector ,general ,act of #aigh 7#e ,u4,s4,c4 ,app474 7#b7 ,treatment of office ,the ,office of the ,special ,inspector ,general for ,,covid ,recovery ,funds shall be considered to be an office described in section #f7;f77#c7 of the ,inspector ,general ,act of #aigh 7#e ,u4,s4,c4 ,app47 and shall be exempt from an initial determination by the ,attorney ,general under section #f7;f77#b7 of that ,act4 7e7 ,personnel1 facilities1 and other resources 7#a7 ,appointment of officers and employees ,the ,special ,inspector ,general may select1 appoint1 and employ such officers and employees as may be necessary for carrying out the duties of the ,special ,inspector ,general1 subject to the provisions of title #e1 ,united ,states ,code1 governing appointments in the competitive service1 and the provisions of chapter #ea and subchapter ,,iii of chapter #ec of that title1 relating to classification and ,general ,schedule pay rates4 7#b7 ,experts and consultants ,the ,special ,inspector ,general may obtain services as authorized under section #caji of title #e1 ,united ,states ,code1 at daily rates not to exceed the equivalent rate prescribed for grade ,,gs-#ae of the ,general ,schedule by section #eccb of that title4 7#c7 ,contracts ,the ,special ,inspector ,general may enter into contracts and other arrangements for audits1 studies1 analyses1 and other services with public agencies and with private persons and make such payments as may be necessary to carry out the duties of the ,inspector ,general4 7#d7 ,requests for information 7,a7 ,in general ,upon request of the ,special ,inspector ,general for information or assistance from any department1 agency1 or other entity of the ,federal ,government1 the head of that department1 agency1 or entity shall1 to the extent practicable and not in contravention of any existing law1 furnish that information or assistance to the ,special ,inspector ,general1 or an authorized designee4 7,b7 ,refusal to provide requested information ,whenever information or assistance requested by the ,special ,inspector ,general is1 in the judgment of the ,special ,inspector ,general1 unreasonably refused or not provided1 the ,special ,inspector ,general shall report the circumstances to the appropriate committees of ,congress without delay4 7f7 ,reports 7#a7 ,quarterly reports 7,a7 ,in general ,not later than #fj calendar days after the date on which the ,special ,inspector ,general is confirmed1 and once every calendar quarter thereafter1 the ,special ,inspector ,general shall submit to the appropriate committees of ,congress a report summarizing the activities of the ,special ,inspector ,general during the #c-month period ending on the date on which the ,special ,inspector ,general submits the report4 7,b7 ,contents ,each report submitted under subparagraph 7,a7 shall include1 for the period covered by the report1 a detailed statement of all recovery compensation payments made under this ,act1 as well as the information collected under subsection 7c77#a74 7#b7 ,rule of construction ,nothing in this subsection may be construed to authorize the public disclosure of information that is-- 7,a7 specifically prohibited from disclosure by any other provision of law2 7,b7 specifically required by ,executive order to be protected from disclosure in the interest of national defense or national security or in the conduct of foreign affairs2 or 7,c7 a part of an ongoing criminal investigation4 7g7 ,authorization of appropriations ,there are authorized to be appropriated such sums as may be necessary to pay the administrative and support costs for the ,special ,inspector ,general to carry out this section4 7h7 ,termination ,the ,office of the ,special ,inspector ,general shall terminate on the date that is #a year after the closure of the ,fund by the ,special ,administrator under this ,act4 7i7 ,council of the ,inspectors ,general on integrity and efficiency ,the ,special ,inspector ,general shall be a member of the ,council of the ,inspectors ,general on ,integrity and ,efficiency established under section #aa of the ,inspector ,general ,act of #aigh 7#e ,u4,s4,c4 ,app47 until the date of termination of the ,office of the ,special ,inspector ,general4 7j7 ,corrective responses to audit problems ,the ,secretary shall-- 7#a7 take action to address deficiencies identified by a report or investigation of the ,special ,inspector ,general2 or 7#b7 with respect to a deficiency identified under paragraph 7#a71 certify to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate1 the ,committee on ,finance of the ,senate1 the ,committee on ,financial ,services of the ,house of ,representatives1 and the ,committee on ,ways and ,means of the ,house of ,representatives that no action is necessary or appropriate4 #aj4 ,congressional ,oversight ,board 7a7 ,establishment ,there is hereby established the ,congressional ,oversight ,board 7hereafter in this section referred to as the ,oversight ,board7 as an establishment in the legislative branch4 7b7 ,duties 7#a7 ,in general ,the ,oversight ,board shall-- 7,a7 conduct oversight of the implementation of this ,act by the ,department of the ,treasury1 including efforts of the ,special ,administrator to provide economic support for businesses as a result of the coronavirus disease #bjai 7,,covid-#ai7 pandemic of #bjbj2 7,b7 submit to ,congress reports under paragraph 7#b72 and 7,c7 review the implementation of this ,act by the ,federal ,government4 7#b7 ,regular reports 7,a7 ,in general ,reports of the ,oversight ,board shall include the following3 7i7 ,the use by the ,special ,administrator of authority under this ,act1 including with respect to the use of contracting authority and administration of the provisions of this ,act4 7ii7 ,the impact of recovery compensation made under this ,act on the financial well-being of the people of the ,united ,states and