,,ii #aafth ,,congress #b;d ,session ,s4 #ceed ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,march #bj1 #bjbj,mr4 ,cardin 7for himself1 ,ms4 ,cantwell1 ,mrs4 ,shaheen1 ,mr4 ,markey1 ,mr4 ,booker1 ,mr4 ,coons1 ,ms4 ,hirono1 ,ms4 ,duckworth1 and ,ms4 ,rosen7 introduced the following bill2 which was read twice and referred to the ,committee on ,small ,business and ,entrepreneurship ,a ,,bill ,to provide assistance to small businesses impacted by ,,covid-#ai1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,,covid-#ai ,recovery by ,enhancing ,loan1 ,investment1 and ,education ,funds for ,small ,businesses ,act of #bjbj or the ,,covid-#ai ,,relief for ,small ,businesses ,act of #bjbj4 #b4 ,findings ,congress finds that-- 7#a7 the #cj1gjj1jjj small businesses in the ,united ,states employ more than #dg percent of the private workforce2 7#b7 small business supply chain firms account for almost #a1jjj1jjj small businesses and about #aj1jjj1jjj jobs1 playing a key role in the ,united ,states supply chain by providing goods and services to large corporations and ,federal1 ,state1 and local government agencies2 7#c7 the economic disruptions related to ,,covid-#ai in the ,united ,states are unlike any that we have seen in the past couple of decades2 7#d7 as a result of the global pandemic caused by ,,covid-#ai1 many small businesses in the ,united ,states have suffered because-- 7,a7 their supply chains have been disrupted2 7,b7 their establishments are experiencing decreased foot traffic and sales2 and 7,c7 their employees who have contracted the virus will need paid time off to avoid infecting others2 7#e7 small business owners affected by ,,covid-#ai are finding it difficult or impossible to-- 7,a7 make loan payments on existing debts2 7,b7 pay their employees2 7,c7 pay their vendors2 7,d7 purchase materials1 supplies1 or inventory2 7,e7 pay their rent1 mortgage1 or other operating expenses2 or 7,f7 secure financing for their business2 7#f7 a significant number of small businesses will not qualify for loans under the existing disaster loan program of the ,administration2 7#g7 the absence of resources for vulnerable small businesses that cannot access programs of the ,administration will undoubtedly leave many of them to fail2 and 7#h7 a new source of ,federal support is necessary to help businesses that have no other place to turn4 #c4 ,purpose ,the purpose of this ,act is to mitigate economic injury to small business concerns and stabilize the ,united ,states economy by strengthening the loan1 investment1 procurement assistance1 and management education programs of the ,administration and by establishing a new grant program at the ,administration for the small business concerns hardest hit by ,,covid-#ai4 #d4 ,definitions ,in this ,act-- 7#a7 the term ,administration and ,administrator mean the ,small ,business ,administration and the ,administrator thereof2 and 7#b7 the term small business concern has the meaning given the term in section #c of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcb74 #e4 ,economic injury grants for small business concerns 7a7 ,purpose ,the purpose of this section is to-- 7#a7 make grants available to small business concerns affected by ,,covid-#ai that lack access to credit through the existing disaster loan program of the ,administration2 and 7#b7 ensure resources are available for vulnerable small business concerns that are unlikely to survive without a new source of ,federal support4 7b7 ,definition of eligible small business concern ,the term eligible small business concern means a small business concern that-- 7#a7 meets the applicable size standard established under section #c of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcb72 7#b7 has not less than #b employees and not more than #ej employees2 7#c7 due to the effects of ,,covid-#ai1 suffered-- 7,a7 a loss of revenue in #a month greater than #ej percent as compared to the same month in the previous year2 or 7,b7 in the case of a business concern that has been in operation for not less than #d months1 a loss of revenue in #a month greater than #ej percent as compared to the average of the #c previous months2 7#d7 can demonstrate an inability to pay obligations or stay up-to-date on accounts or payroll2 and 7#e7 submitted an application for a loan under section #g7;b77#b7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;b77#b77 and was denied assistance under such section because the small business concern is unable to repay the loan4 7c7 ,grants ,the ,administration shall provide assistance to eligible small business concerns1 private nonprofit organizations1 and small agricultural cooperatives that have suffered a substantial economic injury1 directly or indirectly1 as a result of ,,covid-#ai4 7d7 ,awarding of grants and updates ,the ,administration shall-- 7#a7 award grants under this section as expeditiously as possible2 and 7#b7 on a monthly basis until the date on which the authority under this section terminates1 update the ,committee on ,small ,business and ,entrepreneurship and the ,committee on ,appropriations of the ,senate and the ,committee on ,small ,business and the ,committee on ,appropriations of the ,house of ,representatives on-- 7,a7 the number of grants awarded under this section2 and 7,b7 the geographic distribution of the grants by ,state and county4 7e7 ,amount of grant 7#a7 ,in general ,except as provided in paragraph 7#b71 a grant provided under this section shall be in an amount that is not more than #ej1jjj4 7#b7 ,increased grant amount ,the ,administrator may make a grant under this section of not more than #ajj1jjj if the ,administrator demonstrates that doing so is necessary to assist eligible small business concerns1 private nonprofit organizations1 and small agricultural cooperatives that the ,administrator determines are vital to their local economies4 7#c7 ,single award ,no eligible small business concern1 private nonprofit organization1 or small agricultural cooperative may receive or directly benefit from more than #a award made under this section4 7f7 ,use of funds ,an eligible small business concern1 private nonprofit organization1 or small agricultural cooperative that receives a grant under this section may use the grant funds to address the effects of ,,covid-#ai through any of the permissible uses of funds under section #g7;b77#b7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;b77#b774 7g7 ,application 7#a7 ,in general ,an eligible small business concern1 private nonprofit organization1 or small agricultural cooperative desiring a grant under this section shall submit to the ,administration an application at such time1 in such manner1 and containing such information as the ,administration may require4 7#b7 ,priority ,the ,administrator shall-- 7,a7 establish selection criteria to ensure that eligible small business concerns1 private nonprofit organizations1 and small agricultural cooperatives that are hardest hit by the effects of ,,covid-#ai receive priority in the event that funding is not sufficient to provide grants to all that submit applications under paragraph 7#a72 7,b7 identify industry sectors for prioritization that have suffered uniquely and disproportionately from ,,covid-#ai2 and 7,c7 give priority to an applicant proposing to use grant funds for-- 7i7 providing paid sick leave to employees unable to work due to the direct effects of ,,covid-#ai2 7ii7 maintaining payroll to retain employees during business disruptions or substantial slowdowns2 7iii7 making rent and mortgage payments2 or 7iv7 repaying obligations that cannot be met due to revenue losses4 7h7 ,procedures ,the ,administrator shall establish procedures to discourage and prevent waste1 fraud1 and abuse by applicants and recipients of grants under this section4 7i7 ,penalties for fraud and misapplication of funds ,any applicant or recipient of a grant provided under this section shall be subject to all applicable provisions of ,federal law1 including section #ajja of title #ah1 ,united ,states ,code1 and the provisions of section #abc4i of title #ac1 ,code of ,federal ,regulations1 or any successor regulation1 relating to the misapplication of loan proceeds shall apply to grants provided under this section to the same extent as if those grants were loans provided under section #g7;b77#b7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;b77#b774 7j7 ,inspector ,general audit ,not later than #ahj days after the date on which the ,administrator begins to provide assistance under this section1 the ,inspector ,general of the ,administration shall-- 7#a7 conduct an audit of grants made under this section1 which shall identify any discrepancies or irregularities in the grants2 and 7#b7 submit to the ,committee on ,small ,business and ,entrepreneurship and the ,committee on ,appropriations of the ,senate and the ,committee on ,small ,business and the ,committee on ,appropriations of the ,house of ,representatives a copy of the audit conducted under paragraph 7#a74 7k7 ,authorization of appropriations ,there is authorized to be appropriated to the ,administration #aj1jjj1jjj1jjj to carry out this section4 7l7 ,termination ,the authority to carry out grants under this section shall terminate on ,september #cj1 #bjba4 #f4 ,economic injury disaster loans 7a7 ,purpose ,the purpose of this section is to ensure that owners of small business concerns have access to additional necessary funding to cover continuity-of-operation and risk mitigation improvements4 7b7 ,definition of eligible small business concern ,in this section1 the term eligible small business concern means a small business concern that-- 7#a7 meets the applicable size standard established under section #c of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcb72 and 7#b7 is receiving assistance under section #g7;b77#b7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;b77#b77 related to ,,covid-#ai4 7c7 ,additional amounts ,the ,administrator may increase by #bj percent the amount received by an eligible small business concern under section #g7;b77#b7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;b77#b77 to cover continuity-of-operation and risk mitigation improvements1 including telework capability1 offsite record keeping1 redundancy1 the administrative costs of establishing paid sick leave1 and presenteeism prevention4 7d7 ,expediting small economic injury disaster loans ,with respect to a loan made under section #g7;b77#b7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;b77#b77 in response to ,,covid-#ai1 if the loan does not exceed #cej1jjj1 the ,administration may-- 7#a7 approve an applicant based solely on the credit score of the applicant1 and in this circumstance1 shall not require an applicant to submit a tax return or a tax return transcript2 or 7#b7 use other appropriate methods to determine an applicant's ability to repay4 7e7 ,emergencies involving ,federal primary responsibility qualifying for small business administration assistance ,section #g7;b77#b7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;b77#b77 is amended-- 7#a7 in subparagraph 7,a71 by striking or at the end2 7#b7 in subparagraph 7,b71 by striking or at the end2 7#c7 in subparagraph 7,c71 by striking or at the end2 7#d7 by redesignating subparagraph 7,d7 as subparagraph 7,e72 7#e7 by inserting after subparagraph 7,c7 the following3 7,d7 an emergency involving ,federal primary responsibility determined to exist by the ,president under the section #eja7;b7 of the ,robert ,t4 ,stafford ,disaster ,relief and ,emergency ,assistance ,act 7#db ,u4,s4,c4 #eaia7;b772 or 2 7#f7 in subparagraph 7,e71 as so redesignated-- 7,a7 by striking or 7,c7 and inserting 7,c71 or 7,d72 7,b7 by striking disaster declaration each place it appears and inserting disaster or emergency declaration2 7,c7 by striking disaster has occurred and inserting disaster or emergency has occurred2 7,d7 by striking such disaster and inserting such disaster or emergency2 and 7,e7 by striking disaster stricken and inserting disaster- or emergency-stricken2 and 7#g7 in the flush matter following subparagraph 7,e71 by striking the period at the end and inserting the following3 3 ,provided further1 ,that for purposes of subparagraph 7,d71 the ,administrator shall deem that such an emergency affects each ,state or subdivision thereof 7including counties71 and that each ,state or subdivision has sufficient economic damage to small business concerns to qualify for assistance under this paragraph and the ,administrator shall accept applications for such assistance immediately44 #g4 ,waivers on principal and interest for #g7;a71 #ejd1 and microloans 7a7 ,definition of covered loan ,in this section1 the term covered loan means a loan that is-- 7#a7 guaranteed by the ,administration under-- 7,a7 section #g7;a7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a771 including a loan made under the ,community ,advantage ,pilot ,program of the ,administration1 the ,export ,express ,program under paragraph 7#cd7 of such section #g7;a71 the ,export ,working ,capital ,program under paragraph 7#ad7 of such section #g7;a71 or the ,international ,trade ,loan ,program under paragraph 7#af7 of such section #g7;a72 or 7,b7 title ,v of the ,small ,business ,investment ,act of #aieh 7#ae ,u4,s4,c4 #fie et seq472 or 7#b7 made by an intermediary to a small business concern 7as defined in section #c of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcb77 using loans or grants received under section #g7m7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7m774 7b7 ,sense of ,congress ,it is the sense of ,congress that-- 7#a7 all borrowers are adversely affected by ,,covid-#ai2 7#b7 relief payments by the ,administration are appropriate for all borrowers2 and 7#c7 the ,administration should encourage lenders to extend the maturity of covered loans so as to avoid any increase in debt payments by borrowers at the end of the deferral period4 7c7 ,interest payments 7#a7 ,in general ,the ,administrator shall pay the principal1 interest1 and any associated fees that are owed on a covered loan-- 7,a7 with respect to a covered loan made before the date of enactment of this ,act1 for the #f-month period beginning with the next payment due on the covered loan2 and 7,b7 with respect to a covered loan made during the period beginning on the date of enactment of this ,act and ending on the date that is #f months after such date of enactment1 for the #f-month period beginning with the first payment due on the covered loan4 7#b7 ,timing of payment ,the ,administrator shall begin making payments under paragraph 7#a7 on a covered loan not later than #cj days after the date on which the first such payment is due4 7#c7 ,application of payment ,any payment made by the ,administrator under paragraph 7#a7 shall be applied to the covered loan such that the borrower is relieved of the obligation to pay that amount4 7d7 ,other requirements ,the ,administrator