,,ii #aaf? ,,congress #b;d ,session ,s4 #djad ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,june #ah1 #bjbj,mr4 ,c>d9 7= himself1 ,mr4 ,coons1 ,mrs4 ,%ahe51 & ,mr4 ,casey7 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,small ,bus9ess & ,entrepr5eur%ip ,a ,,bill ,to provide = supplem5tal loans "u ! ,pay*eck ,protection ,program4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,prioritiz$ ,pay*eck ,protection ,program ,act or ! ,p#d ,act4 #b4 ,pay*eck ,protection ,program improvem5ts 7a7 ,ext5sion = c]ta9 bus9ess conc]ns ,section #g7;a77#cf77;,b7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77;,b77 is am5d$-- 7#a7 by /rik+ ,except & ins]t+ ! foll[+3 7i7 ,9 g5]al ,except 2 & 7#b7 by add+ at ! end ! foll[+3 7ii7 ,supplem5tal ,,ppp loans 7,i7 ,def9itions ,9 ?is clause-- 7aa7 ! t]ms ex*ange1 issu]1 & security h ! mean+s giv5 su* t]ms 9 section #c7;a7 ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;c7a772 7bb7 ! t]m gross receipts means gross receipts )9 ! mean+ ( section #ddh7;c7 ( ! ,int]nal ,rev5ue ,code ( #aihf2 7cc7 ! t]m national securities ex*ange means an ex*ange regi/]$ z a national securities ex*ange "u section #f ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;f72 7dd7 ! t]m publicly trad$ entity means an issu]1 ! securities ( :i* are li/$ on a national securities ex*ange2 7ee7 ! t]m small] conc]n means an eligible recipi5t t-- 7,,aa7 has n m ?an #ajj employees2 7,,bb7 op]ates "u a sole proprietor%ip or z an indep5d5t contractor2 or 7,,cc7 is an eligible self-employ$ individual2 & 7ff7 ! t]m significant loss 9 rev5ue means t1 due to ! impact ( ,,covid-#ai-- 7,,aa7 ! gross receipts ( ! eligible recipi5t dur+ ! fir/ or second cal5d> qu>t] ( #bjbj are less ?an #ej p]c5t ( ! gross receipts ( ! eligible recipi5t dur+ ! same cal5d> qu>t] 9 #bjai2 7,,bb7 if ! eligible recipi5t 0 n 9 bus9ess on ,april #a1 #bjai1 ! gross receipts ( ! eligible recipi5t dur+ any #b-mon? p]iod dur+ ! fir/ #b cal5d> qu>t]s ( #bjbj are less ?an #ej p]c5t ( ! am\nt ( ! gross receipts ( ! eligible recipi5t dur+ any prior #b-mon? p]iod dur+ ! fir/ #b cal5d> qu>t]s ( #bjbj2 or 7,,cc7 if ! eligible recipi5t is seasonal employ]1 z det]m9$ by ! ,adm9i/rator1 ! gross receipts ( ! eligible recipi5t dur+ any #b-mon? p]iod dur+ ! fir/ #b cal5d> qu>t]s ( #bjbj are less ?an #ej p]c5t ( ! am\nt ( ! gross receipts ( ! eligible recipi5t dur+ ! same #b-mon? p]iod 9 #bjai4 7,,ii7 ,au?ority ,except z o!rwise provid$ 9 ?is clause1 = an eligible recipi5t t has receiv$ a cov]$ loan "u clause 7i71 ! ,adm9i/rator may gu>antee a s+le supplem5tal cov]$ loan to ! eligible recipi5t "u ! same t]ms1 conditions1 & processes z a cov]$ loan made "u clause 7i74 7,,iii7 ,application deadl9e ,an eligible recipi5t %all submit an application = a supplem5tal cov]$ loan "u ?is clause n lat] ?an ,octob] #a1 #bjbj1 or su* lat] date z ! ,adm9i/rator det]m9es appropriate4 7,,iv7 ,*oice ( l5d] ,an eligible recipi5t may apply = a supplem5tal cov]$ loan "u ?is clause ) ! l5d] t made ! cov]$ loan "u clause 7i7 to ! eligible recipi5t or ano!r l5d]4 7,v7 ,eligibility 7aa7 ,9 g5]al ,a supplem5tal cov]$ loan "u ?is clause-- 7,,aa7 may be made to an eligible recipi5t t is a small] conc]n1 has _h a significant loss 9 rev5ue1 & has us$1 or is exp5d+ funds at a rate t ! eligible recipi5t w use on or be=e ! expect$ date ( ! disbursem5t ( ! supplem5tal cov]$ loan "u ?is clause1 ! full am\nt ( ! cov]$ loan receiv$ "u clause 7i72 & 7,,bb7 may n be made to a publicly trad$ entity4 7bb7 ,bus9ess conc]ns ) m ?an #a physical location 7,,aa7 ,9 g5]al ,= purposes ( a supplem5tal cov]$ loan "u ?is clause1 subp>agraph 7,d77iii7 %all be appli$ by sub/itut+ n m ?an #ajj employees p] physical location = n m ?an #ejj employees p] physical location4 7,,bb7 ,limit = multiple locations ,= an eligible recipi5t ) m ?an #a physical location1 ! total am\nt ( all supplem5tal cov]$ loans "u ?is clause to ! eligible recipi5t %all n be m ?an #b1jjj1jjj4 7,,vi7 ,maximum am\nt = supplem5tal ,,ppp ,! maximum am\nt ( a supplem5tal cov]$ loan "u ?is clause is ! less] (-- 7aa7 ! product obta9$ by multiply+-- 7,,aa7 ! av]age total mon?ly paym5ts = payroll co/s by ! eligible recipi5t us$ to det]m9e ! maximum am\nt ( ! cov]$ loan "u clause 7i7 made to ! eligible recipi5t "u ?is p>agraph2 by 7,,bb7 #b4e2 or 7bb7 #b1jjj1jjj4 7,,vii7 ,exception f c]ta9 c]tification requirem5ts ,an eligible recipi5t apply+ = a supplem5tal cov]$ loan "u ?is clause %all n be requir$ to make ! c]tification describ$ 9 subclauses 7,,iii7 or 7,,iv7 ( subp>agraph 7,g77i74 7,,viii7 ,reimbursem5t = process+ supplem5tal ,,ppp ,= a supplem5tal cov]$ loan "u ?is clause ( n m ?an #ej1jjj1 ! reimbursem5t "u subp>agraph 7,p77,i7 by ! ,adm9i/rator %all n be less ?an #b1ejj4 7iii7 ,priority = smalle/ recipi5ts 7,i7 ,application process+ ,9 process+ applications to gu>antee cov]$ loans1 ! ,adm9i/rator %all1 tak+ into acc\nt ! s5se ( ! ,s5ate on giv+ priority to und]s]v$ & rural borr[]s "u subp>agraph 7,p77iv71 prioritize ! process+ ( applications to gu>antee cov]$ loans "u clause 7i7 or 7ii7 to eligible recipi5ts t h n m ?an #aj employees4 7,,ii7 ,fund+ priority ,! ,adm9i/rator %all ensure t-- 7aa7 ( ! unobligat$ balances available = cov]$ loans on ! date ( enactm5t ( ! ,prioritiz$ ,pay*eck ,protection ,program ,act1 n less ?an ! less] ( #bj p]c5t ( su* unobligat$ balances or #be1jjj1jjj1jjj is us$ = gu>antee+ cov]$ loans "u clause 7i7 or 7ii7 to eligible recipi5ts t h n m ?an #aj employees2 & 7bb7 to ! ext5t additional am\nts are made available = cov]$ loans aft] ! date ( enactm5t ( ! ,prioritiz$ ,pay*eck ,protection ,program ,act1 n less ?an ! less] ( #bj p]c5t ( ! sum ( ! unobligat$ balances describ$ 9 subitem 7,,aa7 & su* additional am\nts or #be1jjj1jjj1jjj is us$ = gu>antee+ cov]$ loans "u clause 7i7 or 7ii7 to eligible recipi5ts t h n m ?an #aj employees4 4 7b7 ,cov]$ p]iods 7#a7 ,au?ority to ext5d p]iod = mak+ ,,ppp & ,p#d loans ,section #g7;a77#cf77;,a77iii7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77;,a77iii77 is am5d$ by ins]t+ 1 or su* lat] date z ! ,adm9i/rator det]m9es appropriate aft] ,decemb] #ca1 #bjbj4 7#b7 ,p]iod = co/s t are eligible = =giv5ess & application submission ,section #aajf ( ! ,,c>es ,act 7,public ,law #aaf-acf7 is am5d$-- 7,a7 9 subsection 7a71 by /rik+ p>agraph 7#c7 & ins]t+ ! foll[+3 7#c7 ! t]m cov]$ p]iod means ! p]iod-- 7,a7 beg9n+ on ! date ( ! orig9ation ( a cov]$ loan2 & 7,b7 end+ on a date select$ by ! eligible recipi5t ( ! cov]$ loan t occurs dur+ ! p]iod-- 7i7 beg9n+ on ! date t is #h weeks aft] su* date ( orig9ation2 & 7ii7 end+ on ,decemb] #ca1 #bjbj1 or su* lat] date z ! ,adm9i/rator det]m9es appropriate4 2 7,b7 9 subsection 7d71 by ins]t+ 1 or su* lat] date z ! ,adm9i/rator det]m9es appropriate aft] ,decemb] #ca1 #bjbj ea* place x appe>s2 7,c7 9 subsection 7e71 