,,ii #aafth ,,congress #b;d ,session ,s4 #dcba ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,july #bg1 #bjbj,mr4 ,rubio 7for himself and ,ms4 ,collins7 introduced the following bill2 which was read twice and referred to the ,committee on ,small ,business and ,entrepreneurship ,a ,,bill ,to establish the ,paycheck ,protection ,program ,second ,draw ,loan and amend the #g7;a7 loan guaranty program for recovery sector business concerns1 and for other purposes4 #a4 ,short title2 table of contents 7a7 ,short title ,this ,act may be cited as the ,continuing ,small ,business ,recovery and ,paycheck ,protection ,program ,act4 7b7 ,table of contents ,the table of contents for this ,act is as follows3 ,sec4 #a4 ,short title2 table of contents4,sec4 #b4 ,definitions4,sec4 #c4 ,emergency rulemaking authority4,,title ,i--,paycheck protection program improvements,sec4 #aja4 ,additional eligible expenses4,sec4 #ajb4 ,lender safe harbor4,sec4 #ajc4 ,selection of covered period for forgiveness4,sec4 #ajd4 ,simplified application4,sec4 #aje4 ,group insurance payments as payroll costs4,sec4 #ajf4 ,paycheck protection program second draw loans4,sec4 #ajg4 ,continued access to the paycheck protection program4,sec4 #ajh4 ,increased ability for paycheck protection program borrowers to request an increase in loan amount due to updated regulations4,sec4 #aji4 ,calculation of maximum loan amount for farmers and ranchers under the paycheck protection program4,sec4 #aaj4 ,farm ,credit ,system institutions4,sec4 #aaa4 ,definition of seasonal employer4,sec4 #aab4 ,changes to the #g7;a7 loan guaranty program for recovery sector business concerns4,sec4 #aac4 ,eligibility of #eja7;c77#f7 organizations for loans under the paycheck protection program4,sec4 #aad4 ,prohibition on use of loan proceeds for lobbying activities4,sec4 #aae4 ,effective date2 applicability4,sec4 #aaf4 ,bankruptcy provisions4,sec4 #aag4 ,conflicts of interest4,,title ,,ii--,small business programs generally,sec4 #aba4 ,small business investment company program4,,title ,,iii--,appropriations,sec4 #aca4 ,commitment authority and appropriations4 #b4 ,definitions ,in this ,act3 7#a7 ,administration2 ,administrator ,the terms ,administration and ,administrator mean the ,small ,business ,administration and the ,administrator thereof4 7#b7 ,small business concern ,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 #c4 ,emergency rulemaking authority ,not later than #cj days after the date of enactment of this ,act1 the ,administrator shall issue regulations to carry out this ,act and the amendments made by this ,act without regard to the notice requirements under section #eec7;b7 of title #e1 ,united ,states ,code4 ,i ,paycheck protection program improvements #aja4 ,additional eligible expenses 7a7 ,allowable use of ,,ppp loan ,section #g7;a77#cf77;,f77i7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77;,f77i77 is amended-- 7#a7 in subclause 7,,vi71 by striking and at the end2 7#b7 in subclause 7,,vii71 by striking the period at the end and inserting a semicolon2 and 7#c7 by adding at the end the following3 7,,viii7 covered operations expenditures1 as defined in section #aajf7;a7 of the ,,cares ,act 7#ae ,u4,s4,c4 #ijje7;a772 7,,ix7 covered property damage costs1 as defined in such section #aajf7;a72 7,x7 covered supplier costs1 as defined in such section #aajf7;a72 and 7,,xi7 covered worker protection expenditures1 as defined in such section #aajf7;a74 4 7b7 ,loan forgiveness ,section #aajf of the ,,cares ,act 7#ae ,u4,s4,c4 #ijje7 is amended-- 7#a7 in subsection 7a7-- 7,a7 by redesignating paragraphs 7#f71 7#g71 and 7#h7 as paragraphs 7#aj71 7#aa71 and 7#ab71 respectively2 7,b7 by redesignating paragraph 7#e7 as paragraph 7#h72 7,c7 by redesignating paragraph 7#d7 as paragraph 7#f72 7,d7 by redesignating paragraph 7#c7 as paragraph 7#d72 7,e7 by inserting after paragraph 7#b7 the following3 7#c7 the term covered operations expenditure means a payment for any business software or cloud computing service that facilitates business operations1 product or service delivery1 the processing1 payment1 or tracking of payroll expenses1 human resources1 sales and billing functions1 or accounting or tracking of supplies1 inventory1 records and expenses2 2 7,f7 by inserting after paragraph 7#d71 as so redesignated1 the following3 7#e7 the term covered property damage cost means a cost related to property damage and vandalism or looting due to public disturbances that occurred during #bjbj that was not covered by insurance or other compensation2 2 7,g7 by inserting after paragraph 7#f71 as so redesignated1 the following3 7#e7 the term covered supplier cost means an expenditure made by an entity to a supplier of goods pursuant to a contract in effect before ,february #ae1 #bjbj for the supply of goods that are essential to the operations of the entity at the time at which the expenditure is made2 2 7,h7 by inserting after paragraph 7#h71 as so redesignated1 the following3 7#i7 the term covered worker protection expenditure-- 7,a7 means an operating or a capital expenditure that is required to facilitate the adaptation of the business activities of an entity to comply with requirements established or guidance issued by the ,department of ,health and ,human ,services1 the ,centers for ,disease ,control1 or the ,occupational ,safety and ,health ,administration during the period beginning on ,march #a1 #bjbj and ending ,december #ca1 #bjbj related to the maintenance of standards for sanitation1 social distancing1 or any other worker or customer safety requirement related to ,,covid-#ai2 7,b7 may include-- 7i7 the purchase1 maintenance1 or renovation of assets that create or expand-- 7,i7 a drive-through window facility2 7,,ii7 an indoor1 outdoor1 or combined air or air pressure ventilation or filtration system2 7,,iii7 a physical barrier such as a sneeze guard2 7,,iv7 an indoor1 outdoor1 or combined commercial real property2 7,v7 an onsite or offsite health screening capability2 or 7,,vi7 other assets relating to the compliance with the requirements or guidance described in subparagraph 7,a71 as determined by the ,administrator in consultation with the ,secretary of ,health and ,human ,services and the ,secretary of ,labor2 and 7ii7 the purchase of-- 7,i7 covered materials described in section #cbh4ajc7;a7 of title #dd1 ,code of ,federal ,regulations1 or any successor regulation2 7,,ii7 particulate filtering facepiece respirators approved by the ,national ,institute for ,occupational ,safety and ,health1 including those approved only for emergency use authorization2 or 7,,iii7 other kinds of personal protective equipment1 as determined by the ,administrator in consultation with the ,secretary of ,health and ,human ,services and the ,secretary of ,labor2 and 7,c7 does not include residential real property or intangible property2 2 and 7,i7 in paragraph 7#aa71 as so redesignated-- 7i7 in subparagraph 7,c71 by striking and at the end2 7ii7 in subparagraph 7,d71 by striking and at the end2 and 7iii7 by adding at the end the following3 7,e7 covered operations expenditures2 7,f7 covered property damage costs2 7,g7 covered supplier costs2 and 7,h7 covered worker protection expenditures2 and 2 7#b7 in subsection 7b71 by adding at the end the following3 7#e7 ,any covered operations expenditure4 7#f7 ,any covered property damage cost4 7#g7 ,any covered supplier cost4 7#h7 ,any covered worker protection expenditure4 2 7#c7 in subsection 7d77#h71 by inserting any payment on any covered operations expenditure1 any payment on any covered property damage cost1 any payment on any covered supplier cost1 any payment on any covered worker protection expenditure1 after rent obligation12 and 7#d7 in subsection 7e7-- 7,a7 in paragraph 7#b71 by inserting payments on covered operations expenditures1 payments on covered property damage costs1 payments on covered supplier costs1 payments on covered worker protection expenditures1 after lease obligations12 and 7,b7 in paragraph 7#c77;,b71 by inserting make payments on covered operations expenditures1 make payments on covered property damage costs1 make payments on covered supplier costs1 make payments on covered worker protection expenditures1 after rent obligation14 #ajb4 ,lender safe harbor ,subsection 7h7 of section #aajf of the ,,cares ,act 7#ae ,u4,s4,c4 #ijje7 is amended to read as follows3 7h7 ,hold harmless 7#a7 ,in general ,a lender may rely on any certification or documentation submitted by an applicant for a covered loan or an eligible recipient of a covered loan that-- 7,a7 is submitted pursuant to any statutory requirement relating to covered loans or any rule or guidance issued to carry out any action relating to covered loans2 and 7,b7 attests that the applicant or eligible recipient1 as applicable1 has accurately verified any certification or documentation provided to the lender4 7#b7 ,no enforcement action ,with respect to a lender that relies on a certification or documentation described in paragraph 7#a7-- 7,a7 an enforcement action may not be taken against the lender acting in good faith relating to origination or forgiveness of a covered loan based on such reliance2 and 7,b7 the lender acting in good faith shall not be subject to any penalties relating to origination or forgiveness of a covered loan based on such reliance4 4 #ajc4 ,selection of covered period for forgiveness ,section #aajf of the ,,cares ,act 7#ae ,u4,s4,c4 #ijje7 is amended-- 7#a7 by amending subsection 7a77#c7 to read as follows3 7#c7 the term covered period means the period-- 7,a7 beginning on the date of the origination of a covered loan2 and 7,b7 ending on a date selected by the eligible recipient of the covered loan that occurs during the period-- 7i7 beginning on the date that is #h weeks after such date of origination2 and 7ii7 ending on ,december #ca1 #bjbj2 2 and 7#b7 by striking subsection 7l74 #ajd4 ,simplified application ,section #aajf of the ,,cares ,act 7#ae ,u4,s4,c4 #ijje71 as amended by section #ajc of this ,act1 is amended-- 7#a7 in subsection 7e71 in the matter preceding paragraph 7#a71 by striking ,an