shall-- 7#a7 communicate and coordinate with the ,federal ,deposit ,insurance ,corporation1 the ,office of the ,comptroller of the ,currency1 and ,state bank regulators to encourage those entities to not require lenders to increase their reserves on account of receiving payments made by the ,administrator under subsection 7c72 7#b7 waive statutory limits on covered loan durations for any lender that offers a deferral and extends the maturity of covered loan products during the #a-year period following the date of enactment of this ,act2 and 7#c7 extend site visit requirements to #fj days for covered loan defaults and #ij days for nonpayment to provide more time because of the potential of higher volumes1 travel restrictions1 and the inability to access some properties during the ,,covid-#ai pandemic4 7e7 ,rule of construction ,nothing in this section may be construed to limit the authority of the ,administrator to make payments pursuant to subsection 7c7 with respect to a covered loan solely because the covered loan has been sold in the secondary market4 7f7 ,authorization of appropriations ,there is authorized to be appropriated to the ,administrator #af1hjj1jjj1jjj to carry out this section4 #h4 ,temporary fee reductions 7a7 ,purpose ,the purpose of the section is to waive borrower and lender fees on loans1 including a permanent fix to waive fees for veterans and their spouses4 7b7 ,administrative fee waiver 7#a7 ,in general ,during the period beginning on the date of enactment of this ,act and ending on ,september #cj1 #bjba1 and to the extent that the cost of such elimination or reduction of fees is offset by appropriations1 with respect to each loan guaranteed under section #g7;a7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77 7including a recipient of assistance under the ,community ,advantage ,pilot ,program of the ,administration7 for which an application is approved or pending approval on or after the date of enactment of this ,act1 the ,administrator shall-- 7,a7 in lieu of the fee otherwise applicable under section #g7;a77#bc77;,a7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#bc77;,a771 collect no fee or reduce fees to the maximum extent possible2 and 7,b7 in lieu of the fee otherwise applicable under section #g7;a77#ah77;,a7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#ah77;,a771 collect no fee or reduce fees to the maximum extent possible4 7#b7 ,application of fee eliminations or reductions ,to the extent that amounts are made available to the ,administrator for the purpose of fee eliminations or reductions under paragraph 7#a71 the ,administrator shall-- 7,a7 first use any amounts provided to eliminate or reduce fees paid by small business borrowers under clauses 7i7 through 7iii7 of section #g7;a77#ah77;,a7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#ah77;,a771 to the maximum extent possible2 and 7,b7 then use any amounts provided to eliminate or reduce fees under #g7;a77#bc77;,a7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#bc77;,a774 7c7 ,exception to guarantee fee waiver for veterans ,section #g7;a77#ca77;,g7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#ca77;,g77 is amended-- 7#a7 by striking clause 7ii72 and 7#b7 by redesignating clause 7iii7 as clause 7ii74 7d7 ,temporary fee elimination for the #ejd loan program 7#a7 ,in general ,during the period beginning on the date of enactment of this ,act and ending on ,september #cj1 #bjba1 and to the extent the cost of such elimination in fees is offset by appropriations1 with respect to each project or loan guaranteed by the ,administrator pursuant to title ,v of the ,small ,business ,investment ,act of #aieh 7#ae ,u4,s4,c4 #fie et seq47 for which an application is approved or pending approval on or after the date of enactment of this ,act-- 7,a7 the ,administrator shall1 in lieu of the fee otherwise applicable under section #ejc7;d77#b7 of the ,small ,business ,investment ,act of #aieh 7#ae ,u4,s4,c4 #fig7;d77#b771 collect no fee2 and 7,b7 a development company shall1 in lieu of the processing fee under section #abj4iga7;a77#a7 of title #ac1 ,code of ,federal ,regulations 7relating to fees paid by borrowers71 or any successor thereto1 collect no fee4 7#b7 ,reimbursement for waived fees 7,a7 ,in general ,to the extent that the cost of such payments is offset by appropriations1 the ,administrator shall reimburse each development company that does not collect a processing fee pursuant to paragraph 7#a77;,b74 7,b7 ,amount ,the payment to a development company under subparagraph 7,a7 shall be in an amount equal to #a4e percent of the net debenture proceeds for which the development company does not collect a processing fee pursuant to paragraph 7#a77;,b74 #i4 ,guarantee amounts 7a7 ,purpose ,the purpose of this section is to increase loan guarantee amounts in order to mitigate risk for lenders and keep credit flowing1 including an emphasis on underserved borrowers4 7b7 #g7;a7 loan guarantees 7#a7 ,in general ,section #g7;a77#b77;,a7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#b77;,a77 is amended by striking 71 such participation by the ,administration shall be equal to and all that follows through the period at the end and inserting or the ,community ,advantage ,pilot ,program of the ,administration71 such participation by the ,administration shall be equal to #ij percent of the balance of the financing outstanding at the time of disbursement of the loan44 7#b7 ,termination ,effective ,september #cj1 #bjba1 section #g7;a77#b77;,a7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#b77;,a771 as amended by paragraph 7#a71 is amended to read as follows3 7,a7 ,in general ,except as provided in subparagraphs 7,b71 7,d71 and 7,e71 in an agreement to participate in a loan on a deferred basis under this subsection 7including a loan made under the ,preferred ,lenders ,program71 such participation by the ,administration shall be equal to-- 7i7 #ge percent of the balance of the financing outstanding at the time of disbursement of the loan1 if such balance exceeds #aej1jjj2 or 7ii7 #he percent of the balance of the financing outstanding at the time of disbursement of the loan1 if such balance is less than or equal to #aej1jjj4 4 7c7 ,express loan guarantee amounts and loan size increases 7#a7 ,temporary modification ,section #g7;a77#ca7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#ca77 is amended-- 7,a7 in subparagraph 7,a77iv71 by striking with a guaranty rate of not more than #ej percent4 and inserting the following3 with a guarantee rate-- 7,i7 for a loan in an amount less than or equal to #cej1jjj1 of not more than #ij percent2 and 7,,ii7 for a loan in an amount greater than #cej1jjj1 of not more than #ge percent4 2 and 7,b7 in subparagraph 7,d71 by striking #cej1jjj and inserting #a1jjj1jjj4 7#b7 ,increase in availability ,effective ,september #cj1 #bjba1 section #g7;a77#ca7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#ca771 as amended by paragraph 7#a71 is amended-- 7,a7 in subparagraph 7,a77iv71 by striking guarantee rate and all that follows through the period at the end and inserting #8#8guarantee rate of not more than #ej percent4''2 and 7,b7 in subparagraph 7,d71 by striking #a1jjj1jjj and inserting #ejj1jjj4 #aj4 ,maximum loan amount and program levels for #g7;a7 loans 7a7 ,purpose ,the purpose of this section is to temporarily increase the maximum loan size in order to expand the reach of this long-term capital4 7b7 ,maximum loan amount ,during the period beginning on the date of enactment of this ,act and ending on ,september #cj1 #bjba1 with respect to any loan guaranteed under section #g7;a7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77 for which an application is approved or pending approval on or after the date of enactment of this ,act1 the maximum loan amount shall be #aj1jjj1jjj4 7c7 ,program levels ,during each of fiscal years #bjbj and #bjba1 commitments for general business loans authorized under section #g7;a7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77 shall not exceed #hj1jjj1jjj1jjj4 #aa4 ,maximum loan amount for #ejd loans 7a7 ,purpose ,the purpose of this section is to make refinancing of fixed assets more flexible for small business concerns seeking immediate financing and relief from the ,,covid-#ai crisis4 7b7 ,temporary increase ,during the period beginning on the date of enactment of this ,act and ending on ,september #cj1 #bjba1 with respect to each project or loan guaranteed by the ,administrator pursuant to title ,v of the ,small ,business ,investment ,act of #aieh 7#ae ,u4,s4,c4 #fie et seq47 for which an application is approved or pending approval on or after the date of enactment of this ,act1 the maximum loan amount shall be #aj1jjj1jjj4 7c7 ,permanent increase for small manufacturers ,effective on ,october #a1 #bjba1 section #ejb7b77;,a77iii7 of the ,small ,business ,investment ,act of #aieh 7#ae ,u4,s4,c4 #fif7b77;,a77iii77 is amended by striking #e1ejj1jjj and inserting #aj1jjj1jjj4 #ab4 ,leveraging #ejd loans for refinancing and community development lending 7a7 ,purpose ,the purpose of this section is to make refinancing loans under title ,v of the ,small ,business ,investment ,act of #aieh 7#ae ,u4,s4,c4 #fie et seq47 more flexible so that lenders can more effectively and efficiently respond to the needs of small business concerns seeking immediate financing and relief from the economic impacts of ,,covid-#ai4 7b7 ,low-,interest refinancing under the local development business loan program 7#a7 ,in general ,section #ejb7g7 of the ,small ,business ,investment ,act of #aieh 7#ae ,u4,s4,c4 #fif7g77 is amended by adding at the end the following3 7,c7 ,refinancing not involving expansions 7i7 ,definitions ,in this subparagraph-- 7,i7 the term borrower means a small business concern that submits an application to a development company for financing under this subparagraph2 7,,ii7 the term eligible fixed asset means tangible property relating to which the ,administrator may provide financing under this section2 and 7,,iii7 the term qualified debt means indebtedness-- 7aa7 that-- 7,,aa7 was incurred not less than #b years before the date of the application for assistance under this subparagraph2 7,,bb7 is a commercial loan2 7,,cc7 the proceeds of which were used to acquire an eligible fixed asset2 7,,dd7 was incurred for the benefit of the small business concern2 and 7,,ee7 is collateralized by eligible fixed assets2 and 7bb7 for which the borrower has been current on all payments for not less than #a year before the date of the application4 7ii7 ,authority ,a project that does not involve the expansion of a small business concern may include the refinancing of qualified debt if-- 7,i7 the amount of the financing is not more than #ij percent of the value of the collateral for the financing1 except that1 if the appraised value of the eligible fixed assets serving as collateral for the financing is less than the amount equal to #abe percent of the amount of the financing1 the borrower may provide additional cash or other collateral to eliminate any deficiency2 7,,ii7 the borrower has been in operation for all of the #b-year period ending on the date of the loan2 7,,iii7 the financing will provide a substantial benefit to the borrower when prepayment penalties1 financing fees1 and other financing costs are accounted for2 and 7,,iv7 for a financing for which the ,administrator determines there will be an additional cost attributable to the refinancing of the qualified debt1 the borrower agrees to pay a fee in an amount equal to the anticipated additional cost4 7iii7 ,financing for business expenses 7,i7 ,financing for business expenses ,the ,administrator may provide financing to a borrower that receives financing that includes a refinancing of qualified debt under clause 7ii71 in addition to the refinancing under clause 7ii71 to be used solely for the payment of business expenses4 7,,ii7 ,application for financing ,an application for financing under subclause 7,i7 shall include-- 7aa7 a specific description of the expenses for which the additional financing is requested2 and 7bb7 an itemization of the amount of each expense4 7,,iii7 ,condition on additional financing ,a borrower may not use any part of the financing under this clause for non-business purposes4 7iv7 ,loans based on jobs 7,i7 ,job creation and retention goals 7aa7 ,in general ,the ,administrator may provide financing under this subparagraph for a borrower that meets the job creation goals under subsection 7d7 or 7e7 of section #eja4 7bb7 ,alternate job retention goal ,the ,administrator may provide financing under this subparagraph to a borrower that does not meet the goals described in item 7aa7 in an amount that is not more than the product obtained by multiplying the number of employees of the borrower by #ge1jjj4 7,,ii7 ,number of employees ,for purposes of subclause 7,i71 the number of employees of a borrower is equal to the sum of-- 7aa7 the number of full-time employees of the borrower on the date on which the borrower applies for a loan under this subparagraph2 and 7bb7 the product obtained by multiplying-- 7,,aa7 the number of part-time employees of the borrower on the date on which the borrower applies for a loan under this subparagraph2 by 7,,bb7 the quotient obtained by dividing the average number of hours each part time employee of the borrower works each week by #dj4 7v7 ,nondelegation ,notwithstanding section #ejh7;e71 the ,administrator may not permit a premier certified lender to approve or disapprove an application for assistance under this subparagraph4 7vi7 ,total amount of loans ,the ,administrator may provide not more than a total of #g1ejj1jjj1jjj of financing under this subparagraph for each fiscal year4 4 7#b7 ,conforming amendment ,section #eba of division ,e of the ,consolidated ,appropriations ,act1 #bjaf 7#ae ,u4,s4,c4 #fif note7 is repealed4 7c7 ,intent of ,congress regarding refinancing existing business debt ,it is the intent of ,congress that the refinancing of existing business debt is an authorized use of a financing under the program under title ,v of the ,small ,business ,investment ,act of #aieh 7#ae ,u4,s4,c4 #fie et seq474 7d7 #ejd debt refinance with expansion ,section #ejb7g77;,b7 of the ,small ,business ,investment ,act of #aieh 7#ae ,u4,s4,c4 #fif7g77;,b77 is amended1 in the matter preceding clause 7i71 by striking #ej and inserting #ajj4 #ac4 ,recovery assistance for microbusinesses 7a7 ,purpose ,the purpose of this section is to allow lenders to deploy more capital1 give borrowers more time to repay1 increase rural lending1 and cut technical assistance red tape4 7b7 ,loans to intermediaries 7#a7 ,in general ,section #g7m7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7m77 is amended-- 7,a7 in paragraph 7#c77;,c7-- 7i7 by striking and #f1jjj1jjj and inserting #aj1jjj1jjj1 in the aggregate12 and 7ii7 by inserting before the period at the end the following3 1 and #d1ejj1jjj in any of those remaining years2 7,b7 in paragraph 7#d7-- 7i7 in subparagraph 7,a71 by striking subparagraph 7,c7 each place that term appears and inserting subparagraphs 7,c7 and 7,g72 7ii7 in subparagraph 7,c77i7-- 7,i7 by striking subparagraph 7,a7 and inserting subparagraphs 7,a7 and 7,g72 and 7,,ii7 in subclause 7,,ii7-- 7aa7 by striking has a portfolio and inserting has-- 7aa7 a portfolio 2 7bb7 in item 7aa71 by striking the period at the end and inserting 2 or2 and 7cc7 by adding at the end the following3 7bb7 a portfolio of loans made under this subsection of which not less than #be percent is serving rural areas during the period of the intermediary's participation in the program4 2 and 7iii7 by adding at the end the following3 7,g7 ,grant amounts based on appropriations ,in any fiscal year in which the amount appropriated to make grants under subparagraph 7,a7 is sufficient to provide to each intermediary that receives a loan under paragraph 7#a77;,b77i7 a grant of not less than #be percent of the total outstanding balance of loans made to the intermediary under this subsection1 the ,administration shall make a grant under subparagraph 7,a7 to each intermediary of not less than #be percent and not more than #cj percent of that total outstanding balance for the intermediary4 2 and 7,c7 by striking paragraph 7#g7 and inserting the following3 7#g7 ,program funding for microloans ,under the program authorized by this subsection1 the ,administration may fund1 on a competitive basis1 not more than #cjj intermediaries4 4 7#b7 ,amendment in #bjba ,effective on ,october #a1 #bjba1 section #g7m77#c77;,c7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7m77#c77;,c77 is amended-- 7,a7 by striking #aj1jjj1jjj and by inserting #g1jjj1jjj2 and 7,b7 by striking #d1ejj1jjj and inserting #c1jjj1jjj4 7c7 ,temporary waiver of technical assistance grants matching requirements and flexibility on pre- and post-,loan assistance ,during the period beginning on the date of enactment of this ,act and ending on ,september #cj1 #bjba1 the ,administration shall waive-- 7#a7 the requirement to contribute non-,federal funds under section #g7m77#d77;,b7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7m77#d77;,b772 and 7#b7 the limitation on amounts allowed to be expended to provide information and technical assistance under clause 7i7 of section #g7m77#d77;,e7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7m77#d77;,e77 and enter into third-party contracts to provide technical assistance under clause 7ii7 of such section #g7m77#d77;,e74 7d7 ,temporary duration of loans to borrowers 7#a7 ,in general ,during the period beginning on the date of enactment of this ,act and ending on ,september #cj1 #bjba1 the duration of a loan made by an eligible intermediary under section #g7m7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7m77-- 7,a7 to an existing borrower may be extended to not more than #h years2 and 7,b7 to a new borrower may be not more than #h years4 7#b7 ,reversion ,on and after ,october #a1 #bjba1 the duration of a loan made by an eligible intermediary to a borrower under section #g7m7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7m77 shall be #g years or such other amount established by the ,administrator4 7e7 ,program levels ,section #bj of the ,small ,business ,act 7#ae ,u4,s4,c4 #fca note7 is amended by adding at the end the following3 7h7 ,microloan program ,for each of fiscal years #bjba through #bjbe1 the ,administration is authorized to make-- 7#a7 #hj1jjj1jjj in technical assistance grants1 as provided in section #g7m72 and 7#b7 #aaj1jjj1jjj in direct loans1 as provided in section #g7m74 4 7f7 ,authorization of appropriations ,in addition to amounts provided under the ,consolidated ,appropriations ,act1 #bjbj 7,public ,law #aaf-ic7 for the program established under section #g7m7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7m771 there is authorized to be appropriated for fiscal year #bjbj1 to remain available until expended-- 7#a7 #ej1jjj1jjj to provide technical assistance grants under such section #g7m72 and 7#b7 #g1jjj1jjj to provide direct loans under such section #g7m74 #ad4 ,electronic submissions for the small business investment company program 7a7 ,purpose ,the purpose of this section is to quickly provide capital to struggling small business concerns by allowing electronic signatures to expedite the approval process of the ,administration for additional investment funds1 especially as staff telework4 7b7 ,electronic submissions ,unless otherwise prohibited by law or regulation1 the ,administration shall permit any document submitted under section #ajc of the ,small ,business ,investment ,act of #aieh 7#ae ,u4,s4,c4 #ffb7 or pursuant to a regulation carrying out title ,v of such ,act 7#ae ,u4,s4,c4 #fie et seq47 to be submitted electronically1 including by permitting an electronic signature for any signature that is required on such a document4 7c7 ,rule of construction ,nothing in this section shall be construed to preempt1 supersede1 or otherwise prohibit private sector requirements1 covenants1 customary practices1 obligations1 or legal prohibitions against electronic signatures4 #ae4 ,business stabilization direct loan program 7a7 ,definition of eligible borrower ,in this section1 the term eligible borrower means a small business concern that is located in the ,united ,states 7as defined in section #d7;a7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcc7;a777 with a confirmed or presumed positive case of ,,covid-#ai4 7b7 ,program ,the ,administrator shall carry out a program to make loans directly to eligible borrowers4 7c7 ,use of funds ,in addition to the use of loan proceeds permitted under section #g7;a7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a771 loans made under this section may be used for the following purposes3 7#a7 ,to make periodic payments of principal and interest1 for a period not to exceed #ab months1 on a loan or a loan guarantee made to an eligible borrower that meets the eligibility standards of such section #g7;a74 7#b7 ,to provide benefits to employees of the eligible borrower1 including group life insurance1 disability insurance1 sick leave1 annual leave1 educational benefits1 paid family leave1 or retirement benefits1 including a pension plan or individual retirement account4 7#c7 ,to pay wages to employees of the eligible borrower1 and related ,state and ,federal payroll taxes1 except that loan proceeds may not be used to pay amounts under a garnishment order issued by an agency of a ,state or ,federal ,government4 7#d7 ,to provide technology1 hardware1 or software for a shift to telework or remote work for employees of the eligible borrower to enable continuity of operations4 7#e7 ,to pay rent or utilities due or owed on any place of business of the eligible borrower4 7#f7 ,to refinance an existing debt1 including interest1 in an amount not to exceed #ej percent of the amount of the debt4 7#g7 ,to provide floor plan financing or other revolving line of credit4 7#h7 ,to pay past-due ,federal1 ,state1 or local payroll taxes1 sales taxes1 or other similar taxes that are required to be collected by the eligible borrower and held in trust on behalf of a ,federal1 ,state1 or local government entity4 7#i7 ,to provide employees and patrons of the eligible borrower with the necessary items specified by any public health authority to mitigate the spread of ,,covid-#ai4 7d7 ,loan terms 7#a7 ,amount ,loans made under this section may not exceed #b1ejj1jjj4 7#b7 ,disbursement ,not less than #aj percent1 but not more than #bj percent1 of the proceeds of a loan made under this section shall be disbursed not later than #e calendar days after a loan is approved under this section4 7#c7 ,term ,loans made under this section shall be for a term of #aj years1 and an eligible borrower shall not be required to repay such loan during the #ab-month period beginning on the date of disbursement of the loan4 7#d7 ,interest2 fees ,the ,administrator may not charge any interest or fees for a loan made under this section4 7e7 ,collateral ,the ,administrator-- 7#a7 shall not decline to make a loan under this section to an otherwise eligible borrower due solely to inadequate collateral2 and 7#b7 shall accept any available collateral1 including subordinated liens1 to secure a loan made under this section4 7f7 ,forgiveness ,if an eligible borrower that receives loan proceeds under this section demonstrates to the ,administrator that the number of employees of the eligible borrower on ,december #ca1 #bjba1 is greater than or equal to the number of employees of the eligible borrower on ,december #ca1 #bjai1 the ,administrator shall forgive not more than #ej percent of the outstanding principal on such loan4 7g7 ,sunset 7#a7 ,in general ,except as provided in paragraph 7#b71 the ,administrator may not make a loan under this section after ,september #cj1 #bjbb4 7#b7 ,extension ,the ,administrator may extend authority to make loans under this section by an additional #f months by notifying ,congress1 in writing1 within #aj calendar days before any extension4 7h7 ,emergency rulemaking authority ,in issuing rules to carry out this section under section #be1 the ,administrator may issue rules to establish a secondary market for loans made under this section4 7i7 ,authorization of appropriations ,there is authorized to be appropriated to the ,administrator of the ,small ,business ,administration such sums as may be necessary to pay for the cost 7as defined in section #ejb of the ,congressional ,budget ,act of #aigd 7#b ,u4,s4,c4 #ffa;a77 of making #ajj1jjj1jjj1jjj in direct loans under this section4 #af4 ,state ,trade ,expansion ,program ,the ,administrator may use amounts appropriated to carry out the ,state ,trade ,expansion ,program established under section #bb7l7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fdi7l77 for fiscal years #bjah and #bjai that remain unobligated or unexpended to carry out the ,state ,trade ,expansion ,program through the end of fiscal year #bjba4 #ag4 ,contracting and entrepreneurial development assistance 7a7 ,purpose ,the purpose of this section is to provide-- 7#a7 flexibility to small business ,federal suppliers and to the ,federal ,government to more quickly award contracting dollars to small business concerns in times of economic uncertainty and downturn related to ,,covid-#ai2 and 7#b7 additional funds to resource partners of the ,administration1 such as small business development centers1 women's business centers1 and ,,score to conduct outreach to small business concerns affected by ,,covid-#ai1 including by increasing their virtual outreach capacity4 7b7 ,definitions ,in this section-- 7#a7 the term contracting officer has the meaning given the term in section #cf7;e7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #feg;f7e772 7#b7 the term covered entity means a small business concern or nonprofit organization-- 7,a7 that is a party to a contract with a ,federal agency2 and 7,b7 for which the contractor performance is adversely impacted as a result of ,,covid-#ai2 7#c7 the term economically disadvantaged women-owned small business has the meaning given the term in section #abg4ajb of title #ac1 ,code of ,federal ,regulations1 or any succcessor regulation2 7#d7 the term ,h,u,b,zone small business concern has the meaning given the term in section #ca7;b7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #feg;a7b772 7#e7 the term ,,score means the ,service ,corps of ,retired ,executives program established under section #h7;b77#a77;,b7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcg7;b77#a77;,b772 7#f7 the term small business concern owned and controlled by service-disabled veterans has the meaning given the term in section #c7q7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcb7q772 7#g7 the term small business concern owned and controlled by women has the meaning given the term in section #h7m7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcg7m772 7#h7 the term small business development center has the meaning given the term in section #c7t7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcb7t772 and 7#i7 the term women's business center means a women's business center described in section #bi of the ,small ,business ,act 7#ae ,u4,s4,c4 #fef74 7c7 ,promotion of small business contracting 7#a7 ,small business contracting relief ,notwithstanding any other provision of law or regulation1 during the period beginning on the date of enactment of this ,act and ending on ,september #cj1 #bjba1 the head of the ,federal agency with which a covered entity has a contract shall provide the covered entity with the greater of-- 7,a7 #cj additional days to carry out the responsibilities of the covered entity under the contract2 or 7,b7 an additional amount of time to carry out the responsibilities of the covered entity under the contract that the head of the ,federal agency determines to be appropriate after taking into consideration the severity of the adverse impact experienced by the covered entity4 7#b7 ,payment continuation ,if the performance of all or any part of the work of a ,federal goods or services contract with a contractor that is a small business concern or a nonprofit organization in force and effect during the period beginning on the date of enactment of this ,act and ending on ,september #cj1 #bjba1 is unavoidably delayed or interrupted by the inability of the employees of the small business concern or nonprofit organization1 as applicable1 to access ,government facilities1 systems1 or other ,government-provided resources due to restrictions related to ,,covid-#ai that have been imposed by any authority or due to orders or instructions issued by the contracting agency in response to ,,covid-#ai-- 7,a7 the ,government shall pay the small business concern or nonprofit organization1 as applicable1 upon the submission of the documentation required by the contract and according to the terms specified in the contract1 the prices stipulated in the contract for goods or services as if the small business concern or nonprofit organization1 as applicable1 had rendered and the ,government accepted the goods or services2 and 7,b7 contractor delivery schedules shall be revised and the small business concern or nonprofit organization1 as applicable1 shall be eligible for equitable adjustments based on the revised schedules4 7#c7 ,temporary sole-source award parity among contracting programs ,notwithstanding any other provision of law or regulation1 during the period beginning on the date of enactment of this ,act and ending on ,september #cj1 #bjba1 with respect to a small business concern owned and controlled by women1 an economically disadvantaged women-owned small business1 a ,h,u,b,zone small business concern1 or a small business concern owned and controlled by service-disabled veterans1 a contracting officer may award a sole source contract to