,,ii #aaf? ,,congress #b;d ,session ,s4 #dcba ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,july #bg1 #bjbj,mr4 ,rubio 7= himself & ,ms4 ,coll9s7 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,small ,bus9ess & ,entrepr5eur%ip ,a ,,bill ,to e/abli% ! ,pay*eck ,protection ,program ,second ,draw ,loan & am5d ! #g7;a7 loan gu>anty program = recov]y sector bus9ess conc]ns1 & = o!r purposes4 #a4 ,%ort title2 table ( cont5ts 7a7 ,%ort title ,?is ,act may be cit$ z ! ,cont9u+ ,small ,bus9ess ,recov]y & ,pay*eck ,protection ,program ,act4 7b7 ,table ( cont5ts ,! table ( cont5ts = ?is ,act is z foll[s3 ,sec4 #a4 ,%ort title2 table ( cont5ts4,sec4 #b4 ,def9itions4,sec4 #c4 ,em]g5cy rulemak+ au?ority4,,title ,i--,pay*eck protection program improvements,sec4 #aja4 ,additional eligible exp5ses4,sec4 #ajb4 ,l5d] safe h>bor4,sec4 #ajc4 ,selection ( cov]$ p]iod = =giv5ess4,sec4 #ajd4 ,simplifi$ application4,sec4 #aje4 ,gr\p insurance paym5ts z payroll co/s4,sec4 #ajf4 ,pay*eck protection program second draw loans4,sec4 #ajg4 ,cont9u$ access to ! pay*eck protection program4,sec4 #ajh4 ,increas$ ability = pay*eck protection program borr[]s to reque/ an increase 9 loan am\nt due to updat$ regulations4,sec4 #aji4 ,calculation ( maximum loan am\nt = f>m]s & ran*]s "u ! pay*eck protection program4,sec4 #aaj4 ,f>m ,cr$it ,sy/em in/itutions4,sec4 #aaa4 ,def9ition ( seasonal employ]4,sec4 #aab4 ,*anges to ! #g7;a7 loan gu>anty program = recov]y sector bus9ess conc]ns4,sec4 #aac4 ,eligibility ( #eja7;c77#f7 organizations = loans "u ! pay*eck protection program4,sec4 #aad4 ,prohibition on use ( loan proce$s = lobby+ activities4,sec4 #aae4 ,effective date2 applicability4,sec4 #aaf4 ,bankruptcy provisions4,sec4 #aag4 ,conflicts ( int]e/4,,title ,,ii--,small bus9ess programs generally,sec4 #aba4 ,small bus9ess inve/m5t company program4,,title ,,iii--,appropriations,sec4 #aca4 ,commitm5t au?ority & appropriations4 #b4 ,def9itions ,9 ?is ,act3 7#a7 ,adm9i/ration2 ,adm9i/rator ,! t]ms ,adm9i/ration & ,adm9i/rator mean ! ,small ,bus9ess ,adm9i/ration & ! ,adm9i/rator !re(4 7#b7 ,small bus9ess conc]n ,! t]m small bus9ess conc]n has ! mean+ giv5 ! t]m 9 section #c ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcb74 #c4 ,em]g5cy rulemak+ au?ority ,n lat] ?an #cj days aft] ! date ( enactm5t ( ?is ,act1 ! ,adm9i/rator %all issue regulations to c>ry out ?is ,act & ! am5dm5ts made by ?is ,act )\t reg>d to ! notice requirem5ts "u section #eec7;b7 ( title #e1 ,unit$ ,/ates ,code4 ,i ,pay*eck protection program improvem5ts #aja4 ,additional eligible exp5ses 7a7 ,all[able use ( ,,ppp loan ,section #g7;a77#cf77;,f77i7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77;,f77i77 is am5d$-- 7#a7 9 subclause 7,,vi71 by /rik+ & at ! end2 7#b7 9 subclause 7,,vii71 by /rik+ ! p]iod at ! end & ins]t+ a semicolon2 & 7#c7 by add+ at ! end ! foll[+3 7,,viii7 cov]$ op]ations exp5ditures1 z def9$ 9 section #aajf7;a7 ( ! ,,c>es ,act 7#ae ,u4,s4,c4 #ijje7;a772 7,,ix7 cov]$ prop]ty damage co/s1 z def9$ 9 su* section #aajf7;a72 7,x7 cov]$ suppli] co/s1 z def9$ 9 su* section #aajf7;a72 & 7,,xi7 cov]$ work] protection exp5ditures1 z def9$ 9 su* section #aajf7;a74 4 7b7 ,loan =giv5ess ,section #aajf ( ! ,,c>es ,act 7#ae ,u4,s4,c4 #ijje7 is am5d$-- 7#a7 9 subsection 7a7-- 7,a7 by r$esignat+ p>agraphs 7#f71 7#g71 & 7#h7 z p>agraphs 7#aj71 7#aa71 & 7#ab71 respectively2 7,b7 by r$esignat+ p>agraph 7#e7 z p>agraph 7#h72 7,c7 by r$esignat+ p>agraph 7#d7 z p>agraph 7#f72 7,d7 by r$esignat+ p>agraph 7#c7 z p>agraph 7#d72 7,e7 by ins]t+ aft] p>agraph 7#b7 ! foll[+3 7#c7 ! t]m cov]$ op]ations exp5diture means a paym5t = any bus9ess s(tw>e or cl\d comput+ s]vice t facilitates bus9ess op]ations1 product or s]vice deliv]y1 ! process+1 paym5t1 or track+ ( payroll exp5ses1 human res\rces1 sales & bill+ functions1 or acc\nt+ or track+ ( supplies1 inv5tory1 records & exp5ses2 2 7,f7 by ins]t+ aft] p>agraph 7#d71 z s r$esignat$1 ! foll[+3 7#e7 ! t]m cov]$ prop]ty damage co/ means a co/ relat$ to prop]ty damage & v&alism or loot+ due to public di/urbances t occurr$ dur+ #bjbj t 0 n cov]$ by insurance or o!r comp5sation2 2 7,g7 by ins]t+ aft] p>agraph 7#f71 z s r$esignat$1 ! foll[+3 7#e7 ! t]m cov]$ suppli] co/ means an exp5diture made by an entity to a suppli] ( goods pursuant to a contract 9 effect be=e ,febru>y #ae1 #bjbj = ! supply ( goods t are ess5tial to ! op]ations ( ! entity at ! "t at :i* ! exp5diture is made2 2 7,h7 by ins]t+ aft] p>agraph 7#h71 z s r$esignat$1 ! foll[+3 7#i7 ! t]m cov]$ work] protection exp5diture-- 7,a7 means an op]at+ or a capital exp5diture t is requir$ to facilitate ! adaptation ( ! bus9ess activities ( an entity to comply ) requirem5ts e/abli%$ or guidance issu$ by ! ,dep>tm5t ( ,heal? & ,human ,s]vices1 ! ,c5t]s = ,disease ,control1 or ! ,occupational ,safety & ,heal? ,adm9i/ration dur+ ! p]iod beg9n+ on ,m>* #a1 #bjbj & end+ ,decemb] #ca1 #bjbj relat$ to ! ma9t5ance ( /&>ds = sanitation1 social di/anc+1 or any o!r work] or cu/om] safety requirem5t relat$ to ,,covid-#ai2 7,b7 may include-- 7i7 ! pur*ase1 ma9t5ance1 or r5ovation ( assets t create or exp&-- 7,i7 a drive-?r\gh w9d[ facility2 7,,ii7 an indoor1 outdoor1 or comb9$ air or air pressure v5tilation or filtration sy/em2 7,,iii7 a physical b>ri] su* z a sneeze gu>d2 7,,iv7 an indoor1 outdoor1 or comb9$ comm]cial real prop]ty2 7,v7 an onsite or (fsite heal? scre5+ capability2 or 7,,vi7 o!r assets relat+ to ! compliance ) ! requirem5ts or guidance describ$ 9 subp>agraph 7,a71 z det]m9$ by ! ,adm9i/rator 9 consultation ) ! ,secret>y ( ,heal? & ,human ,s]vices & ! ,secret>y ( ,labor2 & 7ii7 ! pur*ase (-- 7,i7 cov]$ mat]ials describ$ 9 section #cbh4ajc7;a7 ( title #dd1 ,code ( ,f$]al ,regulations1 or any successor regulation2 7,,ii7 p>ticulate filt]+ facepiece respirators approv$ by ! ,national ,in/itute = ,occupational ,safety & ,heal?1 includ+ ^? approv$ only = em]g5cy use au?orization2 or 7,,iii7 o!r k9ds ( p]sonal protective equipm5t1 z det]m9$ by ! ,adm9i/rator 9 consultation ) ! ,secret>y ( ,heal? & ,human ,s]vices & ! ,secret>y ( ,labor2 & 7,c7 does n include resid5tial real prop]ty or intangible prop]ty2 2 & 7,i7 9 p>agraph 7#aa71 z s r$esignat$-- 7i7 9 subp>agraph 7,c71 by /rik+ & at ! end2 7ii7 9 subp>agraph 7,d71 by /rik+ & at ! end2 & 7iii7 by add+ at ! end ! foll[+3 7,e7 cov]$ op]ations exp5ditures2 7,f7 cov]$ prop]ty damage co/s2 7,g7 cov]$ suppli] co/s2 & 7,h7 cov]$ work] protection exp5ditures2 & 2 7#b7 9 subsection 7b71 by add+ at ! end ! foll[+3 7#e7 ,any cov]$ op]ations exp5diture4 7#f7 ,any cov]$ prop]ty damage co/4 7#g7 ,any cov]$ suppli] co/4 7#h7 ,any cov]$ work] protection exp5diture4 2 7#c7 9 subsection 7d77#h71 by ins]t+ any paym5t on any cov]$ op]ations exp5diture1 any paym5t on any cov]$ prop]ty damage co/1 any paym5t on any cov]$ suppli] co/1 any paym5t on any cov]$ work] protection exp5diture1 aft] r5t obligation12 & 7#d7 9 subsection 7e7-- 7,a7 9 p>agraph 7#b71 by ins]t+ paym5ts on cov]$ op]ations exp5ditures1 paym5ts on cov]$ prop]ty damage co/s1 paym5ts on cov]$ suppli] co/s1 paym5ts on cov]$ work] protection exp5ditures1 aft] lease obligations12 & 7,b7 9 p>agraph 7#c77;,b71 by ins]t+ make paym5ts on cov]$ op]ations exp5ditures1 make paym5ts on cov]$ prop]ty damage co/s1 make paym5ts on cov]$ suppli] co/s1 make paym5ts on cov]$ work] protection exp5ditures1 aft] r5t obligation14 #ajb4 ,l5d] safe h>bor ,subsection 7h7 ( section #aajf ( ! ,,c>es ,act 7#ae ,u4,s4,c4 #ijje7 is am5d$ to read z foll[s3 7h7 ,hold h>mless 7#a7 ,9 g5]al ,a l5d] may rely on any c]tification or docum5tation submitt$ by an applicant = a cov]$ loan or an eligible recipi5t ( a cov]$ loan t-- 7,a7 is submitt$ pursuant to any /atutory requirem5t relat+ to cov]$ loans or any rule or guidance issu$ to c>ry out any action relat+ to cov]$ loans2 & 7,b7 atte/s t ! applicant or eligible recipi5t1 z applicable1 has accurately v]ifi$ any c]tification or docum5tation provid$ to ! l5d]4 7#b7 ,no en=cem5t action ,) respect to a l5d] t relies on a c]tification or docum5tation describ$ 9 p>agraph 7#a7-- 7,a7 an en=cem5t action may n be tak5 aga9/ ! l5d] act+ 9 good fai? relat+ to orig9ation or =giv5ess ( a cov]$ loan bas$ on su* reliance2 & 7,b7 ! l5d] act+ 9 good fai? %all n be subject to any p5alties relat+ to orig9ation or =giv5ess ( a cov]$ loan bas$ on su* reliance4 4 #ajc4 ,selection ( cov]$ p]iod = =giv5ess ,section #aajf ( ! ,,c>es ,act 7#ae ,u4,s4,c4 #ijje7 is am5d$-- 7#a7 by am5d+ subsection 7a77#c7 to read z foll[s3 7#c7 ! t]m cov]$ 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 #bjbj2 2 & 7#b7 by /rik+ subsection 7l74 #ajd4 ,simplifi$ application ,section #aajf ( ! ,,c>es ,act 7#ae ,u4,s4,c4 #ijje71 z am5d$ by section #ajc ( ?is ,act1 is am5d$-- 7#a7 9 subsection 7e71 9 ! matt] prec$+ p>agraph 7#a71 by /rik+ ,an eligible & ins]t+ ,except z provid$ 9 subsection 