,,ii #aafth ,,congress #b;d ,session ,s4 #dfgf ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,september #bc1 #bjbj,mr4 ,coons 7for himself1 ,mr4 ,cardin1 ,ms4 ,klobuchar1 ,mrs4 ,shaheen1 ,ms4 ,cantwell1 ,mr4 ,markey1 ,ms4 ,hirono1 ,mrs4 ,gillibrand1 ,mr4 ,van ,hollen1 and ,mr4 ,king7 introduced the following bill2 which was read twice and referred to the ,committee on ,finance ,a ,,bill ,to improve the debt relief program under the ,,cares ,act1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,small ,business ,debt ,relief ,extension ,act of #bjbj4 #b4 ,subsidy for certain loan payments 7a7 ,in general ,section #aaab of the ,,cares ,act 7#ae ,u4,s4,c4 #ijaa7 is amended-- 7#a7 in subsection 7c7-- 7,a7 in paragraph 7#a7-- 7i7 in the matter preceding subparagraph 7,a71 by inserting 1 without regard to the date on which the covered loan is fully disbursed and subject to availability of funds after status2 7ii7 by amending subparagraphs 7,a7 and 7,b7 to read as follows3 7,a7 with respect to a covered loan approved by the ,administration before the date of enactment of this ,act and not on deferment-- 7i7 except as provided in clauses 7ii7 and 7iii71 for the #f-month period beginning with the next payment due on the covered loan after the covered loan is fully disbursed2 7ii7 for the #aa-month period beginning with the next payment due on the covered loan after the covered loan is fully disbursed1 with respect to a covered loan that-- 7,i7 is described in subsection 7a77#a77;,b7 or is a loan guaranteed by the ,administration under section #g7;a7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77 other than a loan described in clause 7i7 or 7ii7 of subsection 7a77#a77;,a72 and 7,,ii7 is made to a borrower operating primarily in an industry other than an industry that is assigned a ,north ,american ,industry ,classification ,system code beginning with #fa1 #ga1 or #gb2 and 7iii7 for the #ah-month period beginning with the next payment due on the covered loan after the covered loan is fully disbursed1 with respect to-- 7,i7 a covered loan described in paragraph 7#a77;,a77i7 or paragraph 7#b7 of subsection 7a72 or 7,,ii7 any covered loan made to a borrower operating primarily in an industry that is assigned-- 7aa7 a ,north ,american ,industry ,classification ,system code beginning with #fa1 #ga1 or #gb2 or 7bb7 the ,north ,american ,industry ,classification ,system ,code #dheeaj2 7,b7 with respect to a covered loan approved by the ,administration before the date of enactment of this ,act and on deferment-- 7i7 except as provided in clauses 7ii7 and 7iii71 for the #f-month period beginning with the next payment due on the covered loan after the deferment period and after the covered loan is fully disbursed2 7ii7 for the #aa-month period beginning with the next payment due on the covered loan after the deferment period and after the covered loan is fully disbursed1 with respect to a covered loan described in subclause 7,i7 or 7,,ii7 of subparagraph 7,a77ii72 and 7iii7 for the #ah-month period beginning with the next payment due on the covered loan after the deferment period and after the covered loan is fully disbursed1 with respect to a covered loan described in subclause 7,i7 or 7,,ii7 of subparagraph 7,a77iii72 and 2 and 7iii7 in subparagraph 7,c7-- 7,i7 by striking covered loan made and inserting covered loan approved by the ,administration2 7,,ii7 by striking #f months after and inserting #ah months after2 7,,iii7 by inserting 7or1 for a covered loan made by an intermediary to a small business concern using loans or grants received under section #g7m7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7m77 or guaranteed by the ,administration under the ,community ,advantage ,pilot ,program of the ,administration1 for the #ab-month period7 after #f-month period2 and 7,,iv7 by inserting after the covered loan is fully disbursed after due on the covered loan2 and 7,b7 by adding at the end the following3 7#d7 ,additional provisions for new loans ,with respect to a loan described in paragraph 7#a77;,c7-- 7,a7 the ,administrator may further extend the #ah-month period described in paragraph 7#a77;,c7 if there are sufficient funds to continue those payments2 and 7,b7 during the underwriting process1 a lender of such a loan may consider the payments under this section as part of a comprehensive review to determine the ability to repay over the entire period of maturity of the loan4 7#e7 ,eligibility ,eligibility for a covered loan to receive such payments of principal1 interest1 and any associated fees under this subsection shall be based on the date on which the covered loan is approved by the ,administration4 7#f7 ,authority to revise extensions 7,a7 ,in general ,as part of preparing the reports under subsection 7i77#e7 that are required to be submitted not later than ,january #ae1 #bjba1 and not later than ,june #ae1 #bjba1 the ,administrator conduct an evaluation of whether amounts made available to make payments under this subsection are sufficient to make the payments for the period described in paragraph 7#a74 7,b7 ,plan ,if the ,administrator determines under subparagraph 7,a7 that the amounts made available to make