the small business concern if the anticipated award price of the contract will not exceed the maximum permissible amount for the contract1 as provided under the applicable provision of the ,small ,business ,act 7#ae ,u4,s4,c4 #fca et seq471 as amended by this subsection4 7#d7 ,increasing sole source caps 7,a7 ,qualified ,h,u,b,zone small business concerns ,section #ca7;c77#b77;,a77ii7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #feg;a7c77#b77;,a77ii77 is amended-- 7i7 in subclause 7,i71 by striking #e1jjj1jjj and inserting #aj1jjj1jjj2 and 7ii7 in subclause 7,,ii71 by striking #c1jjj1jjj and inserting #h1jjj1jjj4 7,b7 ,small business concerns owned and controlled by service-disabled veterans ,section #cf7;a77#b7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #feg;f7a77#b77 is amended-- 7i7 in subparagraph 7,a71 by striking #e1jjj1jjj and inserting #aj1jjj1jjj2 and 7ii7 in subparagraph 7,b71 by striking #c1jjj1jjj and inserting #h1jjj1jjj4 7,c7 ,small business concerns owned and controlled by socially and economically disadvantaged individuals ,section #h7;a77#a77;,d77i77,,ii7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcg7;a77#a77;,d77i77,,ii77 is amended-- 7i7 by striking #e1jjj1jjj and inserting #aj1jjj1jjj2 and 7ii7 by striking #c1jjj1jjj and inserting #h1jjj1jjj4 7,d7 ,certain small business concerns owned and controlled by women ,section #h7m7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcg7m77 is amended-- 7i7 in paragraph 7#g77;,b7-- 7,i7 in clause 7i71 by striking #f1ejj1jjj and inserting #aj1jjj1jjj2 and 7,,ii7 in clause 7ii71 by striking #d1jjj1jjj and inserting #h1jjj1jjj2 and 7ii7 in paragraph 7#h77;,b7-- 7,i7 in clause 7i71 by striking #f1ejj1jjj and inserting #aj1jjj1jjj2 and 7,,ii7 in clause 7ii71 by striking #d1jjj1jjj and inserting #h1jjj1jjj4 7#e7 ,category management ,section #ae of the ,small ,business ,act 7#ae ,u4,s4,c4 #fdd7 is amended by adding at the end the following3 7y7 ,category management 7#a7 ,definition of contract ,in this subsection1 the term contract includes a prime contract1 a task order1 a delivery order1 a blanket purchase agreement1 and a basic ordering agreement4 7#b7 ,exemption ,any acquisition for a contract to be awarded under the procedures of section #h7;a71 #h7m71 #ca1 or #cf or under subsection 7a7 or 7j7 of this section1 including an acquisition for commercial items1 shall be-- 7,a7 exempt from the procedural requirements of agency-level or ,governmentwide guidance on category management1 best in class solutions1 common contract solutions1 or successor strategies for contract consolidation2 and 7,b7 disregarded when measuring attainment of any goal or benchmark established under agency-level or ,governmentwide guidance on category management1 best in class solutions1 common contract solutions1 or successor strategies for contract consolidation1 unless considering the acquisition aids in the achievement of the goal or benchmark4 7#c7 ,prohibition ,once a contract has been awarded under the section #h7;a71 #h7m71 #ca1 or #cf or under subsection 7a7 or 7j7 of this section1 including an acquisition for commercial items1 the contract shall not be removed and placed in category management1 best in class solutions1 common contract solutions1 or successor strategies for contract consolidation4 4 7#f7 ,prompt payments ,notwithstanding any other provision of law or regulation1 during any period in which the ,president invokes the authorities of the ,defense ,production ,act of #aiej 7#ej ,u4,s4,c4 #deja et seq471 for any payment due by the head of an agency on a contract for an item of property or service provided-- 7,a7 with respect to a prime contractor 7as defined in section #hgja of title #da1 ,united ,states ,code7 that is a small business concern or nonprofit organization1 the head of the agency shall1 to the fullest extent permitted by law and to the maximum extent practicable1 establish an accelerated payment date of #ae days after a proper invoice for the amount due is received2 and 7,b7 with respect to a prime contractor 7as defined in section #hgja of title #da1 ,united ,states ,code7 that subcontracts with a small business concern or nonprofit organization1 the head of the agency shall1 to fullest extent permitted by law and to the maximum extent practicable1 establish an accelerated payment date of #ae days after receipt of a proper invoice for the amount due if the prime contractor agrees to make payments to the subcontractor in accordance with the accelerated payment date1 to the maximum extent practicable1 without any further consideration from or fees charged to the subcontractor4 7d7 ,promotion of small business economic development programs 7#a7 ,authorization of appropriations ,there is authorized to be appropriated to the ,administrator the following amounts1 which shall remain available until expended3 7,a7 #ah1gej1jjj to carry out the women's business center program under section #bi of the ,small ,business ,act 7#ae ,u4,s4,c4 #fef71 with respect to which the following requirements shall apply3 7i7 ,the ,administrator shall allocate that amount so that each women's business center operating pursuant to that section receives an equal allocation1 unless the ,administrator determines that another manner of allocation is necessary4 7ii7 ,a center that receives amounts under this subparagraph shall not be subject to the requirement to provide non-,federal funding under section #bi7;c7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fef7;c774 7iii7 ,a center that receives amounts under this subparagraph shall use the grant to-- 7,i7 enhance remote services provided by the center2 and 7,,ii7 provide counseling1 training1 and other related services1 such as promoting long-term resiliency1 to small business concerns and entrepreneurs impacted by or experiencing substantial economic injury as a result of ,,covid-#ai4 7,b7 #a1jjj1jjj to carry out ,,score1 which shall be used to-- 7i7 hire staff members with respect to ,,score to develop and implement an education program to-- 7,i7 provide mentoring and other related services1 such as promoting long-term resiliency1 to small business concerns and entrepreneurs impacted by or experiencing substantial economic injury as a result of ,,covid-#ai2 7,,ii7 help owners of small business concerns address issues relating to ,,covid-#ai2 and 7,,iii7 educate volunteers with respect to the program regarding issues relating to ,,covid-#ai2 7ii7 develop and design content relating to the issues described in clause 7i72 7iii7 encourage the use of virtual mentoring and workshops in carrying out ,,score2 and 7iv7 recruit and train more virtual mentors4 7,c7 #dj1jjj1jjj to hire additional staff to carry out the small business development program established under section #ba of the ,small ,business ,act 7#ae ,u4,s4,c4 #fdh71 with respect to which the following requirements shall apply3 7i7 ,a small business development center receiving funds under this subparagraph shall not be subject to the requirement to provide matching amounts under subparagraphs 7,a7 and 7,b7 of section #ba7;a77#d7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fdh7;a77#d774 7ii7 ,the ,administrator shall allocate the funds according to the funding formula described in section #ba7;a77#d77;,c7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fdh7;a77#d77;,c771 unless the ,administrator determines that another manner of allocation is necessary4 7iii7 ,funds provided under this subparagraph shall be used to provide counseling1 training1 and other related services1 such as promoting long-term resiliency1 to small business concerns and entrepreneurs impacted by or experiencing substantial economic injury as a result of ,,covid-#ai1 which shall include training and advising on-- 7,i7 the hazards and prevention of the transmission and communication of the ,,covid-#ai and other communicable diseases2 7,,ii7 the potential effects to their supply chains and the distribution and sale of products1 and the mitigation of those effects2 7,,iii7 the management and practice of telework to reduce possible transmission2 7,,iv7 the management and practice of remote customer service by electronic or other means2 7,v7 the risks and mitigation of cyber threats in remote customer service or telework practices2 7,,vi7 the mitigation of the effects of reduced travel or outside activities on small business concerns during ,,covid-#ai or similar occurrences2 and 7,,vii7 any other relevant business practices necessary to mitigate the economic effects of ,,covid-#ai or similar occurrences4 7#b7 ,metrics ,the ,administrator1 in cooperation with recipients of financial assistance under paragraph 7#a71 shall establish metrics and goals for performance of activities using funds provided under paragraph 7#a74 7#c7 ,application 7,a7 ,in general ,a small business development center1 a women's business center1 or ,,score shall submit an application to the ,administrator to receive assistance under paragraph 7#a74 7,b7 ,provision of assistance ,the ,administrator shall provide assistance under paragraph 7#a7 after making a determination that the applicant is in need of financial assistance due to economic injury as a result of ,,covid-#ai or has the capacity to provide assistance to small business concerns affected by ,,covid-#ai4 7#d7 ,waiver ,during the period beginning on the date of enactment of this ,act and ending on ,september #cj1 #bjba1 the requirement relating to obtaining matching contributions from non-,federal sources under sections #ba7;a77#d7 and #bi7;c7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fdh7;a77#d71 #fef7;c77 is waived for any recipient of assistance under such section #ba or #bi1 respectively4 7#e7 ,,sba creation of made in ,america list 7,a7 ,short term response ,not later than #fj days after the date of enactment of this ,act the resource partners of the ,administration1 including small business development centers1 women's business centers1 ,,score1 and veterans business outreach centers1 shall provide the ,administrator with a list of the small business concerns-- 7i7 that those partners have served during the #aj-year period preceding the date on which the list is created2 and 7ii7 that self-identify as having1 or as expecting to have1 supply chain vulnerabilities4 7,b7 ,creation of list ,based on the list provided under subparagraph 7,a71 the ,administration shall create a list of small business concerns entitled the ,made in ,america list4 7,c7 ,long term response 7i7 ,in general ,after the creation of the list under subparagraph7,b7-- 7,i7 the ,administrator shall-- 7aa7 share the list with the resource partners of the ,administration1 including the entities described in subparagraph 7,a72 7bb7 update the list not less frequently than once every #f months1 or at such intervals as the ,administrator may determine appropriate2 7cc7 on an ongoing basis1 seek to match the small business concerns identified on the list 7referred to in this subparagraph as listed small business concerns71 as updated under item 7bb71 with-- 7,,aa7 suppliers identified under subclause 7,,ii72 and 7,,bb7 any other supplier that may be able to address the supply chain vulnerabilities of the listed small business concerns2 and 7dd7 in carrying out item 7cc71 collaborate with other ,federal agencies1 including the ,minority ,business ,development ,agency of the ,department of ,commerce1 to identify supply chain vulnerabilities in the ,united ,states that small business concerns may be able to address2 and 7,,ii7 the resource partners of the ,administration shall disseminate the list received under subclause 7,i77aa7 to manufacturing clients of those partners with the objective of matching the listed small business concerns with suppliers that are able to address the supply chain vulnerabilities of those small business concerns4 7ii7 ,report ,not later than #a year after the date of enactment of this ,act1 and annually thereafter1 the ,administrator shall submit to the ,committee on ,small ,business and ,entrepreneurship of the ,senate and the ,committee on ,small ,business of the ,house of ,representatives a report that contains-- 7,i7 the number of listed small business concerns1 as updated under clause 7i77,i77bb72 7,,ii7 the number of notification of opportunities that went out requesting new small business concern suppliers2 and 7,,iii7 the number of matches made from the list required under this paragraph4 7e7 ,authorization of appropriations ,in addition to amounts provided under any other provision of law1 there is authorized to be appropriated #aej1jjj1jjj1 to remain available until expended1 under the heading ,small ,business ,administration--,entrepreneurial ,development ,programs1 of which-- 7#a7 #dj1jjj1jjj shall be to support programs carried out by small business development centers described in section #ba of the ,small ,business ,act 7#ae ,u4,s4,c4 #fdh72 7#b7 #ah1gej1jjj shall be to support programs carried out by women's business centers described in section #bi of such ,act 7#ae ,u4,s4,c4 #fef72 7#c7 #a1jjj1jjj shall be to support programs carried out by the ,service ,corps of ,retired ,executives authorized under section #h7;b77#a7 of such ,act 7#ae ,u4,s4,c4 #fcg7;b77#a772 7#d7 #ej1jjj1jjj shall be for microloan technical assistance grants under section #g7m77#d7 of such ,acct 7#ae ,u4,s4,c4 #fcf7m77#d772 and 7#e7 #dj1bej1jjj shall be for additional grants for technical assistance1 counseling1 mentoring1 training1 and workshops for outreach to small business concerns impacted by ,,covid-#ai4 #ah4 ,small business intermediary lending program 7a7 ,in general ,section #g7l7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7l77 is amended-- 7#a7 in the subsection heading1 by striking ,pilot2 7#b7 in paragraph 7#a7-- 7,a7 in subparagraph 7,a71 by striking and at the end2 7,b7 by redesignating subparagraph 7,b7 as subparagraph 7,c72 7,c7 by inserting after subparagraph 7,a7 the following3 7,b7 the term newly established small business concern means a small business concern that has been existence for not more than #b years on the date on which a loan is made to the small business concern under the ,program2 2 7,d7 in subparagraph 7,c71 as so redesignated-- 7i7 by striking pilot2 and 7ii7 by striking the period at the end and inserting a semicolon2 and 7,e7 by adding at the end the following3 7,d7 the term small business concern in an underserved market means a small business concern-- 7i7 that is located in-- 7,i7 a low- to moderate-income community2 7,,ii7 a ,h,u,b,zone2 7,,iii7 a community that has been designated as an empowerment zone or an enterprise community under section #acia of the ,internal ,revenue ,code of #aihf2 7,,iv7 a community that has been designated as a promise zone by the ,secretary of ,housing and ,urban ,development2 7,v7 a community that has been designated as a qualified opportunity zone under section #adjj,z-#a of the ,internal ,revenue ,code