eligible and inserting ,except as provided in subsection 7l71 an eligible2 7#b7 in subsection 7f71 by inserting or the information required under subsection 7l71 as applicable after subsection 7e72 and 7#c7 by adding at the end the following3 7l7 ,simplified application 7#a7 ,covered loans under #aej1jjj 7,a7 ,in general ,notwithstanding subsection 7e71 with respect to a covered loan made to an eligible recipient that is not more than #aej1jjj1 the covered loan amount shall be forgiven under this section if the eligible recipient-- 7i7 signs and submits to the lender an attestation that the eligible recipient made a good faith effort to comply with the requirements under section #g7;a77#cf7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf772 and 7ii7 for the #c-year period following submission of the attestation under clause 7i71 retains records relevant to the attestation that prove compliance with those requirements4 7,b7 ,demographic information ,an eligible recipient of a covered loan described in subparagraph 7,a7 may complete and submit any form related to borrower demographic information4 7,c7 ,audit ,the ,administrator may-- 7i7 review and audit covered loans described in subparagraph 7,a72 and 7ii7 in the case of fraud1 ineligibility1 or other material noncompliance with applicable loan or loan forgiveness requirements1 modify-- 7,i7 the amount of a covered loan described in subparagraph 7,a72 or 7,,ii7 the loan forgiveness amount with respect to a covered loan described in subparagraph 7,a74 7#b7 ,covered loans between #aej1jjj and #b1jjj1jjj 7,a7 ,in general ,notwithstanding subsection 7e71 with respect to a covered loan made to an eligible recipient that is more than #aej1jjj and not more than #b1jjj1jjj-- 7i7 the eligible recipient seeking loan forgiveness under this section-- 7,i7 is not required to submit the supporting documentation described in paragraph 7#a7 or 7#b7 of subsection 7e7 or the certification described in subsection 7e77#c77;,a72 7,,ii7 shall retain all relevant schedules1 worksheets1 and supporting documentation for the #c-year period following submission of the application for loan forgiveness2 and 7,,iii7 may complete and submit any form related to borrower demographic information2 7ii7 review by the lender of an application submitted by the eligible recipient for loan forgiveness under this section shall be limited to whether the lender received a complete application1 with all fields completed1 initialed1 or signed1 as applicable2 and 7iii7 the lender shall-- 7,i7 accept the application submitted by the eligible recipient for loan forgiveness under this section2 and 7,,ii7 submit the application to the ,administrator4 7,b7 ,audit ,the ,administrator may-- 7i7 review and audit covered loans described in subparagraph 7,a72 and 7ii7 in the case of fraud1 ineligibility1 or other material noncompliance with applicable loan or loan forgiveness requirements1 modify-- 7,i7 the amount of a covered loan described in subparagraph 7,a72 or 7,,ii7 the loan forgiveness amount with respect to a covered loan described in subparagraph 7,a74 7#c7 ,audit plan 7,a7 ,in general ,not later than #cj days after the date of enactment of the ,continuing ,small ,business ,recovery and ,paycheck ,protection ,program ,act1 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 an audit plan that details-- 7i7 the policies and procedures of the ,administrator for conducting reviews and audits of covered loans2 and 7ii7 the metrics that the ,administrator shall use to determine which covered loans will be audited for each category of covered loans described in paragraphs 7#a7 and 7#b74 7,b7 ,reports ,not later than #cj days after the date on which the ,administrator submits the audit plan required under subparagraph 7,a71 and each month 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 on the review and audit activities of the ,administrator under this subsection1 which shall include-- 7i7 the number of active reviews and audits2 7ii7 the number of reviews and audits that have been ongoing for more than #fj days2 and 7iii7 any substantial changes made to the audit plan submitted under subparagraph 7,a74 4 #aje4 ,group insurance payments as payroll costs ,section #g7;a77#cf77;,a77viii77,i77aa77,,ee7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77;,a77viii77,i77aa77,,ee77 is amended by inserting and other group insurance before benefits4 #ajf4 ,paycheck protection program second draw loans ,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#cg7 ,paycheck protection program second draw loans 7,a7 ,definitions ,in this paragraph-- 7i7 the terms community financial institutions1 credit union1 eligible self-employed individual1 insured depository institution1 nonprofit organization1 payroll costs1 seasonal employer1 and veterans organization have the meanings given those terms in paragraph 7#cf71 except that eligible entity shall be substituted for eligible recipient each place it appears in the definitions of those terms2 7ii7 the term covered loan means a loan made under this paragraph2 7iii7 the terms covered mortgage obligation1 covered operating expenditure1 covered property damage cost1 covered rent obligation1 covered supplier cost1 covered utility payment1 and covered worker protection expenditure have the meanings given those terms in section #aajf7;a7 of the ,,cares ,act 7#ae ,u4,s4,c4 #ijje7;a772 7iv7 the term covered period means the period beginning on the date of the origination of a covered loan and ending on ,december #ca1 #bjbj2 7v7 the terms exchange1 issuer1 and security have the meanings given those terms in section #c7;a7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;c7a772 7vi7 the term eligible entity-- 7,i7 means any business concern1 nonprofit organization1 veterans organization1 ,tribal business concern1 eligible self-employed individual1 sole proprietor1 independent contractor1 or small agricultural cooperative that-- 7aa7 7,,aa7 with respect to a business concern1 would qualify as a small business concern by the annual receipts size standard 7if applicable7 established by section #aba4bja of title #ac1 ,code of ,federal ,regulations1 or any successor regulation2 or 7,,bb7 if the entity does not qualify as a small business concern1 meets the alternative size standard established under section #c7;a77#e72 7bb7 employs not more than #cjj employees2 and 7cc7 7,,aa7 except as provided in subitems 7,,bb71 7,,cc71 and 7,,dd71 had gross receipts during the first or second quarter in #bjbj that are not less than #ej percent less than the gross receipts of the entity during the same quarter in #bjai2 7,,bb7 if the entity was not in business during the first or second quarter of #bjai1 but was in business during the third and fourth quarter of #bjai1 had gross receipts during the first or second quarter of #bjbj that are less than #ej percent of the amount of the gross receipts of the entity during the third or fourth quarter of #bjai2 7,,cc7 if the entity was not in business during the first1 second1 or third quarter of #bjai1 but was in business during the fourth quarter of #bjai1 had gross receipts during the first or second quarter of #bjbj that are less than #ej percent of the amount of the gross receipts of the entity during the fourth quarter of #bjai2 or 7,,dd7 if the entity was not in business during #bjai1 but was in operation on ,february #ae1 #bjbj1 had gross receipts during the second quarter of #bjbj that are less than #ej percent of the amount of the gross receipts of the entity during the first quarter of #bjbj2 and 7,,ii7 does not include-- 7aa7 an issuer1 the securities of which are listed on an exchange registered a national securities exchange under section #f of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;f72 7bb7 any entity that-- 7,,aa7 is a type of business concern described in subsection 7b71 7c71 7d71 7e71 7f71 7h71 7l7 7m71 7p71 7q71 7r71 or 7s7 of section #abj4aaj of title #ac1 ,code of ,federal ,regulations1 or any successor regulation2 7,,bb7 is a type of business concern described in section #abj4aaj7;g7 of title #ac1 ,code of ,federal ,regulations1 or any successor regulation1 except as otherwise provided in the interim final rule of the ,administration entitled ,business ,loan ,program ,temporary ,changes2 ,paycheck ,protection ,program--,additional ,eligibility ,criteria and ,requirements for ,certain ,pledges of ,loans 7#he ,fed4 ,reg4 #bagdg 7,april #bj1 #bjbj772 7,,cc7 is a type of business concern described in section #abj4aaj7;i7 of title #ac1 ,code of ,federal ,regulations1 or any successor regulation1 except if the business concern is an organization described in paragraph 7#cf77;,d77vii72 7,,dd7 is a type of business concern described in section #abj4aaj7;j7 of title #ac1 ,code of ,federal ,regulations1 or any successor regulation1 except as otherwise provided in the interim final rules of the ,administration entitled ,business ,loan ,program ,temporary ,changes2 ,paycheck ,protection ,program--,eligibility of ,certain ,electric ,cooperatives 7#he ,fed4 ,reg4 #bihdg 7,may #ai1 #bjbj77 and ,business ,loan ,program ,temporary ,changes2 ,paycheck ,protection ,program--,eligibility of ,certain ,telephone ,cooperatives 7#he ,fed4 ,reg4 #ceeej 7,june #aa1 #bjbj77 or any other guidance or rule issued or that may be issued by the ,administrator2 7,,ee7 is a type of business concern described in section #abj4aaj7n7 of title #ac1 ,code of ,federal ,regulations1 or any successor regulation1 except as otherwise provided in the interim final rule of the ,administration entitled ,business ,loan ,program ,temporary ,changes2 ,paycheck ,protection ,program--,additional ,eligibility ,revisions to ,first ,interim ,final ,rule 7#he ,fed4 ,reg4 #chcja 7,june #bf1 #bjbj77 or any other guidance or rule issued or that may be issued by the ,administrator2 7,,ff7 is a type of business concern described in section #abj4aaj7o7 of title #ac1 ,code of ,federal ,regulations1 or any successor regulation1 except as otherwise provided in any guidance or rule issued or that may be issued by the ,administrator2 