,,ii  #aaf? ,,congress  #b;d ,session   
,s4 #dfjg  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,septemb] #ag1         
#bjbj,mr4 ,k5n$y 7= himself & ,mr4      
,jones7 introduc$ ! foll[+ bill2 :i* 0  
read twice & ref]r$ to ! ,committee on  
,f9ance  ,a ,,bill  ,to provide =giv5ess
 = pay*eck protection program & economic
 injury disa/] loans relat$ to          
,,covid-#ai made to bus9esses t are     
locat$ 9 an area = :i* ! ,presid5t      
decl>$ a major disa/] relat$ to         
,hurricane ,laura or ,hurricane ,sally1 
& = o!r purposes4  #a4 ,%ort title ,?is 
,act may be cit$ z ! ,disa/] ,relief =  
,s\!a/]n ,small ,bus9esses ,act ( #bjbj4
  #b4 ,loan =giv5ess = bus9esses locat$ 
9 major disa/] areas  7a7 ,def9itions ,9
 ?is section3 7#a7 ,adm9i/rator ,! t]m  
,adm9i/rator means ! ,adm9i/rator ( !   
,small ,bus9ess ,adm9i/ration4  7#b7    
,cov]$ disa/] ,! t]m cov]$ area means an
 area = :i* ! ,presid5t decl>$ a major  
disa/] "u section #dja ( ! ,rob]t ,t4   
,/af=d ,disa/] ,relief & ,em]g5cy       

,assi/ance ,act 7#db ,u4,s4,c4 #eagj7   
relat$ to ,hurricane ,laura or          
,hurricane ,sally4  7#c7 ,cov]$ entity  
,! t]m cov]$ entity means any entity--  
7,a7 ! pr9cipal place ( bus9ess ( :i* is
 locat$ 9 a cov]$ area2 &  7,b7 t       
receiv$ a cov]$ loan4  7#d7 ,cov]$ loan 
,! t]m cov]$ loan means a loan made "u--
 7,a7 section #g7;a77#cf7 ( ! ,small    
,bus9ess ,act 7#ae ,u4,s4,c4            
#fcf7;a77#cf772 or  7,b7 section        
#g7;b77#b7 ( ! ,small ,bus9ess ,act 7#ae
 ,u4,s4,c4 #fcf7;b77#b77 relat$ to      
,,covid-#ai4  7b7 ,loan =giv5ess  7#a7  
,9 g5]al ,not)/&+ section #aajf ( !     
,,c>es ,act 7#ae ,u4,s4,c4 #ijje71 a    
cov]$ entity %all receive =giv5ess (    
indebt$ness on a cov]$ loan 9 an am\nt  
equal to ! cov]$ loan am\nt if ! cov]$  
entity submits to ! l5d] ( ! cov]$ loan 
a "o-page onl9e or pap] =m1 to be       
e/abli%$ by ! ,adm9i/rator n lat] ?an #g
 days aft] ! date ( enactm5t ( ?is ,act1
 t atte/s t ! cov]$ entity us$ ! cov]$  
loan proce$s = eligible activities z    

describ$ 9 p>agraph 7a77#cf7 or 7b77#b7 
( section #g ( ! ,small ,bus9ess ,act   
7#ae ,u4,s4,c4 #fcf71 z applicable4     
7#b7 ,review & audit ,! ,adm9i/rator may
 review & audit cov]$ loans = :i*       
=giv5ess is provid$ to cov]$ entities "u
 p>agraph 7#a7 us+ ! same process us$ = 
loans made "u section #g7;a77#cf7 ( !   
,small ,bus9ess ,act 7#ae ,u4,s4,c4     
#fcf7;a77#cf774  7#c7 ,taxability ,=    
purposes ( ! ,int]nal ,rev5ue ,code (   
#aihf-- 7,a7 any am\nt :i* 7b = ?is     
p>agraph7 w\ld be includible 9 gross    
income ( ! cov]$ entity by reason (     
=giv5ess describ$ 9 p>agraph 7#a7 %all  
be exclud$ f gross income2 &  7,b7 no   
d$uction %all be d5i$ or r$uc$1 no tax  
attribute %all be r$uc$1 & no basis     
increase %all be d5i$1 by reason ( !    
exclusion f gross income provid$ by     
subp>agraph 7,a74  7c7 ,inapplicability 
( ,,eidl advance am\nt to ,,ppp loan    
=giv5ess am\nt ,not)/&+ p>agraph 7#f7 ( 
section #aaaj7;e7 ( ! ,,c>es ,act 7#ae  
,u4,s4,c4 #ijji7;e771 ) respect to a    

cov]$ entity t receiv$ an advance grant 
"u su* section #aaaj7;e71 ! advance     
am\nt %all n be r$uc$ f ! loan =giv5ess 
am\nt = a loan = payroll co/s made to ! 
cov]$ entity "u section #g7;a77#cf7 ( ! 
,small ,bus9ess ,act 7#ae ,u4,s4,c4     
#fcf7;a77#cf774  7d7 ,applicability ,?is
 ,act %all apply ) respect to cov]$     
loans & advance grants "u section       
#aaaj7;e7 ( ! ,,c>es ,act 7#ae ,u4,s4,c4
 #ijji7;e77 made to a cov]$ entity be=e1
 on1 or aft] ! date ( enactm5t ( ?is    
,act4