,i  #aaf? ,,congress  #b;d ,session  ,h4
 ,r4 #hjhg  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,augu/ #bb1 #bjbj ,mr4
 ,*abot introduc$ ! foll[+ bill2 :i* 0  
ref]r$ to ! ,committee on ,small        
,bus9ess1 & 9 addition to ! ,committees 
on ! ,judici>y1 ! ,budget1 &            
,appropriations1 = 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 am5d ! ,small   
,bus9ess ,act & ! ,,c>es ,act to e/abli%
 a program = second draw loans & make   
o!r modifications to ! pay*eck          
protection program1 & = o!r purposes4   
#a4 ,additional eligible exp5ses  7a7   
,all[able use ( ,,ppp loan ,section     
#g7;a77#cf77;,f77i7 ( ! ,small ,bus9ess 
,act 7#ae ,u4,s4,c4                     
#fcf7;a77#cf77;,f77i77 is am5d$-- 7#a7 9
 subclause 7,,vi71 by /rik+ & at ! end2 
7#b7 9 subclause 7,,vii71 by /rik+ !    
p]iod at ! end & ins]t+ a semicolon2 &  
7#c7 by add+ at ! end ! foll[+3         

7,,viii7 cov]$ op]ations exp5ditures1 z 
def9$ 9 section #aajf7;a7 ( ! ,,c>es    
,act 7#ae ,u4,s4,c4 #ijje7;a772  7,,ix7 
cov]$ prop]ty damage co/s1 z def9$ 9 su*
 section #aajf7;a72  7,x7 cov]$ suppli] 
co/s1 z def9$ 9 su* section #aajf7;a72 &
  7,,xi7 cov]$ work] protection         
exp5ditures1 z def9$ 9 su* section      
#aajf7;a74  4  7b7 ,loan =giv5ess       
,section #aajf ( ! ,,c>es ,act 7#ae     
,u4,s4,c4 #ijje7 is am5d$-- 7#a7 9      
subsection 7a7--  7,a7 by r$esignat+    
p>agraphs 7#f71 7#g71 & 7#h7 z p>agraphs
 7#aj71 7#aa71 & 7#ab71 respectively2   
7,b7 by r$esignat+ p>agraph 7#e7 z      
p>agraph 7#h72  7,c7 by r$esignat+      
p>agraph 7#d7 z p>agraph 7#f72  7,d7 by 
r$esignat+ p>agraph 7#c7 z p>agraph     
7#d72  7,e7 by ins]t+ aft] p>agraph 7#b7
 ! foll[+3  7#c7 ! t]m cov]$ op]ations  
exp5diture means a paym5t = any bus9ess 
s(tw>e or cl\d comput+ s]vice t         
facilitates bus9ess op]ations1 product  
or s]vice deliv]y1 ! process+1 paym5t1  
or track+ ( payroll exp5ses1 human      

res\rces1 sales & bill+ functions1 or   
acc\nt+ or track+ ( supplies1 inv5tory1 
records & exp5ses2  2  7,f7 by ins]t+   
aft] p>agraph 7#d71 z s r$esignat$1 !   
foll[+3  7#e7 ! t]m cov]$ prop]ty damage
 co/ means a co/ relat$ to prop]ty      
damage & v&alism or loot+ due to public 
di/urbances t occurr$ dur+ #bjbj t 0 n  
cov]$ by insurance or o!r comp5sation2  
2  7,g7 by ins]t+ aft] p>agraph 7#f71 z 
s r$esignat$1 ! foll[+3  7#g7 ! t]m     
cov]$ suppli] co/ means an exp5diture   
made by an entity to a suppli] ( goods  
pursuant to a contract 9 effect be=e    
,febru>y #ae1 #bjbj1 = ! supply ( goods 
t are ess5tial to ! op]ations ( ! entity
 at ! "t at :i* ! exp5diture is made2  2
  7,h7 by ins]t+ aft] p>agraph 7#h71 z s
 r$esignat$1 ! foll[+3  7#i7 ! t]m cov]$
 work] protection exp5diture--  7,a7    
means an op]at+ or a capital exp5diture 
t is requir$ to facilitate ! adaptation 
( ! bus9ess activities ( an entity to   
comply ) requirem5ts e/abli%$ or        
guidance issu$ by ! ,dep>tm5t ( ,heal? &

 ,human ,s]vices1 ! ,c5t]s = ,disease   
,control1 or ! ,occupational ,safety &  
,heal? ,adm9i/ration dur+ ! p]iod beg9n+
 on ,m>* #a1 #bjbj1 & end+ ,decemb] #ca1
 #bjbj1 relat$ to ! ma9t5ance ( /&>ds = 
sanitation1 social di/anc+1 or any o!r  
work] or cu/om] safety requirem5t relat$
 to ,,covid-#ai2  7,b7 may include--    
7i7 ! pur*ase1 ma9t5ance1 or r5ovation (
 assets t create or exp&-- 7,i7 a       
drive-?r\gh w9d[ facility2  7,,ii7 an   
indoor1 outdoor1 or comb9$ air or air   
pressure v5tilation or filtration sy/em2
  7,,iii7 a physical b>ri] su* z a      
sneeze gu>d2  7,,iv7 an indoor1 outdoor1
 or comb9$ comm]cial real prop]ty2  7,v7
 an onsite or (fsite heal? scre5+       
capability2 or  7,,vi7 o!r assets relat+
 to ! compliance ) ! requirem5ts or     
guidance describ$ 9 subp>agraph 7,a71 z 
det]m9$ by ! ,adm9i/rator 9 consultation
 ) ! ,secret>y ( ,heal? & ,human        
,s]vices & ! ,secret>y ( ,labor2 &  7ii7
 ! pur*ase (--  7,i7 cov]$ mat]ials     
describ$ 9 section #cbh4ajc7;a7 ( title 

#dd1 ,code ( ,f$]al ,regulations1 or any
 successor regulation2  7,,ii7          
p>ticulate filt]+ facepiece respirators 
approv$ by ! ,national ,in/itute =      
,occupational ,safety & ,heal?1 includ+ 
^? approv$ only = em]g5cy use           
au?orization2 or  7,,iii7 o!r k9ds (    
p]sonal protective equipm5t1 z det]m9$  
by ! ,adm9i/rator 9 consultation ) !    
,secret>y ( ,heal? & ,human ,s]vices & !
 ,secret>y ( ,labor2 &  7,c7 does n     
include resid5tial real prop]ty or      
intangible prop]ty2  2 &  7,i7 9        
p>agraph 7#aa71 z s r$esignat$-- 7i7 9  
subp>agraph 7,c71 by /rik+ & at ! end2  
7ii7 9 subp>agraph 7,d71 by /rik+ & at !
 end2 &  7iii7 by add+ at ! end !       
foll[+3  7,e7 cov]$ op]ations           
exp5ditures2  7,f7 cov]$ prop]ty damage 
co/s2  7,g7 cov]$ suppli] co/s2 &  7,h7 
cov]$ work] protection exp5ditures2 &  2
  7#b7 9 subsection 7b71 by add+ at !   
end ! foll[+3  7#e7 ,any cov]$ op]ations
 exp5diture4  7#f7 ,any cov]$ prop]ty   
damage co/4  7#g7 ,any cov]$ suppli]    

co/4  7#h7 ,any cov]$ work] protection  
exp5diture4  2  7#c7 9 subsection       
7d77#h71 by ins]t+ any paym5t on any    
cov]$ op]ations exp5diture1 any paym5t  
on any cov]$ prop]ty damage co/1 any    
paym5t on any cov]$ suppli] co/1 any    
paym5t on any cov]$ work] protection    
exp5diture1 aft] r5t obligation12 &     
7#d7 9 subsection 7e7-- 7,a7 9 p>agraph 
7#b71 by ins]t+ paym5ts on cov]$        
op]ations exp5ditures1 paym5ts on cov]$ 
prop]ty damage co/s1 paym5ts on cov]$   
suppli] co/s1 paym5ts on cov]$ work]    
protection exp5ditures1 aft] lease      
obligations12 &  7,b7 9 p>agraph        
7#c77;,b71 by ins]t+ make paym5ts on    
cov]$ op]ations exp5ditures1 make       
paym5ts on cov]$ prop]ty damage co/s1   
make paym5ts on cov]$ suppli] co/s1 make
 paym5ts on cov]$ work] protection      
exp5ditures1 aft] r5t obligation14  #b4 
,l5d] safe h>bor ,subsection 7h7 (      
section #aajf ( ! ,,c>es ,act 7#ae      
,u4,s4,c4 #ijje7 is am5d$ to read z     
foll[s3  7h7 ,hold h>mless  7#a7 ,9     