7l71 an eligible2 7#b7 9 subsection 7f71 by ins]t+ or ! in=mation requir$ "u subsection 7l71 z applicable aft] subsection 7e72 & 7#c7 by add+ at ! end ! foll[+3 7l7 ,simplifi$ application 7#a7 ,cov]$ loans "u #aej1jjj 7,a7 ,9 g5]al ,not)/&+ subsection 7e71 ) respect to a cov]$ loan made to an eligible recipi5t t is n m ?an #aej1jjj1 ! cov]$ loan am\nt %all be =giv5 "u ?is section if ! eligible recipi5t-- 7i7 signs & submits to ! l5d] an atte/ation t ! eligible recipi5t made a good fai? ef=t to comply ) ! requirem5ts "u section #g7;a77#cf7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf772 & 7ii7 = ! #c-ye> p]iod foll[+ submission ( ! atte/ation "u clause 7i71 reta9s records relevant to ! atte/ation t prove compliance ) ^? requirem5ts4 7,b7 ,demographic in=mation ,an eligible recipi5t ( a cov]$ loan describ$ 9 subp>agraph 7,a7 may complete & submit any =m relat$ to borr[] demographic in=mation4 7,c7 ,audit ,! ,adm9i/rator may-- 7i7 review & audit cov]$ loans describ$ 9 subp>agraph 7,a72 & 7ii7 9 ! case ( fraud1 ineligibility1 or o!r mat]ial noncompliance ) applicable loan or loan =giv5ess requirem5ts1 modify-- 7,i7 ! am\nt ( a cov]$ loan describ$ 9 subp>agraph 7,a72 or 7,,ii7 ! loan =giv5ess am\nt ) respect to a cov]$ loan describ$ 9 subp>agraph 7,a74 7#b7 ,cov]$ loans betwe5 #aej1jjj & #b1jjj1jjj 7,a7 ,9 g5]al ,not)/&+ subsection 7e71 ) respect to a cov]$ loan made to an eligible recipi5t t is m ?an #aej1jjj & n m ?an #b1jjj1jjj-- 7i7 ! eligible recipi5t seek+ loan =giv5ess "u ?is section-- 7,i7 is n requir$ to submit ! support+ docum5tation describ$ 9 p>agraph 7#a7 or 7#b7 ( subsection 7e7 or ! c]tification describ$ 9 subsection 7e77#c77;,a72 7,,ii7 %all reta9 all relevant s*$ules1 work%eets1 & support+ docum5tation = ! #c-ye> p]iod foll[+ submission ( ! application = loan =giv5ess2 & 7,,iii7 may complete & submit any =m relat$ to borr[] demographic in=mation2 7ii7 review by ! l5d] ( an application submitt$ by ! eligible recipi5t = loan =giv5ess "u ?is section %all be limit$ to :e!r ! l5d] receiv$ a complete application1 ) all fields complet$1 initial$1 or sign$1 z applicable2 & 7iii7 ! l5d] %all-- 7,i7 accept ! application submitt$ by ! eligible recipi5t = loan =giv5ess "u ?is section2 & 7,,ii7 submit ! application to ! ,adm9i/rator4 7,b7 ,audit ,! ,adm9i/rator may-- 7i7 review & audit cov]$ loans describ$ 9 subp>agraph 7,a72 & 7ii7 9 ! case ( fraud1 ineligibility1 or o!r mat]ial noncompliance ) applicable loan or loan =giv5ess requirem5ts1 modify-- 7,i7 ! am\nt ( a cov]$ loan describ$ 9 subp>agraph 7,a72 or 7,,ii7 ! loan =giv5ess am\nt ) respect to a cov]$ loan describ$ 9 subp>agraph 7,a74 7#c7 ,audit plan 7,a7 ,9 g5]al ,n lat] ?an #cj days aft] ! date ( enactm5t ( ! ,cont9u+ ,small ,bus9ess ,recov]y & ,pay*eck ,protection ,program ,act1 ! ,adm9i/rator %all submit to ! ,committee on ,small ,bus9ess & ,entrepr5eur%ip ( ! ,s5ate & ! ,committee on ,small ,bus9ess ( ! ,h\se ( ,repres5tatives an audit plan t details-- 7i7 ! policies & proc$ures ( ! ,adm9i/rator = conduct+ reviews & audits ( cov]$ loans2 & 7ii7 ! metrics t ! ,adm9i/rator %all use to det]m9e :i* cov]$ loans w be audit$ = ea* category ( cov]$ loans describ$ 9 p>agraphs 7#a7 & 7#b74 7,b7 ,reports ,n lat] ?an #cj days aft] ! date on :i* ! ,adm9i/rator submits ! audit plan requir$ "u subp>agraph 7,a71 & ea* mon? !reaft]1 ! ,adm9i/rator %all submit to ! ,committee on ,small ,bus9ess & ,entrepr5eur%ip ( ! ,s5ate & ! ,committee on ,small ,bus9ess ( ! ,h\se ( ,repres5tatives a report on ! review & audit activities ( ! ,adm9i/rator "u ?is subsection1 :i* %all include-- 7i7 ! numb] ( active reviews & audits2 7ii7 ! numb] ( reviews & audits t h be5 ongo+ = m ?an #fj days2 & 7iii7 any sub/antial *anges made to ! audit plan submitt$ "u subp>agraph 7,a74 4 #aje4 ,gr\p insurance paym5ts z payroll co/s ,section #g7;a77#cf77;,a77viii77,i77aa77,,ee7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77;,a77viii77,i77aa77,,ee77 is am5d$ by ins]t+ & o!r gr\p insurance be=e b5efits4 #ajf4 ,pay*eck protection program second draw loans ,section #g7;a7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77 is am5d$ by add+ at ! end ! foll[+3 7#cg7 ,pay*eck protection program second draw loans 7,a7 ,def9itions ,9 ?is p>agraph-- 7i7 ! t]ms community f9ancial in/itutions1 cr$it union1 eligible self-employ$ individual1 insur$ depository in/itution1 nonpr(it organization1 payroll co/s1 seasonal employ]1 & vet]ans organization h ! mean+s giv5 ^? t]ms 9 p>agraph 7#cf71 except t eligible entity %all be sub/itut$ = eligible recipi5t ea* place x appe>s 9 ! def9itions ( ^? t]ms2 7ii7 ! t]m cov]$ loan means a loan made "u ?is p>agraph2 7iii7 ! t]ms cov]$ mortgage obligation1 cov]$ op]at+ exp5diture1 cov]$ prop]ty damage co/1 cov]$ r5t obligation1 cov]$ suppli] co/1 cov]$ utility paym5t1 & cov]$ work] protection exp5diture h ! mean+s giv5 ^? t]ms 9 section #aajf7;a7 ( ! ,,c>es ,act 7#ae ,u4,s4,c4 #ijje7;a772 7iv7 ! t]m cov]$ p]iod means ! p]iod beg9n+ on ! date ( ! orig9ation ( a cov]$ loan & end+ on ,decemb] #ca1 #bjbj2 7v7 ! t]ms ex*ange1 issu]1 & security h ! mean+s giv5 ^? t]ms 9 section #c7;a7 ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;c7a772 7vi7 ! t]m eligible entity-- 7,i7 means any bus9ess conc]n1 nonpr(it organization1 vet]ans organization1 ,tribal bus9ess conc]n1 eligible self-employ$ individual1 sole proprietor1 indep5d5t contractor1 or small agricultural coop]ative t-- 7aa7 7,,aa7 ) respect to a bus9ess conc]n1 w\ld qualify z a small bus9ess conc]n by ! annual receipts size /&>d 7if applicable7 e/abli%$ by section #aba4bja ( title #ac1 ,code ( ,f$]al ,regulations1 or any successor regulation2 or 7,,bb7 if ! entity does n qualify z a small bus9ess conc]n1 meets ! alt]native size /&>d e/abli%$ "u section #c7;a77#e72 7bb7 employs n m ?an #cjj employees2 & 7cc7 7,,aa7 except z provid$ 9 subitems 7,,bb71 7,,cc71 & 7,,dd71 _h gross receipts dur+ ! fir/ or second qu>t] 9 #bjbj t are n less ?an #ej p]c5t less ?an ! gross receipts ( ! entity dur+ ! same qu>t] 9 #bjai2 7,,bb7 if ! entity 0 n 9 bus9ess dur+ ! fir/ or second qu>t] ( #bjai1 b 0 9 bus9ess dur+ ! ?ird & f\r? qu>t] ( #bjai1 _h gross receipts dur+ ! fir/ or second qu>t] ( #bjbj t are less ?an #ej p]c5t ( ! am\nt ( ! gross receipts ( ! entity dur+ ! ?ird or f\r? qu>t] ( #bjai2 7,,cc7 if ! entity 0 n 9 bus9ess dur+ ! fir/1 second1 or ?ird qu>t] ( #bjai1 b 0 9 bus9ess dur+ ! f\r? qu>t] ( #bjai1 _h gross receipts dur+ ! fir/ or second qu>t] ( #bjbj t are less ?an #ej p]c5t ( ! am\nt ( ! gross receipts ( ! entity dur+ ! f\r? qu>t] ( #bjai2 or 7,,dd7 if ! entity 0 n 9 bus9ess dur+ #bjai1 b 0 9 op]ation on ,febru>y #ae1 #bjbj1 _h gross receipts dur+ ! second qu>t] ( #bjbj t are less ?an #ej p]c5t ( ! am\nt ( ! gross receipts ( ! entity dur+ ! fir/ qu>t] ( #bjbj2 & 7,,ii7 does n include-- 7aa7 an issu]1 ! securities ( :i* are li/$ on an ex*ange regi/]$ a national securities ex*ange "u section #f ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;f72 7bb7 any entity t-- 7,,aa7 is a type ( bus9ess conc]n describ$ 9 subsection 7b71 7c71 7d71 7e71 7f71 7h71 7l7 7m71 7p71 7q71 7r71 or 7s7 ( section #abj4aaj ( title #ac1 ,code ( ,f$]al ,regulations1 or any successor regulation2 7,,bb7 is a type ( bus9ess conc]n describ$ 9 section #abj4aaj7;g7 ( title #ac1 ,code ( ,f$]al ,regulations1 or any successor regulation1 except z o!rwise provid$ 9 ! int]im f9al rule ( ! ,adm9i/ration entitl$ ,bus9ess ,loan ,program ,tempor>y ,*anges2 ,pay*eck ,protection ,program--,additional ,eligibility ,crit]ia & ,requirem5ts = ,c]ta9 ,pl$ges ( ,loans 7#he ,f$4 ,reg4 #bagdg 7,april #bj1 #bjbj772 7,,cc7 is a type ( bus9ess conc]n describ$ 9 section #abj4aaj7;i7 ( title #ac1 ,code ( ,f$]al ,regulations1 or any successor regulation1 except if ! bus9ess conc]n is an organization describ$ 9 p>agraph 7#cf77;,d77vii72 7,,dd7 is a type ( bus9ess conc]n describ$ 9 section #abj4aaj7;j7 ( title #ac1 ,code ( ,f$]al ,regulations1 or any successor regulation1 except z o!rwise provid$ 9 ! int]im f9al rules ( ! ,adm9i/ration entitl$ ,bus9ess ,loan ,program ,tempor>y ,*anges2 ,pay*eck ,protection ,program--,eligibility ( ,c]ta9 ,electric ,coop]atives 7#he ,f$4 ,reg4 #bihdg 7,may #ai1 #bjbj77 & ,bus9ess ,loan ,program ,tempor>y ,*anges2 ,pay*eck ,protection ,program--,eligibility ( ,c]ta9 ,telephone ,coop]atives 7#he ,f$4 ,reg4 #ceeej 7,june #aa1 #bjbj77 or any o!r guidance or rule issu$ or t may be issu$ by ! ,adm9i/rator2 7,,ee7 is a type ( bus9ess conc]n describ$ 9 section #abj4aaj7n7 ( title #ac1 ,code ( ,f$]al ,regulations1 or any successor regulation1 except z o!rwise provid$ 9 ! int]im f9al rule ( ! ,adm9i/ration entitl$ ,bus9ess ,loan ,program ,tempor>y ,*anges2 ,pay*eck ,protection ,program--,additional ,eligibility ,revisions to ,fir/ ,int]im ,f9al ,rule 7#he ,f$4 ,reg4 #chcja 7,june #bf1 #bjbj77 or any o!r guidance or rule