or 7,,gg7 is an entity that is organized for research or for engaging in advocacy in areas such as public policy or political strategy or otherwise describes itself as a think tank in any public documents2 7,,hh7 is an entity that would be described in the subsections listed in subitems 7,,aa7 through 7,,gg7 if the entity were a business concern2 or 7,,ii7 is assigned1 or was approved for a loan under paragraph 7#cf7 with1 a ,north ,american ,industry ,classification ,system code beginning with #eb2 7cc7 any business concern or entity primarily engaged in political or lobbying activities1 which shall include any entity that is organized for research or for engaging in advocacy in areas such as public policy or political strategy or otherwise describes itself as a think tank in any public documents2 or 7dd7 any business concern or entity-- 7,,aa7 for which an entity created in or organized under the laws of the ,people's ,republic of ,china or the ,special ,administrative ,region of ,hong ,kong1 or that has significant operations in the ,people's ,republic of ,china or the ,special ,administrative ,region of ,hong ,kong1 owns or holds1 directly or indirectly1 not less than #bj percent of the economic interest of the business concern or entity1 including as equity shares or a capital or profit interest in a limited liability company or partnership2 or 7,,bb7 that retains1 as a member of the board of directors of the business concern1 a person who is a resident of the ,people's ,republic of ,china2 and 7vii7 the term ,tribal business concern means a ,tribal business concern described in section #ca7;b77#b77;,c74 7,b7 ,loans ,except as otherwise provided in this paragraph1 the ,administrator may guarantee covered loans to eligible entities under the same terms1 conditions1 and processes as a loan made under paragraph 7#cf74 7,c7 ,maximum loan amount 7i7 ,in general ,except as otherwise provided in this subparagraph1 the maximum amount of a covered loan made to an eligible entity is the lesser of-- 7,i7 the product obtained by multiplying-- 7aa7 the average total monthly payment for payroll costs incurred or paid by the eligible entity during the #a-year period before the date on which the loan is made2 by 7bb7 #b4e2 or 7,,ii7 #b1jjj1jjj4 7ii7 ,seasonal employers ,the maximum amount of a covered loan made to an eligible entity that is a seasonal employer is the lesser of-- 7,i7 the product obtained by multiplying-- 7aa7 at the election of the eligible entity1 the average total monthly payments for payroll costs incurred or paid by the eligible entity-- 7,,aa7 for a #ab-week period beginning ,february #ae1 #bjai or ,march #a1 #bjai and ending ,june #cj1 #bjai2 or 7,,bb7 for a consecutive #ab-week period between ,may #a1 #bjai and ,september #ae1 #bjai2 by 7bb7 #b4e2 or 7,,ii7 #a1jjj1jjj4 7iii7 ,new entities ,the maximum amount of a covered loan made to an eligible entity that did not exist during the #a-year period preceding ,february #ae1 #bjbj is the lesser of-- 7,i7 the product obtained by multiplying-- 7aa7 the quotient obtained by dividing-- 7,,aa7 the sum of the total monthly payments by the eligible entity for payroll costs paid or incurred by the eligible entity as of the date on which the eligible entity applies for the covered loan2 by 7,,bb7 the number of months in which those payroll costs were paid or incurred2 by 7bb7 #b4e2 or 7,,ii7 #b1jjj1jjj4 7iv7 ,business concerns with more than #a physical location 7,i7 ,in general ,any eligible entity that employs not more than #cjj employees per physical location of the eligible entity and that is assigned a ,north ,american ,industry ,classification ,system ,code beginning with #gb at the time of disbursal shall be eligible to receive a covered loan4 7,,ii7 ,limit for multiple locations ,with respect to an eligible entity with more than #a physical location1 the total amount of all covered loans shall be not more than #b1jjj1jjj4 7v7 ,loan number limitation ,an eligible entity may only receive #a covered loan4 7vi7 #ij day rule for maximum loan amount ,the maximum aggregate loan amount of loans guaranteed under this subsection that are approved for an eligible entity 7including any affiliates7 within #ij days of approval of another loan under this subsection for the eligible entity 7including any affiliates7 shall not exceed #aj1jjj1jjj4 7,d7 ,exception from certain certification requirements ,an eligible entity applying for a covered loan shall not be required to make the certification described in subclause 7,,iii7 or 7,,iv7 of paragraph 7#cf77;,g77i74 7,e7 ,fee waiver ,with respect to a covered loan-- 7i7 in lieu of the fee otherwise applicable under paragraph 7#bc77;,a71 the ,administrator shall collect no fee2 and 7ii7 in lieu of the fee otherwise applicable under paragraph 7#ah77;,a71 the ,administrator shall collect no fee4 7,f7 ,eligible churches and religious organizations 7i7 ,sense of congress ,it is the sense of ,congress that the interim final rule of the ,administration entitled ,business ,loan ,program ,temporary ,changes2 ,paycheck ,protection ,program 7#he ,fed4 ,reg4 #bjhag 7,april #ae1 #bjbj77 properly clarified the eligibility of churches and religious organizations for loans made under paragraph 7#cf74 7ii7 ,applicability of prohibition ,the prohibition on eligibility established by section #abj4aaj7k7 of title #ac1 ,code of ,federal ,regulations1 or any successor regulation1 shall not apply to a covered loan4 7,g7 ,gross receipts for nonprofit and veterans organizations ,for purposes of calculating gross receipts under subparagraph 7,a77vi77,i77cc7 for an entity that is a nonprofit organization or a veterans organization1 gross receipts-- 7i7 shall include proceeds from fundraising events1 federated campaigns1 gifts1 donor-advised funds1 and funds from similar sources2 and 7ii7 shall not include-- 7,i7 ,federal grants 7excluding any loan forgiveness on loans received under paragraph 7#cf7 or this paragraph2 7,,ii7 revenues from a supporting organization2 7,,iii7 grants from private foundations that are disbursed over the course of more than #a calendar year2 or 7,,iv7 any contribution of property other than money1 stocks1 bonds1 and other securities1 provided that the non-cash contribution is not sold by the organization in a transaction unrelated to the tax-exempt purpose of the organization4 7,h7 ,loan forgiveness 7i7 ,in general ,except as provided otherwise provided in this subparagraph1 an eligible entity shall be eligible for forgiveness of indebtedness on a covered loan in the same manner as an eligible recipient with respect to a loan made under paragraph 7#cf71 as described in section #aajf of the ,,cares ,act 7#ae ,u4,s4,c4 #ijje74 7ii7 ,forgiveness amount ,an eligible entity shall be eligible for forgiveness of indebtedness on a covered loan in an amount equal to the sum of the following costs incurred or expenditures made during the covered period3 7,i7 ,payroll costs4 7,,ii7 ,any payment of interest on any covered mortgage obligation 7which shall not include any prepayment of or payment of principal on a covered mortgage obligation74 7,,iii7 ,any covered operations expenditure4 7,,iv7 ,any covered property damage cost4 7,v7 ,any payment on any covered rent obligation4 7,,vi7 ,any covered utility payment4 7,,vii7 ,any covered supplier cost4 7,,viii7 ,any covered worker protection expenditure4 7iii7 ,limitation on forgiveness for all eligible entities ,the forgiveness amount under this subparagraph shall be equal to the lesser of-- 7,i7 the amount described in clause 7ii72 and 7,,ii7 the amount equal to the quotient obtained by dividing-- 7aa7 the amount of the covered loan used for payroll costs during the covered period2 and 7bb7 #j4fj4 7,i7 ,lender eligibility ,except as otherwise provided in this paragraph1 a lender approved to make loans under paragraph 7#cf7 may make covered loans under the same terms and conditions as in paragraph 7#cf74 7,j7 ,reimbursement for loan processing and servicing ,the ,administrator shall reimburse a lender authorized to make a covered loan in an amount that is-- 7i7 #c percent of the principal amount of the financing of the covered loan up to #cej1jjj2 and 7ii7 #a percent of the principal amount of the financing of the covered loan above #cej1jjj1 if applicable4 7,k7 ,set aside for small entities ,not less than #be1jjj1jjj1jjj of the total amount of covered loans guaranteed by the ,administrator shall be made to eligible entities with not more than #aj employees as of ,february #ae1 #bjbj4 7,l7 ,set aside for community financial institutions1 small insured depository institutions1 credit unions1 and farm credit system institutions ,not less than #aj1jjj1jjj1jjj of the total amount of covered loans guaranteed by the ,administrator shall be made by-- 7i7 community financial institutions2 7ii7 insured depository institutions with consolidated assets of less than #aj1jjj1jjj1jjj2 7iii7 credit unions with consolidated assets of less than #aj1jjj1jjj1jjj2 and 7iv7 institutions of the ,farm ,credit ,system chartered under the ,farm ,credit ,act of #aiga 7#ab ,u4,s4,c4 #bjja et seq47 with consolidated assets of less than #aj1jjj1jjj1jjj 7not including the ,federal ,agricultural ,mortgage ,corporation74 7,m7 ,publication of guidance ,not later than #aj days after the date of enactment of this paragraph1 the ,administrator shall issue guidance addressing barriers to accessing capital for minority1 underserved1 veteran1 and women-owned business concerns for the purpose of ensuring equitable access to covered loans4 7,n7 ,standard operating procedure ,the ,administrator shall1 to the maximum extent practicable1 allow a lender approved to make covered loans to use existing program guidance and standard operating procedures for loans made under this subsection4 7,o7 ,compliance with oversight requirements 7i7 ,in general ,except as provided in clause 7ii71 on and after the date of enactment of this paragraph1 the ,administrator shall comply with any data or information requests or inquiries made by the ,comptroller ,general of the ,united ,states or the ,inspector ,general of any agency not later than #cj days 7or such later date as the ,comptroller ,general or ,inspector ,general1 as applicable1 may specify7 after receiving the request or inquiry4 7ii7 ,exception ,if the ,administrator is unable to comply with a request or inquiry described in clause 7i7 within the #cj-;day period or1 if applicable1 later period described in that clause1 the ,administrator shall1 during that #cj-;day 7or later7 period1 submit to the ,committee on ,small ,business and ,entrepreneurship of the ,senate and the ,committee on ,small ,business of the ,house of ,representatives a notification that includes a detailed justification for the inability of the ,administrator to comply with the request or inquiry4 7,p7 ,prohibition on use of proceeds for lobbying activities ,none of the proceeds of a covered loan may be used for lobbying activities1 as defined in section #c of the ,lobbying ,disclosure ,act of #aiie 7#b ,u4,s4,c4 #afjb74 4 #ajg4 ,continued access to the paycheck protection program 7a7 ,in general ,section #g7;a77#cf77;,e77ii7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77;,e77ii77 is amended by striking #aj1jjj1jjj and inserting #b1jjj1jjj4 7b7 ,applicability of maximum loan amount calculation 7#a7 ,definitions ,in this subsection1 the terms covered loan and eligible recipient have the meanings given those terms in section #g7;a77#cf7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf774 7#b7 ,applicability ,the amendment made by subsection 7a7 shall apply only with respect to a covered loan applied for by an eligible recipient on or after the date of enactment of this ,act4 #ajh4 ,increased ability for paycheck protection program borrowers to request an increase in loan amount due to updated regulations 7a7 ,definitions ,in this section1 the terms covered loan and eligible recipient have the meanings given those terms in section #g7;a77#cf7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf774 7b7 ,increased amount ,notwithstanding the interim final rule issued by the ,administration entitled ,business ,loan ,program ,temporary ,changes2 ,paycheck ,protection ,program--,loan ,increases 7#he ,fed4 ,reg4 #bihdb 7,may #ai1 #bjbj771 an eligible recipient of a covered loan that is eligible for an increased covered loan amount as a result of any interim final rule that allows for covered loan increases may submit a request for an increase in the covered loan amount even if-- 7#a7 the initial covered loan amount has been fully disbursed2 or 7#b7 the lender of the initial covered loan has submitted to the ,administration a ,form #aejb report related to the covered loan4 #aji4 ,calculation of maximum loan amount for farmers and ranchers under the paycheck protection program 7a7 ,in general ,section #g7;a77#cf7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf771 as amended by section #ajg of this ,act1 is amended-- 7#a7 in subparagraph 7,e71 in the matter preceding clause 7i71 by striking ,during and inserting ,except as provided in subparagraph 7,t71 during2 and 7#b7 by adding at the end the following3 7,t7 ,calculation of maximum loan amount for farmers and ranchers 7i7 ,definition ,in this subparagraph1 the term covered recipient means an eligible recipient that-- 7,i7 operates as a sole proprietorship or as an independent contractor1 or is an eligible self-employed individual2 7,,ii7 reports farm income or expenses on a ,schedule ,f 7or any equivalent successor schedule72 and 7,,iii7 was in business during the period beginning on ,february #ae1 #bjai and ending on ,june #cj1 #bjai4 7ii7 ,no employees ,with respect to covered recipient without employees1 the maximum covered loan amount shall be the lesser of-- 7,i7 the sum of-- 7aa7 the product obtained by multiplying-- 7,,aa7 the gross income of the covered recipient in #bjai1 as reported on a ,schedule ,f 7or any equivalent successor schedule71 that is not more than #ajj1jjj1 divided by #ab2 and 7,,bb7 #b4e2 and 7bb7 the outstanding amount of a loan under subsection 7b77#b7 that was made during the period beginning on ,january #ca1 #bjbj and ending on ,april #c1 #bjbj that the borrower intends to refinance under the covered loan1 not including any amount of any advance under the loan that is not required to be repaid2 or 7,,ii7 #b1jjj1jjj4 7iii7 ,with employees ,with respect to a covered recipient with employees1 the maximum covered loan amount shall be calculated using the formula described in subparagraph 7,e71 except that the gross income of the covered recipient described in clause 7ii77,i77aa77,,aa7 of this subparagraph1 as divided by #ab1 shall be added to the sum calculated under subparagraph 7,e77i77,i74 7iv7 ,recalculation ,a lender that made a covered loan to a covered recipient before the date of enactment of this subparagraph may1 at the request of the covered recipient-- 7,i7 recalculate the maximum loan amount applicable to that covered loan based on the formula described in clause 7ii7 or 7iii71 as applicable1 if doing so would result in a larger covered loan amount2 and 7,,ii7 provide the covered recipient with additional covered loan amounts based on that recalculation4 4 #aaj4 ,farm ,credit ,system institutions 7a7 ,definition of ,farm ,credit ,system institution ,in this section1 the term ,farm ,credit ,system institution-- 7#a7 means an institution of the ,farm ,credit ,system chartered under the ,farm ,credit ,act of #aiga 7#ab ,u4,s4,c4 #bjja et seq472 and 7#b7 does not include the ,federal ,agricultural ,mortgage ,corporation4 7b7 ,facilitation of participation in ,,ppp and second draw loans 7#a7 ,applicable rules ,solely with respect to loans under paragraphs 7#cf7 and 7#cg7 of section #g7;a7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a771 ,farm ,credit ,administration regulations and guidance issued as of ,july #ad1 #bjbj1 and compliance with such regulations and guidance1 shall be deemed functionally equivalent to requirements referenced in section #c7;a77iii77,,ii7 of the interim final rule of the ,administration entitled ,business ,loan ,program ,temporary ,changes2 ,paycheck ,protection ,program 7#he ,fed4 ,reg4 #bjhaa 7,april #ae1 #bjbj77 or any similar requirement referenced in that interim final rule in implementing such paragraph 7#cg74 7#b7 ,applicability of certain loan requirements ,for purposes of making loans under paragraph 7#cf7 or 7#cg7 of section #g7;a7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77 or forgiving those loans in accordance with section #aajf of the ,,cares ,act 7#ae ,u4,s4,c4 #ijje7 and subparagraph 7,h7 of such paragraph 7#cg71 sections #d4ac1 #d4ad1 and #d4ad;,a of the ,farm ,credit ,act of #aiga 7#ab ,u4,s4,c4 #baii1 #bbjb1 #bbjb;a7 7including regulations issued under those sections7 shall not apply4 7#c7 ,risk weight 7,a7 ,in general ,with respect to the application of ,farm ,credit ,administration capital requirements1 a loan described in subparagraph 7,b7-- 7i7 shall receive a risk weight of zero percent2 and 7ii7 shall not be included in the calculation of any applicable leverage ratio or other applicable capital ratio or calculation4 7,b7 ,loans described ,a loan referred to in subparagraph 7,a7 is-- 7i7 a loan made by a ,farm ,credit ,bank described in section #a4b7;a7 of the ,farm ,credit ,act of #aiga 7#ab ,u4,s4,c4 #bjjb7;a77 to a ,federal ,land ,bank ,association1 a ,production ,credit ,association1 or an agricultural credit association described in that section to make loans under paragraph 7#cf7 or 7#cg7 of section #g7;a7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77 or forgive those loans in accordance with section #aajf of the ,,cares ,act 7#ae ,u4,s4,c4 #ijje7 and subparagraph 7,h7 of such paragraph 7#cg72 or 7ii7 a loan made by a ,federal ,land ,bank ,association1 a ,production ,credit ,association1 an agricultural credit association1 or the bank for cooperatives described in section #a4b7;a7 of the ,farm ,credit ,act of #aiga 7#ab ,u4,s4,c4 #bjjb7;a77 under paragraph 7#cf7 or 7#cg7 of section #g7;a7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a774 7#d7 ,reservation of loan guarantees ,section #g7;a77#cf77,s7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77,s77 is amended-- 7,a7 in clause 7i7-- 7i7 in subclause 7,i71 by striking and at the end2 7ii7 in subclause 7,,ii71 by striking the period at the end and inserting 2 and2 and 7iii7 by adding at the end the following3 7,,iii7 institutions of the ,farm ,credit ,system chartered under the ,farm ,credit ,act of #aiga 7#ab ,u4,s4,c4 #bjja et seq47 with consolidated assets of not less than #aj1jjj1jjj1jjj and less than #ej1jjj1jjj1jjj4 2 and 7,b7 in clause 7ii7-- 7i7 in subclause 7,,ii71 by striking and at the end2 7ii7 in subclause 7,,iii71 by striking the period at the end and inserting 2 and2 and 7iii7 by adding at the end the following3 7,,iv7 institutions of the ,farm ,credit ,system chartered under the ,farm ,credit ,act of #aiga 7#ab ,u4,s4,c4 #bjja et seq47 with consolidated assets of less than #aj1jjj1jjj1jjj4 4 #aaa4 ,definition of seasonal employer 7a7 ,,ppp loans ,section #g7;a77#cf77;,a7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77;,a77 is amended-- 7#a7 in clause 7xi71 by striking and at the end2 7#b7 in clause 7xii71 by striking the period at the end and inserting 2 and2 and 7#c7 by adding at the end the following3 7xiii7 the term seasonal employer means an eligible recipient that-- 7,i7 does not operate for more than #g months in any calendar year2 or 7,,ii7 during the preceding calendar year1 had gross receipts for any #f months of that year that were not more than #cc4cc percent of the gross receipts of the employer for the other #f months of that year4 4 7b7 ,loan forgiveness ,paragraph 7#ab7 of section #aajf7;a7 of the ,,cares ,act 7#ae ,u4,s4,c4 #ijje7;a771 as so redesignated by by section #aja7;b7 of this ,act1 is amended to read as follows3 7#ab7 the terms payroll costs and seasonal employer have the meanings given those terms in section #g7;a77#cf7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf774 4 #aab4 ,changes to the #g7;a7 loan guaranty program for recovery sector