g5]al ,a l5d] may rely on any           
c]tification or docum5tation submitt$ by
 an applicant = a cov]$ loan or an      
eligible recipi5t ( a cov]$ loan t--    
7,a7 is submitt$ pursuant to any        
/atutory requirem5t relat+ to cov]$     
loans or any rule or guidance issu$ to  
c>ry out any action relat+ to cov]$     
loans2 &  7,b7 atte/s t ! applicant or  
eligible recipi5t1 z applicable1 has    
accurately v]ifi$ any c]tification or   
docum5tation provid$ to ! l5d]4  7#b7   
,no en=cem5t action ,) respect to a l5d]
 t relies on a c]tification or          
docum5tation describ$ 9 p>agraph 7#a7-- 
7,a7 an en=cem5t action may n be tak5   
aga9/ ! l5d] act+ 9 good fai? relat+ to 
orig9ation or =giv5ess ( a cov]$ loan   
bas$ on su* reliance2 &  7,b7 ! l5d]    
act+ 9 good fai? %all n be subject to   
any p5alties relat+ to orig9ation or    
=giv5ess ( a cov]$ loan bas$ on su*     
reliance4  4  #c4 ,selection ( cov]$    
p]iod = =giv5ess ,section #aajf ( !     
,,c>es ,act 7#ae ,u4,s4,c4 #ijje7 is    

am5d$-- 7#a7 by am5d+ subsection 7a77#d7
 7z r$esignat$ by section #a7 to read z 
foll[s3  7#d7 ! t]m cov]$ p]iod means ! 
p]iod-- 7,a7 beg9n+ on ! date ( !       
orig9ation ( a cov]$ loan2 &  7,b7 end+ 
on a date select$ by ! eligible recipi5t
 ( ! cov]$ loan t occurs dur+ ! p]iod-- 
7i7 beg9n+ on ! date t is #h weeks aft] 
su* date ( orig9ation2 &  7ii7 end+ on  
,decemb] #ca1 #bjbj2  2 &  7#b7 by /rik+
 subsection 7l74  #d4 ,simplifi$        
application ,section #aajf ( ! ,,c>es   
,act 7#ae ,u4,s4,c4 #ijje71 z am5d$ by  
section #c ( ?is ,act1 is am5d$-- 7#a7 9
 subsection 7e71 9 ! matt] prec$+       
p>agraph 7#a71 by /rik+ ,an eligible &  
ins]t+ ,except z provid$ 9 subsection   
7l71 an eligible2  7#b7 9 subsection    
7f71 by ins]t+ or ! in=mation requir$ "u
 subsection 7l71 z applicable aft]      
subsection 7e72 &  7#c7 by add+ at ! end
 ! foll[+3  7l7 ,simplifi$ application  
7#a7 ,cov]$ loans "u #aej1jjj  7,a7 ,9  
g5]al ,not)/&+ subsection 7e71 ) respect
 to a cov]$ loan made to an eligible    

recipi5t t is n m ?an #aej1jjj1 ! cov]$ 
loan am\nt %all be =giv5 "u ?is section 
if ! eligible recipi5t-- 7i7 signs &    
submits to ! l5d] an atte/ation t !     
eligible recipi5t made a good fai? ef=t 
to comply ) ! requirem5ts "u section    
#g7;a77#cf7 ( ! ,small ,bus9ess ,act    
7#ae ,u4,s4,c4 #fcf7;a77#cf772 &  7ii7 =
 ! #c-ye> p]iod foll[+ submission ( !   
atte/ation "u clause 7i71 reta9s records
 relevant to ! atte/ation t prove       
compliance ) ^? requirem5ts4  7,b7      
,demographic in=mation ,an eligible     
recipi5t ( a cov]$ loan describ$ 9      
subp>agraph 7,a7 may complete & submit  
any =m relat$ to borr[] demographic     
in=mation4  7,c7 ,audit ,! ,adm9i/rator 
may-- 7i7 review & audit cov]$ loans    
describ$ 9 subp>agraph 7,a72 &  7ii7 9 !
 case ( fraud1 ineligibility1 or o!r    
mat]ial noncompliance ) applicable loan 
or loan =giv5ess requirem5ts1 modify--  
7,i7 ! am\nt ( a cov]$ loan describ$ 9  
subp>agraph 7,a72 or  7,,ii7 ! loan     
=giv5ess am\nt ) respect to a cov]$ loan

 describ$ 9 subp>agraph 7,a74  7#b7     
,cov]$ loans betwe5 #aej1jjj &          
#b1jjj1jjj  7,a7 ,9 g5]al ,not)/&+      
subsection 7e71 ) respect to a cov]$    
loan made to an eligible recipi5t t is m
 ?an #aej1jjj & n m ?an #b1jjj1jjj--    
7i7 ! eligible recipi5t seek+ loan      
=giv5ess "u ?is section-- 7,i7 is n     
requir$ to submit ! support+            
docum5tation describ$ 9 p>agraph 7#a7 or
 7#b7 ( subsection 7e7 or ! c]tification
 describ$ 9 subsection 7e77#c77;,a72    
7,,ii7 %all reta9 all relevant s*$ules1 
work%eets1 & support+ docum5tation = !  
#c-ye> p]iod foll[+ submission ( !      
application = loan =giv5ess2 &  7,,iii7 
may complete & submit any =m relat$ to  
borr[] demographic in=mation2  7ii7     
review by ! l5d] ( an application       
submitt$ by ! eligible recipi5t = loan  
=giv5ess "u ?is section %all be limit$  
to :e!r ! l5d] receiv$ a complete       
application1 ) all fields complet$1     
initial$1 or sign$1 z applicable2 &     
7iii7 ! l5d] %all--  7,i7 accept !      

application submitt$ by ! eligible      
recipi5t = loan =giv5ess "u ?is section2
 &  7,,ii7 submit ! application to !    
,adm9i/rator4  7,b7 ,audit ,!           
,adm9i/rator may-- 7i7 review & audit   
cov]$ loans describ$ 9 subp>agraph 7,a72
 &  7ii7 9 ! case ( fraud1              
ineligibility1 or o!r mat]ial           
noncompliance ) applicable loan or loan 
=giv5ess requirem5ts1 modify-- 7,i7 !   
am\nt ( a cov]$ loan describ$ 9         
subp>agraph 7,a72 or  7,,ii7 ! loan     
=giv5ess am\nt ) respect to a cov]$ loan
 describ$ 9 subp>agraph 7,a74  7#c7     
,audit plan  7,a7 ,9 g5]al ,n lat] ?an  
#cj days aft] ! date ( enactm5t ( ?is   
subsecto91 ! ,adm9i/rator %all submit to
 ! ,committee on ,small ,bus9ess &      
,entrepr5eur%ip ( ! ,s5ate & !          
,committee on ,small ,bus9ess ( ! ,h\se 
( ,repres5tatives an audit plan t       
details--  7i7 ! policies & proc$ures ( 
! ,adm9i/rator = conduct+ reviews &     
audits ( cov]$ loans2 &  7ii7 ! metrics 
t ! ,adm9i/rator %all use to det]m9e :i*

 cov]$ loans w be audit$ = ea* category 
( cov]$ loans describ$ 9 p>agraphs 7#a7 
& 7#b74  7,b7 ,reports ,n lat] ?an #cj  
days aft] ! date on :i* ! ,adm9i/rator  
submits ! audit plan requir$ "u         
subp>agraph 7,a71 & ea* mon? !reaft]1 ! 
,adm9i/rator %all submit to ! ,committee
 on ,small ,bus9ess & ,entrepr5eur%ip ( 
! ,s5ate & ! ,committee on ,small       
,bus9ess ( ! ,h\se ( ,repres5tatives a  
report on ! review & audit activities ( 
! ,adm9i/rator "u ?is subsection1 :i*   
%all include-- 7i7 ! numb] ( active     
reviews & audits2  7ii7 ! numb] (       
reviews & audits t h be5 ongo+ = m ?an  
#fj days2 &  7iii7 any sub/antial *anges
 made to ! audit plan submitt$ "u       
subp>agraph 7,a74  4  #e4 ,gr\p         
insurance paym5ts z payroll co/s        
,section                                
#g7;a77#cf77;,a77viii77,i77aa77,,ee7 ( !
 ,small ,bus9ess ,act 7#ae ,u4,s4,c4    
#fcf7;a77#cf77;,a77viii77,i77aa77,,ee77 
is am5d$ by ins]t+ & o!r gr\p insurance 
be=e b5efits4  #f4 ,pay*eck protection  

program second draw loans ,section      
#g7;a7 ( ! ,small ,bus9ess ,act 7#ae    
,u4,s4,c4 #fcf7;a77 is am5d$ by add+ at 
! end ! foll[+3  7#cg7 ,pay*eck         
protection program second draw loans    
7,a7 ,def9itions ,9 ?is p>agraph-- 7i7 !
 t]ms community f9ancial in/itutions1   
cr$it union1 eligible self-employ$      
individual1 insur$ depository           
in/itution1 nonpr(it organization1      
payroll co/s1 seasonal employ]1 &       
vet]ans organization h ! mean+s giv5 ^? 
t]ms 9 p>agraph 7#cf71 except t eligible
 entity %all be sub/itut$ = eligible    
recipi5t ea* place x appe>s 9 !         
def9itions ( ^? t]ms2  7ii7 ! t]m cov]$ 
loan means a loan made "u ?is p>agraph2 
7iii7 ! t]ms cov]$ mortgage obligation1 
cov]$ op]at+ exp5diture1 cov]$ prop]ty  
damage co/1 cov]$ r5t obligation1 cov]$ 
suppli] co/1 cov]$ utility paym5t1 &    
cov]$ work] protection exp5diture h !   
mean+s giv5 ^? t]ms 9 section #aajf7;a7 
( ! ,,c>es ,act 7#ae ,u4,s4,c4          
#ijje7;a772  7iv7 ! t]m cov]$ p]iod     