the ,united ,states economy4 7iii7 ,the extent to which the ,special ,administrator has prioritized compensation under this ,act4 7iv7 ,the effectiveness of recovery compensation made under this ,act of minimizing long-term costs to the taxpayers and maximizing the benefits for taxpayers4 7,b7 ,timing ,the reports required under this paragraph shall be submitted not later than #cj calendar days after the appointment of the ,special ,administrator and every #cj calendar days thereafter4 7#c7 ,auditing ,the ,oversight ,board shall contract with a public accounting firm registered by the ,public ,company ,accounting ,oversight ,board under section #aja7;c7 of the ,sarbanes-,oxley ,act 7#ae ,u4,s4,c4 #gbaa7;c77 to conduct independent audits of the recovery compensation program established under this ,act4 7c7 ,membership 7#a7 ,in general ,the ,oversight ,board shall consist of #e members as follows3 7,a7 ,one member appointed by the ,speaker of the ,house of ,representatives4 7,b7 ,one member appointed by the minority leader of the ,house of ,representatives4 7,c7 ,one member appointed by the majority leader of the ,senate4 7,d7 ,one member appointed by the minority leader of the ,senate4 7,e7 ,one member appointed as ,chairperson by the ,speaker of the ,house of ,representatives and the majority leader of the ,senate1 after consultation with the minority leader of the ,senate and the minority leader of the ,house of ,representatives4 7#b7 ,pay ,each member of the ,oversight ,board shall be paid at a rate equal to the daily equivalent of the annual rate of basic pay for level ,i of the ,executive ,schedule for each day 7including travel time7 during which such member is engaged in the actual performance of duties vested in the ,oversight ,board4 ,each member shall be subject to the prohibition on acts affecting personal financial interest under section #bjh of title #ah1 ,united ,states ,code1 and shall be subject to limitations on outside employment and outside income pursuant to title ,v of the ,ethics in ,government ,act of #aigh 7#e ,u4,s4,c4 ,app474 7#c7 ,prohibition of compensation of ,federal employees ,members of the ,oversight ,board who are full-time officers or employees of the ,united ,states may not receive additional pay1 allowances1 or benefits by reason of their service on the ,oversight ,board4 7#d7 ,travel expenses ,each member shall receive travel expenses1 including per diem in lieu of subsistence1 in accordance with applicable provisions under subchapter ,i of chapter #eg of title #e1 ,united ,states ,code4 7#e7 ,quorum ,four members of the ,oversight ,board shall constitute a quorum1 but a lesser number may hold hearings4 7#f7 ,vacancies ,a vacancy on the ,oversight ,board shall be filled in the manner in which the original appointment was made4 7#g7 ,meetings ,the ,oversight ,board shall meet at the call of the ,chairperson or a majority of its members4 7d7 ,staff 7#a7 ,in general ,the ,oversight ,board may appoint and fix the pay of any personnel as the ,oversight ,board considers appropriate4 7#b7 ,experts and consultants ,the ,oversight ,board may procure temporary and intermittent services under section #caji7;b7 of title #e1 ,united ,states ,code4 7#c7 ,staff of agencies ,upon request of the ,oversight ,board1 the head of any ,federal department or agency may detail1 on a reimbursable basis1 any of the personnel of that department or agency to the ,oversight ,board to assist it in carrying out its duties under this ,act4 7e7 ,powers 7#a7 ,hearings and evidence ,the ,oversight ,board1 or any subcommittee or member thereof1 may1 for the purpose of carrying out this section hold hearings1 sit and act at times and places1 take testimony1 and receive evidence as the ,oversight ,board considers appropriate and may administer oaths or affirmations to witnesses appearing before it4 7#b7 ,contracting ,the ,oversight ,board may1 to such extent and in such amounts as are provided in appropriation ,acts1 enter into contracts to enable the ,oversight ,board to discharge its duties under this section4 7#c7 ,powers of members and agents ,any member or agent of the ,oversight ,board may1 if authorized by the ,oversight ,board1 take any action which the ,oversight ,board is authorized to take by this section4 7#d7 ,obtaining official data ,the ,oversight ,board may secure directly from any department or agency of the ,united ,states information necessary to enable it to carry out this section4 ,upon request of the ,chairperson of the ,oversight ,board1 the head of that department or agency shall furnish that information to the ,oversight ,board4 7#e7 ,reports ,the ,oversight ,board shall receive and consider all reports required to be submitted to the ,oversight ,board under this ,act4 7f7 ,termination ,the ,oversight ,board shall terminate on the date that is #a year after the closure of the ,fund by the ,special ,administrator under subsection 7a77#d7 of this ,act4 7g7 ,funding for expenses 7#a7 ,authorization of appropriations ,there is authorized to be appropriated to the ,oversight ,board such sums as may be necessary for any fiscal year1 half of which shall be derived from the applicable account of the ,house of ,representatives1 and half of which shall be derived from the contingent fund of the ,senate4 7#b7 ,reimbursement of amounts ,an amount equal to the expenses of the ,oversight ,board shall be promptly transferred by the ,secretary and the ,board of ,governors of the ,federal ,reserve ,system1 from time to time upon the presentment of a statement of such expenses by the ,chairperson of the ,oversight ,board1 from funds made available to the ,secretary under this ,act to the applicable fund of the ,house of ,representatives and the contingent fund of the ,senate1 as appropriate1 as reimbursement for amounts expended from such account and fund under paragraph 7#a74