payments under this subsection are insufficient1 the ,administrator shall-- 7i7 develop a plan to proportionally reduce the number of months provided for each period described in paragraph 7#a71 while ensuring all amounts made available to make payments under this subsection are fully expended2 and 7ii7 before taking action under the plan developed under clause 7i71 include in the applicable report under subsection 7i77#e7 the plan and the data that informs the plan4 7#g7 ,rule of construction ,nothing in this subsection shall preclude a borrower from receiving full payments of principal1 interest1 and any associated fees as authorized by subsection4 2 7#b7 by redesignating subsection 7f7 as subsection 7k72 and 7#c7 by inserting after subsection 7e7 the following3 7f7 ,eligibility for new loans ,for each individual lending program under this section1 the ,administrator may establish a minimum loan maturity period1 taking into consideration the normal underwriting requirements for each such program1 with the goal of preventing abuse under the program4 7g7 ,limitation on assistance ,a borrower may not receive assistance under subsection 7c7 for more than #a covered loan of the borrower described in paragraph 7#a77;,c7 of that subsection4 7h7 ,taxability ,for purposes of the ,internal ,revenue ,code of #aihf-- 7#a7 any payment made under subsection 7c7 shall be treated as paid by the person on whose behalf such payment is made1 7#b7 no amount shall be included in the gross income of the borrower by reason of a payment made under subsection 7c71 and 7#c7 no deduction shall be denied or reduced1 no tax attribute shall be reduced1 and no basis increase shall be denied1 by reason of the exclusion from gross income provided by paragraph 7#b74 7i7 ,reporting and outreach 7#a7 ,updated information 7,a7 ,in general ,not later than #g days after the date of enactment of the ,small ,business ,debt ,relief ,extension ,act of #bjbj1 the ,administrator shall make publicly available information regarding the modifications to the assistance provided under this section under the amendments made by such ,act4 7,b7 ,guidance ,not later than #ad days after the date of enactment of the ,small ,business ,debt ,relief ,extension ,act of #bjbj1 the ,administrator shall issue guidance on implementing the modifications to the assistance provided under this section under the amendments made by such ,act4 7#b7 ,publication of list ,not later than #ad days after the date of enactment of the ,small ,business ,debt ,relief ,extension ,act of #bjbj1 the ,administrator shall transmit to each lender of a covered loan a list of each borrower of a covered loan that includes the ,north ,american ,industry ,classification ,system code assigned to the borrower1 based on the records of the ,administration1 to assist the lenders in identifying which borrowers qualify for an extension of payments under subsection 7c74 7#c7 ,education and outreach ,the ,administrator shall provide education1 outreach1 and communication to lenders1 borrowers1 district offices1 and resource partners of the ,administration in order to ensure full and proper compliance with this section1 encourage broad participation with respect to covered loans that have not yet been approved by the ,administrator1 and help lenders transition borrowers from subsidy payments under this section directly to a deferral when suitable for the borrower4 7#d7 ,notification ,not later than #cj days after the date of enactment of the ,small ,business ,debt ,relief ,extension ,act of #bjbj1 the ,administrator shall mail a letter to each borrower of a covered loan that includes-- 7,a7 an overview of assistance provided under this section2 7,b7 the rights of the borrower to receive that assistance2 7,c7 how to seek recourse with the ,administrator or the lender of the covered loan if the borrower has not received that assistance2 and 7,d7 the rights of the borrower to request a loan deferral from a lender1 and guidance on how to do successfully transition directly to a loan deferral once subsidy payments under this section are concluded4 7#e7 ,monthly reporting ,not later than the #aeth of each month beginning after the date of enactment of the ,small ,business ,debt ,relief ,extension ,act of #bjbj1 the ,administrator shall submit to ,congress a report on assistance provided under this section1 which shall include-- 7,a7 monthly and cumulative data on payments made under this section as of the date of the report1 including a breakdown by-- 7i7 the number of participating borrowers2 7ii7 the volume of payments made for each type of covered loan2 and 7iii7 the volume of payments made for covered loans made before the date of enactment of this ,act and loans made after such date of enactment2 7,b7 the names of any lenders of covered loans that have not submitted information on the covered loans to the ,administrator during the preceding month2 and 7,c7 an update on the education and outreach activities of the ,administration carried out under paragraph 7#c74 4 7b7 ,effective date ,the amendments made by this section shall apply as if included in the enactment of section #aaab of the ,,cares ,act 7#ae ,u4,s4,c4 #ijaa74