9 ! matt] prec$+ p>agraph 7#a71 by /rik+ ,an eligible recipi5t & ins]t+ ,aft] ! end ( ! cov]$ p]iod ) respect to an eligible recipi5t1 ! eligible recipi5t2 & 7,d7 by /rik+ subsection 7l74 7#c7 ,applicability ( am5dm5ts ,! am5dm5ts made by p>agraph 7#b7 %all apply to a loan made "u p>agraph 7#cf7 ( section #g7;a7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77 be=e1 on1 or aft] ! date ( enactm5t ( ?is ,act4 7c7 ,implem5tation ( ,inspector ,g5]al sugge/$ actions = ,,ppp ov]sight ,n lat] ?an #e days aft] ! date ( enactm5t ( ?is ,act1 ! ,adm9i/rator ( ! ,small ,bus9ess ,adm9i/ration %all-- 7#a7 issue guidance to prioritize und]s]v$ bus9esses1 z describ$ 9 ! s5se ( ! ,s5ate provision "u subp>agraph 7,p77iv7 ( section #g7;a77#cf7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf772 7#b7 issue an updat$ loan orig9 application = initial cov]$ loans "u su* section & issue an orig9 application = supplem5tal cov]$ loans "u su* section t collects demographic data to provide transp>5cy = l5d+ to und]s]v$ & rural m>kets1 z requir$ "u subp>agraph 7,p7 ( su* section2 7#c7 implem5t ! loan regi/ration requir$ "u su* section2 & 7#d7 consi/5t ) in=mation t ! ,adm9i/rator makes available on loans made by ! ,adm9i/ration 9 compliance ) section #eeb ( title #e1 ,unit$ ,/ates ,code 7commonly kn[n z ! ,fre$om ( ,in=mation ,act71 beg9 publi%+ on ! website ( ! ,adm9i/ration in=mation ab\t ! pay*eck protection program "u section #g7;a77#cf7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf771 includ+ initial cov]$ loans & supplem5tal cov]$ loans1 includ+-- 7,a7 ! "n ( ea* bus9ess or nonpr(it organization borr[]2 7,b7 ! address ( ! pr9cipal place ( bus9ess ( ea* borr[]2 7,c7 ! "n & address ( ! pr9cipal place ( bus9ess ( ea* l5d]2 7,d7 ! am\nt ( ea* loan2 7,e7 ! ,nor? ,am]ican ,indu/ry ,classification ,sy/em code ( ea* borr[]2 7,f7 :e!r ea* borr[] is a fran*isee2 & 7,g7 ! type ( bus9ess ( ea* borr[]4 7d7 ,=giv5ess comp5sation fees ,section #g7;a77#cf77,p7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77,p77 is am5d$ by add+ at ! end ! foll[+3 7v7 ,=giv5ess application assi/ance ,) respect to initial cov]$ loans & supplem5tal cov]$ loans1 ! ,adm9i/rator may reimburse an ag5t t assi/s an eligible recipi5t 9 prep>+ an application = & docum5tation requir$ to obta9 =giv5ess "u section #aajf ( ! ,c>es ,act 7,public ,law #aaf-acf71 9 an am\nt n to exce$ #ejj4 4 7e7 ,am\nt au?oriz$ = commitm5ts ,section #aajb7;b7 ( ! ,,c>es ,act 7,public ,law #aaf-acf7 is am5d$ to read z foll[s3 7b7 ,commitm5ts = ,,ppp & o!r #g7;a7 loans 7#a7 ,,ppp loans ,dur+ ! p]iod beg9n+ on ! date ( enactm5t ( ! ,prioritiz$ ,pay*eck ,protection ,program ,act & end+ on ,decemb] #ca1 #bjbj1 or su* lat] date z ! ,adm9i/rator det]m9es appropriate1 subject to ! availability ( appropriations1 ! ,adm9i/rator may make commitm5ts "u p>agraph 7#cf7 ( section #g7;a7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77 9 su* am\nts z ! ,adm9i/rator det]m9es necess>y4 7#b7 ,o!r #g7;a7 ,loans ,dur+ fiscal ye> #bjbj1 ! am\nt au?oriz$ = commitm5ts = section #g7;a7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77 "u ! head+ ,,bus9ess ,,loans ,,program ,,acc\nt "u ! head+ ,small ,bus9ess ,adm9i/ration "u title ,v ( ! ,consolidat$ ,appropriations ,act1 #bjbj 7,public ,law #aaf-ic2 #acc ,/at4 #bdge7 %all apply ) respect to any commitm5ts "u su* section #g7;a7 o!r ?an "u p>agraph 7#cf7 ( su* section #g7;a74 4