means ! p]iod beg9n+ on ! date ( !      
orig9ation ( a cov]$ loan & end+ on     
,decemb] #ca1 #bjbj2  7v7 ! t]ms        
ex*ange1 issu]1 & security h ! mean+s   
giv5 ^? t]ms 9 section #c7;a7 ( !       
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #gh;c7a772  7vi7 ! t]m        
eligible entity-- 7,i7 means any bus9ess
 conc]n1 nonpr(it organization1 vet]ans 
organization1 ,tribal bus9ess conc]n1   
eligible self-employ$ individual1 sole  
proprietor1 indep5d5t contractor1 or    
small agricultural coop]ative t--  7aa7 
7,,aa7 ) respect to a bus9ess conc]n1   
w\ld qualify z a small bus9ess conc]n by
 ! annual receipts size /&>d 7if        
applicable7 e/abli%$ by section #aba4bja
 ( title #ac1 ,code ( ,f$]al            
,regulations1 or any successor          
regulation2 or 7,,bb7 if ! entity does n
 qualify z a small bus9ess conc]n1 meets
 ! alt]native size /&>d e/abli%$ "u     
section #c7;a77#e72  7bb7 employs n m   
?an #cjj employees2 &  7cc7 7,,aa7      
except z provid$ 9 subitems 7,,bb71     

7,,cc71 & 7,,dd71 _h gross receipts dur+
 ! fir/ or second qu>t] 9 #bjbj t are n 
less ?an #ce p]c5t less ?an ! gross     
receipts ( ! entity dur+ ! same qu>t] 9 
#bjai2 7,,bb7 if ! entity 0 n 9 bus9ess 
dur+ ! fir/ or second qu>t] ( #bjai1 b 0
 9 bus9ess dur+ ! ?ird & f\r? qu>t] (   
#bjai1 _h gross receipts dur+ ! fir/ or 
second qu>t] ( #bjbj t are less ?an #ce 
p]c5t ( ! am\nt ( ! gross receipts ( !  
entity dur+ ! ?ird or f\r? qu>t] (      
#bjai2 7,,cc7 if ! entity 0 n 9 bus9ess 
dur+ ! fir/1 second1 or ?ird qu>t] (    
#bjai1 b 0 9 bus9ess dur+ ! f\r? qu>t] (
 #bjai1 _h gross receipts dur+ ! fir/ or
 second qu>t] ( #bjbj t are less ?an #ce
 p]c5t ( ! am\nt ( ! gross receipts ( ! 
entity dur+ ! f\r? qu>t] ( #bjai2 or    
7,,dd7 if ! entity 0 n 9 bus9ess dur+   
#bjai1 b 0 9 op]ation on ,febru>y #ae1  
#bjbj1 _h gross receipts dur+ ! second  
qu>t] ( #bjbj t are less ?an #ce p]c5t (
 ! am\nt ( ! gross receipts ( ! entity  
dur+ ! fir/ qu>t] ( #bjbj2 &  7,,ii7    
does n include--  7aa7 an issu]1 !      

securities ( :i* are li/$ on an ex*ange 
regi/]$ a national securities ex*ange "u
 section #f ( ! ,securities ,ex*ange    
,act ( #aicd 7#ae ,u4,s4,c4 #gh;f72     
7bb7 any entity t-- 7,,aa7 is a type (  
bus9ess conc]n describ$ 9 subsection    
7b71 7c71 7d71 7e71 7f71 7h71 7l7 7m71  
7p71 7q71 7r71 or 7s7 ( section #abj4aaj
 ( title #ac1 ,code ( ,f$]al            
,regulations1 or any successor          
regulation2 7,,bb7 is a type ( bus9ess  
conc]n describ$ 9 section #abj4aaj7;g7 (
 title #ac1 ,code ( ,f$]al ,regulations1
 or any successor regulation1 except z  
o!rwise provid$ 9 ! int]im f9al rule ( !
 ,adm9i/ration entitl$ ,bus9ess ,loan   
,program ,tempor>y ,*anges2 ,pay*eck    
,protection ,program--,additional       
,eligibility ,crit]ia & ,requirem5ts =  
,c]ta9 ,pl$ges ( ,loans 7#he ,f$4 ,reg4 
#bagdg 7,april #bj1 #bjbj772 7,,cc7 is a
 type ( bus9ess conc]n describ$ 9       
section #abj4aaj7;i7 ( title #ac1 ,code 
( ,f$]al ,regulations1 or any successor 
regulation1 except if ! bus9ess conc]n  

is an organization describ$ 9 p>agraph  
7#cf77;,d77vii72 7,,dd7 is a type (     
bus9ess conc]n describ$ 9 section       
#abj4aaj7;j7 ( title #ac1 ,code ( ,f$]al
 ,regulations1 or any successor         
regulation1 except z o!rwise provid$ 9 !
 int]im f9al rules ( ! ,adm9i/ration    
entitl$ ,bus9ess ,loan ,program         
,tempor>y ,*anges2 ,pay*eck ,protection 
,program--,eligibility ( ,c]ta9         
,electric ,coop]atives 7#he ,f$4 ,reg4  
#bihdg 7,may #ai1 #bjbj77 & ,bus9ess    
,loan ,program ,tempor>y ,*anges2       
,pay*eck ,protection                    
,program--,eligibility ( ,c]ta9         
,telephone ,coop]atives 7#he ,f$4 ,reg4 
#ceeej 7,june #aa1 #bjbj77 or any o!r   
guidance or rule issu$ or t may be issu$
 by ! ,adm9i/rator2 7,,ee7 is a type (  
bus9ess conc]n describ$ 9 section       
#abj4aaj7n7 ( title #ac1 ,code ( ,f$]al 
,regulations1 or any successor          
regulation1 except z o!rwise provid$ 9 !
 int]im f9al rule ( ! ,adm9i/ration     
entitl$ ,bus9ess ,loan ,program         

,tempor>y ,*anges2 ,pay*eck ,protection 
,program--,additional ,eligibility      
,revisions to ,fir/ ,int]im ,f9al ,rule 
7#he ,f$4 ,reg4 #chcja 7,june #bf1      
#bjbj77 or any o!r guidance or rule     
issu$ or t may be issu$ by !            
,adm9i/rator2 7,,ff7 is a type ( bus9ess
 conc]n describ$ 9 section #abj4aaj7o7 (
 title #ac1 ,code ( ,f$]al ,regulations1
 or any successor regulation1 except z  
o!rwise provid$ 9 any guidance or rule  
issu$ or t may be issu$ by !            
,adm9i/rator2 or 7,,gg7 is an entity t  
is organiz$ = rese>* or = engag+ 9      
advocacy 9 areas su* z public policy or 
political /rategy or o!rwise describes  
itself z a ?9k tank 9 any public        
docum5ts2 7,,hh7 is an entity t w\ld be 
describ$ 9 ! subsections li/$ 9 subitems
 7,,aa7 ?r\gh 7,,gg7 if ! entity 7 a    
bus9ess conc]n2 or 7,,ii7 is assign$1 or
 0 approv$ = a loan "u p>agraph 7#cf7 )1
 a ,nor? ,am]ican ,indu/ry              
,classification ,sy/em code beg9n+ )    
#eb2  7cc7 any bus9ess conc]n or entity 

prim>ily engag$ 9 political or lobby+   
activities1 :i* %all include any entity 
t is organiz$ = rese>* or = engag+ 9    
advocacy 9 areas su* z public policy or 
political /rategy or o!rwise describes  
itself z a ?9k tank 9 any public        
docum5ts2 or  7dd7 any bus9ess conc]n or
 entity-- 7,,aa7 = :i* an entity creat$ 
9 or organiz$ "u ! laws ( ! ,p's        
,republic ( ,*9a or ! ,special          
,adm9i/rative ,region ( ,hong ,kong1 or 
t has significant op]ations 9 ! ,p's    
,republic ( ,*9a or ! ,special          
,adm9i/rative ,region ( ,hong ,kong1    
owns or holds1 directly or indirectly1 n
 less ?an #bj p]c5t ( ! economic int]e/ 
( ! bus9ess conc]n or entity1 includ+ z 
equity %>es or a capital or pr(it int]e/
 9 a limit$ liability company or        
p>tn]%ip2 or 7,,bb7 t reta9s1 z a memb] 
( ! bo>d ( directors ( ! bus9ess conc]n1
 a p]son :o is a resid5t ( ! ,p's       
,republic ( ,*9a2 &  7vii7 ! t]m ,tribal
 bus9ess conc]n means a ,tribal bus9ess 
conc]n describ$ 9 section               