of #aihf2 or 7,,vi7 a rural area2 7ii7 that has more than #ej percent of employees residing in a low- or moderate-income community2 7iii7 that is a startup or new business2 7iv7 owned and controlled by socially and economically disadvantaged individuals1 including ,black ,americans1 ,hispanic ,americans1 ,native ,americans1 ,asian ,pacific ,americans1 and other minorities2 7v7 owned and controlled by women2 7vi7 owned and controlled by veterans2 7vii7 owned and controlled by service-disabled veterans2 7viii7 not less than #ea percent owned and controlled by #a or more-- 7,i7 members of the ,armed ,forces participating in the ,transition ,assistance ,program of the ,department of ,defense2 7,,ii7 ,reservists2 7,,iii7 spouses of veterans1 members of the ,armed ,forces1 or ,reservists2 or 7,,iv7 surviving spouses of veterans who died on active duty or as a result of a service-connected disability2 or 7,v7 individuals who have completed a term of imprisonment in ,federal1 ,state1 or local jail or prison2 or 7ix7 that is eligible to receive a veterans advantage loan2 7,e7 the term small business concern owned and controlled by socially and economically disadvantaged individuals has the meaning given the term in section #h7;d77#c77;,c72 and 7,f7 the term startup means a business that has not yet opened4 2 7#c7 in paragraph 7#b7-- 7,a7 by striking #c-year 2 and 7,b7 by striking pilot2 7#d7 in paragraph 7#c7-- 7,a7 in subparagraph 7,a71 by striking and at the end2 7,b7 in subparagraph 7,b71 by striking the period at the end and inserting 2 and2 and 7,c7 by adding at the end the following3 7,c7 to provide flexible capital to and through mission lenders who are best positioned to understand community need and respond quickly to it during times of economic downturn1 especially as a result of a disaster1 including those caused by public health threats4 2 7#e7 in paragraph 7#d7-- 7,a7 by striking subparagraph 7,b7 and inserting the following3 7,b7 ,loan limits 7i7 ,single loan 7,i7 ,in general ,except as provided in subclause 7,,ii71 no single loan to an eligible intermediary under this subsection may exceed #a1jjj1jjj4 7,,ii7 ,exception for underserved markets ,if an eligible intermediary makes not less than #fj percent of its loans to small business concerns in underserved markets1 the eligible intermediary may receive a single loan under this subsection of #a1ejj1jjj4 7ii7 ,total amount ,the total amount outstanding and committed to an eligible intermediary by the ,administrator under the ,program may not exceed #e1jjj1jjj4 7iii7 ,considerations ,in determining whether to make a loan to an eligible intermediary before prior loans made to the eligible intermediary under the ,program are paid off1 the ,administrator shall take into consideration the lending experience and track record of the eligible intermediary within the ,program4 2 and 7,b7 by striking subparagraphs 7,f7 and 7,g7 and inserting the following3 7,f7 ,delayed payments 7i7 ,in general ,the ,administrator shall not require the repayment of principal or interest on a loan made to an eligible intermediary under the ,program during the #b-year period beginning on the date of the initial disbursement of funds under that loan4 7ii7 ,delayed payments for certain small business concerns ,an eligible intermediary shall not require the repayment of principal or interest on a loan made to a manufacturing or high-tech1 innovative small business concern for the purposes of commercialization1 including firms involved in the ,,sbir and ,,sttr programs under section #i1 until the earlier of-- 7,i7 that date that is #f months after the date of the initial disbursement of funds under that loan2 or 7,,ii7 the date on which the small business concern brings in revenue4 7,g7 ,repayment structures ,the ,administrator may allow eligible intermediaries to engage borrowers in prudent repayment structures1 including revenue-based financing1 based on the type of business and business industry needs4 7,h7 ,maximum amounts ,in each fiscal year1 the ,administrator may make loans under the ,program in a total amount of not more than #cj1jjj1jjj4 2 and 7#f7 by striking paragraph 7#f7 and inserting the following3 7#f7 ,report ,not later than #a year after the date of enactment of the ,,covid-#ai ,recovery by ,enhancing ,loan1 ,investment1 and ,education ,funds for ,small ,businesses ,act of #bjbj1 the ,administrator shall submit to the ,committee on ,small ,business and ,entrepreneurship of the ,senate and the ,committee on ,small ,business of the ,house of ,representatives a report regarding the performance and effectiveness of the ,program1 which shall include-- 7,a7 the number and dollar amount of loans made in each year the ,program has been in effect2 7,b7 each eligible intermediary that received a loan under the ,program2 and 7,c7 any recommendations for improvements to the ,program4 7#g7 ,authorization of appropriations ,there is authorized to be appropriated to carry out this section-- 7,a7 #bj1jjj1jjj for fiscal year #bjbj2 and 7,b7 #cj1jjj1jjj for fiscal year #bjba4 4 7b7 ,rulemaking authority ,not later than #ahj days after the date of enactment of this ,act1 the ,administrator shall issue regulations to carry out section #g7l7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7l771 as amended by subsection 7a74 #ai4 ,community ,advantage ,loan ,program ,section #g7;a7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77 is amended by adding at the end the following3 7#cf7 ,community ,advantage ,loan ,program 7,a7 ,purposes ,the purposes of the ,community ,advantage ,loan ,program are-- 7i7 to create a mission-oriented loan guarantee program that builds on the demonstrated success of the ,community ,advantage ,pilot ,program of the ,administration1 as established in #bjaa1 to reach more underserved small business concerns2 7ii7 to increase lending to small business concerns in underserved and rural markets1 including veterans and members of the military community1 small business concerns owned and controlled by socially and economically disadvantaged individuals1 women1 and startups2 7iii7 to ensure that the program under this subsection 7in this paragraph referred to as the #g7;a7 loan program7 is more inclusive and more broadly meets congressional intent to reach borrowers who are unable to get credit elsewhere on reasonable terms and conditions2 7iv7 to help underserved small business concerns become bankable by utilizing the small-dollar financing and business support experience of mission-oriented lenders2 7v7 to allow certain mission-oriented lenders1 primarily nonprofit financial intermediaries focused on economic development in underserved markets1 access to guarantees for loans under this subsection 7in this paragraph referred to as #g7;a7 loans7 of not more than #cej1jjj and provide management and technical assistance to small business concerns as needed2 7vi7 to provide certainty for the lending partners that make loans under this subsection and to attract new lenders2 and 7vii7 to encourage collaboration between mission-oriented and conventional lenders under this subsection in order to support underserved small business concerns4 7,b7 ,definitions ,in this paragraph-- 7i7 the term covered institution means-- 7,i7 a development company1 as defined in section #ajc of the ,small ,business ,investment ,act of #aieh 7#ae ,u4,s4,c4 #ffb71 participating in the #ejd ,loan ,guaranty program established under title ,v of that ,act 7#ae ,u4,s4,c4 #fie et seq472 7,,ii7 a nonprofit intermediary1 as defined in subsection 7m77#aa71 participating in the microloan program under subsection 7m72 7,,iii7 a non-,federally regulated entity certified as a community development financial institution by the ,community ,development ,financial ,institutions ,fund established under section #ajd7;a7 of the ,riegle ,community ,development and ,regulatory ,improvement ,act of #aiid 7#ab ,u4,s4,c4 #dgjc7;a772 and 7,,iv7 an eligible intermediary1 as defined in subsection 7l77#a71 participating in the ,intermediary ,lending ,program established under subsection 7l77#b72 7ii7 the term existing business means a small business concern that has been in existence for not less than #b years on the date on which a loan is made to the small business concern under the program2 7iii7 the term new business means a small business concern that has been existence for not more than #b years on the date on which a loan is made to the small business concern under the program2 7iv7 the term program means the ,community ,advantage ,loan ,program established under subparagraph 7,c72 7v7 the term ,reservist means a member of a reserve component of the ,armed ,forces named in section #ajaja of title #aj1 ,united ,states ,code2 7vi7 the term rural area means any county that the ,bureau of the ,census has defined as mostly rural or completely rural in the most recent decennial census2 7vii7 the term service-connected has the meaning given the term in section #aja7af7 of title #ch1 ,united ,states ,code2 7viii7 the term small business concern in an underserved market means a small business concern-- 7,i7 that is located in-- 7aa7 a low- to moderate-income community2 7bb7 a ,h,u,b,zone1 as that term is defined in section #ca7;b72 7cc7 a community that has been designated as an empowerment zone or an enterprise community under section #acia of the ,internal ,revenue ,code of #aihf2 7dd7 a community that has been designated as a promise zone by the ,secretary of ,housing and ,urban ,development2 7ee7 a community that has been designated as a qualified opportunity zone under section #adjj,z-#a of the ,internal ,revenue ,code of #aihf2 or 7ff7 a rural area2 7,,ii7 for which more than #ej percent of the employees reside in a low- or moderate-income community2 7,,iii7 that is a startup or new business2 7,,iv7 owned and controlled by socially and economically disadvantaged individuals1 including ,black ,americans1 ,hispanic ,americans1 ,native ,americans1 ,asian ,pacific ,americans1 and other minorities2 7,v7 owned and controlled by women2 7,,vi7 owned and controlled by veterans2 7,,vii7 owned and controlled by service-disabled veterans2 7,,viii7 not less than #ea percent owned and controlled by #a or more-- 7aa7 members of the ,armed ,forces participating in the ,transition ,assistance ,program of the ,department of ,defense2 7bb7 ,reservists2 7cc7 spouses of veterans1 members of the ,armed ,forces1 or ,reservists2 or 7dd7 surviving spouses of veterans who died on active duty or as a result of a service-connected disability2 7,,ix7 that is eligible to receive a veterans advantage loan2 or 7,x7 owned and controlled by an individual who has completed a term of imprisonment in a ,federal1 ,state1 or local jail or prison2 7ix7 the term small business concern owned and controlled by socially and economically disadvantaged individuals has the meaning given the term in section #h7;d77#c77;,c72 7x7 the term startup means a business that has not yet opened2 and 7xi7 the term veterans advantage loan means a loan made to a small business concern under this subsection that is eligible for a waiver of the guarantee fee under paragraph 7#ah7 or the yearly fee under paragraph 7#bc7 because the small business concern is a concern described in subclause 7,,vi71 7,,vii71 or 7,,viii7 of clause 7viii74 7,c7 ,establishment ,there is established a ,community ,advantage ,loan ,program under which the ,administration may guarantee loans made by covered institutions under this subsection1 including loans made to small business concerns in underserved markets4 7,d7 ,program levels ,in each of fiscal years #bjbj1 #bjba1 #bjbb1 #bjbc1 #bjbd1 and #bjbe1 not more than #aj percent of the number of loans guaranteed under this subsection may be guaranteed under the program4 7,e7 ,new lenders 7i7 ,fiscal years #bjba and #bjbb ,in each of fiscal years #bjba and #bjbb-- 7,i7 not more than #aej covered institutions shall participate in the program2 and 7,,ii7 the ,administrator shall allow for new applicants and give priority to applications submitted by any covered institution that is located in an area with insufficient or no lending under the program4 7ii7 ,fiscal years #bjbc1 #bjbd1 and #bjbe 7,i7 ,in general ,in each of fiscal years #bjbc1 #bjbd1 and #bjbe-- 7aa7 except as provided in subclause 7,,ii71 not more than #age covered institutions shall participate in the program2 and 7bb7 the ,administrator shall allow for new applicants and give priority to applications submitted by any covered institution that is located in an area with insufficient or no lending under the program4 7,,ii7 ,exception for fiscal year #bjbe ,in fiscal year #bjbe1 not more than #bjj covered institutions may participate in the program if-- 7aa7 after reviewing the report under subparagraph 7,m71 the ,administrator determines that not more than #bjj covered institutions may participate in the program2 7bb7 the ,administrator notifies ,congress in writing of the determination of the ,administrator under item 7aa72 and 7cc7 not later than ,july #cj1 #bjbd1 the ,administrator notifies the public of the determination of the ,administrator under item 7aa74 7,f7 ,grandfathering of existing lenders ,any covered institution that participated in the ,community ,advantage ,pilot ,program of the ,administration and is in good standing on the day before the date of enactment of this paragraph-- 7i7 shall retain designation in the program2 and 7ii7 shall not be required to submit an application to participate in the program4 7,g7 ,requirement to make loans to underserved markets ,not less than #ge percent of loans made by a covered institution under the program shall consist of loans made to small business concerns in underserved markets4 7,h7 ,maximum loan amount 7i7 ,in general ,except as provided in clause 7ii71 the maximum loan amount for a loan guaranteed under the program is #bej1jjj4 7ii7 ,exception 87,i7 ,in general ,the ,administration may1 in the discretion of the ,administration1 approve a guarantee of a loan under the program that is more than #bej1jjj and not more than #cej1jjj4 7,,ii7 ,notification ,not later than #b days after receiving a request for an exception to the maximum loan amount established under clause 7i71 the ,administration shall-- 7aa7 review the request2 and 7bb7 provide a decision regarding the request to the covered institution making the loan4 7,i7 ,training and technical assistance ,the ,administration-- 7i7 shall1 in person and online1 provide upfront and ongoing training and technical assistance for covered institutions making loans under the program in order to support prudent lending standards and improve the interface between the covered institutions and the ,administration1 which shall include-- 7,i7 guidance for following the regulations of the ,administration1 including best practices for maintaining healthy portfolios of loans2 and 7,,ii7 directions for covered institutions to do what is in the best