issu$ or t may be issu$ by ! ,adm9i/rator2 7,,ff7 is a type ( bus9ess conc]n describ$ 9 section #abj4aaj7o7 ( title #ac1 ,code ( ,f$]al ,regulations1 or any successor regulation1 except z o!rwise provid$ 9 any guidance or rule issu$ or t may be issu$ by ! ,adm9i/rator2 or 7,,gg7 is an entity t is organiz$ = rese>* or = engag+ 9 advocacy 9 areas su* z public policy or political /rategy or o!rwise describes itself z a ?9k tank 9 any public docum5ts2 7,,hh7 is an entity t w\ld be describ$ 9 ! subsections li/$ 9 subitems 7,,aa7 ?r\gh 7,,gg7 if ! entity 7 a bus9ess conc]n2 or 7,,ii7 is assign$1 or 0 approv$ = a loan "u p>agraph 7#cf7 )1 a ,nor? ,am]ican ,indu/ry ,classification ,sy/em code beg9n+ ) #eb2 7cc7 any bus9ess conc]n or entity prim>ily engag$ 9 political or lobby+ activities1 :i* %all include any entity t is organiz$ = rese>* or = engag+ 9 advocacy 9 areas su* z public policy or political /rategy or o!rwise describes itself z a ?9k tank 9 any public docum5ts2 or 7dd7 any bus9ess conc]n or entity-- 7,,aa7 = :i* an entity creat$ 9 or organiz$ "u ! laws ( ! ,p's ,republic ( ,*9a or ! ,special ,adm9i/rative ,region ( ,hong ,kong1 or t has significant op]ations 9 ! ,p's ,republic ( ,*9a or ! ,special ,adm9i/rative ,region ( ,hong ,kong1 owns or holds1 directly or indirectly1 n less ?an #bj p]c5t ( ! economic int]e/ ( ! bus9ess conc]n or entity1 includ+ z equity %>es or a capital or pr(it int]e/ 9 a limit$ liability company or p>tn]%ip2 or 7,,bb7 t reta9s1 z a memb] ( ! bo>d ( directors ( ! bus9ess conc]n1 a p]son :o is a resid5t ( ! ,p's ,republic ( ,*9a2 & 7vii7 ! t]m ,tribal bus9ess conc]n means a ,tribal bus9ess conc]n describ$ 9 section #ca7;b77#b77;,c74 7,b7 ,loans ,except z o!rwise provid$ 9 ?is p>agraph1 ! ,adm9i/rator may gu>antee cov]$ loans to eligible entities "u ! same t]ms1 conditions1 & processes z a loan made "u p>agraph 7#cf74 7,c7 ,maximum loan am\nt 7i7 ,9 g5]al ,except z o!rwise provid$ 9 ?is subp>agraph1 ! maximum am\nt ( a cov]$ loan made to an eligible entity is ! less] (-- 7,i7 ! product obta9$ by multiply+-- 7aa7 ! av]age total mon?ly paym5t = payroll co/s incurr$ or paid by ! eligible entity dur+ ! #a-ye> p]iod be=e ! date on :i* ! loan is made2 by 7bb7 #b4e2 or 7,,ii7 #b1jjj1jjj4 7ii7 ,seasonal employ]s ,! maximum am\nt ( a cov]$ loan made to an eligible entity t is a seasonal employ] is ! less] (-- 7,i7 ! product obta9$ by multiply+-- 7aa7 at ! election ( ! eligible entity1 ! av]age total mon?ly paym5ts = payroll co/s incurr$ or paid by ! eligible entity-- 7,,aa7 = a #ab-week p]iod beg9n+ ,febru>y #ae1 #bjai or ,m>* #a1 #bjai & end+ ,june #cj1 #bjai2 or 7,,bb7 = a consecutive #ab-week p]iod betwe5 ,may #a1 #bjai & ,septemb] #ae1 #bjai2 by 7bb7 #b4e2 or 7,,ii7 #a1jjj1jjj4 7iii7 ,new entities ,! maximum am\nt ( a cov]$ loan made to an eligible entity t did n exi/ dur+ ! #a-ye> p]iod prec$+ ,febru>y #ae1 #bjbj is ! less] (-- 7,i7 ! product obta9$ by multiply+-- 7aa7 ! quoti5t obta9$ by divid+-- 7,,aa7 ! sum ( ! total mon?ly paym5ts by ! eligible entity = payroll co/s paid or incurr$ by ! eligible entity z ( ! date on :i* ! eligible entity applies = ! cov]$ loan2 by 7,,bb7 ! numb] ( mon?s 9 :i* ^? payroll co/s 7 paid or incurr$2 by 7bb7 #b4e2 or 7,,ii7 #b1jjj1jjj4 7iv7 ,bus9ess conc]ns ) m ?an #a physical location 7,i7 ,9 g5]al ,any eligible entity t employs n m ?an #cjj employees p] physical location ( ! eligible entity & t is assign$ a ,nor? ,am]ican ,indu/ry ,classification ,sy/em ,code beg9n+ ) #gb at ! "t ( disbursal %all be eligible to receive a cov]$ loan4 7,,ii7 ,limit = multiple locations ,) respect to an eligible entity ) m ?an #a physical location1 ! total am\nt ( all cov]$ loans %all be n m ?an #b1jjj1jjj4 7v7 ,loan numb] limitation ,an eligible entity may only receive #a cov]$ loan4 7vi7 #ij day rule = maximum loan am\nt ,! maximum aggregate loan am\nt ( loans gu>ante$ "u ?is subsection t are approv$ = an eligible entity 7includ+ any affiliates7 )9 #ij days ( approval ( ano!r loan "u ?is subsection = ! eligible entity 7includ+ any affiliates7 %all n exce$ #aj1jjj1jjj4 7,d7 ,exception f c]ta9 c]tification requirem5ts ,an eligible entity apply+ = a cov]$ loan %all n be requir$ to make ! c]tification describ$ 9 subclause 7,,iii7 or 7,,iv7 ( p>agraph 7#cf77;,g77i74 7,e7 ,fee waiv] ,) respect to a cov]$ loan-- 7i7 9 lieu ( ! fee o!rwise applicable "u p>agraph 7#bc77;,a71 ! ,adm9i/rator %all collect no fee2 & 7ii7 9 lieu ( ! fee o!rwise applicable "u p>agraph 7#ah77;,a71 ! ,adm9i/rator %all collect no fee4 7,f7 ,eligible *ur*es & religi\s organizations 7i7 ,s5se ( congress ,x is ! s5se ( ,congress t ! int]im f9al rule ( ! ,adm9i/ration entitl$ ,bus9ess ,loan ,program ,tempor>y ,*anges2 ,pay*eck ,protection ,program 7#he ,f$4 ,reg4 #bjhag 7,april #ae1 #bjbj77 prop]ly cl>ifi$ ! eligibility ( *ur*es & religi\s organizations = loans made "u p>agraph 7#cf74 7ii7 ,applicability ( prohibition ,! prohibition on eligibility e/abli%$ by section #abj4aaj7k7 ( title #ac1 ,code ( ,f$]al ,regulations1 or any successor regulation1 %all n apply to a cov]$ loan4 7,g7 ,gross receipts = nonpr(it & vet]ans organizations ,= purposes ( calculat+ gross receipts "u subp>agraph 7,a77vi77,i77cc7 = an entity t is a nonpr(it organization or a vet]ans organization1 gross receipts-- 7i7 %all include proce$s f fundrais+ ev5ts1 f$]at$ campaigns1 gifts1 donor-advis$ funds1 & funds f simil> s\rces2 & 7ii7 %all n include-- 7,i7 ,f$]al grants 7exclud+ any loan =giv5ess on loans receiv$ "u p>agraph 7#cf7 or ?is p>agraph2 7,,ii7 rev5ues f a support+ organization2 7,,iii7 grants f private f\ndations t are disburs$ ov] ! c\rse ( m ?an #a cal5d> ye>2 or 7,,iv7 any contribution ( prop]ty o!r ?an money1 /ocks1 bonds1 & o!r securities1 provid$ t ! non-ca% contribution is n sold by ! organization 9 a transaction unrelat$ to ! tax-exempt purpose ( ! organization4 7,h7 ,loan =giv5ess 7i7 ,9 g5]al ,except z provid$ o!rwise provid$ 9 ?is subp>agraph1 an eligible entity %all be eligible = =giv5ess ( indebt$ness on a cov]$ loan 9 ! same mann] z an eligible recipi5t ) respect to a loan made "u p>agraph 7#cf71 z describ$ 9 section #aajf ( ! ,,c>es ,act 7#ae ,u4,s4,c4 #ijje74 7ii7 ,=giv5ess am\nt ,an eligible entity %all be eligible = =giv5ess ( indebt$ness on a cov]$ loan 9 an am\nt equal to ! sum ( ! foll[+ co/s incurr$ or exp5ditures made dur+ ! cov]$ p]iod3 7,i7 ,payroll co/s4 7,,ii7 ,any paym5t ( int]e/ on any cov]$ mortgage obligation 7:i* %all n include any prepaym5t ( or paym5t ( pr9cipal on a cov]$ mortgage obligation74 7,,iii7 ,any cov]$ op]ations exp5diture4 7,,iv7 ,any cov]$ prop]ty damage co/4 7,v7 ,any paym5t on any cov]$ r5t obligation4 7,,vi7 ,any cov]$ utility paym5t4 7,,vii7 ,any cov]$ suppli] co/4 7,,viii7 ,any cov]$ work] protection exp5diture4 7iii7 ,limitation on =giv5ess = all eligible entities ,! =giv5ess am\nt "u ?is subp>agraph %all be equal to ! less] (-- 7,i7 ! am\nt describ$ 9 clause 7ii72 & 7,,ii7 ! am\nt equal to ! quoti5t obta9$ by divid+-- 7aa7 ! am\nt ( ! cov]$ loan us$ = payroll co/s dur+ ! cov]$ p]iod2 & 7bb7 #j4fj4 7,i7 ,l5d] eligibility ,except z o!rwise provid$ 9 ?is p>agraph1 a l5d] approv$ to make loans "u p>agraph 7#cf7 may make cov]$ loans "u ! same t]ms & conditions z 9 p>agraph 7#cf74 7,j7 ,reimbursem5t = loan process+ & s]vic+ ,! ,adm9i/rator %all reimburse a l5d] au?oriz$ to make a cov]$ loan 9 an am\nt t is-- 7i7 #c p]c5t ( ! pr9cipal am\nt ( ! f9anc+ ( ! cov]$ loan up to #cej1jjj2 & 7ii7 #a p]c5t ( ! pr9cipal am\nt ( ! f9anc+ ( ! cov]$ loan above #cej1jjj1 if applicable4 7,k7 ,set aside = small entities ,n less ?an #be1jjj1jjj1jjj ( ! total am\nt ( cov]$ loans gu>ante$ by ! ,adm9i/rator %all be made to eligible entities ) n m ?an #aj employees z ( ,febru>y #ae1 #bjbj4 7,l7 ,set aside = community f9ancial in/itutions1 small insur$ depository in/itutions1 cr$it unions1 & f>m cr$it sy/em in/itutions ,n less ?an #aj1jjj1jjj1jjj ( ! total am\nt ( cov]$ loans gu>ante$ by ! ,adm9i/rator %all be made by-- 7i7 community f9ancial in/itutions2 7ii7 insur$ depository in/itutions ) consolidat$ assets ( less ?an #aj1jjj1jjj1jjj2 7iii7 cr$it unions ) consolidat$ assets ( less ?an #aj1jjj1jjj1jjj2 & 7iv7 in/itutions ( ! ,f>m ,cr$it ,sy/em *>t]$ "u ! ,f>m ,cr$it ,act ( #aiga 7#ab ,u4,s4,c4 #bjja et seq47 ) consolidat$ assets ( less ?an #aj1jjj1jjj1jjj 7n includ+ ! ,f$]al ,agricultural ,mortgage ,corporation74 7,m7 ,publication ( guidance ,n lat] ?an #aj days aft] ! date ( enactm5t ( ?is p>agraph1 ! ,adm9i/rator %all issue guidance address+ b>ri]s to access+ capital = m9ority1 und]s]v$1 vet]an1 & wom5-own$ bus9ess conc]ns = ! purpose ( ensur+ equitable access to cov]$ loans4 7,n7 ,/&>d op]at+ proc$ure ,! ,adm9i/rator %all1 to ! maximum ext5t practicable1 all[ a l5d] approv$ to make cov]$ loans to use exi/+ program guidance & /&>d op]at+ proc$ures = loans made "u ?is subsection4 7,o7 ,compliance ) ov]sight requirem5ts 7i7 ,9 g5]al ,except z provid$ 9 clause 7ii71 on & aft] ! date ( enactm5t ( ?is p>agraph1 ! ,adm9i/rator %all comply ) any data or in=mation reque/s or inquiries made by ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates or ! ,inspector ,g5]al ( any ag5cy n lat] ?an #cj days 7or su* lat] date z ! ,comptroll] ,g5]al or ,inspector ,g5]al1 z applicable1 may specify7 aft] receiv+ ! reque/ or inquiry4 7ii7 ,exception ,if ! ,adm9i/rator is unable to comply ) a reque/ or inquiry describ$ 9 clause 7i7 )9 ! #cj-;day p]iod or1 if applicable1 lat] p]iod describ$ 9 t clause1 ! ,adm9i/rator %all1 dur+ t #cj-;day 7or lat]7 p]iod1 submit to ! ,committee on ,small ,bus9ess & ,entrepr5eur%ip ( ! ,s5ate & ! ,committee on ,small ,bus9ess ( ! ,h\se ( ,repres5tatives a notification t includes a detail$ ju/ification = ! inability ( ! ,adm9i/rator to comply ) ! reque/ or inquiry4 7,p7 ,prohibition on use ( proce$s = lobby+ activities ,none ( ! proce$s ( a cov]$ loan may be us$ = lobby+ activities1 z def9$ 9 section #c ( ! ,lobby+ ,disclosure ,act ( #aiie 7#b ,u4,s4,c4 #afjb74 4 #ajg4 ,cont9u$ access to ! pay*eck protection program 7a7 ,9 g5]al ,section #g7;a77#cf77;,e77ii7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77;,e77ii77 is am5d$ by /rik+ #aj1jjj1jjj & ins]t+ #b1jjj1jjj4 7b7 ,applicability ( maximum loan am\nt calculation 7#a7 ,def9itions ,9 ?is subsection1 ! t]ms cov]$ loan & eligible recipi5t h ! mean+s giv5 ^? t]ms 9 section #g7;a77#cf7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf774 7#b7 ,applicability ,! am5dm5t made by subsection 7a7 %all apply only ) respect to a cov]$ loan appli$ = by an eligible recipi5t on or aft] ! date ( enactm5t ( ?is ,act4 #ajh4 ,increas$ ability = pay*eck protection program borr[]s to reque/ an increase 9 loan am\nt due to updat$ regulations 7a7 ,def9itions ,9 ?is section1 ! t]ms cov]$ loan & eligible recipi5t h ! mean+s giv5 ^? t]ms 9 section #g7;a77#cf7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf774 7b7 ,increas$ am\nt ,not)/&+ ! int]im f9al rule issu$ by ! ,adm9i/ration entitl$ ,bus9ess ,loan ,program ,tempor>y ,*anges2 ,pay*eck ,protection ,program--,loan ,increases 7#he ,f$4 ,reg4 #bihdb 7,may #ai1 #bjbj771 an eligible recipi5t ( a cov]$ loan t is eligible = an increas$ cov]$ loan am\nt z a result ( any int]im f9al rule t all[s = cov]$ loan increases may submit a reque/ = an increase 9 ! cov]$ loan am\nt ev5 if-- 7#a7 ! initial cov]$ loan am\nt has be5 fully disburs$2 or 7#b7 ! l5d] ( ! initial cov]$ loan has submitt$ to ! ,adm9i/ration a ,=m #aejb report relat$ to ! cov]$ loan4 #aji4 ,calculation ( maximum loan am\nt = f>m]s & ran*]s "u ! pay*eck protection program 7a7 ,9 g5]al ,section #g7;a77#cf7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf771 z am5d$ by section #ajg ( ?is ,act1 is am5d$-- 7#a7 9 subp>agraph 7,e71 9 ! matt] prec$+ clause 7i71 by /rik+ ,dur+ & ins]t+ ,except z provid$ 9 subp>agraph 7,t71 dur+2 & 7#b7 by add+ at ! end ! foll[+3 7,t7 ,calculation ( maximum loan am\nt = f>m]s & ran*]s 7i7 ,def9ition ,9 ?is subp>agraph1 ! t]m cov]$ recipi5t means an eligible recipi5t t-- 7,i7 op]ates z a sole proprietor%ip or z an indep5d5t contractor1 or is an eligible self-employ$ individual2 7,,ii7 reports f>m income or exp5ses on a ,s*$ule ,f 7or any equival5t successor s*$ule72 & 7,,iii7 0 9 bus9ess dur+ ! p]iod beg9n+ on ,febru>y #ae1 #bjai & end+ on ,june #cj1 #bjai4 7ii7 ,no employees ,) respect to cov]$ recipi5t )\t employees1 ! maximum cov]$ loan am\nt %all be ! less] (-- 7,i7 ! sum (-- 7aa7 ! product obta9$ by multiply+-- 7,,aa7 ! gross income ( ! cov]$ recipi5t 9 #bjai1 z report$ on a ,s*$ule ,f 7or any equival5t successor s*$ule71 t is n m ?an #ajj1jjj1 divid$ by #ab2 & 7,,bb7 #b4e2 & 7bb7 ! out/&+ am\nt ( a loan "u subsection 7b77#b7 t 0 made dur+ ! p]iod beg9n+ on ,janu>y #ca1 #bjbj & end+ on ,april #c1 #bjbj t ! borr[] int5ds to ref9ance "u ! cov]$ loan1 n includ+ any am\nt ( any advance "u ! loan t is n requir$ to be repaid2 or 7,,ii7 #b1jjj1jjj4 7iii7 ,) employees ,) respect to a cov]$ recipi5t ) employees1 ! maximum cov]$ loan am\nt %all be calculat$ us+ ! =mula describ$ 9 subp>agraph 7,e71 except t ! gross income ( ! cov]$ recipi5t describ$ 9 clause 7ii77,i77aa77,,aa7 ( ?is subp>agraph1 z divid$ by #ab1 %all be add$ to ! sum calculat$ "u subp>agraph 7,e77i77,i74 7iv7 ,recalculation ,a l5d] t made a cov]$ loan to a cov]$ recipi5t be=e ! date ( enactm5t ( ?is subp>agraph may1 at ! reque/ ( ! cov]$ recipi5t-- 7,i7 recalculate ! maximum loan am\nt applicable to t cov]$ loan bas$ on ! =mula describ$ 9 clause 7ii7 or 7iii71 z applicable1 if do+ s w\ld result 9 a l>g] cov]$ loan am\nt2 & 7,,ii7 provide ! cov]$ recipi5t ) additional cov]$ loan am\nts bas$ on t recalculation4 4 #aaj4 ,f>m ,cr$it ,sy/em in/itutions 7a7 ,def9ition ( ,f>m ,cr$it ,sy/em in/itution ,9 ?is section1 ! t]m ,f>m ,cr$it ,sy/em in/itution-- 7#a7 means an in/itution ( ! ,f>m ,cr$it ,sy/em *>t]$ "u ! ,f>m ,cr$it ,act ( #aiga 7#ab ,u4,s4,c4 #bjja et seq472 & 7#b7 does n include ! ,f$]al ,agricultural ,mortgage ,corporation4 7b7 ,facilitation ( p>ticipation 9 ,,ppp & second draw loans 7#a7 ,applicable rules ,solely ) respect to loans "u p>agraphs 7#cf7 & 7#cg7 ( section #g7;a7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a771 ,f>m ,cr$it ,adm9i/ration regulations & guidance issu$ z ( ,july #ad1 #bjbj1 & compliance ) su* regulations & guidance1 %all be deem$ functionally equival5t to requirem5ts ref]5c$ 9 section #c7;a77iii77,,ii7 ( ! int]im f9al rule ( ! ,adm9i/ration entitl$ ,bus9ess ,loan ,program ,tempor>y ,*anges2 ,pay*eck ,protection ,program 7#he ,f$4 ,reg4 #bjhaa 7,april #ae1 #bjbj77 or any simil> requirem5t ref]5c$ 9 t int]im f9al rule 9 implem5t+ su* p>agraph 7#cg74 7#b7 ,applicability ( c]ta9 loan requirem5ts ,= purposes ( mak+ loans "u p>agraph 7#cf7 or 7#cg7 ( section #g7;a7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77 or =giv+ ^? loans 9 accordance ) section #aajf ( ! ,,c>es ,act 7#ae ,u4,s4,c4 #ijje7 & subp>agraph 7,h7 ( su* p>agraph 7#cg71 sections #d4ac1 #d4ad1 & #d4ad;,a ( ! ,f>m ,cr$it ,act ( #aiga 7#ab ,u4,s4,c4 #baii1 #bbjb1 #bbjb;a7 7includ+ regulations issu$ "u ^? sections7 %all n apply4 7#c7 ,risk weight 7,a7 ,9 g5]al ,) respect to ! application ( ,f>m ,cr$it ,adm9i/ration capital requirem5ts1 a loan describ$ 9 subp>agraph 7,b7-- 7i7 %all receive a risk weight ( z]o p]c5t2 & 7ii7 %all n be includ$ 9 ! calculation ( any applicable lev]age ratio or o!r applicable capital ratio or calculation4 7,b7 ,loans describ$ ,a loan ref]r$ to 9 subp>agraph 7,a7 is-- 7i7 a loan made by a ,f>m ,cr$it ,bank describ$ 9 section #a4b7;a7 ( ! ,f>m ,cr$it ,act ( #aiga 7#ab ,u4,s4,c4 #bjjb7;a77 to a ,f$]al ,l& ,bank ,association1 a ,production ,cr$it ,association1 or an agricultural cr$it association describ$ 9 t section to make loans "u p>agraph 7#cf7 or 7#cg7 ( section #g7;a7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77 or =give ^? loans 9 accordance ) section #aajf ( ! ,,c>es ,act 7#ae ,u4,s4,c4 #ijje7 & subp>agraph 7,h7 ( su* p>agraph 7#cg72 or 7ii7 a loan made by a ,f$]al ,l& ,bank ,association1 a ,production ,cr$it ,association1 an agricultural cr$it association1 or ! bank = coop]atives describ$ 9 section #a4b7;a7 ( ! ,f>m ,cr$it ,act ( #aiga 7#ab ,u4,s4,c4 #bjjb7;a77 "u p>agraph 7#cf7 or 7#cg7 ( section #g7;a7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a774 7#d7 ,res]vation ( loan gu>antees ,section #g7;a77#cf77,s7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77,s77 is am5d$-- 7,a7 9 clause 7i7-- 7i7 9 subclause 7,i71 by /rik+ & at ! end2 7ii7 9 subclause 7,,ii71 by /rik+ ! p]iod at ! end & ins]t+ 2 &2 & 7iii7 by add+ at ! end ! foll[+3 7,,iii7 in/itutions ( ! ,f>m ,cr$it ,sy/em *>t]$ "u ! ,f>m ,cr$it ,act ( #aiga 7#ab ,u4,s4,c4 #bjja et seq47 ) consolidat$ assets ( n less ?an #aj1jjj1jjj1jjj & less ?an #ej1jjj1jjj1jjj4 2 & 7,b7 9 clause 7ii7-- 7i7 9 subclause 7,,ii71 by /rik+ & at ! end2 7ii7 9 subclause 7,,iii71 by /rik+ ! p]iod at ! end & ins]t+ 2 &2 & 7iii7 by add+ at ! end ! foll[+3 7,,iv7 in/itutions ( ! ,f>m ,cr$it ,sy/em *>t]$ "u ! ,f>m ,cr$it ,act ( #aiga 7#ab ,u4,s4,c4 #bjja et seq47 ) consolidat$ assets ( less ?an #aj1jjj1jjj1jjj4 4 #aaa4 ,def9ition ( seasonal employ] 7a7 ,,ppp loans ,section #g7;a77#cf77;,a7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77;,a77 is am5d$-- 7#a7 9 clause 7xi71 by /rik+ & at ! end2 7#b7 9 clause 7xii71 by /rik+ ! p]iod at ! end & ins]t+ 2 &2 & 7#c7 by add+ at ! end ! foll[+3 7xiii7 ! t]m seasonal employ] means an eligible recipi5t t-- 7,i7 does n op]ate = m ?an #g mon?s 9 any cal5d> ye>2 or 7,,ii7 dur+ ! prec$+ cal5d> ye>1 _h gross receipts = any #f mon?s ( t ye> t 7 n m ?an #cc4cc p]c5t ( ! gross receipts ( ! employ] = ! o!r #f mon?s ( t ye>4 4 7b7 ,loan =giv5ess ,p>agraph 7#ab7 ( section #aajf7;a7 ( ! ,,c>es ,act 