#ca7;b77#b77;,c74  7,b7 ,loans ,except z
 o!rwise provid$ 9 ?is p>agraph1 !      
,adm9i/rator may gu>antee cov]$ loans to
 eligible entities "u ! same t]ms1      
conditions1 & processes z a loan made "u
 p>agraph 7#cf74  7,c7 ,maximum loan    
am\nt  7i7 ,9 g5]al ,except z o!rwise   
provid$ 9 ?is subp>agraph1 ! maximum    
am\nt ( a cov]$ loan made to an eligible
 entity is ! less] (--  7,i7 ! product  
obta9$ by multiply+-- 7aa7 ! av]age     
total mon?ly paym5t = payroll co/s      
incurr$ or paid by ! eligible entity    
dur+ ! #a-ye> p]iod be=e ! date on :i* !
 loan is made2 by  7bb7 #b4e2 or  7,,ii7
 #b1jjj1jjj4  7ii7 ,seasonal employ]s ,!
 maximum am\nt ( a cov]$ loan made to an
 eligible entity t is a seasonal employ]
 is ! less] (-- 7,i7 ! product obta9$ by
 multiply+--  7aa7 at ! election ( !    
eligible entity1 ! av]age total mon?ly  
paym5ts = payroll co/s incurr$ or paid  
by ! eligible entity-- 7,,aa7 = a       
#ab-week p]iod beg9n+ ,febru>y #ae1     
#bjai1 or ,m>* #a1 #bjai1 & end+ ,june  

#cj1 #bjai2 or 7,,bb7 = a consecutive   
#ab-week p]iod betwe5 ,may #a1 #bjai1 & 
,septemb] #ae1 #bjai2 by  7bb7 #b4e2 or 
7,,ii7 #a1jjj1jjj4  7iii7 ,new entities 
,! maximum am\nt ( a cov]$ loan made to 
an eligible entity t did n exi/ dur+ !  
#a-ye> p]iod prec$+ ,febru>y #ae1 #bjbj1
 is ! less] (--  7,i7 ! product obta9$  
by multiply+-- 7aa7 ! quoti5t obta9$ by 
divid+-- 7,,aa7 ! sum ( ! total mon?ly  
paym5ts by ! eligible entity = payroll  
co/s paid or incurr$ by ! eligible      
entity z ( ! date on :i* ! eligible     
entity applies = ! cov]$ loan2 by 7,,bb7
 ! numb] ( mon?s 9 :i* ^? payroll co/s 7
 paid or incurr$2 by  7bb7 #b4e2 or     
7,,ii7 #b1jjj1jjj4  7iv7 ,bus9ess       
conc]ns ) m ?an #a physical location    
7,i7 ,9 g5]al ,any eligible entity t    
employs n m ?an #cjj employees p]       
physical location ( ! eligible entity & 
t is assign$ a ,nor? ,am]ican ,indu/ry  
,classification ,sy/em ,code beg9n+ )   
#gb at ! "t ( disbursal %all be eligible
 to receive a cov]$ loan4  7,,ii7 ,limit

 = multiple locations ,) respect to an  
eligible entity ) m ?an #a physical     
location1 ! total am\nt ( all cov]$     
loans %all be n m ?an #b1jjj1jjj4  7v7  
,loan numb] limitation ,an eligible     
entity may only receive #a cov]$ loan4  
7vi7 #ij day rule = maximum loan am\nt  
,! maximum aggregate loan am\nt ( loans 
gu>ante$ "u ?is subsection t are approv$
 = an eligible entity 7includ+ any      
affiliates7 )9 #ij days ( approval (    
ano!r loan "u ?is subsection = !        
eligible entity 7includ+ any affiliates7
 %all n exce$ #aj1jjj1jjj4  7,d7        
,exception f c]ta9 c]tification         
requirem5ts ,an eligible entity apply+ =
 a cov]$ loan %all n be requir$ to make 
! c]tification describ$ 9 subclause     
7,,iii7 or 7,,iv7 ( p>agraph            
7#cf77;,g77i74  7,e7 ,fee waiv] ,)      
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,f7 
,eligible *ur*es & religi\s             
organizations  7i7 ,s5se ( congress ,x  
is ! s5se ( ,congress t ! int]im f9al   
rule ( ! ,adm9i/ration entitl$ ,bus9ess 
,loan ,program ,tempor>y ,*anges2       
,pay*eck ,protection ,program 7#he ,f$4 
,reg4 #bjhag 7,april #ae1 #bjbj77       
prop]ly cl>ifi$ ! eligibility ( *ur*es &
 religi\s organizations = loans made "u 
p>agraph 7#cf74  7ii7 ,applicability (  
prohibition ,! prohibition on           
eligibility e/abli%$ by section         
#abj4aaj7k7 ( title #ac1 ,code ( ,f$]al 
,regulations1 or any successor          
regulation1 %all n apply to a cov]$     
loan4  7,g7 ,gross receipts = nonpr(it &
 vet]ans organizations ,= purposes (    
calculat+ gross receipts "u subp>agraph 
7,a77vi77,i77cc7 = an entity t is a     
nonpr(it organization or a vet]ans      
organization1 gross receipts-- 7i7 %all 
include proce$s f fundrais+ ev5ts1      
f$]at$ campaigns1 gifts1 donor-advis$   
funds1 & funds f simil> s\rces2 &  7ii7 

%all n include-- 7,i7 ,f$]al grants     
7exclud+ any loan =giv5ess on loans     
receiv$ "u p>agraph 7#cf7 or ?is        
p>agraph2  7,,ii7 rev5ues f a support+  
organization2  7,,iii7 grants f private 
f\ndations t are disburs$ ov] ! c\rse ( 
m ?an #a cal5d> ye>2 or  7,,iv7 any     
contribution ( prop]ty o!r ?an money1   
/ocks1 bonds1 & o!r securities1 provid$ 
t ! non-ca% contribution is n sold by ! 
organization 9 a transaction unrelat$ to
 ! tax-exempt purpose ( ! organization4 
7,h7 ,loan =giv5ess  7i7 ,9 g5]al       
,except z provid$ o!rwise provid$ 9 ?is 
subp>agraph1 an eligible entity %all be 
eligible = =giv5ess ( indebt$ness on a  
cov]$ loan 9 ! same mann] z an eligible 
recipi5t ) respect to a loan made "u    
p>agraph 7#cf71 z describ$ 9 section    
#aajf ( ! ,,c>es ,act 7#ae ,u4,s4,c4    
#ijje74  7ii7 ,=giv5ess am\nt ,an       
eligible entity %all be eligible =      
=giv5ess ( indebt$ness on a cov]$ loan 9
 an am\nt equal to ! sum ( ! foll[+ co/s
 incurr$ or exp5ditures made dur+ !     

cov]$ p]iod3 7,i7 ,payroll co/s4  7,,ii7
 ,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,,iii7  
,any cov]$ op]ations exp5diture4  7,,iv7
 ,any cov]$ prop]ty damage co/4  7,v7   
,any paym5t on any cov]$ r5t obligation4
  7,,vi7 ,any cov]$ utility paym5t4     
7,,vii7 ,any cov]$ suppli] co/4         
7,,viii7 ,any cov]$ work] protection    
exp5diture4  7iii7 ,limitation on       
=giv5ess = all eligible entities ,!     
=giv5ess am\nt "u ?is subp>agraph %all  
be equal to ! less] (--  7,i7 ! am\nt   
describ$ 9 clause 7ii72 &  7,,ii7 !     
am\nt equal to ! quoti5t obta9$ by      
divid+--  7aa7 ! am\nt ( ! cov]$ loan   
us$ = payroll co/s dur+ ! cov]$ p]iod2 &
  7bb7 #j4fj4  7,i7 ,l5d] eligibility   
,except z o!rwise provid$ 9 ?is         
p>agraph1 a l5d] approv$ to make loans  
"u p>agraph 7#cf7 may make cov]$ loans  
"u ! same t]ms & conditions z 9 p>agraph
 7#cf74  7,j7 ,reimbursem5t = loan      

process+ & s]vic+ ,! ,adm9i/rator %all  
reimburse a l5d] au?oriz$ to make a     
cov]$ loan 9 an am\nt t is--  7i7 #c    
p]c5t ( ! pr9cipal am\nt ( ! f9anc+ ( ! 
cov]$ loan up to #cej1jjj2 &  7ii7 #a   
p]c5t ( ! pr9cipal am\nt ( ! f9anc+ ( ! 
cov]$ loan above #cej1jjj1 if           
applicable4  7,k7 ,set aside = small    
entities ,n less ?an #be1jjj1jjj1jjj ( !
 total am\nt ( cov]$ loans gu>ante$ by !
 ,adm9i/rator %all be made to eligible  
entities ) n m ?an #aj employees z (    
,febru>y #ae1 #bjbj4  7,l7 ,set aside = 
community f9ancial in/itutions1 small   
insur$ depository in/itutions1 cr$it    
unions1 & f>m cr$it sy/em in/itutions ,n
 less ?an #aj1jjj1jjj1jjj ( ! total     
am\nt ( cov]$ loans gu>ante$ by !       
,adm9i/rator %all be made by--  7i7     
community f9ancial in/itutions2  7ii7   
insur$ depository in/itutions )         
consolidat$ assets ( less ?an           
#aj1jjj1jjj1jjj2  7iii7 cr$it unions )  
consolidat$ assets ( less ?an           
#aj1jjj1jjj1jjj2 &  7iv7 in/itutions ( !