business concerns ,section #g7;a7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a771 as amended by section #ajf of this ,act1 is amended by adding at the end the following3 7#ch7 ,recovery sector loans 7,a7 ,definitions ,in this paragraph-- 7i7 the term covered loan means a loan made under this paragraph2 7ii7 the term covered population census tract means a population census tract for which-- 7,i7 in the case of a tract that is not located within a metropolitan area1 the median income does not exceed #hj percent of the statewide 7or1 with respect to a possession or territory of the ,united ,states1 the possession- or territory-wide7 median family income2 or 7,,ii7 in the case of a tract that is located within a metropolitan area1 the median family income does not exceed #hj percent of the greater of the statewide 7or1 with respect to a possession or territory of the ,united ,states1 the possession- or territory-wide7 median family income and the metropolitan area median family income2 7iii7 the term covered seasonal employer means a small business concern that-- 7,i7 is a seasonal employer1 as defined in paragraph 7#cf72 and 7,,ii7 during the preceding calendar year-- 7aa7 had gross receipts as described in paragraph 7#cf77;,a77xiii77,,ii72 and 7bb7 employed not more than #bej employees during not fewer than #e months out of that year2 7iv7 the term eligible entity-- 7,i7 means any small business concern that-- 7aa7 except with respect to a covered seasonal employer1 employs not more than #ejj employees2 7bb7 7,,aa7 except as provided in subitems 7,,bb71 7,,cc71 and 7,,dd71 had gross receipts during the first or second quarter in #bjbj that are less than #ej percent of the gross receipts of the business concern during the same quarter in #bjai2 7,,bb7 if the small business concern was not in business during the first or second quarter of #bjai1 but was in business during the third and fourth quarter of #bjai1 had gross receipts during the first or second quarter of #bjbj that are less than #ej percent of the amount of the gross receipts of the small business concern during the third or fourth quarter of #bjai2 7,,cc7 if the small business concern was not in business during the first1 second1 or third quarter of #bjai1 but was in business during the fourth quarter of #bjai1 had gross receipts during the first or second quarter of #bjbj that are less than #ej percent of the amount of the gross receipts of the small business concern during the fourth quarter of #bjai2 or 7,,dd7 if the small business concern was not in business during the first or second quarter of #bjbj1 had gross receipts during any #b-month period during #bjbj that are less than #ej percent of the amount of the gross receipts of the small business concern during any other #b-month period during #bjbj2 and 7cc7 7,,aa7 is a covered seasonal employer seeking a covered loan of not more than #a1jjj1jjj2 or 7,,bb7 is a small business concern the principal place of business of which is in1 and not less than #ej percent of the total gross income of which is derived from the active conduct of the business concern within1 a small business low-income census tract2 and 7,,ii7 does not include-- 7aa7 an entity described in paragraph 7#cg77;,a77vi77,,ii72 7bb7 any entity that received a loan under paragraph 7#cg72 or 7cc7 any entity that received a loan under paragraph 7#cf7 after the date of enactment of this paragraph2 and 7v7 the term small business low-income census tract-- 7,i7 means-- 7aa7 a covered population census tract for which the poverty rate is not less than #bj percent2 or 7bb7 an area-- 7,,aa7 that is not tracted as a population census tract2 7,,bb7 for which the poverty rate in the equivalent county division 7as defined by the ,bureau of the ,census7 is not less than #bj percent2 and 7,,cc7 for which the median income in the equivalent county division 7as defined by the ,bureau of the ,census7 does not exceed #hj percent of the statewide 7or1 with respect to a possession or territory of the ,united ,states1 the possession- or territory-wide7 median income2 and 7,,ii7 does not include any area or population census tract with a median family income that is not less than #abj percent of the median family income in the ,united ,states1 according to the most recent ,american ,communities ,survey data from the ,bureau of the ,census4 7,b7 ,loans ,except as otherwise provided in this paragraph1 the ,administrator may guarantee covered loans made to eligible entities-- 7i7 under the same terms1 conditions1 and processes as a loan made under this subsection2 and 7ii7 to meet working capital needs1 acquire fixed assets1 or refinance existing indebtedness while recovering from the ,,covid-#ai pandemic4 7,c7 ,maximum loan amount ,the maximum amount of a covered loan made to an eligible entity shall be the lesser of-- 7i7 #aj1jjj1jjj2 or 7ii7 the amount equal to #bjj percent of the average annual receipts of the eligible entity4 7,d7 ,loan number limitation ,an eligible entity may only receive #a covered loan4 7,e7 #ij day rule for maximum loan amount ,the maximum aggregate loan amount of loans guaranteed under this subsection that are approved for an eligible entity 7including any affiliates7 within #ij days of approval of another loan under this subsection for the eligible entity 7including any affiliates7 shall not exceed #aj1jjj1jjj4 7,f7 ,application deadline ,an eligible entity desiring a covered loan shall submit an application not later than ,december #ca1 #bjbj4 7,g7 ,fee waiver ,with respect to a covered loan-- 7i7 in lieu of the fee otherwise applicable under paragraph 7#bc77;,a71 the ,administrator shall collect no fee2 and 7ii7 in lieu of the fee otherwise applicable under paragraph 7#ah77;,a71 the ,administrator shall collect no fee4 7,h7 ,loan terms 7i7 ,in general ,in order to receive a covered loan1 an eligible entity shall not be required to show that the eligible entity is unable to obtain credit elsewhere4 7ii7 ,maturity and interest rate ,a covered loan shall-- 7,i7 have a maturity of #bj years2 and 7,,ii7 bear an interest rate of equal to the sum of-- 7aa7 the ,secured ,overnight ,financing ,rate in effect for each of the days in the relevant quarter that interest is charged1 as compiled and released by the ,federal ,reserve ,bank of ,new ,york2 and 7bb7 #cjj basis points4 7iii7 ,guarantee ,in an agreement to participate in a covered loan on a deferred basis1 the participation by the ,administration shall be #ajj percent of the covered loan4 7iv7 ,subsidy for interest payments 7,i7 ,in general ,the ,administrator shall pay the amount of interest that is owed on a covered loan in regular servicing status for the maturity of the loan such that the interest rate paid by the eligible entity is1 at all times1 equal to a rate of #a percent4 7,,ii7 ,timing of payment ,the ,administrator shall-- 7aa7 begin making payments under subclause 7,i7 not later than #cj days after the date on which the first such payment is due2 and 7bb7 make payments without regard to the payment deferral described in clause 7iv74 7,,iii7 ,application of payment ,any payment made by the ,administrator under subclause 7,i7 shall be applied to the covered loan such that the eligible entity is relieved of the obligation to pay that amount4 7v7 ,payment deferral 7,i7 ,in general ,no payment of principal or interest shall be due on a covered loan for the first #b years of the covered loan4 7,,ii7 ,additional deferral ,after the #b-year deferral period under subclause 7,i71 the ,administrator may grant not more than an additional #b years of principal deferral to the eligible entity if the eligible entity is certified by the ,administrator and the ,secretary as economically distressed based on publicly available criteria established by the ,administrator4 7vi7 ,limitation on changes in terms ,notwithstanding any other provision of this subsection1 for a covered loan1 the ,administrator shall not approve any increase in loan amount or change in guaranty percentage1 interest rate1 interest accrual method1 or maturity1 except for such changes as may be necessary for prepayment and the deferment of payment under clause 7v74 7,i7 ,prohibition on use of proceeds for disaster loans ,an eligible entity shall not use the proceeds of a covered loan to refinance any loan made under subsection 7b74 7,j7 ,secondary market ,in order to increase the liquidity of the secondary market for covered loans1 the ,administrator shall1 not later than #fj days after the date of enactment of this paragraph1 substantially reduce barriers to the sale of covered loans on the secondary market4 7,k7 ,lender eligibility ,in order to increase access to and the equitable distribution of covered loans1 the ,administrator shall establish a process by which a lender approved to make loans under paragraph 7#cf7 may make covered loans4 7,l7 ,reimbursement for loan processing and servicing ,the ,administrator shall reimburse a lender authorized to make a covered loan in an amount that is-- 7i7 #c percent of the principal amount of the financing of the covered loan up to #cej1jjj2 and 7ii7 #a percent of the principal amount of the financing of the covered loan above #cej1jjj1 if applicable4 7,m7 ,standard operating procedure ,the ,administrator shall1 to the maximum extent practicable1 allow a lender approved to make covered loans to use existing program guidance and standard operating procedures for loans made under this subsection4 4 #aac4 ,eligibility of #eja7;c77#f7 organizations for loans under the paycheck protection program ,section #g7;a77#cf77;,d7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77;,d77 is amended-- 7#a7 in clause 7v71 by inserting or whether an entity described in clause 7vii7 employs not more than #cjj employees1 after clause 7i77,i712 and 7#b7 by adding at the end the following3 7vii7 ,eligibility for certain #eja7;c77#f7 organizations 7,i7 ,in general ,except as provided in subclause 7,,ii71 any organization that is described in section #eja7;c77#f7 of the ,internal ,revenue ,code and that is exempt from taxation under section #eja7;a7 of such ,code 7excluding professional football leagues and organizations with the purpose of promoting or participating in a political campaign or other activity7 shall be eligible to receive a covered loan if-- 7aa7 the organization does not receive more than #aj percent of its receipts from lobbying activities2 7bb7 the lobbying activities of the organization do not comprise more than #aj percent of the total activities of the organization2 and 7cc7 the organization employs not more than #cjj employees4 7,,ii7 ,destination marketing organizations ,notwithstanding subclause 7,i71 during the covered period1 any destination marketing organization shall be eligible to receive a covered loan if-- 7aa7 the destination marketing organization does not receive more than #aj percent of its receipts from lobbying activities2 7bb7 the lobbying activities of the destination marketing organization do not comprise more than #aj percent of the total activities of the organization2 7cc7 the destination marketing organization employs not more than #cjj employees2 and 7dd7 the destination marketing organization-- 7,,aa7 is described in section #eja7;c7 of the ,internal ,revenue ,code and is exempt from taxation under section #eja7;a7 of such ,code2 or 7,,bb7 is a quasi-governmental entity or is a political subdivision of a ,state or local government1 including any instrumentality of those entities4 4 #aad4 ,prohibition on use of loan proceeds for lobbying activities ,section #g7;a77#cf77;,f7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77;,f77 is amended by adding at the end the following3 7vi7 ,prohibition ,none of the proceeds of a covered loan may be used for lobbying activities1 as defined in section #c of the ,lobbying ,disclosure ,act of #aiie 7#b ,u4,s4,c4 #afjb74 4 #aae4 ,effective date2 applicability ,the amendments made to paragraph 7#cf7 of section #g7;a7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77 and title ,i of the ,,cares ,act 7,public ,law #aaf-acf7 under this title shall be effective as if included in the ,,cares ,act and shall apply to any loan made pursuant to section #g7;a77#cf7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf774 #aaf4 ,bankruptcy provisions 7a7 ,in general ,section #cfd of title #aa1 ,united ,states ,code1 is amended by adding at the end the following3 7g7 7#a7 ,the court1 after notice and a hearing1 may authorize a debtor in possession or a trustee that is authorized to operate the business of the debtor under section #aahc1 #aahd1 #abjc1 #abjd1 or #acjd of this title to obtain a loan under section #g7;a77#cf7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf771 and such loan shall be treated as a debt to the extent the loan is not forgiven under section #aajf of the ,,cares ,act 7#ae ,u4,s4,c4 #ijje7 with priority equal to a claim of the kind specified in subsection 7c77#a7 of this section4 7#b7 ,the trustee may incur debt described in paragraph 7#a7 notwithstanding any provision in a contract1 prior order authorizing the trustee to incur debt under this section1 prior order authorizing the trustee to use cash collateral under section #cfc1 or applicable law that prohibits the debtor from incurring additional debt4 7#c7 ,the court shall hold a hearing within #g days after the filing and service of the motion to obtain a loan described in paragraph 7#a74 4 7b7 ,allowance of administrative expenses ,section #ejc7;b7 of title #aa1 ,united ,states ,code1 is amended-- 7#a7 in paragraph 7#h77;,b71 by striking and at the end2 7#b7 in paragraph 7#i71 by striking the period at the end and inserting 2 and2 and 7#c7 by adding at the end the following3 7#aj7 any debt incurred under section #cfd7;g77#a7 of this title4 4 7c7 ,confirmation of plan for reorganization ,section #aaia of title #aa1 ,united ,states ,code1 is amended by adding at the end the following3 7f7 ,special provision related to ,,covid-#ai pandemic ,notwithstanding section #aabi7;a77#i77;,a7 of this title and subsection 7e7 of this section1 a plan that provides for payment of a claim of a kind specified in section #ejc7;b77#aj7 of this title may be confirmed under subsection 7b7 of this section if the plan proposes to make payments on account of such claim when due under the terms of the loan giving rise to such claim4 4 7d7 ,confirmation of plan for family farmers and fishermen ,section #abbe of title #aa1 ,united ,states ,code1 is amended by adding at the end the following3 7d7 ,notwithstanding section #abbb7;a77#b7 of this title and subsection 7b77#a7 of this section1 a plan that provides for payment of a claim of a kind specified in section #ejc7;b77#aj7 of this title may be confirmed if the plan proposes to make payments on account of such claim when due under the terms of the loan giving rise to such claim4 4 7e7 ,confirmation of plan for individuals ,section #acbe of title #aa1 ,united ,states ,code1 is amended by adding at the end the following3 7d7 ,notwithstanding section #acbb7;a77#b7 of this title and subsection 7b77#a7 of this section1 a plan that provides for payment of a claim of a kind specified in section #ejc7;b77#aj7 of this title may be confirmed if the plan proposes to make payments on account of such claim when due under the terms of the loan giving rise to such claim4 4 7f7 ,effective date2 ,sunset 7#a7 ,effective date ,the amendments made by subsections 7a7 through 7e7 shall-- 7,a7 take effect on the date on which the ,administrator of the ,small ,business ,administration submits to the ,director of the ,executive ,office for ,united ,states ,trustees a written determination that1 subject to satisfying any other eligibility requirements1 any debtor in possession or trustee that is authorized to operate the business of the debtor under section #aahc1 #aahd1 #abjc1 #abjd1 or #acjd of title #aa1 ,united ,states ,code1 would be eligible for a loan under section #g7;a77#cf7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf772 and 7,b7 apply to any case pending on or commenced on or after the date described in subparagraph 7,a74 7#b7 ,sunset 7,a7 ,in general ,if the amendments made by this section take effect under paragraph 7#a71 effective on the date that is #b years after the date of enactment of this ,act-- 7i7 section #cfd of title #aa1 ,united ,states ,code1 is amended by striking subsection 7g72 7ii7 section #ejc7;b7 of title #aa1 ,united ,states ,code1 is amended-- 7,i7 in paragraph 7#h77;,b71 by adding and at the end2 7,,ii7 in paragraph 7#i71 by striking 2 and at the end and inserting a period2 and 7,,iii7 by striking paragraph 7#aj72 7iii7 section #aaia of title #aa1 ,united ,states ,code1 is amended by striking subsection 7f72 7iv7 section #abbe of title #aa1 ,united ,states ,code1 is amended by striking subsection 7d72 and 7v7 section #acbe of title #aa1 ,united ,states ,code1 is amended by striking subsection 7d74 7,b7 ,applicability ,notwithstanding the amendments made by subparagraph 7,a7 of this paragraph1 if the amendments made by subsections 7a71 7b71 7c71 7d71 and 7e7 take effect under paragraph 7#a7 of this subsection1 such amendments shall apply to any case under title #aa1 ,united ,states ,code1 commenced before the date that is #b years after the date of enactment of this ,act4 #aag4 ,conflicts of interest 7a7 ,definitions ,in this section3 7#a7 ,controlling interest ,the term controlling interest means owning1 controlling1 or holding not less than #bj percent1 by vote or value1 of the outstanding amount of any class of equity interest in an entity4 7#b7 ,covered entity 7,a7 ,definition ,the term covered entity means an entity in which a covered individual directly or indirectly holds a controlling interest4 7,b7 ,treatment of securities ,for the purpose of determining whether an entity is a covered entity1 the securities owned1 controlled1 or held by #b or more individuals who are related as described in paragraph 7#c77;,b7 shall be aggregated4 7#c7 ,covered individual ,the term covered individual means-- 7,a7 the ,president1 the ,vice ,president1 the head of an ,executive department1 or a ,member of ,congress2 and 7,b7 the spouse1 child1 son-in-law1 or daughter-in-law1 as determined under applicable common law1 of an individual described in subparagraph 7,a74 7#d7 ,executive department ,the term ,executive department has the meaning given the term in section #aja of title #e1 ,united ,states ,code4 7#e7 ,member of congress ,the term ,member of ,congress means a ,member of the ,senate or ,house of ,representatives1 a ,delegate to the ,house of ,representatives1 and the ,resident ,commissioner from ,puerto ,rico4 7#f7 ,equity interest ,the term equity interest means-- 7,a7 a share in an entity1 without regard to whether the share is-- 7i7 transferable2 or 7ii7 classified as stock or anything similar2 7,b7 a capital or profit interest in a limited liability company or partnership2 or 7,c7 a warrant or right1 other than a right to convert1 to purchase1 sell1 or subscribe to a share or interest described in subparagraph 7,a7 or 7,b71 respectively4 7b7 ,requirement ,the principal executive officer and the principal financial officer1 or individuals performing similar functions1 of an entity seeking to enter a transaction made under paragraph 7#cf71 7#cg71 or 7#ch7 of section #g7;a7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a771 as added and amended by this title1 shall1 before that transaction is approved1 disclose to the ,administrator whether the entity is a covered entity4 7c7 ,applicability ,the requirement under subsection 7b7-- 7#a7 shall apply with respect to any transaction made under paragraph 7#cf71 7#cg71 or 7#ch7 of section #g7;a7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a771 as added and amended by this title1 on or after the date of enactment of this ,act2 and 7#b7 shall not apply with respect to-- 7,a7 any transaction described in paragraph 7#a7 that was made before the date of enactment of this ,act2 or 7,b7 forgiveness under section #aajf of the ,,cares ,act 7#ae ,u4,s4,c4 #ijje7 or any other provision of law of any loan associated with any transaction described in paragraph 7#a7 