7#ae ,u4,s4,c4 #ijje7;a771 z s r$esignat$ by by section #aja7;b7 ( ?is ,act1 is am5d$ to read z foll[s3 7#ab7 ! t]ms payroll co/s & seasonal employ] h ! mean+s giv5 ^? t]ms 9 section #g7;a77#cf7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf774 4 #aab4 ,*anges to ! #g7;a7 loan gu>anty program = recov]y sector bus9ess conc]ns ,section #g7;a7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a771 z am5d$ by section #ajf ( ?is ,act1 is am5d$ by add+ at ! end ! foll[+3 7#ch7 ,recov]y sector loans 7,a7 ,def9itions ,9 ?is p>agraph-- 7i7 ! t]m cov]$ loan means a loan made "u ?is p>agraph2 7ii7 ! t]m cov]$ population c5sus tract means a population c5sus tract = :i*-- 7,i7 9 ! case ( a tract t is n locat$ )9 a metropolitan area1 ! m$ian income does n exce$ #hj p]c5t ( ! /atewide 7or1 ) respect to a possession or t]ritory ( ! ,unit$ ,/ates1 ! possession- or t]ritory-wide7 m$ian family income2 or 7,,ii7 9 ! case ( a tract t is locat$ )9 a metropolitan area1 ! m$ian family income does n exce$ #hj p]c5t ( ! great] ( ! /atewide 7or1 ) respect to a possession or t]ritory ( ! ,unit$ ,/ates1 ! possession- or t]ritory-wide7 m$ian family income & ! metropolitan area m$ian family income2 7iii7 ! t]m cov]$ seasonal employ] means a small bus9ess conc]n t-- 7,i7 is a seasonal employ]1 z def9$ 9 p>agraph 7#cf72 & 7,,ii7 dur+ ! prec$+ cal5d> ye>-- 7aa7 _h gross receipts z describ$ 9 p>agraph 7#cf77;,a77xiii77,,ii72 & 7bb7 employ$ n m ?an #bej employees dur+ n few] ?an #e mon?s out ( t ye>2 7iv7 ! t]m eligible entity-- 7,i7 means any small bus9ess conc]n t-- 7aa7 except ) respect to a cov]$ seasonal employ]1 employs n m ?an #ejj employees2 7bb7 7,,aa7 except z provid$ 9 subitems 7,,bb71 7,,cc71 & 7,,dd71 _h gross receipts dur+ ! fir/ or second qu>t] 9 #bjbj t are less ?an #ej p]c5t ( ! gross receipts ( ! bus9ess conc]n dur+ ! same qu>t] 9 #bjai2 7,,bb7 if ! small bus9ess conc]n 0 n 9 bus9ess dur+ ! fir/ or second qu>t] ( #bjai1 b 0 9 bus9ess dur+ ! ?ird & f\r? qu>t] ( #bjai1 _h gross receipts dur+ ! fir/ or second qu>t] ( #bjbj t are less ?an #ej p]c5t ( ! am\nt ( ! gross receipts ( ! small bus9ess conc]n dur+ ! ?ird or f\r? qu>t] ( #bjai2 7,,cc7 if ! small bus9ess conc]n 0 n 9 bus9ess dur+ ! fir/1 second1 or ?ird qu>t] ( #bjai1 b 0 9 bus9ess dur+ ! f\r? qu>t] ( #bjai1 _h gross receipts dur+ ! fir/ or second qu>t] ( #bjbj t are less ?an #ej p]c5t ( ! am\nt ( ! gross receipts ( ! small bus9ess conc]n dur+ ! f\r? qu>t] ( #bjai2 or 7,,dd7 if ! small bus9ess conc]n 0 n 9 bus9ess dur+ ! fir/ or second qu>t] ( #bjbj1 _h gross receipts dur+ any #b-mon? p]iod dur+ #bjbj t are less ?an #ej p]c5t ( ! am\nt ( ! gross receipts ( ! small bus9ess conc]n dur+ any o!r #b-mon? p]iod dur+ #bjbj2 & 7cc7 7,,aa7 is a cov]$ seasonal employ] seek+ a cov]$ loan ( n m ?an #a1jjj1jjj2 or 7,,bb7 is a small bus9ess conc]n ! pr9cipal place ( bus9ess ( :i* is 91 & n less ?an #ej p]c5t ( ! total gross income ( :i* is d]iv$ f ! active conduct ( ! bus9ess conc]n )91 a small bus9ess l[-income c5sus tract2 & 7,,ii7 does n include-- 7aa7 an entity describ$ 9 p>agraph 7#cg77;,a77vi77,,ii72 7bb7 any entity t receiv$ a loan "u p>agraph 7#cg72 or 7cc7 any entity t receiv$ a loan "u p>agraph 7#cf7 aft] ! date ( enactm5t ( ?is p>agraph2 & 7v7 ! t]m small bus9ess l[-income c5sus tract-- 7,i7 means-- 7aa7 a cov]$ population c5sus tract = :i* ! pov]ty rate is n less ?an #bj p]c5t2 or 7bb7 an area-- 7,,aa7 t is n tract$ z a population c5sus tract2 7,,bb7 = :i* ! pov]ty rate 9 ! equival5t c\nty division 7z def9$ by ! ,bureau ( ! ,c5sus7 is n less ?an #bj p]c5t2 & 7,,cc7 = :i* ! m$ian income 9 ! equival5t c\nty division 7z def9$ by ! ,bureau ( ! ,c5sus7 does n exce$ #hj p]c5t ( ! /atewide 7or1 ) respect to a possession or t]ritory ( ! ,unit$ ,/ates1 ! possession- or t]ritory-wide7 m$ian income2 & 7,,ii7 does n include any area or population c5sus tract ) a m$ian family income t is n less ?an #abj p]c5t ( ! m$ian family income 9 ! ,unit$ ,/ates1 accord+ to ! mo/ rec5t ,am]ican ,communities ,survey data f ! ,bureau ( ! ,c5sus4 7,b7 ,loans ,except z o!rwise provid$ 9 ?is p>agraph1 ! ,adm9i/rator may gu>antee cov]$ loans made to eligible entities-- 7i7 "u ! same t]ms1 conditions1 & processes z a loan made "u ?is subsection2 & 7ii7 to meet work+ capital ne$s1 acquire fix$ assets1 or ref9ance exi/+ indebt$ness :ile recov]+ f ! ,,covid-#ai p&emic4 7,c7 ,maximum loan am\nt ,! maximum am\nt ( a cov]$ loan made to an eligible entity %all be ! less] (-- 7i7 #aj1jjj1jjj2 or 7ii7 ! am\nt equal to #bjj p]c5t ( ! av]age annual receipts ( ! eligible entity4 7,d7 ,loan numb] limitation ,an eligible entity may only receive #a cov]$ loan4 7,e7 #ij day rule = maximum loan am\nt ,! maximum aggregate loan am\nt ( loans gu>ante$ "u ?is subsection t are approv$ = an eligible entity 7includ+ any affiliates7 )9 #ij days ( approval ( ano!r loan "u ?is subsection = ! eligible entity 7includ+ any affiliates7 %all n exce$ #aj1jjj1jjj4 7,f7 ,application deadl9e ,an eligible entity desir+ a cov]$ loan %all submit an application n lat] ?an ,decemb] #ca1 #bjbj4 7,g7 ,fee waiv] ,) respect to a cov]$ loan-- 7i7 9 lieu ( ! fee o!rwise applicable "u p>agraph 7#bc77;,a71 ! ,adm9i/rator %all collect no fee2 & 7ii7 9 lieu ( ! fee o!rwise applicable "u p>agraph 7#ah77;,a71 ! ,adm9i/rator %all collect no fee4 7,h7 ,loan t]ms 7i7 ,9 g5]al ,9 ord] to receive a cov]$ loan1 an eligible entity %all n be requir$ to %[ t ! eligible entity is unable to obta9 cr$it else:]e4 7ii7 ,maturity & int]e/ rate ,a cov]$ loan %all-- 7,i7 h a maturity ( #bj ye>s2 & 7,,ii7 be> an int]e/ rate ( equal to ! sum (-- 7aa7 ! ,secur$ ,ov]night ,f9anc+ ,rate 9 effect = ea* ( ! days 9 ! relevant qu>t] t int]e/ is *>g$1 z compil$ & releas$ by ! ,f$]al ,res]ve ,bank ( ,new ,york2 & 7bb7 #cjj basis po9ts4 7iii7 ,gu>antee ,9 an agreem5t to p>ticipate 9 a cov]$ loan on a def]r$ basis1 ! p>ticipation by ! ,adm9i/ration %all be #ajj p]c5t ( ! cov]$ loan4 7iv7 ,subsidy = int]e/ paym5ts 7,i7 ,9 g5]al ,! ,adm9i/rator %all pay ! am\nt ( int]e/ t is ow$ on a cov]$ loan 9 regul> s]vic+ /atus = ! maturity ( ! loan su* t ! int]e/ rate paid by ! eligible entity is1 at all times1 equal to a rate ( #a p]c5t4 7,,ii7 ,tim+ ( paym5t ,! ,adm9i/rator %all-- 7aa7 beg9 mak+ paym5ts "u subclause 7,i7 n lat] ?an #cj days aft] ! date on :i* ! fir/ su* paym5t is due2 & 7bb7 make paym5ts )\t reg>d to ! paym5t def]ral describ$ 9 clause 7iv74 7,,iii7 ,application ( paym5t ,any paym5t made by ! ,adm9i/rator "u subclause 7,i7 %all be appli$ to ! cov]$ loan su* t ! eligible entity is reliev$ ( ! obligation to pay t am\nt4 7v7 ,paym5t def]ral 7,i7 ,9 g5]al ,no paym5t ( pr9cipal or int]e/ %all be due on a cov]$ loan = ! fir/ #b ye>s ( ! cov]$ loan4 7,,ii7 ,additional def]ral ,aft] ! #b-ye> def]ral p]iod "u subclause 7,i71 ! ,adm9i/rator may grant n m ?an an additional #b ye>s ( pr9cipal def]ral to ! eligible entity if ! eligible entity is c]tifi$ by ! ,adm9i/rator & ! ,secret>y z economically di/ress$ bas$ on publicly available crit]ia e/abli%$ by ! ,adm9i/rator4 7vi7 ,limitation on *anges 9 t]ms ,not)/&+ any o!r provision ( ?is subsection1 = a cov]$ loan1 ! ,adm9i/rator %all n approve any increase 9 loan am\nt or *ange 9 gu>anty p]c5tage1 int]e/ rate1 int]e/ accrual me?od1 or maturity1 except = su* *anges z may be necess>y = prepaym5t & ! def]m5t ( paym5t "u clause 7v74 7,i7 ,prohibition on use ( proce$s = disa/] loans ,an eligible entity %all n use ! proce$s ( a cov]$ loan to ref9ance any loan made "u subsection 7b74 7,j7 ,second>y m>ket ,9 ord] to increase ! liquidity ( ! second>y m>ket = cov]$ loans1 ! ,adm9i/rator %all1 n lat] ?an #fj days aft] ! date ( enactm5t ( ?is p>agraph1 sub/antially r$uce b>ri]s to ! sale ( cov]$ loans on ! second>y m>ket4 7,k7 ,l5d] eligibility ,9 ord] to increase access to & ! equitable di/ribution ( cov]$ loans1 ! ,adm9i/rator %all e/abli% a process by :i* a l5d] approv$ to make loans "u p>agraph 7#cf7 may make cov]$ loans4 7,l7 ,reimbursem5t = loan process+ & s]vic+ ,! ,adm9i/rator %all reimburse a l5d] au?oriz$ to make a cov]$ loan 9 an am\nt t is-- 7i7 #c p]c5t ( ! pr9cipal am\nt ( ! f9anc+ ( ! cov]$ loan up to #cej1jjj2 & 7ii7 #a p]c5t ( ! pr9cipal am\nt ( ! f9anc+ ( ! cov]$ loan above #cej1jjj1 if applicable4 7,m7 ,/&>d op]at+ proc$ure ,! ,adm9i/rator %all1 to ! maximum ext5t practicable1 all[ a l5d] approv$ to make cov]$ loans to use exi/+ program guidance & /&>d op]at+ proc$ures = loans made "u ?is subsection4 4 #aac4 ,eligibility ( #eja7;c77#f7 organizations = loans "u ! pay*eck protection program ,section #g7;a77#cf77;,d7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77;,d77 is am5d$-- 7#a7 9 clause 7v71 by ins]t+ or :e!r an entity describ$ 9 clause 7vii7 employs n m ?an #cjj employees1 aft] clause 7i77,i712 & 7#b7 by add+ at ! end ! foll[+3 7vii7 ,eligibility = c]ta9 #eja7;c77#f7 organizations 7,i7 ,9 g5]al ,except