interest of the borrowers1 including by ensuring to the maximum extent possible that those borrowers are informed about loans with the most favorable terms for those borrowers2 7ii7 shall ensure that the training and technical assistance described in clause 7i7 is provided for free or at a low-cost2 7iii7 may enter into a contract to provide the training or technical assistance described in clause 7i7 with an organization with expertise in lending under this subsection1 mission-oriented lending1 and lending to underserved markets2 and 7iv7 shall ensure that covered institutions adequately report the extent to which the covered institutions take the actions required under clause 7i77,,ii74 7,j7 ,delegated authority ,a covered institution is not eligible to receive delegated authority from the ,administration under the program until the covered institution makes not less than #aj loans under the program1 unless the ,administration determines otherwise after an opportunity for public comment for a period of not less than #cj days before implementing such a change4 7,k7 ,regulations 7i7 ,in general ,not later than #ahj days after the date of enactment of this paragraph and in accordance with the notice and comment procedures under section #eec of title #e1 ,united ,states ,code1 the ,administrator shall promulgate regulations to carry out the program1 which shall be substantially similar to the ,community ,advantage ,pilot ,program of the ,administration1 as in effect on ,september #a1 #bjah1 and shall-- 7,i7 outline the requirements for participation by covered institutions in the program2 7,,ii7 define performance metrics for covered institutions participating in the program for the first time1 which are required to be met in order to continue participating in the program2 7,,iii7 establish an acceptable range of program costs and level of risk that shall be based on other loan products-- 7aa7 of similar size2 7bb7 that use similar lenders2 and 7cc7 that are intended to reach similar borrowers2 7,,iv7 determine the credit score of a small business concern under which the ,administration is required to underwrite a loan provided to the small business concern under the program and the loan may not be made using the delegated authority of a covered institution2 7,v7 require each covered institution that sells loans made under the program on the secondary market to establish a loan loss reserve fund1 which-- 7aa7 with respect to covered institutions in good standing1 including the covered institutions described in subparagraph 7,f71 shall be maintained at a level equal to #c percent of the outstanding guaranteed portion of the loans2 and 7bb7 with respect to any other covered institution1 shall be maintained at a level equal to #e percent of the outstanding guaranteed portion of the loans2 and 7,,vi7 allow the ,administrator to require additional amounts to be deposited into a loan loss reserve fund established by a covered institution under subclause 7,v7 based on the risk characteristics or performance of the covered institution and the loan portfolio of the covered institution4 7ii7 ,termination of pilot program ,beginning on the date on which the regulations promulgated by the ,administrator under clause 7i7 take effect1 the ,administrator may not carry out the ,community ,advantage ,pilot ,program of the ,administration4 7,l7 ,,gao report ,not later than #c years after the date of enactment of this paragraph1 the ,comptroller ,general of the ,united ,states shall submit to the ,administrator1 the ,committee on ,small ,business and ,entrepreneurship of the ,senate1 and the ,committee on ,small ,business of the ,house of ,representatives a report-- 7i7 assessing-- 7,i7 the extent to which the program fulfills the requirements of this paragraph2 and 7,,ii7 the performance of covered institutions participating in the program2 and 7ii7 providing recommendations on the administration of the program and the findings under subclauses 7,i7 and 7,,ii7 of clause 7i74 7,m7 ,working group 7i7 ,in general ,not later than #ij days after the date of enactment of this paragraph1 the ,administrator shall establish a ,community ,advantage ,working ,group1 which shall-- 7,i7 include-- 7aa7 a geographically diverse representation of members from among covered institutions participating in the program2 and 7bb7 representatives from the ,office of ,capital ,access of the ,administration1 including the ,office of ,credit ,risk ,management1 the ,office of ,financial ,assistance1 and the ,office of ,economic ,opportunity2 7,,ii7 develop recommendations on how the ,administration can effectively manage1 support1 and promote the program and the mission of the program2 7,,iii7 establish metrics of success and benchmarks that reflect the mission and population served by covered institutions under the program1 which the ,administration shall use to evaluate the performance of those covered institutions2 7,,iv7 institute regular and sustainable systems of communication between the ,administration and covered institutions participating in the program2 and 7,v7 establish criteria for covered institutions regarding when those institutions should provide technical assistance to borrowers under the program and the scope of that technical assistance4 7ii7 ,report ,not later than #ahj days after the date of enactment of this paragraph1 the ,administrator shall submit to the ,committee on ,small ,business and ,entrepreneurship of the ,senate and the ,committee on ,small ,business of the ,house of ,representatives a report that includes-- 7,i7 the recommendations of the ,community ,advantage ,working ,group established under clause 7i72 and 7,,ii7 a recommended plan and timeline for implementation of those recommendations4 4 #bj4 ,accelerating small business innovations 7a7 ,purpose ,the purpose of this section is to accelerate the review and award of ,,sbir and ,,sttr 7as defined in section #i of the ,small ,business ,act 7#ae ,u4,s4,c4 #fch77 projects at most civilian agencies in order to speed the development of innovations1 which is particularly necessary to stimulate the economy and provide agencies with new technologies4 7b7 ,amendments ,section #i of the ,small ,business ,act 7#ae ,u4,s4,c4 #fch7 is amended-- 7#a7 in subsection 7g77#h7-- 7,a7 in subparagraph 7,b71 by striking and at the end2 7,b7 in subparagraph 7,c71 by adding and at the end2 and 7,c7 by adding at the end the following3 7,d7 the average and median amount of time that each ,federal agency with an ,,sbir program takes to review and make a final decision on proposals submitted under the program2 2 7#b7 in subsection 7o77#i7-- 7,a7 in subparagraph 7,b71 by striking and at the end2 7,b7 in subparagraph 7,c71 by adding and at the end2 and 7,c7 by adding at the end the following3 7,d7 the average and median amount of time that each ,federal agency with an ,,sttr program takes to review and make a final decision on proposals submitted under the program2 2 7#c7 in subsection 7hh71 by adding at the end the following3 7#c7 ,requirement to accelerate ,,sbir and ,,sttr awards of civilian agencies ,not later than #a year after the date of enactment of this paragraph1 each ,federal agency participating in the ,,sbir program or ,,sttr program1 other than the ,department of ,defense1 shall establish a process to reduce the time for awards under the ,,sbir and ,,sttr programs of the ,federal agency by-- 7,a7 developing simplified and standardized application processes and requirements and simplified and standardized model contracts or awards throughout the ,federal agency for ,phase ,i1 ,phase ,,ii1 and ,phase ,,iii ,,sbir awards2 7,b7 for ,phase ,i ,,sbir and ,,sttr awards1 reducing the amount of time between solicitation closure and award2 7,c7 for ,phase ,,ii ,,sbir and ,,sttr awards1 reducing the amount of time between the end of a ,phase ,i award and the start of the ,phase ,,ii award2 7,d7 for ,phase ,,ii ,,sbir and ,,sttr awards that skip ,phase ,i1 reducing the amount of time between solicitation closure and award2 7,e7 for sequential ,phase ,,ii ,,sbir and ,,sttr awards1 reducing the amount of time between ,phase ,,ii awards2 and 7,f7 reducing the award times described in subparagraphs 7,b71 7,c71 7,d71 and 7,e7 to not later than #ahj days with respect to the ,department of ,health and ,human ,services1 the ,national ,science ,foundation1 and the ,department of ,agriculture1 and as close to #ij days as possible with respect to any other participating agency4 2 and 7#d7 in subsection 7ii71 by adding at the end the following3 7#c7 ,additional comptroller general reports ,the ,comptroller ,general of the ,united ,states shall submit to the ,committee on ,small ,business and ,entrepreneurship of the ,senate and the ,committee on ,small ,business of the ,house of ,representatives-- 7,a7 not later than #b years after the date of enactment of this paragraph1 a report that-- 7i7 provides the average and median amount of time that each ,federal agency with an ,,sbir or ,,sttr program takes to review and make a final decision on proposals submitted under the program2 and 7ii7 compares that average and median amount of time with that of the previous #e fiscal years2 and 7,b7 not later than ,march #ca1 #bjbd1 a report that-- 7i7 includes the information described in subparagraph 7,a72 7ii7 assesses where each ,federal agency participating in the ,,sbir or ,,sttr program needs improvement with respect to the proposal review and award times under the program2 7iii7 identifies best practices for shortening the proposal review and award times under the ,,sbir and ,,sttr programs2 and 7iv7 analyzes the efficacy of the program established under subsection 7hh77#c74 4 #ba4 ,improvements to ,,sbir_/,,sttr commercialization 7a7 ,purpose ,the purpose of this section is to make the small business research programs permanent1 allow limited skipping of the first research phase1 and designate a ,technology ,commercialization ,officer in each participating agency to help companies with commercialization4 7b7 ,permanency of ,,sbir and ,,sttr programs 7#a7 ,,sbir ,section #i7m7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fch7m77 is amended-- 7,a7 in the subsection heading1 by striking ,termination and inserting ,,sbir program authorization2 and 7,b7 by striking terminate on ,september #cj1 #bjbb and inserting be in effect for each fiscal year4 7#b7 ,,sttr ,section #i7n77#a77;,a7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fch7n77#a77;,a77 is amended by striking through fiscal year #bjbb4 7c7 ,commercialization selection ,section #i of the ,small ,business ,act 7#ae ,u4,s4,c4 #fch7 is amended-- 7#a7 in subsection 7g7-- 7,a7 in paragraph 7#d77;,b77i7-- 7i7 by striking #a year and inserting #ahj days2 and 7ii7 by striking ,national ,institutes of ,health or the ,national ,science ,foundation and inserting ,department of ,health and ,human ,services1 the ,national ,science ,foundation1 or the ,department of ,agriculture2 7,b7 in paragraph 7#aa71 by striking and at the end2 7,c7 in paragraph 7#ab71 by striking the period at the end and inserting 2 and2 and 7,d7 by adding at the end the following3 7#ac7 with respect to peer review carried out under the ,,sbir program1 to the extent practicable1 include in the peer review-- 7,a7 the likelihood of commercialization in addition to scientific and technical merit and feasibility2 and 7,b7 not less than #a reviewer with commercialization expertise who is capable of assessing the likelihood of commercialization4 2 7#b7 in subsection 7o7-- 7,a7 in paragraph 7#d77;,b77i7-- 7i7 by striking #a year and inserting #ahj days2 and 7ii7 by striking ,national ,institutes of ,health or the ,national ,science ,foundation and inserting ,department of ,health and ,human ,services1 the ,national ,science ,foundation1 or the ,department of ,agriculture2 7,b7 in paragraph 7#ae71 by striking and at the end2 7,c7 in paragraph 7#af71 by striking the period at the end and inserting 2 and2 and 7,d7 by adding at the end the following3 7#ag7 with respect to peer review carried out under the ,,sttr program1 to the extent practicable1 include in the peer review-- 7,a7 the likelihood of commercialization in addition to scientific and technical merit and feasibility2 and 7,b7 not less than #a reviewer with commercialization expertise who is capable of assessing the likelihood of commercialization4 2 7#c7 in subsection 7aa71 by adding at the end the following3 7#f7 ,application of waiver ,the waiver authority under paragraph 7#d7 shall not apply to ,phase ,,ii awards that skip ,phase ,i unless the additional funds are needed to respond to an urgent need in the ,united ,states1 such as a pandemic4 2 7#d7 in subsection 7cc7-- 7,a7 by striking ,during fiscal years #bjab through #bjbb1 the ,national ,institutes of ,health1 the ,department of ,defense1 and the ,department of ,education and inserting the following3 7#a7 ,in general ,during fiscal years #bjbj through #bjbe1 each ,federal agency with an ,,sbir or ,,sttr program 2 and 7,b7 by adding at the end the following3 7#b7 ,limitation ,the total value of awards provided by a ,federal agency under this subsection in a fiscal year shall be-- 7,a7 except as provided in subparagraph 7,b71 not more than #aj percent of the total funds allocated to the ,,sbir and ,,sttr programs of the ,federal agency during that fiscal year2 and 7,b7 with respect to the ,department of ,health and ,human ,services1 not more than #ae percent of the total funds allocated to the ,,sbir and ,,sttr programs of the ,department of ,health and ,human ,services during that fiscal year4 7#c7 ,extension ,during fiscal years #bjbd and #bjbe1 each ,federal agency with an ,,sbir or ,,sttr program may continue phase flexibility as described in this subsection only if-- 7,a7 the reports required under subsection 7tt77#a77;,b7 have been submitted to the appropriate committees2 7,b7 the results in the reports demonstrate that skipping ,phase ,i is effective at commercializing ,,sbir and ,,sttr projects2 and 7,c7 the allocation percentages in subsections 7f77#a7 and 7n77#a7 have been increased above #c4b percent and 4#de percent1 respectively4 2 7#e7 in subsection 7hh77#b77;,a77i71 by striking procedures and model contracts and inserting processes and requirements and simplified and standardized model contracts or awards2 and 7#f7 by adding at the end the following3 7vv7 ,technology ,commercialization ,official ,each ,federal agency participating in the ,,sbir or ,,sttr program shall designate a ,technology ,commercialization ,official in the ,federal agency1 who shall-- 7#a7 have sufficient commercialization experience2 7#b7 provide assistance to ,,sbir and ,,sttr program awardees in commercializing and transitioning technologies2 7#c7 identify ,,sbir and ,,sttr program technologies with sufficient technology and commercialization readiness to advance to ,phase ,,iii awards or other non-,,sbir or ,,sttr program contracts2 7#d7 