that was made before the date of enactment of this ,act4 ,,ii ,small business programs generally #aba4 ,small business investment company program 7a7 ,in general ,part ,a of title ,,iii of the ,small ,business ,investment ,act of #aieh 7#ae ,u4,s4,c4 #fha et seq47 is amended-- 7#a7 in section #cjb7;a7 7#ae ,u4,s4,c4 #fhb7;a77-- 7,a7 in paragraph 7#a7-- 7i7 in subparagraph 7,a71 by striking or at the end2 7ii7 in subparagraph 7,b71 by striking the period at the end and inserting 2 or2 and 7iii7 by adding at the end the following3 7,c7 #bj1jjj1jjj1 adjusted every #e years for inflation1 with respect to each licensee authorized or seeking authority to sell bonds to ,administration as a participating investment company under section #cba4 2 and 7#b7 by adding at the end the following3 #cba4 ,small business and domestic production recovery investment facility 7a7 ,definitions ,in this section3 7#a7 ,eligible small business concern ,the term eligible small business concern-- 7,a7 means a small business concern that-- 7i7 meets the revenue reduction requirements established by paragraph 7#cg77;,a77vi77,i77cc7 of section #g7;a7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a772 7ii7 is a manufacturing business that is assigned a ,north ,american ,industry ,classification ,system code beginning with #ca1 #cb1 or #cc at the time at which the small business concern receives an investment from a participating investment company under the facility2 or 7iii7 is located in a small business low-income census tract2 and 7,b7 does not include an entity described in paragraph 7#cg77;,a77vi77,,ii7 of such section #g7;a74 7#b7 ,facility ,the term facility means the facility established under subsection 7b74 7#c7 ,fund ,the term ,fund means the fund established under subsection 7h74 7#d7 ,participating investment company ,the term participating investment company means a small business investment company approved under subsection 7d7 to participate in the facility4 7#e7 ,protg investment company ,the term protg investment company means a small business investment company that-- 7,a7 is majority managed by new1 inexperienced1 or otherwise underrepresented fund managers2 and 7,b7 elects and is selected by the ,administration to participate in the pathway-protg program under subsection 7g74 7#f7 ,small business concern ,the term small business concern has the meaning given the term in section #c7;a7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcb7;a774 7#g7 ,small business low-income census tract ,the term small business low-income census tract has the meaning given the term in section #g7;a77#ch77;,a7 of the ,small ,business ,act4 7b7 ,establishment 7#a7 ,facility ,the ,administrator shall establish and carry out a facility to improve the recovery of eligible small business concerns from the ,,covid-#ai pandemic1 increase resiliency in the manufacturing supply chain of eligible small business concerns1 and increase the economic development of small business low-income census tracts by providing financial assistance to participating investment companies that facilitate equity financings to eligible small business concerns in accordance with this section4 7#b7 ,administration of facility ,the facility shall be administered by the ,administrator acting through the ,associate ,administrator described in section #bja4 7c7 ,applications 7#a7 ,in general ,any small business investment company may submit to the ,administrator an application to participate in the facility4 7#b7 ,requirements for application ,an application to participate in the facility shall include the following3 7,a7 ,a business plan describing how the applicant intends to make successful equity investments in eligible small business concerns4 7,b7 ,information regarding the relevant investment qualifications and backgrounds of the individuals responsible for the management of the applicant4 7,c7 ,a description of the extent to which the applicant meets the selection criteria under subsection 7d77#b74 7#c7 ,exceptions to application for new licensees ,not later than #ij days after the date of enactment of this section1 the ,administrator shall reduce requirements for applicants applying to operate as a participating investment company under this section in order to encourage the participation of new small business investment companies in the facility under this section1 which may include the requirements established under part #ajg of title #ac1 ,code of ,federal ,regulations1 or any successor regulation1 relating to-- 7,a7 the approval of initial management expenses2 7,b7 the management ownership diversity requirement2 7,c7 the disclosure of general compensatory practices and fee structures2 or 7,d7 any other requirement that the ,administrator determines to be an obstacle to achieving the purposes described in this paragraph4 7d7 ,selection of participating investment companies 7#a7 ,determination 7,a7 ,in general ,except as provided in paragraph 7#c71 not later than #fj days after the date on which the ,administrator receives an application under subsection 7c71 the ,administrator shall-- 7i7 make a final determination to approve or disapprove such applicant to participate in the facility2 and 7ii7 transmit the determination to the applicant in writing4 7,b7 ,commitment amount ,except as provided in paragraph 7#c71 at the time of approval of an applicant1 the ,administrator shall make a determination of the amount of the commitment that may be awarded to the applicant under this section4 7#b7 ,selection criteria ,in making a determination under paragraph 7#a71 the ,administrator shall consider-- 7,a7 the probability that the investment strategy of the applicant will successfully repay any financial assistance provided by the ,administration1 including the probability of a return significantly in excess thereof2 7,b7 the probability that the investments made by the applicant will-- 7i7 provide capital to eligible small business concerns2 or 7ii7 create or preserve jobs in the ,united ,states2 7,c7 the probability that the applicant will meet the objectives in the business plan of the applicant1 including the financial goals1 and1 if applicable1 the pathway-protg program in accordance with subsection 7g72 and 7,d7 the probability that the applicant will assist eligible small business concerns in achieving profitability4 7#c7 ,approval of participating investment companies 7,a7 ,provisional approval 7i7 ,in general ,notwithstanding paragraph 7#a71 with respect to an application submitted by an applicant to operate as a participating investment company under this section1 the ,administrator may provide provisional approval for the applicant in lieu of a final determination of approval and determination of the amount of the commitment under that paragraph4 7ii7 ,purpose ,the purpose of a provisional approval under clause 7i7 is to-- 7,i7 encourage applications from investment companies with an investment mandate from the committed private market capital of the investment company that does not conform to the requirements described in this section at the time of application2 7,,ii7 allow the applicant to more effectively raise capital commitments in the private markets by referencing the intent of the ,administrator to award the applicant a commitment2 and 7,,iii7 allow the applicant to more precisely request the desired amount of commitment pending the securing of capital from private market investors4 7iii7 ,limit on period of the time ,the period between a provisional approval under clause 7i7 and the final determination of approval under paragraph 7#a7 shall not exceed #ab months4 7e7 ,commitments and ,,sbic bonds 7#a7 ,in general ,the ,administrator may1 out of amounts available in the ,fund1 purchase or commit to purchase from a participating investment company #a or more accruing bonds that include equity features as described in this subsection4 7#b7 ,bond terms ,a bond purchased by the ,administrator from a participating investment company under this subsection shall have the following terms and conditions3 7,a7 ,term and interest 7i7 ,in general ,the bond shall be issued for a term of not less than #ae years and shall bear interest at a rate determined by the ,administrator of not more than #b percent4 7ii7 ,accrual of interest ,interest on the bond shall accrue and shall be payable in accordance with subparagraph 7,d74 7iii7 ,prepayment ,the bond shall be prepayable without penalty after the end of the #a-year period beginning on the date on which the bond was purchased4 7,b7 ,profits 7i7 ,in general ,the ,administration shall be entitled to receive a share of the profits net of any profit sharing performance compensation of the participating investment company equal to the quotient obtained by dividing-- 7,i7 one-third of the commitment that the participating investment company is approved for under subsection 7d72 by 7,,ii7 the commitment approved under subsection 7d7 plus the regulatory capital of the participating investment company at the time of approval under that subsection4 7ii7 ,determination of percentage ,the share to which the ,administration is entitled under clause 7i7-- 7,i7 shall be determined at the time of approval under subsection 7d72 and 7,,ii7 without the approval of the ,administration1 shall not be revised1 including to reflect subsequent distributions of profits1 returns of capital1 or repayments of bonds1 or otherwise4 7,c7 ,profit sharing performance compensation 7i7 ,receipt by ,administration ,the ,administration shall receive a share of profits of not more than #b percent1 which shall be deposited into the ,fund and be available to make commitments under this subsection4 7ii7 ,receipt by managers ,the managers of the participating investment company may receive a maximum profit sharing performance compensation of #be percent minus the share of profits paid to the ,administration under clause 7i74 7,d7 ,prohibition on distributions ,no distributions on capital1 including profit distributions1 shall be made by the participating investment company to the investors or managers of