z provid$ 9 subclause 7,,ii71 any organization t is describ$ 9 section #eja7;c77#f7 ( ! ,int]nal ,rev5ue ,code & t is exempt f taxation "u section #eja7;a7 ( su* ,code 7exclud+ pr(essional football leagues & organizations ) ! purpose ( promot+ or p>ticipat+ 9 a political campaign or o!r activity7 %all be eligible to receive a cov]$ loan if-- 7aa7 ! organization does n receive m ?an #aj p]c5t ( its receipts f lobby+ activities2 7bb7 ! lobby+ activities ( ! organization d n comprise m ?an #aj p]c5t ( ! total activities ( ! organization2 & 7cc7 ! organization employs n m ?an #cjj employees4 7,,ii7 ,de/9ation m>ket+ organizations ,not)/&+ subclause 7,i71 dur+ ! cov]$ p]iod1 any de/9ation m>ket+ organization %all be eligible to receive a cov]$ loan if-- 7aa7 ! de/9ation m>ket+ organization does n receive m ?an #aj p]c5t ( its receipts f lobby+ activities2 7bb7 ! lobby+ activities ( ! de/9ation m>ket+ organization d n comprise m ?an #aj p]c5t ( ! total activities ( ! organization2 7cc7 ! de/9ation m>ket+ organization employs n m ?an #cjj employees2 & 7dd7 ! de/9ation m>ket+ organization-- 7,,aa7 is describ$ 9 section #eja7;c7 ( ! ,int]nal ,rev5ue ,code & is exempt f taxation "u section #eja7;a7 ( su* ,code2 or 7,,bb7 is a quasi-gov]nm5tal entity or is a political subdivision ( a ,/ate or local gov]nm5t1 includ+ any in/rum5tality ( ^? entities4 4 #aad4 ,prohibition on use ( loan proce$s = lobby+ activities ,section #g7;a77#cf77;,f7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77;,f77 is am5d$ by add+ at ! end ! foll[+3 7vi7 ,prohibition ,none ( ! proce$s ( a cov]$ loan may be us$ = lobby+ activities1 z def9$ 9 section #c ( ! ,lobby+ ,disclosure ,act ( #aiie 7#b ,u4,s4,c4 #afjb74 4 #aae4 ,effective date2 applicability ,! am5dm5ts made to p>agraph 7#cf7 ( section #g7;a7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77 & title ,i ( ! ,,c>es ,act 7,public ,law #aaf-acf7 "u ?is title %all be effective z if includ$ 9 ! ,,c>es ,act & %all apply to any loan made pursuant to section #g7;a77#cf7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf774 #aaf4 ,bankruptcy provisions 7a7 ,9 g5]al ,section #cfd ( title #aa1 ,unit$ ,/ates ,code1 is am5d$ by add+ at ! end ! foll[+3 7g7 7#a7 ,! c\rt1 aft] notice & a he>+1 may au?orize a debtor 9 possession or a tru/ee t is au?oriz$ to op]ate ! bus9ess ( ! debtor "u section #aahc1 #aahd1 #abjc1 #abjd1 or #acjd ( ?is title to obta9 a loan "u section #g7;a77#cf7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf771 & su* loan %all be treat$ z a debt to ! ext5t ! loan is n =giv5 "u section #aajf ( ! ,,c>es ,act 7#ae ,u4,s4,c4 #ijje7 ) priority equal to a claim ( ! k9d specifi$ 9 subsection 7c77#a7 ( ?is section4 7#b7 ,! tru/ee may incur debt describ$ 9 p>agraph 7#a7 not)/&+ any provision 9 a contract1 prior ord] au?oriz+ ! tru/ee to incur debt "u ?is section1 prior ord] au?oriz+ ! tru/ee to use ca% collat]al "u section #cfc1 or applicable law t prohibits ! debtor f incurr+ additional debt4 7#c7 ,! c\rt %all hold a he>+ )9 #g days aft] ! fil+ & s]vice ( ! motion to obta9 a loan describ$ 9 p>agraph 7#a74 4 7b7 ,all[ance ( adm9i/rative exp5ses ,section #ejc7;b7 ( title #aa1 ,unit$ ,/ates ,code1 is am5d$-- 7#a7 9 p>agraph 7#h77;,b71 by /rik+ & at ! end2 7#b7 9 p>agraph 7#i71 by /rik+ ! p]iod at ! end & ins]t+ 2 &2 & 7#c7 by add+ at ! end ! foll[+3 7#aj7 any debt incurr$ "u section #cfd7;g77#a7 ( ?is title4 4 7c7 ,confirmation ( plan = reorganization ,section #aaia ( title #aa1 ,unit$ ,/ates ,code1 is am5d$ by add+ at ! end ! foll[+3 7f7 ,special provision relat$ to ,,covid-#ai p&emic ,not)/&+ section #aabi7;a77#i77;,a7 ( ?is title & subsection 7e7 ( ?is section1 a plan t provides = paym5t ( a claim ( a k9d specifi$ 9 section #ejc7;b77#aj7 ( ?is title may be confirm$ "u subsection 7b7 ( ?is section if ! plan proposes to make paym5ts on acc\nt ( su* claim :5 due "u ! t]ms ( ! loan giv+ rise to su* claim4 4 7d7 ,confirmation ( plan = family f>m]s & fi%]m5 ,section #abbe ( title #aa1 ,unit$ ,/ates ,code1 is am5d$ by add+ at ! end ! foll[+3 7d7 ,not)/&+ section #abbb7;a77#b7 ( ?is title & subsection 7b77#a7 ( ?is section1 a plan t provides = paym5t ( a claim ( a k9d specifi$ 9 section #ejc7;b77#aj7 ( ?is title may be confirm$ if ! plan proposes to make paym5ts on acc\nt ( su* claim :5 due "u ! t]ms ( ! loan giv+ rise to su* claim4 4 7e7 ,confirmation ( plan = individuals ,section #acbe ( title #aa1 ,unit$ ,/ates ,code1 is am5d$ by add+ at ! end ! foll[+3 7d7 ,not)/&+ section #acbb7;a77#b7 ( ?is title & subsection 7b77#a7 ( ?is section1 a plan t provides = paym5t ( a claim ( a k9d specifi$ 9 section #ejc7;b77#aj7 ( ?is title may be confirm$ if ! plan proposes to make paym5ts on acc\nt ( su* claim :5 due "u ! t]ms ( ! loan giv+ rise to su* claim4 4 7f7 ,effective date2 ,sunset 7#a7 ,effective date ,! am5dm5ts made by subsections 7a7 ?r\gh 7e7 %all-- 7,a7 take effect on ! date on :i* ! ,adm9i/rator ( ! ,small ,bus9ess ,adm9i/ration submits to ! ,director ( ! ,executive ,(fice = ,unit$ ,/ates ,tru/ees a writt5 det]m9ation t1 subject to satisfy+ any o!r eligibility requirem5ts1 any debtor 9 possession or tru/ee t is au?oriz$ to op]ate ! bus9ess ( ! debtor "u section #aahc1 #aahd1 #abjc1 #abjd1 or #acjd ( title #aa1 ,unit$ ,/ates ,code1 w\ld be eligible = a loan "u section #g7;a77#cf7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf772 & 7,b7 apply to any case p5d+ on or comm5c$ on or aft] ! date describ$ 9 subp>agraph 7,a74 7#b7 ,sunset 7,a7 ,9 g5]al ,if ! am5dm5ts made by ?is section take effect "u p>agraph 7#a71 effective on ! date t is #b ye>s aft] ! date ( enactm5t ( ?is ,act-- 7i7 section #cfd ( title #aa1 ,unit$ ,/ates ,code1 is am5d$ by /rik+ subsection 7g72 7ii7 section #ejc7;b7 ( title #aa1 ,unit$ ,/ates ,code1 is am5d$-- 7,i7 9 p>agraph 7#h77;,b71 by add+ & at ! end2 7,,ii7 9 p>agraph 7#i71 by /rik+ 2 & at ! end & ins]t+ a p]iod2 & 7,,iii7 by /rik+ p>agraph 7#aj72 7iii7 section #aaia ( title #aa1 ,unit$ ,/ates ,code1 is am5d$ by /rik+ subsection 7f72 7iv7 section #abbe ( title #aa1 ,unit$ ,/ates ,code1 is am5d$ by /rik+ subsection 7d72 & 7v7 section #acbe ( title #aa1 ,unit$ ,/ates ,code1 is am5d$ by /rik+ subsection 7d74 7,b7 ,applicability ,not)/&+ ! am5dm5ts made by subp>agraph 7,a7 ( ?is p>agraph1 if ! am5dm5ts made by subsections 7a71 7b71 7c71 7d71 & 7e7 take effect "u p>agraph 7#a7 ( ?is subsection1 su* am5dm5ts %all apply to any case "u title #aa1 ,unit$ ,/ates ,code1 comm5c$ be=e ! date t is #b ye>s aft] ! date ( enactm5t ( ?is ,act4 #aag4 ,conflicts ( int]e/ 7a7 ,def9itions ,9 ?is section3 7#a7 ,controll+ int]e/ ,! t]m controll+ int]e/ means own+1 controll+1 or hold+ n less ?an #bj p]c5t1 by vote or value1 ( ! out/&+ am\nt ( any class ( equity int]e/ 9 an entity4 7#b7 ,cov]$ entity 7,a7 ,def9ition ,! t]m cov]$ entity means an entity 9 :i* a cov]$ individual directly or indirectly holds a controll+ int]e/4 7,b7 ,treatm5t ( securities ,= ! purpose ( det]m9+ :e!r an entity is a cov]$ entity1 ! securities own$1 controll$1 or held by #b or m individuals :o are relat$ z describ$ 9 p>agraph 7#c77;,b7 %all be aggregat$4 7#c7 ,cov]$ individual ,! t]m cov]$ individual means-- 7,a7 ! ,presid5t1 ! ,vice ,presid5t1 ! head ( an ,executive dep>tm5t1 or a ,memb] ( ,congress2 & 7,b7 ! sp\se1 *ild1 son-9-law1 or daught]-9-law1 z det]m9$ "u applicable common law1 ( an individual describ$ 9 subp>agraph 7,a74 7#d7 ,executive dep>tm5t ,! t]m ,executive dep>tm5t has ! mean+ giv5 ! t]m 9 section #aja ( title #e1 ,unit$ ,/ates ,code4 7#e7 ,memb] ( congress ,! t]m ,memb] ( ,congress means a ,memb] ( ! ,s5ate or ,h\se ( ,repres5tatives1 a ,delegate to ! ,h\se ( ,repres5tatives1 & ! ,resid5t ,commission] f ,pu]to ,rico4 7#f7 ,equity int]e/ ,! t]m equity int]e/ means-- 7,a7 a %>e 9 an entity1 )\t reg>d to :e!r ! %>e is-- 7i7 transf]able2 or 7ii7 classifi$ z /ock or any?