 ,f>m ,cr$it ,sy/em *>t]$ "u ! ,f>m     
,cr$it ,act ( #aiga 7#ab ,u4,s4,c4 #bjja
 et seq47 ) consolidat$ assets ( less   
?an #aj1jjj1jjj1jjj 7n includ+ ! ,f$]al 
,agricultural ,mortgage ,corporation74  
7,m7 ,publication ( guidance ,n lat] ?an
 #aj days aft] ! date ( enactm5t ( ?is  
p>agraph1 ! ,adm9i/rator %all issue     
guidance address+ b>ri]s to access+     
capital = m9ority1 und]s]v$1 vet]an1 &  
wom5-own$ bus9ess conc]ns = ! purpose ( 
ensur+ equitable access to cov]$ loans4 
7,n7 ,/&>d op]at+ proc$ure ,!           
,adm9i/rator %all1 to ! maximum ext5t   
practicable1 all[ a l5d] approv$ to make
 cov]$ loans to use exi/+ program       
guidance & /&>d op]at+ proc$ures = loans
 made "u ?is subsection4  7,o7          
,compliance ) ov]sight requirem5ts  7i7 
,9 g5]al ,except z provid$ 9 clause     
7ii71 on & aft] ! date ( enactm5t ( ?is 
p>agraph1 ! ,adm9i/rator %all comply )  
any data or in=mation reque/s or        
inquiries made by ! ,comptroll] ,g5]al (
 ! ,unit$ ,/ates or ! ,inspector ,g5]al 

( any ag5cy n lat] ?an #cj days 7or su* 
lat] date z ! ,comptroll] ,g5]al or     
,inspector ,g5]al1 z applicable1 may    
specify7 aft] receiv+ ! reque/ or       
inquiry4  7ii7 ,exception ,if !         
,adm9i/rator is unable to comply ) a    
reque/ or inquiry describ$ 9 clause 7i7 
)9 ! #cj-;day p]iod or1 if applicable1  
lat] p]iod describ$ 9 t clause1 !       
,adm9i/rator %all1 dur+ t #cj-;day 7or  
lat]7 p]iod1 submit to ! ,committee on  
,small ,bus9ess & ,entrepr5eur%ip ( !   
,s5ate & ! ,committee on ,small ,bus9ess
 ( ! ,h\se ( ,repres5tatives a          
notification t includes a detail$       
ju/ification = ! inability ( !          
,adm9i/rator to comply ) ! reque/ or    
inquiry4  7,p7 ,prohibition on use (    
proce$s = lobby+ activities ,none ( !   
proce$s ( a cov]$ loan may be us$ =     
lobby+ activities1 z def9$ 9 section #c 
( ! ,lobby+ ,disclosure ,act ( #aiie 7#b
 ,u4,s4,c4 #afjb74  4  #g4 ,cont9u$     
access to ! pay*eck protection program  
7a7 ,9 g5]al ,section                   

#g7;a77#cf77;,e77ii7 ( ! ,small ,bus9ess
 ,act 7#ae ,u4,s4,c4                    
#fcf7;a77#cf77;,e77ii77 is am5d$ by     
/rik+ #aj1jjj1jjj & ins]t+ #b1jjj1jjj4  
7b7 ,applicability ( maximum loan am\nt 
calculation  7#a7 ,def9itions ,9 ?is    
subsection1 ! t]ms cov]$ loan & eligible
 recipi5t h ! mean+s giv5 ^? t]ms 9     
section #g7;a77#cf7 ( ! ,small ,bus9ess 
,act 7#ae ,u4,s4,c4 #fcf7;a77#cf774     
7#b7 ,applicability ,! am5dm5t made by  
subsection 7a7 %all apply only ) respect
 to a cov]$ loan appli$ = by an eligible
 recipi5t on or aft] ! date ( enactm5t (
 ?is ,act4  #h4 ,increas$ ability =     
pay*eck protection program borr[]s to   
reque/ an increase 9 loan am\nt due to  
updat$ regulations  7a7 ,def9itions ,9  
?is section1 ! t]ms cov]$ loan &        
eligible recipi5t h ! mean+s giv5 ^?    
t]ms 9 section #g7;a77#cf7 ( ! ,small   
,bus9ess ,act 7#ae ,u4,s4,c4            
#fcf7;a77#cf774  7b7 ,increas$ am\nt    
,not)/&+ ! int]im f9al rule issu$ by !  
,adm9i/ration entitl$ ,bus9ess ,loan    

,program ,tempor>y ,*anges2 ,pay*eck    
,protection ,program--,loan ,increases  
7#he ,f$4 ,reg4 #bihdb 7,may #ai1       
#bjbj771 an eligible recipi5t ( a cov]$ 
loan t is eligible = an increas$ cov]$  
loan am\nt z a result ( any int]im f9al 
rule t all[s = cov]$ loan increases may 
submit a reque/ = an increase 9 ! cov]$ 
loan am\nt ev5 if--  7#a7 ! initial     
cov]$ loan am\nt has be5 fully disburs$2
 or  7#b7 ! l5d] ( ! initial cov]$ loan 
has submitt$ to ! ,adm9i/ration a ,=m   
#aejb report relat$ to ! cov]$ loan4    
#i4 ,calculation ( maximum loan am\nt = 
f>m]s & ran*]s "u ! pay*eck protection  
program  7a7 ,9 g5]al ,section          
#g7;a77#cf7 ( ! ,small ,bus9ess ,act    
7#ae ,u4,s4,c4 #fcf7;a77#cf771 z am5d$  
by section #g ( ?is ,act1 is am5d$--    
7#a7 9 subp>agraph 7,e71 9 ! matt]      
prec$+ clause 7i71 by /rik+ ,dur+ &     
ins]t+ ,except z provid$ 9 subp>agraph  
7,t71 dur+2 &  7#b7 by add+ at ! end !  
foll[+3  7,t7 ,calculation ( maximum    
loan am\nt = f>m]s & ran*]s  7i7        

,def9ition ,9 ?is subp>agraph1 ! t]m    
cov]$ recipi5t means an eligible        
recipi5t t--  7,i7 op]ates z a sole     
proprietor%ip or z an indep5d5t         
contractor1 or is an eligible           
self-employ$ individual2  7,,ii7 reports
 f>m income or exp5ses on a ,s*$ule ,f  
7or any equival5t successor s*$ule72 &  
7,,iii7 0 9 bus9ess dur+ ! p]iod beg9n+ 
on ,febru>y #ae1 #bjai1 & end+ on ,june 
#cj1 #bjai4  7ii7 ,no employees ,)      
respect to cov]$ recipi5t )\t employees1
 ! maximum cov]$ loan am\nt %all be !   
less] (--  7,i7 ! sum (-- 7aa7 ! product
 obta9$ by multiply+-- 7,,aa7 ! gross   
income ( ! cov]$ recipi5t 9 #bjai1 z    
report$ on a ,s*$ule ,f 7or any         
equival5t successor s*$ule71 t is n m   
?an #ajj1jjj1 divid$ by #ab2 & 7,,bb7   
#b4e2 &  7bb7 ! out/&+ am\nt ( a loan "u
 subsection 7b77#b7 t 0 made dur+ !     
p]iod beg9n+ on ,janu>y #ca1 #bjbj1 &   
end+ on ,april #c1 #bjbj1 t ! borr[]    
int5ds to ref9ance "u ! cov]$ loan1 n   
includ+ any am\nt ( any advance "u !    