coordinate with the ,technology ,commercialization ,officials of other ,federal agencies to identify additional markets and commercialization pathways for promising ,,sbir and ,,sttr program technologies2 7#e7 submit to the ,administration an annual report on the number of technologies from the ,,sbir or ,,sttr program that have advanced commercialization activities1 including information required in the commercialization impact assessment under subsection 7xx7 and how those activities may relate to support of the diversification of the ,united ,states supply chain2 7#f7 submit to the ,administration an annual report on actions taken by the ,federal agency1 and the results of those actions1 to simplify1 standardize1 and expedite the application process and requirements1 procedures1 and contracts as required under subsection 7hh7 and described in subsection 7xx77,e72 and 7#g7 carry out such other duties as the ,federal agency determines necessary4 4 #bb4 ,spurring innovation in underserved markets 7a7 ,in general ,the ,small ,business ,act 7#ae ,u4,s4,c4 #fca et seq47 is amended-- 7#a7 by redesignating section #di 7#ae ,u4,s4,c4 #fca note7 as section #ej2 and 7#b7 by inserting after section #dh 7#ae ,u4,s4,c4 #fegu7 the following3 #di4 ,innovation ,centers ,program 7a7 ,definitions ,in this section3 7#a7 ,accelerator ,the term accelerator means an organization-- 7,a7 that-- 7i7 works with a startup or growing small business concern for a predetermined period2 and 7ii7 provides mentorship and instruction to scale businesses2 and 7,b7 that may-- 7i7 provide1 but is not exclusively designed to provide1 seed investment in exchange for a small amount of equity2 and 7ii7 offer startup capital or the opportunity to raise capital from outside investors4 7#b7 ,federally recognized area of economic distress ,the term federally recognized area of economic distress means-- 7,a7 a ,h,u,b,zone2 or 7,b7 an area that has been designated as-- 7i7 an empowerment zone under section #acia of the ,internal ,revenue ,code of #aihf2 7ii7 a qualified opportunity zone under section #adjj,z-#a of the ,internal ,revenue ,code of #aihf2 7iii7 a ,promise ,zone by the ,secretary of ,housing and ,urban ,development2 or 7iv7 a low-income neighborhood or moderate-income neighborhood for purposes of the ,community ,reinvestment ,act of #aigg 7#ab ,u4,s4,c4 #bija et seq474 7#c7 ,growing2 newly established2 startup ,the terms growing1 newly established1 and startup1 with respect to a small business concern1 mean growing1 newly established1 and startup1 respectively1 within the meaning given those terms under section #g7m74 7#d7 ,incubator ,the term incubator means an organization-- 7,a7 that-- 7i7 tends to work with startup and newly established small business concerns2 and 7ii7 provides mentorship to startup and newly established small business concerns2 and 7,b7 that may-- 7i7 provide a co-working environment or a month-to-month lease program2 and 7ii7 work with a startup or newly established small business concern for a predetermined period or an open-ended period4 7#e7 ,individuals with a disability ,the term individuals with a disability means more than one individual with a disability1 as defined in section #c of the ,americans with ,disabilities ,act of #aiij 7#db ,u4,s4,c4 #abajb74 7#f7 ,eligible entity ,the term eligible entity means-- 7,a7 an institution described in any of paragraphs 7#a7 through 7#g7 of section #cga7;a7 of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajfgq7a772 7,b7 a junior or community college1 as defined in section #cab of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajeh72 or 7,c7 any nonprofit organization associated with an entity described in subparagraph 7,a7 or 7,b74 7#g7 ,rural area ,the term rural area has the meaning given that term in section #g7m77#aa74 7#h7 ,socially and economically disadvantaged individuals ,the term socially and economically disadvantaged individual means a socially and economically disadvantaged individual within the meaning given that term under section #h7;d77#c77;,c74 7b7 ,establishment ,not later than #ah months after the date of enactment of the ,,covid-#ai ,recovery by ,enhancing ,loan1 ,investment1 and ,education ,funds for ,small ,businesses ,act of #bjbj1 the ,administrator shall develop and begin implementing a program 7to be known as the ,innovation ,centers ,program7 to enter into cooperative agreements with eligible entities under this section4 7c7 ,purposes ,the purposes of the ,innovation ,centers ,program are to-- 7#a7 stimulate economic growth in underserved communities by creating good paying jobs and pathways to prosperity1 which are especially important in times of economic downturn2 7#b7 increase prospects for success for small business concerns in underserved communities1 which often suffer from higher business failure rates than the national average2 7#c7 help create a pipeline for small business concerns in underserved and rural markets into high-growth sectors1 where they are generally underrepresented2 7#d7 help address the multi-decade decline in the rate of new business creation2 7#e7 close the gaps that underserved small business concerns often have in terms of revenue and number of employees1 which represent lost opportunity for the economy2 and 7#f7 encourage collaboration between the ,administration and institutions of higher learning that serve low-income and minority communities4 7d7 ,authority 7#a7 ,in general ,the ,administrator may-- 7,a7 enter into cooperative agreements to provide financial assistance to eligible entities to conduct #e-year projects for the benefit of startup1 newly established1 or growing small business concerns2 and 7,b7 renew a cooperative agreement entered into under this section for additional #c-year periods1 in accordance with paragraph 7#c74 7#b7 ,project requirements ,a project conducted under a cooperative agreement under this section shall-- 7,a7 include operating as an accelerator1 an incubator1 or any other small business innovation-focused project as the ,administrator approves2 7,b7 be carried out in such locations as to provide maximum accessibility and benefits to the small business concerns that the project is intended to serve2 7,c7 have a full-time staff1 including a full-time director who shall-- 7i7 have the authority to make expenditures under the budget of the project2 and 7ii7 manage the activities carried out under the project2 7,d7 include the joint provision of programs and services by the eligible entity and the ,administration1 which-- 7i7 shall be jointly developed1 negotiated1 and agreed upon1 with full participation of both parties1 pursuant to an executed cooperative agreement between the eligible entity and the ,administration2 and 7ii7 shall include-- 7,i7 #a-to-#a individual counseling as described in section #ba7;c77#c77;,a72 and 7,,ii7 a formal1 structured mentorship program2 7,e7 incorporate continuous upgrades and modifications to the services and programs offered under the project1 as needed to meet the changing and evolving needs of the business community2 7,f7 involve working with underserved groups1 which include-- 7i7 women2 7ii7 socially and economically disadvantaged individuals2 7iii7 veterans2 7iv7 individuals with disabilities2 or 7v7 startup1 newly established1 or growing small business concerns located in rural areas2 7,g7 not impose or otherwise collect a fee or other compensation in connection with participation in the programs and services described in subparagraph 7,d77ii72 and 7,h7 ensure that small business concerns participating in the project have access1 including through resource partners1 to information concerning ,federal1 ,state1 and local regulations that affect small business concerns4 7#c7 ,continued funding 7,a7 ,in general ,an eligible entity that enters into an initial cooperative agreement or a renewal of a cooperative under paragraph 7#a7 may submit an application for a #c-year renewal of the cooperative agreement at such time1 in such manner1 and accompanied by such information as the ,administrator may establish4 7,b7 ,application and approval criteria 7i7 ,criteria ,the ,administrator shall develop and publish criteria for the consideration and approval of applications for renewals by eligible entities under this paragraph1 which shall take into account the structure and the stated goals of the project4 7ii7 ,notification ,not later than #fj days after the date of the deadline to submit applications for each fiscal year1 the ,administrator shall approve or deny any application under this paragraph and notify the applicant for each such application4 7,c7 ,priority ,in allocating funds made available for cooperative agreements under this section1 the ,administrator shall give applications under this paragraph priority over first-time applications for cooperative agreements under paragraph 7#a77;,a74 7#d7 ,limit on use of funds ,amounts received by an eligible entity under a cooperative agreement under this section may not be used to provide capital to a participant in the project carried out under the cooperative agreement4 7#e7 ,scope of authority 7,a7 ,subject to appropriations ,the authority of the ,administrator to enter into cooperative agreements under this section shall be in effect for each fiscal year only to the extent and in the amounts as are provided in advance in appropriations ,acts4 7,b7 ,suspension1 termination1 and failure to renew or extend ,after the ,administrator has entered into a cooperative agreement with an eligible entity under this section1 the ,administrator shall not suspend1 terminate1 or fail to renew or extend the cooperative agreement unless the ,administrator provides the eligible entity with written notification setting forth the reasons therefore and affords the eligible entity an opportunity for a hearing1 appeal1 or other administrative proceeding under chapter #e of title #e1 ,united ,states ,code4 7e7 ,criteria 7#a7 ,in general ,the ,administrator shall-- 7,a7 establish and rank in terms of relative importance the criteria the ,administrator shall use in awarding cooperative agreements under this section1 which shall include-- 7i7 whether the proposed project will be located in-- 7,i7 a federally recognized area of economic distress2 7,,ii7 a rural area2 or 7,,iii7 an area lacking sufficient entrepreneurial development resources1 as determined by the ,administrator2 and 7ii7 whether the proposed project demonstrates a commitment to partner with core stakeholders working with small business concerns in the relevant area1 including-- 7,i7 investment and lending organizations2 7,,ii7 nongovernmental organizations2 7,,iii7 programs of ,state and local governments that are concerned with aiding small business concerns2 7,,iv7 ,federal agencies2 and 7,v7 for-profit organizations with an expertise in small business innovation2 7,b7 make publicly available1 including on the website of the ,administration1 and state in each solicitation for applications for cooperative agreements under this section the selection criteria and ranking established under subparagraph 7,a72 and 7,c7 evaluate and rank applicants for cooperative agreements under this section in accordance with the selection criteria and ranking established under subparagraph 7,a74 7#b7 ,contents ,the criteria established under paragraph 7#a77;,a7-- 7,a7 for eligible entities that have in operation an accelerator1 incubator1 or other small business innovation-focused project shall include the record of the eligible entity in assisting growing1 newly established1 and startup small business concerns1 including1 for each of the #c full years before the date on which the eligible entity applies for a cooperative agreement under this section1 or if the accelerator1 incubator1 or other small business innovation-focused project has been in operation for less than #c years1 for the most recent full year the accelerator1 incubator1 or other small business innovation-focused project was in operation-- 7i7 the number and retention rate of growing1 newly established1 and startup business concerns in the program of the eligible entity2 7ii7 the average period of participation by growing1 newly established1 and startup small business concerns in the program of the eligible entity2 7iii7 the total and median capital raised by growing1 newly established1 and startup small business concerns participating in the program of the eligible entity2 7iv7 the number of investments or loans received by growing1 newly established1 and startup small business concerns participating in the program of the eligible entity2 and 7v7 the total and median number of employees of growing1 newly established1 and startup small business concerns participating in the program of the eligible entity2 and 7,b7 for all eligible entities-- 7i7 shall include whether the eligible entity-- 7,i7 indicates the structure and goals of the project2 7,,ii7 demonstrates ties to the business community2 7,,iii7 identifies the resources available for the project2 7,,iv7 describes the capabilities of the project1 including coordination with local resource partners and local or national lending partners of the ,administration2 7,v7 addresses the unique business and economic challenges faced by the community in which the eligible entity is located and businesses in that community2 and 7,,vi7 provides a proposed budget and plan for use of funds2 and 7ii7 may include any other criteria determined appropriate by the ,administrator4 7f7 ,program examination 7#a7 ,in general ,the ,administrator shall-- 7,a7 develop and implement an annual programmatic and financial examination of each project conducted under this section1 under which each eligible entity entering into a cooperative agreement under this section shall provide to the ,administrator-- 7i7 an itemized cost breakdown of actual expenditures for costs incurred during the preceding year2 and 7ii7 documentation regarding-- 7,i7 the amount of matching assistance from non-,federal sources obtained and expended by the eligible entity during the preceding year in order to meet the matching requirement2 and 7,,ii7 with respect to any in-kind contributions that were used to satisfy the matching requirement1 verification of the existence and valuation of those contributions2 and 7,b7 analyze the results of each examination conducted under subparagraph 7,a7 and1 based on that analysis1 make a determination regarding the programmatic and financial viability of each eligible entity4 7#b7 ,conditions for continued funding ,in determining whether to continue or renew a cooperative agreement under this section1 the ,administrator-- 7,a7 shall consider the results of the most recent examination of the project under paragraph 7#a72 and 7,b7 may terminate or not renew a cooperative agreement1 if the ,administrator determines that the eligible entity has failed to provide any information required to be provided 7including