+ simil>2 7,b7 a capital or pr(it int]e/ 9 a limit$ liability company or p>tn]%ip2 or 7,c7 a w>rant or "r1 o!r ?an a "r to conv]t1 to pur*ase1 sell1 or subscribe to a %>e or int]e/ describ$ 9 subp>agraph 7,a7 or 7,b71 respectively4 7b7 ,requirem5t ,! pr9cipal executive (fic] & ! pr9cipal f9ancial (fic]1 or individuals p]=m+ simil> functions1 ( an entity seek+ to ent] a transaction made "u p>agraph 7#cf71 7#cg71 or 7#ch7 ( section #g7;a7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a771 z add$ & am5d$ by ?is title1 %all1 be=e t transaction is approv$1 disclose to ! ,adm9i/rator :e!r ! entity is a cov]$ entity4 7c7 ,applicability ,! requirem5t "u subsection 7b7-- 7#a7 %all apply ) respect to any transaction made "u p>agraph 7#cf71 7#cg71 or 7#ch7 ( section #g7;a7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a771 z add$ & am5d$ by ?is title1 on or aft] ! date ( enactm5t ( ?is ,act2 & 7#b7 %all n apply ) respect to-- 7,a7 any transaction describ$ 9 p>agraph 7#a7 t 0 made be=e ! date ( enactm5t ( ?is ,act2 or 7,b7 =giv5ess "u section #aajf ( ! ,,c>es ,act 7#ae ,u4,s4,c4 #ijje7 or any o!r provision ( law ( any loan associat$ ) any transaction describ$ 9 p>agraph 7#a7 t 0 made be=e ! date ( enactm5t ( ?is ,act4 ,,ii ,small bus9ess programs g5]ally #aba4 ,small bus9ess inve/m5t company program 7a7 ,9 g5]al ,"p ,a ( title ,,iii ( ! ,small ,bus9ess ,inve/m5t ,act ( #aieh 7#ae ,u4,s4,c4 #fha et seq47 is am5d$-- 7#a7 9 section #cjb7;a7 7#ae ,u4,s4,c4 #fhb7;a77-- 7,a7 9 p>agraph 7#a7-- 7i7 9 subp>agraph 7,a71 by /rik+ or at ! end2 7ii7 9 subp>agraph 7,b71 by /rik+ ! p]iod at ! end & ins]t+ 2 or2 & 7iii7 by add+ at ! end ! foll[+3 7,c7 #bj1jjj1jjj1 adju/$ e #e ye>s = inflation1 ) respect to ea* lic5see au?oriz$ or seek+ au?ority to sell bonds to ,adm9i/ration z a p>ticipat+ inve/m5t company "u section #cba4 2 & 7#b7 by add+ at ! end ! foll[+3 #cba4 ,small bus9ess & dome/ic production recov]y inve/m5t facility 7a7 ,def9itions ,9 ?is section3 7#a7 ,eligible small bus9ess conc]n ,! t]m eligible small bus9ess conc]n-- 7,a7 means a small bus9ess conc]n t-- 7i7 meets ! rev5ue r$uction requirem5ts e/abli%$ by p>agraph 7#cg77;,a77vi77,i77cc7 ( section #g7;a7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a772 7ii7 is a manufactur+ bus9ess t is assign$ a ,nor? ,am]ican ,indu/ry ,classification ,sy/em code beg9n+ ) #ca1 #cb1 or #cc at ! "t at :i* ! small bus9ess conc]n receives an inve/m5t f a p>ticipat+ inve/m5t company "u ! facility2 or 7iii7 is locat$ 9 a small bus9ess l[-income c5sus tract2 & 7,b7 does n include an entity describ$ 9 p>agraph 7#cg77;,a77vi77,,ii7 ( su* section #g7;a74 7#b7 ,facility ,! t]m facility means ! facility e/abli%$ "u subsection 7b74 7#c7 ,fund ,! t]m ,fund means ! fund e/abli%$ "u subsection 7h74 7#d7 ,p>ticipat+ inve/m5t company ,! t]m p>ticipat+ inve/m5t company means a small bus9ess inve/m5t company approv$ "u subsection 7d7 to p>ticipate 9 ! facility4 7#e7 ,protg inve/m5t company ,! t]m protg inve/m5t company means a small bus9ess inve/m5t company t-- 7,a7 is majority manag$ by new1 inexp]i5c$1 or o!rwise und]repres5t$ fund manag]s2 & 7,b7 elects & is select$ by ! ,adm9i/ration to p>ticipate 9 ! pa?way-protg program "u subsection 7g74 7#f7 ,small bus9ess conc]n ,! t]m small bus9ess conc]n has ! mean+ giv5 ! t]m 9 section #c7;a7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcb7;a774 7#g7 ,small bus9ess l[-income c5sus tract ,! t]m small bus9ess l[-income c5sus tract has ! mean+ giv5 ! t]m 9 section #g7;a77#ch77;,a7 ( ! ,small ,bus9ess ,act4 7b7 ,e/abli%m5t 7#a7 ,facility ,! ,adm9i/rator %all e/abli% & c>ry out a facility to improve ! recov]y ( eligible small bus9ess conc]ns f ! ,,covid-#ai p&emic1 increase resili5cy 9 ! manufactur+ supply *a9 ( eligible small bus9ess conc]ns1 & increase ! economic developm5t ( small bus9ess l[-income c5sus tracts by provid+ f9ancial assi/ance to p>ticipat+ inve/m5t companies t facilitate equity f9anc+s to eligible small bus9ess conc]ns 9 accordance ) ?is section4 7#b7 ,adm9i/ration ( facility ,! facility %all be adm9i/]$ by ! ,adm9i/rator act+ ?r\gh ! ,associate ,adm9i/rator describ$ 9 section #bja4 7c7 ,applications 7#a7 ,9 g5]al ,any small bus9ess inve/m5t company may submit to ! ,adm9i/rator an application to p>ticipate 9 ! facility4 7#b7 ,requirem5ts = application ,an application to p>ticipate 9 ! facility %all include ! foll[+3 7,a7 ,a bus9ess plan describ+ h[ ! applicant int5ds to make successful equity inve/m5ts 9 eligible small bus9ess conc]ns4 7,b7 ,in=mation reg>d+ ! relevant inve/m5t qualifications & backgr\nds ( ! individuals responsible = ! managem5t ( ! applicant4 7,c7 ,a description ( ! ext5t to :i* ! applicant meets ! selection crit]ia "u subsection 7d77#b74 7#c7 ,exceptions to application = new lic5sees ,n lat] ?an #ij days aft] ! date ( enactm5t ( ?is section1 ! ,adm9i/rator %all r$uce requirem5ts = applicants apply+ to op]ate z a p>ticipat+ inve/m5t company "u ?is section 9 ord] to enc\rage ! p>ticipation ( new small bus9ess inve/m5t companies 9 ! facility "u ?is section1 :i* may include ! requirem5ts e/abli%$ "u "p #ajg ( title #ac1 ,code ( ,f$]al ,regulations1 or any successor regulation1 relat+ to-- 7,a7 ! approval ( initial managem5t exp5ses2 7,b7 ! managem5t own]%ip div]sity requirem5t2 7,c7 ! disclosure ( g5]al comp5satory practices & fee /ructures2 or 7,d7 any o!r requirem5t t ! ,adm9i/rator det]m9es to be an ob/acle to a*iev+ ! purposes describ$ 9 ?is p>agraph4 7d7 ,selection ( p>ticipat+ inve/m5t companies 7#a7 ,det]m9ation 7,a7 ,9 g5]al ,except z provid$ 9 p>agraph 7#c71 n lat] ?an #fj days aft] ! date on :i* ! ,adm9i/rator receives an application "u subsection 7c71 ! ,adm9i/rator %all-- 7i7 make a f9al det]m9ation to approve or disapprove su* applicant to p>ticipate 9 ! facility2 & 7ii7 transmit ! det]m9ation to ! applicant 9 writ+4 7,b7 ,commitm5t am\nt ,except z provid$ 9 p>agraph 7#c71 at ! "t ( approval ( an applicant1 ! ,adm9i/rator %all make a det]m9ation ( ! am\nt ( ! commitm5t t may be aw>d$ to ! applicant "u ?is section4 7#b7 ,selection crit]ia ,9 mak+ a det]m9ation "u p>agraph 7#a71 ! ,adm9i/rator %all consid]-- 7,a7 ! probability t ! inve/m5t /rategy ( ! applicant w successfully repay any f9ancial assi/ance provid$ by ! ,adm9i/ration1 includ+ ! probability ( a return significantly 9 excess !re(2 7,b7 ! probability t ! inve/m5ts made by ! applicant w-- 7i7 provide capital to eligible small bus9ess conc]ns2 or 7ii7 create or pres]ve jobs 9 ! ,unit$ ,/ates2 7,c7 ! probability t ! applicant w meet ! objectives 9 ! bus9ess plan ( ! applicant1 includ+ ! f9ancial goals1 &1 if applicable1 ! pa?way-protg program 9 accordance ) subsection 7g72 & 7,d7 ! probability t ! applicant w assi/ eligible small bus9ess conc]ns 9 a*iev+ pr(itability4 7#c7 ,approval ( p>ticipat+ inve/m5t companies 7,a7 ,provisional approval 7i7 ,9 g5]al ,not)/&+ p>agraph 7#a71 ) respect to an application submitt$ by an applicant to op]ate z a p>ticipat+ inve/m5t company "u ?is section1 ! ,adm9i/rator may provide provisional approval = ! applicant 9 lieu ( a f9al det]m9ation ( approval & det]m9ation ( ! am\nt ( ! commitm5t "u t p>agraph4 7ii7 ,purpose ,! purpose ( a provisional approval "u clause 7i7 is to-- 7,i7 enc\rage applications f inve/m5t companies ) an inve/m5t m&ate f ! committ$ private m>ket capital ( ! inve/m5t company t does n con=m to ! requirem5ts describ$ 9 ?is section at ! "t ( application2 7,,ii7 all[ ! applicant to m effectively raise capital commitm5ts 9 ! private m>kets by ref]5c+ ! int5t ( ! ,adm9i/rator to aw>d ! applicant a commitm5t2 & 7,,iii7 all[ ! applicant to m precisely reque/ ! desir$ am\nt ( commitm5t p5d+ ! secur+ ( capital f private m>ket inve/ors4 7iii7 ,limit on p]iod ( ! "t ,! p]iod betwe5 a provisional approval "u clause 7i7 & ! f9al det]m9ation ( approval "u p>agraph 7#a7 %all n exce$ #ab mon?s4 7e7 ,commitm5ts & ,,sbic bonds 7#a7 ,9 g5]al ,! ,adm9i/rator may1 out ( am\nts available 9 ! ,fund1 pur*ase or commit to pur*ase f a p>ticipat+ inve/m5t company #a or m accru+ bonds t include equity features z describ$ 9 ?is subsection4 7#b7 ,bond t]ms ,a bond pur*as$ by ! ,adm9i/rator f a p>ticipat+ inve/m5t company "u ?is subsection %all h ! foll[+ t]ms & conditions3 7,a7 ,t]m & int]e/ 7i7 ,9 g5]al ,! bond %all be issu$ = a t]m ( n less ?an #ae ye>s & %all be> int]e/ at a rate det]m9$ by ! ,adm9i/rator ( n m ?an #b p]c5t4 7ii7 ,accrual ( int]e/ ,int]e/ on ! bond %all accrue & %all be payable 9 accordance ) subp>agraph 7,d74 7iii7 ,prepaym5t ,! bond %all be prepayable )\t p5alty aft] ! end ( ! #a-ye> p]iod beg9n+ on ! date on :i* ! bond 0 pur*as$4 7,b7 ,pr(its 7i7 ,9 g5]al ,! ,adm9i/ration %all be entitl$ to receive a %>e ( ! pr(its net ( any pr(it %>+ p]=mance comp5sation ( ! p>ticipat+ inve/m5t company equal to ! quoti5t obta9$ by divid+-- 7,i7 "o-?ird ( ! commitm5t t ! p>ticipat+ inve/m5t company is approv$ = "u subsection 7d72 by 7,,ii7 ! commitm5t approv$ "u subsection 7d7 plus ! regulatory capital ( ! p>ticipat+ inve/m5t company at ! "t ( approval "u t subsection4 7ii7 ,det]m9ation ( p]c5tage ,! %>e to :i* ! ,adm9i/ration is entitl$ "u clause 7i7-- 7,i7 %all be det]m9$ at ! "t ( approval "u subsection 7d72 & 7,,ii7 )\t ! approval ( ! ,adm9i/ration1 %all n be revis$1 includ+ to reflect subsequ5t di/ributions ( pr(its1 returns ( capital1 or repaym5ts ( bonds1 or o!rwise4 7,c7 ,pr(it %>+ p]=mance comp5sation 7i7 ,receipt by ,adm9i/ration ,! ,adm9i/ration %all receive a %>e ( pr(its ( n m ?an #b p]c5t1 :i* %all be deposit$ into ! ,fund & be available to make commitm5ts "u ?is subsection4 7ii7 ,receipt by manag]s ,! manag]s ( ! p>ticipat+ inve/m5t company may receive a maximum pr(it %>+ p]=mance comp5sation ( #be p]c5t m9us ! %>e ( pr(its paid to ! ,adm9i/ration "u clause 7i74 7,d7 ,prohibition on di/ributions ,no di/ributions on capital1 includ+ pr(it di/ributions1 %all be made by ! p>ticipat+ inve/m5t company to ! inve/ors or manag]s ( ! p>ticipat+ inve/m5t company until ! ,adm9i/ration has receiv$ paym5t ( all accru$ int]e/ on ! bond committ$ "u ?is section4 7,e7 ,repaym5t ( pr9cipal ,except z describ$ 9 subp>agraph 7,f71 repaym5ts ( pr9cipal ( ! bond ( a p>ticipat+ inve/m5t company %all be-- 7i7 made at ! same "t z returns ( private capital2 & 7ii7 9 am\nts equal to ! pro rata %>e ( ! ,adm9i/ration ( ! total am\nt be+ repaid or return$ at su* "t4 7,f7 ,liquidation or default ,^u any liquidation ev5t or default1 z def9$ by ! ,adm9i/ration1 any unpaid pr9cipal or accru$ int]e/ on ! bond %all-- 7i7 h a priority ov] all equity ( ! p>ticipat+ inve/m5t company2 & 7ii7 be paid be=e any return ( equity or any o!r di/ributions to ! inve/ors or manag]s ( ! p>ticipat+ inve/m5t company4 7#c7 ,am\nt ( commitm5ts & pur*ases 7,a7 ,maximum am\nt ,! maximum am\nt ( out/&+ bonds & commitm5ts to pur*ase bonds = any p>ticipat+ inve/m5t company "u ! facility %all be ! less] (-- 7i7 twice ! am\nt ( ! regulatory capital ( ! p>ticipat+ inve/m5t company2 or 7ii7 #bjj1jjj1jjj4 7#d7 ,commitm5t process ,commitm5ts by ! ,adm9i/ration to pur*ase bonds "u ! facility %all rema9 available to be sold by a p>ticipat+ inve/m5t company until ! end ( ! f\r? fiscal ye> foll[+ ! ye> 9 :i* ! commitm5t is made1 subject to review & approval by ! ,adm9i/ration bas$ on regulatory compliance1 f9ancial /atus1 *ange 9 managem5t1 deviation f bus9ess plan1 & su* o!r limitations z may be det]m9$ by ! ,adm9i/ration by regulation or o!rwise4 7#e7 ,commitm5t conditions 7,a7 ,9 g5]al ,z a condition ( receiv+ a commitm5t "u ! facility1 n less ?an #ej p]c5t ( am\nts inve/$ by ! p>ticipat+ inve/m5t company %all be inve/$ 9 eligible small bus9ess conc]ns4 7,b7 ,exam9ations ,9 addition to ! matt]s set =? 9 section #caj7;c71 ! ,adm9i/ration %all exam9e ea* p>ticipat+ inve/m5t company 9 su* detail s z to det]m9e :e!r ! p>ticipat+ inve/m5t company has compli$ ) ! requirem5ts "u ?is subsection4 7f7 ,di/ributions & fees 7#a7 ,di/ribution requirem5ts 7,a7 ,di/ributions ,z a condition ( receiv+ a commitm5t "u ! facility1 a p>ticipat+ inve/m5t company %all make all di/ributions to ! ,adm9i/rator 9 ! same =m & 9 a mann] z are made to inve/ors1 or o!rwise at a "t & 9 a mann] consi/5t ) regulations or policies ( ! ,adm9i/ration4 7,b7 ,allocations ,a p>ticipat+ inve/m5t company %all make allocations ( income1 ga91 loss1 d$uction1 & cr$it to ! ,adm9i/rator ) respect to any out/&+ bonds z if ! ,adm9i/rator 7 an inve/or4 7#b7 ,fees ,! ,adm9i/rator may n *>ge fees = p>ticipat+ inve/m5t companies o!r ?an exam9ation fees t are consi/5t ) ! lic5se ( ! p>ticipat+ inve/m5t company4 7#c7 ,bifurcation ,losses on bonds issu$ by p>ticipat+ inve/m5t companies %all n be (fset by fees or any o!r *>ges on deb5ture small bus9ess inve/m5t companies4 7g7 ,protg program ,! ,adm9i/rator %all e/abli% a pa?way-protg program 9 :i* a protg inve/m5t company may receive te*nical assi/ance & program support f a p>ticipat+ inve/m5t company on a volunt>y basis & )\t p5alty = non-p>ticipation4 7h7 ,loss limit+ fund 7#a7 ,9 g5]al ,!re is e/abli%$ 9 ! ,treasury a fund = mak+ commitm5ts & pur*as+ bonds ) equity features "u ! facility & receiv+ capital return$ by p>ticipat+ inve/m5t companies4 7#b7 ,use ( funds ,am\nts appropriat$ to ! ,fund or deposit$ 9 ! ,fund "u p>agraph 7#c7 %all be available to ! ,adm9i/rator1 )\t fur!r appropriation1 = mak+ commitm5ts & pur*as+ bonds "u ! facility & exp5ses & paym5ts1 exclud+ adm9i/rative exp5ses1 relat+ to ! op]ations ( ! ,adm9i/rator "u ! facility4 7#c7 ,deposit+ ( am\nts 7,a7 ,9 g5]al ,all am\nts receiv$ by ! ,adm9i/rator f a p>ticipat+ inve/m5t company relat+ to ! facility1 includ+ any moneys1 prop]ty1 or assets d]iv$ by ! ,adm9i/rator f op]ations 9 connection ) ! facility1 %all be deposit$ 9 ! ,fund4 7,b7 ,p]iod ( availability ,am\nts deposit$ "u subp>agraph 7,a7 %all rema9 available until exp5d$4 7i7 ,application ( o!r sections ,to ! ext5t n inconsi/5t ) requirem5ts "u ?is section1 ! ,adm9i/rator may apply sections #cji1 #caa1 #cab1 #cac1 & #cad to activities "u ?is section & an (fic]1 director1 employee1 ag5t1 or o!r p>ticipant 9 a p>ticipat+ inve/m5t company %all be subject to ! requirem5ts "u su* sections4 7j7 ,au?orization ( appropriations ,!re is au?oriz$ to be appropriat$ = ! fir/ fiscal ye> beg9n+ aft] ! date ( enactm5t ( ?is "p #aj1jjj1jjj1jjj to c>ry out ! facility4 ,am\nts appropriat$ pursuant to ?is subsection %all rema9 available until ! end ( ! second fiscal ye> beg9n+ aft] ! date ( enactm5t ( ?is section4 4 7b7 ,approval ( bank-,own$1 non-,lev]ag$ applicants ,section #cja7;c77#b7 ( ! ,small ,bus9ess ,inve/m5t ,act ( #aieh 7#ae ,u4,s4,c4 #fha7;c77#b77 is am5d$-- 7#a7 9 subp>agraph 7,b71 9 ! matt] prec$+ clause 7i71 by /rik+ ,)9 & ins]t+ ,except z provid$ 9 subp>agraph 7,c71 )92 & 7#b7 by add+ at ! end ! foll[+3 7,c7 ,exception = bank-own$1 non-lev]ag$ applicants ,not)/&+ subp>agraph 7,b71 n lat] ?an #de days aft] ! date on :i* ! ,adm9i/rator receives a complet$ application submitt$ by a bank-own$1 non-lev]ag$ applicant 9 accordance ) ?is subsection & 9 accordance ) su* requirem5ts z ! ,adm9i/rator may prescribe by regulation1 ! ,adm9i/rator %all-- 7i7 review ! application 9 its entirety2 & 7ii7 7,i7 approve ! application & issue a lic5se = su* op]ation to ! applicant if ! requirem5ts ( ?is section are satisfi$2 or 7,,ii7 disapprove ! application & notify ! applicant 9 writ+ ( ! disapproval4 4 7c7 ,electronic submissions ,"p ,a ( title ,,iii ( ! ,small ,bus9ess ,inve/m5t ,act ( #aieh 7#ae ,u4,s4,c4 #fha et seq471 z am5d$ by subsection 7a7 ( ?is section1 is am5d$ by add+ at ! end ! foll[+3 #cbb4 ,electronic submissions ,! ,adm9i/ration %all p]mit any docum5t submitt$ "u ?is title1 or pursuant to a regulation c>ry+ out ?is title1 to be submitt$ electronically1 includ+ by p]mitt+ an electronic signature = any signature t is requir$ on su* a docum5t4 4 ,,iii ,appropriations #aca4 ,commitm5t au?ority & appropriations 7a7 ,commitm5t au?ority 7#a7 ,,c>es ,act am5dm5ts ,section #aajb7;b7 ( ! ,,c>es ,act 7,public ,law #aaf-acf7 is am5d$-- 7,a7 9 p>agraph 7#a7-- 7i7 9 ! p>agraph head+1 by ins]t+ & second draw aft] ,,ppp2 7ii7 by /rik+ ,augu/ #h1 #bjbj & ins]t+ ,decemb] #ca1 #bjbj2 7iii7 by /rik+ p>agraph 7#cf7 & ins]t+ p>agraphs 7#cf7 & 7#cg72 & 7iv7 by /rik+ #fei1jjj1jjj1jjj & ins]t+ #gdi1jjj1jjj1jjj2 & 7,b7 by am5d+ p>agraph 7#b7 to read z foll[s3 7#b7 ,o!r #g7;a7 loans ,dur+ fiscal ye> #bjbj1 ! am\nt au?oriz$ = commitm5ts = section #g7;a7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77 "u ! head+ ,small ,bus9ess ,adm9i/ration--,bus9ess ,loans ,program ,acc\nt 9 ! ,f9ancial ,s]vices & ,g5]al ,gov]nm5t ,appropriations ,act1 #bjbj 7division ,c ( ,public ,law #aaf-aic7 %all apply ) respect to any commitm5ts "u su* section #g7;a7 o!r ?an "u p>agraphs 7#cf71 7#cg71 & 7#ch7 ( su* section #g7;a74 4 7#b7 ,recov]y sector loans ,dur+ ! p]iod beg9n+ on ! date ( enactm5t ( ?is ,act & end+ on ,decemb] #ca1 #bjbj1 ! am\nt au?oriz$ = commitm5ts "u p>agraph 7#ch7 ( section #g7;a7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a771 z add$ by ?is title1 %all be #ajj1jjj1jjj1jjj4 7b7 ,direct appropriations 7#a7 ,rescission ,) respect to unobligat$ balances "u ! head+ #8,small ,bus9ess ,adm9i/ration--,bus9ess ,loans ,program ,acc\nt1 ,,c>es ,act z ( ! day be=e ! date ( enactm5t ( ?is ,act1 #ajj1jjj1jjj1jjj %all be resc9d$ & deposit$ into ! g5]al fund ( ! ,treasury4 7#b7 ,new direct appropriations ,!re is appropriat$1 out ( am\nts 9 ! ,treasury n o!rwise appropriat$1 = ! fiscal ye> end+ ,septemb] #cj1 #bjbj-- 7,a7 to rema9 available until ,septemb] #cj1 #bjba1 = additional am\nts-- 7i7 #aij1jjj1jjj1jjj "u ! head+ #8#8,small ,bus9ess ,adm9i/ration--,bus9ess ,loans ,program ,acc\nt1 ,,c>es ,act'' = ! co/ ( gu>ante$ loans z au?oriz$ "u p>agraph 7#cf7 & 7#cg7 ( section #g7;a7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a771 z am5d$ & add$ by ?is ,act2 & 7ii7 #eg1gjj1jjj1jjj "u ! head+ ,small ,bus9ess ,adm9i/ration--,recov]y ,sector ,loans = ! co/ ( gu>ante$ loans z au?oriz$ "u p>agraph 7#ch7 ( section #g7;a7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a771 z add$ by ?is ,act2 & 7,b7 to rema9 available until ,septemb] #cj1 #bjbc1 #aj1jjj1jjj1jjj "u ! head+ ,small ,bus9ess ,adm9i/ration--,,sbic to c>ry out "p ,d ( title ,,iii ( ! ,small ,bus9ess ,inve/m5t ,act ( #aieh 7#ae ,u4,s4,c4 #fha et seq471 z add$ by ?is ,act4 7c7 ,em]g5cy designation 7#a7 ,9 g5]al ,! am\nts provid$ "u ?is section are designat$ z an em]g5cy requirem5t pursuant to section #d7;g7 ( ! ,/atutory ,pay-,z-,y-,g ,act ( #bjaj 7#b ,u4,s4,c4 #icc7;g774 7#b7 ,designation 9 s5ate ,9 ! ,s5ate1 ?is section is designat$ z an em]g5cy requirem5t pursuant to section #daab7;a7 ( ,h4 ,con4 ,res4 #ga 7#aae? ,congress71 ! concurr5t resolution on ! budget = fiscal ye> #bjah4