loan t is n requir$ to be repaid2 or    
7,,ii7 #b1jjj1jjj4  7iii7 ,) employees  
,) respect to a cov]$ recipi5t )        
employees1 ! maximum cov]$ loan am\nt   
%all be calculat$ us+ ! =mula describ$ 9
 subp>agraph 7,e71 except t ! gross     
income ( ! cov]$ recipi5t describ$ 9    
clause 7ii77,i77aa77,,aa7 ( ?is         
subp>agraph1 z divid$ by #ab1 %all be   
add$ to ! sum calculat$ "u subp>agraph  
7,e77i77,i74  7iv7 ,recalculation ,a    
l5d] t made a cov]$ loan to a cov]$     
recipi5t be=e ! date ( enactm5t ( ?is   
subp>agraph may1 at ! reque/ ( ! cov]$  
recipi5t--  7,i7 recalculate ! maximum  
loan am\nt applicable to t cov]$ loan   
bas$ on ! =mula describ$ 9 clause 7ii7  
or 7iii71 z applicable1 if do+ s w\ld   
result 9 a l>g] cov]$ loan am\nt2 &     
7,,ii7 provide ! cov]$ recipi5t )       
additional cov]$ loan am\nts bas$ on t  
recalculation4  4  #aj4 ,f>m ,cr$it     
,sy/em in/itutions  7a7 ,def9ition (    
,f>m ,cr$it ,sy/em in/itution ,9 ?is    
section1 ! t]m ,f>m ,cr$it ,sy/em       

in/itution-- 7#a7 means an in/itution ( 
! ,f>m ,cr$it ,sy/em *>t]$ "u ! ,f>m    
,cr$it ,act ( #aiga 7#ab ,u4,s4,c4 #bjja
 et seq472 &  7#b7 does n include !     
,f$]al ,agricultural ,mortgage          
,corporation4  7b7 ,facilitation (      
p>ticipation 9 ,,ppp & second draw loans
  7#a7 ,applicable rules ,solely )      
respect to loans "u p>agraphs 7#cf7 &   
7#cg7 ( section #g7;a7 ( ! ,small       
,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a771 
,f>m ,cr$it ,adm9i/ration regulations & 
guidance issu$ z ( ,july #ad1 #bjbj1 &  
compliance ) su* regulations & guidance1
 %all be deem$ functionally equival5t to
 requirem5ts ref]5c$ 9 section          
#c7;a77iii77,,ii7 ( ! int]im f9al rule (
 ! ,adm9i/ration entitl$ ,bus9ess ,loan 
,program ,tempor>y ,*anges2 ,pay*eck    
,protection ,program 7#he ,f$4 ,reg4    
#bjhaa 7,april #ae1 #bjbj77 or any      
simil> requirem5t ref]5c$ 9 t int]im    
f9al rule 9 implem5t+ su* p>agraph      
7#cg74  7#b7 ,applicability ( c]ta9 loan
 requirem5ts ,= purposes ( mak+ loans "u

 p>agraph 7#cf7 or 7#cg7 ( section      
#g7;a7 ( ! ,small ,bus9ess ,act 7#ae    
,u4,s4,c4 #fcf7;a77 or =giv+ ^? loans 9 
accordance ) section #aajf ( ! ,,c>es   
,act 7#ae ,u4,s4,c4 #ijje7 & subp>agraph
 7,h7 ( su* p>agraph 7#cg71 sections    
#d4ac1 #d4ad1 & #d4ad;,a ( ! ,f>m ,cr$it
 ,act ( #aiga 7#ab ,u4,s4,c4 #baii1     
#bbjb1 #bbjb;a7 7includ+ regulations    
issu$ "u ^? sections7 %all n apply4     
7#c7 ,risk weight  7,a7 ,9 g5]al ,)     
respect to ! application ( ,f>m ,cr$it  
,adm9i/ration capital requirem5ts1 a    
loan describ$ 9 subp>agraph 7,b7--  7i7 
%all receive a risk weight ( z]o p]c5t2 
&  7ii7 %all n be includ$ 9 !           
calculation ( any applicable lev]age    
ratio or o!r applicable capital ratio or
 calculation4  7,b7 ,loans describ$ ,a  
loan ref]r$ to 9 subp>agraph 7,a7 is--  
7i7 a loan made by a ,f>m ,cr$it ,bank  
describ$ 9 section #a4b7;a7 ( ! ,f>m    
,cr$it ,act ( #aiga 7#ab ,u4,s4,c4      
#bjjb7;a77 to a ,f$]al ,l& ,bank        
,association1 a ,production ,cr$it      

,association1 or an agricultural cr$it  
association describ$ 9 t section to make
 loans "u p>agraph 7#cf7 or 7#cg7 (     
section #g7;a7 ( ! ,small ,bus9ess ,act 
7#ae ,u4,s4,c4 #fcf7;a77 or =give ^?    
loans 9 accordance ) section #aajf ( !  
,,c>es ,act 7#ae ,u4,s4,c4 #ijje7 &     
subp>agraph 7,h7 ( su* p>agraph 7#cg72  
or  7ii7 a loan made by a ,f$]al ,l&    
,bank ,association1 a ,production ,cr$it
 ,association1 an agricultural cr$it    
association1 or ! bank = coop]atives    
describ$ 9 section #a4b7;a7 ( ! ,f>m    
,cr$it ,act ( #aiga 7#ab ,u4,s4,c4      
#bjjb7;a77 "u p>agraph 7#cf7 or 7#cg7 ( 
section #g7;a7 ( ! ,small ,bus9ess ,act 
7#ae ,u4,s4,c4 #fcf7;a774  7#d7         
,res]vation ( loan gu>antees ,section   
#g7;a77#cf77,s7 ( ! ,small ,bus9ess ,act
 7#ae ,u4,s4,c4 #fcf7;a77#cf77,s77 is   
am5d$--  7,a7 9 clause 7i7-- 7i7 9      
subclause 7,i71 by /rik+ & at ! end2    
7ii7 9 subclause 7,,ii71 by /rik+ !     
p]iod at ! end & ins]t+ 2 &2 &  7iii7 by
 add+ at ! end ! foll[+3  7,,iii7       

in/itutions ( ! ,f>m ,cr$it ,sy/em *>t]$
 "u ! ,f>m ,cr$it ,act ( #aiga 7#ab     
,u4,s4,c4 #bjja et seq47 ) consolidat$  
assets ( n less ?an #aj1jjj1jjj1jjj &   
less ?an #ej1jjj1jjj1jjj4  2 &  7,b7 9  
clause 7ii7--  7i7 9 subclause 7,,ii71  
by /rik+ & at ! end2  7ii7 9 subclause  
7,,iii71 by /rik+ ! p]iod at ! end &    
ins]t+ 2 &2 &  7iii7 by add+ at ! end ! 
foll[+3  7,,iv7 in/itutions ( ! ,f>m    
,cr$it ,sy/em *>t]$ "u ! ,f>m ,cr$it    
,act ( #aiga 7#ab ,u4,s4,c4 #bjja et    
seq47 ) consolidat$ assets ( less ?an   
#aj1jjj1jjj1jjj4  4  #aa4 ,def9ition (  
seasonal employ]  7a7 ,,ppp loans       
,section #g7;a77#cf77;,a7 ( ! ,small    
,bus9ess ,act 7#ae ,u4,s4,c4            
#fcf7;a77#cf77;,a77 is am5d$-- 7#a7 9   
clause 7xi71 by /rik+ & at ! end2  7#b7 
9 clause 7xii71 by /rik+ ! p]iod at !   
end & ins]t+ 2 &2 &  7#c7 by add+ at !  
end ! foll[+3  7xiii7 ! t]m seasonal    
employ] means an eligible recipi5t t--  
7,i7 does n op]ate = m ?an #g mon?s 9   
any cal5d> ye>2 or  7,,ii7 dur+ ! prec$+

 cal5d> ye>1 _h gross receipts = any #f 
mon?s ( t ye> t 7 n m ?an #cc4cc p]c5t (
 ! gross receipts ( ! employ] = ! o!r #f
 mon?s ( t ye>4  4  7b7 ,loan =giv5ess  
,p>agraph 7#ab7 ( section #aajf7;a7 ( ! 
,,c>es ,act 7#ae ,u4,s4,c4 #ijje7;a771 z
 s r$esignat$ by section #a7;b7 ( ?is   
,act1 is am5d$ to read z foll[s3  7#ab7 
! t]ms payroll co/s & seasonal employ] h
 ! mean+s giv5 ^? t]ms 9 section        
#g7;a77#cf7 ( ! ,small ,bus9ess ,act    
7#ae ,u4,s4,c4 #fcf7;a77#cf774  4  #ab4 
,eligibility ( #eja7;c77#f7             
organizations = loans "u ! pay*eck      
protection program ,section             
#g7;a77#cf77;,d7 ( ! ,small ,bus9ess    
,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77;,d77 
is am5d$--  7#a7 9 clause 7v71 by ins]t+
 or :e!r an entity describ$ 9 clause    
7vii7 employs n m ?an #cjj employees1   
aft] clause 7i77,i712 &  7#b7 by add+ at
 ! end ! foll[+3  7vii7 ,eligibility =  
c]ta9 #eja7;c77#f7 organizations  7,i7  
,9 g5]al ,except z provid$ 9 subclause  
7,,ii71 any organization t is describ$ 9

 section #eja7;c77#f7 ( ! ,int]nal      
,rev5ue ,code & t is exempt f taxation  
"u section #eja7;a7 ( su* ,code 7exclud+
 pr(essional football leagues &         
organizations ) ! purpose ( promot+ or  
p>ticipat+ 9 a political campaign or o!r
 activity7 %all be eligible to receive a
 cov]$ loan if-- 7aa7 ! organization    
does n receive m ?an #aj p]c5t ( its    
receipts f lobby+ activities2  7bb7 !   
lobby+ activities ( ! organization d n  
comprise m ?an #aj p]c5t ( ! total      
activities ( ! organization2 &  7cc7 !  
organization employs n m ?an #cjj       
employees4  7,,ii7 ,de/9ation m>ket+    
organizations ,not)/&+ subclause 7,i71  
dur+ ! cov]$ p]iod1 any de/9ation m>ket+
 organization %all be eligible to       
receive a cov]$ loan if-- 7aa7 !        
de/9ation m>ket+ organization does n    
receive m ?an #aj p]c5t ( its receipts f
 lobby+ activities2  7bb7 ! lobby+      
activities ( ! de/9ation m>ket+         
organization d n comprise m ?an #aj     
p]c5t ( ! total activities ( !          