the participating investment company until the ,administration has received payment of all accrued interest on the bond committed under this section4 7,e7 ,repayment of principal ,except as described in subparagraph 7,f71 repayments of principal of the bond of a participating investment company shall be-- 7i7 made at the same time as returns of private capital2 and 7ii7 in amounts equal to the pro rata share of the ,administration of the total amount being repaid or returned at such time4 7,f7 ,liquidation or default ,upon any liquidation event or default1 as defined by the ,administration1 any unpaid principal or accrued interest on the bond shall-- 7i7 have a priority over all equity of the participating investment company2 and 7ii7 be paid before any return of equity or any other distributions to the investors or managers of the participating investment company4 7#c7 ,amount of commitments and purchases 7,a7 ,maximum amount ,the maximum amount of outstanding bonds and commitments to purchase bonds for any participating investment company under the facility shall be the lesser of-- 7i7 twice the amount of the regulatory capital of the participating investment company2 or 7ii7 #bjj1jjj1jjj4 7#d7 ,commitment process ,commitments by the ,administration to purchase bonds under the facility shall remain available to be sold by a participating investment company until the end of the fourth fiscal year following the year in which the commitment is made1 subject to review and approval by the ,administration based on regulatory compliance1 financial status1 change in management1 deviation from business plan1 and such other limitations as may be determined by the ,administration by regulation or otherwise4 7#e7 ,commitment conditions 7,a7 ,in general ,as a condition of receiving a commitment under the facility1 not less than #ej percent of amounts invested by the participating investment company shall be invested in eligible small business concerns4 7,b7 ,examinations ,in addition to the matters set forth in section #caj7;c71 the ,administration shall examine each participating investment company in such detail so as to determine whether the participating investment company has complied with the requirements under this subsection4 7f7 ,distributions and fees 7#a7 ,distribution requirements 7,a7 ,distributions ,as a condition of receiving a commitment under the facility1 a participating investment company shall make all distributions to the ,administrator in the same form and in a manner as are made to investors1 or otherwise at a time and in a manner consistent with regulations or policies of the ,administration4 7,b7 ,allocations ,a participating investment company shall make allocations of income1 gain1 loss1 deduction1 and credit to the ,administrator with respect to any outstanding bonds as if the ,administrator were an investor4 7#b7 ,fees ,the ,administrator may not charge fees for participating investment companies other than examination fees that are consistent with the license of the participating investment company4 7#c7 ,bifurcation ,losses on bonds issued by participating investment companies shall not be offset by fees or any other charges on debenture small business investment companies4 7g7 ,protg program ,the ,administrator shall establish a pathway-protg program in which a protg investment company may receive technical assistance and program support from a participating investment company on a voluntary basis and without penalty for non-participation4 7h7 ,loss limiting fund 7#a7 ,in general ,there is established in the ,treasury a fund for making commitments and purchasing bonds with equity features under the facility and receiving capital returned by participating investment companies4 7#b7 ,use of funds ,amounts appropriated to the ,fund or deposited in the ,fund under paragraph 7#c7 shall be available to the ,administrator1 without further appropriation1 for making commitments and purchasing bonds under the facility and expenses and payments1 excluding administrative expenses1 relating to the operations of the ,administrator under the facility4 7#c7 ,depositing of amounts 7,a7 ,in general ,all amounts received by the ,administrator from a participating investment company relating to the facility1 including any moneys1 property1 or assets derived by the ,administrator from operations in connection with the facility1 shall be deposited in the ,fund4 7,b7 ,period of availability ,amounts deposited under subparagraph 7,a7 shall remain available until expended4 7i7 ,application of other sections ,to the extent not inconsistent with requirements under this section1 the ,administrator may apply sections #cji1 #caa1 #cab1 #cac1 and #cad to activities under this section and an officer1 director1 employee1 agent1 or other participant in a participating investment company shall be subject to the requirements under such sections4 7j7 ,authorization of appropriations ,there is authorized to be appropriated for the first fiscal year beginning after the date of enactment of this part #aj1jjj1jjj1jjj to carry out the facility4 ,amounts appropriated pursuant to this subsection shall remain available until the end of the second fiscal year beginning after the date of enactment of this section4 4 7b7 ,approval of bank-,owned1 non-,leveraged applicants ,section #cja7;c77#b7 of the ,small ,business ,investment ,act of #aieh 7#ae ,u4,s4,c4 #fha7;c77#b77 is amended-- 7#a7 in subparagraph 7,b71 in the matter preceding clause 7i71 by striking ,within and inserting ,except as provided in subparagraph 7,c71 within2 and 7#b7 by adding at the end the following3 7,c7 ,exception for bank-owned1 non-leveraged applicants ,notwithstanding subparagraph 7,b71 not later than #de days after the date on which the ,administrator receives a completed application submitted by a bank-owned1 non-leveraged applicant in accordance with this subsection and in accordance with such requirements as the ,administrator may prescribe by regulation1 the ,administrator shall-- 7i7 review the application in its entirety2 and 7ii7 7,i7 approve the application and issue a license for such operation to the applicant if the requirements of this section are satisfied2 or 7,,ii7 disapprove the application and notify the applicant in writing of the disapproval4 4 7c7 ,electronic submissions ,part ,a of title ,,iii of the ,small ,business ,investment ,act of #aieh 7#ae ,u4,s4,c4 #fha et seq471 as amended by subsection 7a7 of this section1 is amended by adding at the end the following3 #cbb4 ,electronic submissions ,the ,administration shall permit any document submitted under this title1 or pursuant to a regulation carrying out this title1 to be submitted electronically1 including by permitting an electronic signature for any signature that is required on such a document4 4 ,,iii ,appropriations #aca4 ,commitment authority and appropriations 7a7 ,commitment authority 7#a7 ,,cares ,act amendments ,section #aajb7;b7 of the ,,cares ,act 7,public ,law #aaf-acf7 is amended-- 7,a7 in paragraph 7#a7-- 7i7 in the paragraph heading1 by inserting and second draw after ,,ppp2 7ii7 by striking ,august #h1 #bjbj and inserting ,december #ca1 #bjbj2 7iii7 by striking paragraph 7#cf7 and inserting paragraphs 7#cf7 and 7#cg72 and 7iv7 by striking #fei1jjj1jjj1jjj and inserting #gdi1jjj1jjj1jjj2 and 7,b7 by amending paragraph 7#b7 to read as follows3 7#b7 ,other #g7;a7 loans ,during fiscal year #bjbj1 the amount authorized for commitments for section #g7;a7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77 under the heading ,small ,business ,administration--,business ,loans ,program ,account in the ,financial ,services and ,general ,government ,appropriations ,act1 #bjbj 7division ,c of ,public ,law #aaf-aic7 shall apply with respect to any commitments under such section #g7;a7 other than under paragraphs 7#cf71 7#cg71 and 7#ch7 of such section #g7;a74 4 7#b7 ,recovery sector loans ,during the period beginning on the date of enactment of this ,act and ending on ,december #ca1 #bjbj1 the amount authorized for commitments under paragraph 7#ch7 of section #g7;a7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a771 as added by this title1 shall be #ajj1jjj1jjj1jjj4 7b7 ,direct appropriations 7#a7 ,rescission ,with respect to unobligated balances under the heading #8,small ,business ,administration--,business ,loans ,program ,account1 ,,cares ,act as of the day before the date of enactment of this ,act1 #ajj1jjj1jjj1jjj shall be rescinded and deposited into the general fund of the ,treasury4 7#b7 ,new direct appropriations ,there is appropriated1 out of amounts in the ,treasury not otherwise appropriated1 for the fiscal year ending ,september #cj1 #bjbj-- 7,a7 to remain available until ,september #cj1 #bjba1 for additional amounts-- 7i7 #aij1jjj1jjj1jjj under the heading #8#8,small ,business ,administration--,business ,loans ,program ,account1 ,,cares ,act'' for the cost of guaranteed loans as authorized under paragraph 7#cf7 and 7#cg7 of section #g7;a7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a771 as amended and added by this ,act2 and 7ii7 #eg1gjj1jjj1jjj under the heading ,small ,business ,administration--,recovery ,sector ,loans for the cost of guaranteed loans as authorized under paragraph 7#ch7 of section #g7;a7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a771 as added by this ,act2 and 7,b7 to remain available until ,september #cj1 #bjbc1 #aj1jjj1jjj1jjj under the heading ,small ,business ,administration--,,sbic to carry out part ,d of title ,,iii of the ,small ,business ,investment ,act of #aieh 7#ae ,u4,s4,c4 #fha et seq471 as added by this ,act4 7c7 ,emergency designation 7#a7 ,in general ,the amounts provided under this section are designated as an emergency requirement pursuant to section #d7;g7 of the ,statutory ,pay-,as-,you-,go ,act of #bjaj 7#b ,u4,s4,c4 #icc7;g774 7#b7 ,designation in senate ,in the ,senate1 this section is designated as an emergency requirement pursuant to section #daab7;a7 of ,h4 ,con4 ,res4 #ga 7#aaeth ,congress71 the concurrent resolution on the budget for fiscal year #bjah4