information provide for purpose of the annual report by the ,administrator under subsection 7n77 or the information provided by the eligible entity is inadequate4 7g7 ,training and technical assistance ,the ,administrator-- 7#a7 shall provide in person or online training and technical assistance to each eligible entity entering into a cooperative agreement under this section at the beginning of the participation of the eligible entity in the ,innovation ,centers ,program1 or as requested by the eligible entity1 in order to build the capacity of the eligible entity and ensure compliance with procedures established by the ,administrator2 7#b7 shall ensure that the training and technical assistance described in paragraph 7#a7 is provided at no cost or at a low cost2 and 7#c7 may enter into a contract to provide the training or technical assistance described in paragraph 7#a7 with #a or more organizations with expertise in the entrepreneurial development programs of the ,administration1 innovation1 and entrepreneurial development4 7h7 ,coordination ,in carrying out a project under this section1 an eligible entity may coordinate with-- 7#a7 resource and lending partners of the ,administration2 7#b7 programs of ,state and local governments that are concerned with aiding small business concerns2 and 7#c7 other ,federal agencies1 including to provide services to and assist small business concerns in participating in the ,,sbir and ,,sttr programs1 as defined in section #i7;e74 7i7 ,funding limit ,the amount of financial assistance provided to an eligible entity under a cooperative agreement entered into under this section shall be not more than #djj1jjj during each year4 7j7 ,matching requirement 7#a7 ,in general ,an eligible entity shall contribute toward the cost of the project carried out under the cooperative agreement under this section an amount equal to #ej percent of the amount received under the cooperative agreement4 7#b7 ,in-kind contributions ,not more than #ge percent of the contribution of an eligible entity under paragraph 7#a7 may be in the form of in-kind contributions4 7#c7 ,waiver 7,a7 ,in general ,if the ,administrator determines that an eligible entity is unable to meet the contribution requirement under paragraph 7#a71 the ,administrator may reduce the required contribution4 7,b7 ,presumption 7i7 ,in general ,the ,administration shall1 by regulation1 establish criteria to determine which eligible entities are presumed to be unable to meet the contribution requirement under paragraph 7#a74 7ii7 ,stakeholders ,in establishing the criteria under clause 7i71 the ,administrator shall work with stakeholders immediately impacted by the criteria4 7iii7 ,periodic review ,the ,administration shall periodically review the criteria established under clause 7i7 not less than every #e years to ensure that the criteria aligns with economic conditions4 7#d7 ,failure to obtain non-federal funding ,if an eligible entity fails to obtain the required non-,federal contribution during any project1 or the reduced non-,federal contribution as determined by the ,administrator-- 7,a7 the eligible entity shall not be eligible thereafter for any other project for which it is or may be funded by the ,administration2 and 7,b7 prior to approving assistance for the eligible entity for any other projects1 the ,administrator shall specifically determine whether the ,administrator believes that the eligible entity will be able to obtain the requisite non-,federal funding and enter a written finding setting the forth the reasons for making that determination4 7#e7 ,rule of construction ,the demonstrated inability of an eligible entity to meet the contribution requirement under paragraph 7#a7 shall not disqualify the eligible entity from entering into a cooperative agreement under this section4 7k7 ,contract authority 7#a7 ,in general ,an eligible entity may enter into a contract with a ,federal department or agency to provide specific assistance to startup1 newly established1 or growing small business concerns4 7#b7 ,performance ,performance of a contract entered into under paragraph 7#a7 may not hinder the eligible entity in carrying out the terms of the cooperative agreement under this section4 7#c7 ,exemption from matching requirement ,a contract entered into under paragraph 7#a7 shall not be subject to the matching requirement under subsection 7j74 7#d7 ,additional provision ,notwithstanding any other provision of law1 a contract for assistance under paragraph 7#a7 shall not be applied to any ,federal department or agency's small business1 woman-owned business1 or socially and economically disadvantaged business contracting goal under section #ae7;g74 7l7 ,privacy requirements 7#a7 ,in general ,an eligible entity may not disclose the name1 address1 or telephone number of any individual or small business concern receiving assistance under this section without the consent of such individual or small business concern1 unless-- 7,a7 the ,administrator is ordered to make such a disclosure by a court in any civil or criminal enforcement action initiated by a ,federal or ,state agency2 or 7,b7 the ,administrator considers such a disclosure to be necessary for the purpose of conducting a financial audit of an eligible entity1 but a disclosure under this subparagraph shall be limited to the information necessary for such audit4 7#b7 ,administration use of information ,this subsection shall not-- 7,a7 restrict ,administration access to program activity data2 or 7,b7 prevent the ,administration from using client information 7other than the information described in subparagraph 7,a77 to conduct client surveys4 7#c7 ,regulations ,the ,administrator shall issue regulations to establish standards for requiring disclosures during a financial audit under paragraph 7#a77;,b74 7m7 ,publication of information ,the ,administrator shall-- 7#a7 publish information about the program under this section online1 including-- 7,a7 on the website of the ,administration2 and 7,b7 on the social media of the ,administration2 and 7#b7 request that the resource and lending partners of the ,administration and the district offices of the ,administration publicize the program4 7n7 ,annual reporting ,not later than #a year after the date on which the ,administrator establishes the program under this section1 and every year thereafter1 the ,administrator shall submit to ,congress a report on the activities under the program1 including-- 7#a7 a list of all eligible entities participating in the program2 7#b7 the number of startup1 newly established1 and growing small business concerns participating in the project carried out by each eligible entity under a cooperative agreement under this section 7in this paragraph referred to as participants71 including a breakdown of the owners of the participants by race1 gender1 veteran status1 and urban versus rural location2 7#c7 the retention rate for participants2 7#d7 the total and median amount of capital accessed by participants1 including the type of capital accessed2 7#e7 the total and median number of employees of participants2 7#f7 the number and median wage of jobs created by participants2 7#g7 the number of jobs sustained by participants2 and 7#h7 information regarding such other metrics as the ,administrator determines appropriate4 7o7 ,funding 7#a7 ,authorization of appropriations ,there are authorized to be appropriated to carry out this section-- 7,a7 #d1jjj1jjj for the first fiscal year beginning after the date of enactment of the ,,covid-#ai ,recovery by ,enhancing ,loan1 ,investment1 and ,education ,funds for ,small ,businesses ,act of #bjbj2 7,b7 #g1ejj1jjj for the second fiscal year beginning after such date of enactment2 and 7,c7 #ab1jjj1jjj for each of the third1 fourth1 and fifth fiscal years beginning after such date of enactment4 7#b7 ,administrative expenses ,of the amount made available to carry out this section for any fiscal year1 not more than #aj percent may be used by the ,administrator for administrative expenses4 4 7b7 ,regulations ,the ,administrator shall promulgate regulations to carry out section #di of the ,small ,business ,act1 as added by subsection 7b74 #bc4 ,coordinating lending in underserved markets ,section #g of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7 is amended by adding at the end the following3 7o7 ,office of emerging markets 7#a7 ,definitions ,in this subsection-- 7,a7 the term ,associate ,administrator means the ,associate ,administrator of the ,office of ,capital ,access of the ,administration2 7,b7 the term ,director means the ,director of the ,office of ,emerging ,markets2 7,c7 the term microloan program means the program described in subsection 7m72 7,d7 the term ,reservist means a member of a reserve component of the ,armed ,forces named in section #ajaja of title #aj1 ,united ,states ,code2 7,e7 the term rural area has the meaning given the term in subsection 7m77#aa72 7,f7 the term service-connected has the meaning given the term in section #aja of title #ch1 ,united ,states ,code2 and 7,g7 the term small business concern in an emerging market means a small business concern-- 7i7 that is located in-- 7,i7 a low income or moderate income area for purposes of the ,community ,development ,block ,grant ,program under title ,i of the ,housing and ,community ,development ,act of #aigd 7#db ,u4,s4,c4 #ecja et seq472 7,,ii7 a ,h,u,b,zone2 7,,iii7 a community that has been designated as an empowerment zone or an enterprise community under section #acia of the ,internal ,revenue ,code of #aihf2 7,,iv7 a community that has been designated as a ,promise ,zone by the ,secretary of ,housing and ,urban ,development2 7,v7 a community that has been designated as a qualified opportunity zone under section #adjj,z-#a of the ,internal ,revenue ,code of #aihf2 or 7,,vi7 a rural area2 7ii7 that has more than #ej percent of employees residing in a low- or moderate-income community2 7iii7 that is growing1 newly established1 or a startup1 as those terms are used in subsection 7m72 7iv7 owned and controlled by socially and economically disadvantaged individuals1 including ,black ,americans1 ,hispanic ,americans1 ,native ,americans1 ,asian ,pacific ,americans1 and other minorities2 7v7 owned and controlled by women2 7vi7 owned and controlled by veterans2 7vii7 owned and controlled by service-disabled veterans2 or 7viii7 not less than #ea percent owned and controlled by #a or more-- 7,i7 members of the ,armed ,forces participating in the ,transition ,assistance ,program of the ,department of ,defense2 7,,ii7 ,reservists2 7,,iii7 spouses of veterans1 members of the ,armed ,forces1 or ,reservists2 7,,iv7 surviving spouses of veterans who died on active duty or as a result of a service-connected disability2 or 7,v7 individuals with a disability1 as defined in section #c of the ,americans with ,disabilities ,act of #aiij 7#db ,u4,s4,c4 #abajb74 7#b7 ,establishment ,there is established within the ,administration the ,office of ,emerging ,markets1 which shall be-- 7,a7 under the general management and oversight of the ,administration2 and 7,b7 responsible for the planning1 coordination1 implementation1 evaluation1 and improvement of the efforts of the ,administrator to enhance the economic well-being of small business concerns in an emerging market4 7#c7 ,purposes ,the purposes of the ,office of ,emerging ,markets are-- 7,a7 to provide the ,administration with an integrated approach to the development of small business concerns in emerging markets2 7,b7 to reignite economic opportunity for underserved or emerging markets1 particularly after an economic downturn2 and 7,c7 to oversee the expansion of access to capital programs that meet the needs of emerging markets4 7#d7 ,director 7,a7 ,in general ,not later than #ahj days after the date of enactment of the ,,covid-#ai ,recovery by ,enhancing ,loan1 ,investment1 and ,education ,funds for ,small ,businesses ,act of #bjbj1 the ,administrator shall appoint a ,director of the ,office of ,emerging ,markets1 who shall-- 7i7 supervise the ,office of ,emerging ,markets and report to the ,associate ,administrator2 and 7ii7 be in the ,senior ,executive ,service4 7,b7 ,duties ,the ,director shall-- 7i7 create and implement strategies and programs that provide an integrated approach to the development of small business concerns in an emerging market2 7ii7 develop and recommend policies concerning the microloan program and any other access to capital program of the ,administration1 as such programs pertain to small business concerns in an emerging market2 7iii7 establish partnerships to advance the goal of improving the economic success of small business concerns in an emerging market2 and 7iv7 review the effectiveness and impact of the microloan program and any other access to capital program of the ,administration that is targeted to serve small business concerns in an emerging market4 7,c7 ,consultation ,in carrying out the duties under this paragraph1 the ,director shall consult with district offices of the ,administration4 4 #bd4 ,authorization of appropriations and other matters 7a7 ,authorization of appropriations ,in addition to amounts provided under any other provision of law1 there is authorized to be appropriated1 to remain available until expended-- 7#a7 #e1jjj1jjj1jjj to carry out sections #h1 #i1 #aj1 and #aa2 7#b7 #agg1jjj1jjj for administrative expenses related to carrying out the disaster loan program under section #g7;b77#b7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;b77#b772 7#c7 #a1jjj1jjj1jjj for loan subsidies for the disaster loan program under section #g7;b77#b7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;b77#b772 and 7#d7 #bjj1jjj1jjj for salaries and expenses for the ,administration4 7b7 ,allowable uses of #g7;a7 program loans 7#a7 ,in general ,during the period beginning on the date of enactment of this ,act and ending on ,september #cj1 #bjba1 a recipient of a loan made under section #g7;a7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77 7including a recipient of assistance under the ,community ,advantage ,pilot ,program of the ,administration7 may1 in addition to the allowable uses of such a loan1 use the proceeds of the loan for payroll support1 including paid sick1 medical1 or family leave1 and costs related to the continuation of group health care benefits during those periods of leave4 7#b7 ,guidance ,not later than #ae days after the date of enactment of this ,act1 the ,administrator shall issue guidance to lenders under section #g7;a7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77 on payroll and support and disrupted supply chain eligibility under paragraph 7#a74 #be4 ,emergency rulemaking authority ,not later than #ae days after the date of enactment of this ,act1 the ,administrator shall issue regulations to carry out this ,act without regard to the notice requirements under section #eec7;b7 of title #e1 ,united ,states ,code4