organization2  7cc7 ! de/9ation m>ket+  
organization employs n m ?an #cjj       
employees2 &  7dd7 ! de/9ation m>ket+   
organization-- 7,,aa7 is describ$ 9     
section #eja7;c7 ( ! ,int]nal ,rev5ue   
,code & is exempt f taxation "u section 
#eja7;a7 ( su* ,code2 or 7,,bb7 is a    
quasi-gov]nm5tal entity or is a         
political subdivision ( a ,/ate or local
 gov]nm5t1 includ+ any in/rum5tality (  
^? entities4  4  #ac4 ,prohibition on   
use ( loan proce$s = lobby+ activities  
,section #g7;a77#cf77;,f7 ( ! ,small    
,bus9ess ,act 7#ae ,u4,s4,c4            
#fcf7;a77#cf77;,f77 is am5d$ by add+ at 
! end ! foll[+3  7vi7 ,prohibition ,none
 ( ! proce$s ( a cov]$ loan may be us$ =
 lobby+ activities1 z def9$ 9 section #c
 ( ! ,lobby+ ,disclosure ,act ( #aiie   
7#b ,u4,s4,c4 #afjb74  4  #ad4          
,effective date2 applicability ,!       
am5dm5ts made to p>agraph 7#cf7 (       
section #g7;a7 ( ! ,small ,bus9ess ,act 
7#ae ,u4,s4,c4 #fcf7;a77 & title ,i ( ! 
,,c>es ,act 7,public ,law #aaf-acf7 "u  

?is ,act1 except = section #ag ( ?is    
,act1 %all be effective z if includ$ 9 !
 ,,c>es ,act & %all apply to any loan   
made pursuant to section #g7;a77#cf7 ( !
 ,small ,bus9ess ,act 7#ae ,u4,s4,c4    
#fcf7;a77#cf774  #ae4 ,bankruptcy       
provisions  7a7 ,9 g5]al ,section #cfd (
 title #aa1 ,unit$ ,/ates ,code1 is     
am5d$ by add+ at ! end ! foll[+3  7g7   
7#a7 ,! c\rt1 aft] notice & a he>+1 may 
au?orize a debtor 9 possession or a     
tru/ee t is au?oriz$ to op]ate ! bus9ess
 ( ! debtor "u section #aahc1 #aahd1    
#abjc1 #abjd1 or #acjd ( ?is title to   
obta9 a loan "u section #g7;a77#cf7 ( ! 
,small ,bus9ess ,act 7#ae ,u4,s4,c4     
#fcf7;a77#cf771 & su* loan %all be      
treat$ z a debt to ! ext5t ! loan is n  
=giv5 "u section #aajf ( ! ,,c>es ,act  
7#ae ,u4,s4,c4 #ijje7 ) priority equal  
to a claim ( ! k9d specifi$ 9 subsection
 7c77#a7 ( ?is section4  7#b7 ,! tru/ee 
may incur debt describ$ 9 p>agraph 7#a7 
not)/&+ any provision 9 a contract1     
prior ord] au?oriz+ ! tru/ee to incur   

debt "u ?is section1 prior ord] au?oriz+
 ! tru/ee to use ca% collat]al "u       
section #cfc1 or applicable law t       
prohibits ! debtor f incurr+ additional 
debt4  7#c7 ,! c\rt %all hold a he>+ )9 
#g days aft] ! fil+ & s]vice ( ! motion 
to obta9 a loan describ$ 9 p>agraph     
7#a74  4  7b7 ,all[ance ( adm9i/rative  
exp5ses ,section #ejc7;b7 ( title #aa1  
,unit$ ,/ates ,code1 is am5d$-- 7#a7 9  
p>agraph 7#h77;,b71 by /rik+ & at ! end2
  7#b7 9 p>agraph 7#i71 by /rik+ ! p]iod
 at ! end & ins]t+ 2 &2 &  7#c7 by add+ 
at ! end ! foll[+3  7#aj7 any debt      
incurr$ "u section #cfd7;g77#a7 ( ?is   
title4  4  7c7 ,confirmation ( plan =   
reorganization ,section #aaia ( title   
#aa1 ,unit$ ,/ates ,code1 is am5d$ by   
add+ at ! end ! foll[+3  7f7 ,special   
provision relat$ to ,,covid-#ai p&emic  
,not)/&+ section #aabi7;a77#i77;,a7 (   
?is title & subsection 7e7 ( ?is        
section1 a plan t provides = paym5t ( a 
claim ( a k9d specifi$ 9 section        
#ejc7;b77#aj7 ( ?is title may be        

confirm$ "u subsection 7b7 ( ?is section
 if ! plan proposes to make paym5ts on  
acc\nt ( su* claim :5 due "u ! t]ms ( ! 
loan giv+ rise to su* claim4  4  7d7    
,confirmation ( plan = family f>m]s &   
fi%]m5 ,section #abbe ( title #aa1      
,unit$ ,/ates ,code1 is am5d$ by add+ at
 ! end ! foll[+3  7d7 ,not)/&+ section  
#abbb7;a77#b7 ( ?is title & subsection  
7b77#a7 ( ?is section1 a plan t provides
 = paym5t ( a claim ( a k9d specifi$ 9  
section #ejc7;b77#aj7 ( ?is title may be
 confirm$ if ! plan proposes to make    
paym5ts on acc\nt ( su* claim :5 due "u 
! t]ms ( ! loan giv+ rise to su* claim4 
4  7e7 ,confirmation ( plan =           
individuals ,section #acbe ( title #aa1 
,unit$ ,/ates ,code1 is am5d$ by add+ at
 ! end ! foll[+3  7d7 ,not)/&+ section  
#acbb7;a77#b7 ( ?is title & subsection  
7b77#a7 ( ?is section1 a plan t provides
 = paym5t ( a claim ( a k9d specifi$ 9  
section #ejc7;b77#aj7 ( ?is title may be
 confirm$ if ! plan proposes to make    
paym5ts on acc\nt ( su* claim :5 due "u 

! t]ms ( ! loan giv+ rise to su* claim4 
4  7f7 ,effective date2 ,sunset  7#a7   
,effective date ,! am5dm5ts made by     
subsections 7a7 ?r\gh 7e7 %all--  7,a7  
take effect on ! date on :i* !          
,adm9i/rator ( ! ,small ,bus9ess        
,adm9i/ration submits to ! ,director ( !
 ,executive ,(fice = ,unit$ ,/ates      
,tru/ees a writt5 det]m9ation t1 subject
 to satisfy+ any o!r eligibility        
requirem5ts1 any debtor 9 possession or 
tru/ee t is au?oriz$ to op]ate ! bus9ess
 ( ! debtor "u section #aahc1 #aahd1    
#abjc1 #abjd1 or #acjd ( title #aa1     
,unit$ ,/ates ,code1 w\ld be eligible = 
a loan "u section #g7;a77#cf7 ( ! ,small
 ,bus9ess ,act 7#ae ,u4,s4,c4           
#fcf7;a77#cf772 &  7,b7 apply to any    
case p5d+ on or comm5c$ on or aft] !    
date describ$ 9 subp>agraph 7,a74  7#b7 
,sunset  7,a7 ,9 g5]al ,if ! am5dm5ts   
made by ?is section take effect "u      
p>agraph 7#a71 effective on ! date t is 
#b ye>s aft] ! date ( enactm5t ( ?is    
,act-- 7i7 section #cfd ( title #aa1    

,unit$ ,/ates ,code1 is am5d$ by /rik+  
subsection 7g72  7ii7 section #ejc7;b7 (
 title #aa1 ,unit$ ,/ates ,code1 is     
am5d$-- 7,i7 9 p>agraph 7#h77;,b71 by   
add+ & at ! end2  7,,ii7 9 p>agraph     
7#i71 by /rik+ 2 & at ! end & ins]t+ a  
p]iod2 &  7,,iii7 by /rik+ p>agraph     
7#aj72  7iii7 section #aaia ( title #aa1
 ,unit$ ,/ates ,code1 is am5d$ by /rik+ 
subsection 7f72  7iv7 section #abbe (   
title #aa1 ,unit$ ,/ates ,code1 is am5d$
 by /rik+ subsection 7d72 &  7v7 section
 #acbe ( title #aa1 ,unit$ ,/ates ,code1
 is am5d$ by /rik+ subsection 7d74  7,b7
 ,applicability ,not)/&+ ! am5dm5ts made
 by subp>agraph 7,a7 ( ?is p>agraph1 if 
! am5dm5ts made by subsections 7a71 7b71
 7c71 7d71 & 7e7 take effect "u p>agraph
 7#a7 ( ?is subsection1 su* am5dm5ts    
%all apply to any case "u title #aa1    
,unit$ ,/ates ,code1 comm5c$ be=e ! date
 t is #b ye>s aft] ! date ( enactm5t (  
?is ,act4  #af4 ,conflicts ( int]e/  7a7
 ,def9itions ,9 ?is section3 7#a7       
,controll+ int]e/ ,! t]m controll+      

int]e/ means own+1 controll+1 or hold+ n
 less ?an #bj p]c5t1 by vote or value1 (
 ! out/&+ am\nt ( any class ( equity    
int]e/ 9 an entity4  7#b7 ,cov]$ entity 
7,a7 ,def9ition ,! t]m cov]$ entity     
means an entity 9 :i* a cov]$ individual
 directly or indirectly holds a         
controll+ int]e/4  7,b7 ,treatm5t (     
securities ,= ! purpose ( det]m9+ :e!r  
an entity is a cov]$ entity1 !          
securities own$1 controll$1 or held by  
#b or m individuals :o are relat$ z     
describ$ 9 p>agraph 7#c77;,b7 %all be   
aggregat$4  7#c7 ,cov]$ individual ,!   
t]m cov]$ individual means-- 7,a7 !     
,presid5t1 ! ,vice ,presid5t1 ! head (  
an ,executive dep>tm5t1 or a ,memb] (   
,congress2 &  7,b7 ! sp\se1 *ild1       
son-9-law1 or daught]-9-law1 z det]m9$  
"u applicable common law1 ( an          
individual describ$ 9 subp>agraph 7,a74 
7#d7 ,executive dep>tm5t ,! t]m         
,executive dep>tm5t has ! mean+ giv5 !  
t]m 9 section #aja ( title #e1 ,unit$   
,/ates ,code4  7#e7 ,memb] ( congress ,!

 t]m ,memb] ( ,congress means a ,memb] (
 ! ,s5ate or ,h\se ( ,repres5tatives1 a 
,delegate to ! ,h\se ( ,repres5tatives1 
& ! ,resid5t ,commission] f ,pu]to      
,rico4  7#f7 ,equity int]e/ ,! t]m      
equity int]e/ means--  7,a7 a %>e 9 an  
entity1 )\t reg>d to :e!r ! %>e is-- 7i7
 transf]able2 or  7ii7 classifi$ z /ock 
or any?+ simil>2  7,b7 a capital or     
pr(it int]e/ 9 a limit$ liability       
company or p>tn]%ip2 or  7,c7 a w>rant  
or "r1 o!r ?an a "r to conv]t1 to       
pur*ase1 sell1 or subscribe to a %>e or 
int]e/ describ$ 9 subp>agraph 7,a7 or   
7,b71 respectively4  7b7 ,requirem5t ,! 
pr9cipal executive (fic] & ! pr9cipal   
f9ancial (fic]1 or individuals p]=m+    
simil> functions1 ( an entity seek+ to  
ent] a transaction made "u p>agraph     
7#cf7 or 7#cg7 ( section #g7;a7 ( !     
,small ,bus9ess ,act 7#ae ,u4,s4,c4     
#fcf7;a771 z add$ & am5d$ by ?is ,act1  
%all1 be=e t transaction is approv$1    
disclose to ! ,adm9i/rator :e!r ! entity
 is a cov]$ entity4  7c7 ,applicability 

,! requirem5t "u subsection 7b7-- 7#a7  
%all apply ) respect to any transaction 
made "u p>agraph 7#cf7 or 7#cg7 (       
section #g7;a7 ( ! ,small ,bus9ess ,act 
7#ae ,u4,s4,c4 #fcf7;a771 z add$ & am5d$
 by ?is ,act1 on or aft] ! date (       
enactm5t ( ?is ,act2 &  7#b7 %all n     
apply ) respect to-- 7,a7 any           
transaction describ$ 9 p>agraph 7#a7 t 0
 made be=e ! date ( enactm5t ( ?is ,act2
 or  7,b7 =giv5ess "u section #aajf ( ! 
,,c>es ,act 7#ae ,u4,s4,c4 #ijje7 or any
 o!r provision ( law ( any loan         
associat$ ) any transaction describ$ 9  
p>agraph 7#a7 t 0 made be=e ! date (    
enactm5t ( ?is ,act4  #ag4 ,fund+  7a7  
,commitm5t au?ority  7#a7 ,,c>es ,act   
am5dm5ts ,section #aajb7;b7 ( ! ,,c>es  
,act 7,public ,law #aaf-acf7 is am5d$-- 
7,a7 9 p>agraph 7#a7-- 7i7 9 ! p>agraph 
head+1 by ins]t+ & second draw aft]     
,,ppp2  7ii7 by /rik+ ,augu/ #h1 #bjbj &
 ins]t+ ,decemb] #ca1 #bjbj2  7iii7 by  
/rik+ p>agraph 7#cf7 & ins]t+ p>agraphs 
7#cf7 & 7#cg72 &  7iv7 by /rik+         

#fei1jjj1jjj1jjj & ins]t+               
#gdi1jjj1jjj1jjj2 &  7,b7 by am5d+      
p>agraph 7#b7 to read z foll[s3  7#b7   
,o!r #g7;a7 loans ,dur+ fiscal ye>      
#bjbj1 ! am\nt au?oriz$ = commitm5ts =  
section #g7;a7 ( ! ,small ,bus9ess ,act 
7#ae ,u4,s4,c4 #fcf7;a77 "u ! head+     
,small ,bus9ess ,adm9i/ration--,bus9ess 
,loans ,program ,acc\nt 9 ! ,f9ancial   
,s]vices & ,g5]al ,gov]nm5t             
,appropriations ,act1 #bjbj 7division ,c
 ( ,public ,law #aaf-aic7 %all apply )  
respect to any commitm5ts "u su* section
 #g7;a7 o!r ?an "u p>agraphs 7#cf7 &    
7#cg7 ( su* section #g7;a74  4  7b7     
,direct appropriations  7#a7 ,rescission
 ,) respect to unobligat$ balances "u ! 
head+ ,small ,bus9ess                   
,adm9i/ration--,bus9ess ,loans ,program 
,acc\nt1 ,,c>es ,act z ( ! day be=e !   
date ( enactm5t ( ?is ,act1             
#ajj1jjj1jjj1jjj %all be p]man5tly      
resc9d$4  7#b7 ,new direct              
appropriations ,!re is appropriat$1 out 
( am\nts 9 ! ,treasury n o!rwise        

appropriat$1 = ! fiscal ye> end+        
,septemb] #cj1 #bjbj1 = an additional   
am\nt = ,small ,bus9ess                 
,adm9i/ration--,bus9ess ,loans ,program 
,acc\nt1 ,,c>es ,act1 #aij1jjj1jjj1jjj1 
to rema9 available "u ,septemb] #cj1    
#bjba1 = ! co/ ( gu>ante$ loans z       
au?oriz$ "u p>agraph 7#cf7 & 7#cg7 (    
section #g7;a7 ( ! ,small ,bus9ess ,act 
7#ae ,u4,s4,c4 #fcf7;a771 z am5d$ & add$
 by ?is ,act4  7c7 ,em]g5cy designation 
7#a7 ,9 g5]al ,! am\nts provid$ "u ?is  
section are designat$ z an em]g5cy      
requirem5t pursuant to section #d7;g7 ( 
! ,/atutory ,pay-,z-,y-,g ,act ( #bjaj  
7#b ,u4,s4,c4 #icc7;g774  7#b7          
,designation 9 ,s5ate ,9 ! ,s5ate1 ?is  
section is designat$ z an em]g5cy       
requirem5t pursuant to section #daab7;a7
 ( ,h4 ,con4 ,res4 #ga 7#aae?           
,congress71 ! concurr5t resolution on ! 
budget = fiscal ye> #bjah4  #ah4        
,em]g5cy rulemak+ au?ority ,n lat] ?an  
#cj 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  #ai4  
,def9itions ,9 ?is ,act3 7#a7           
,adm9i/ration2 ,adm9i/rator ,! t]ms     
,adm9i/ration & ,adm9i/rator mean !     
,small ,bus9ess ,adm9i/ration & !       
,adm9i/rator !re(4  7#b7 ,small bus9ess 
conc]n ,! t]m small bus9ess conc]n has !
 mean+ giv5 ! t]m 9 section #c ( !      
,small ,bus9ess ,act 7#ae ,u4,s4,c4     
#fcb74