,,ii #aafth ,,congress #b;d ,session ,s4 #dhah ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,october #bj 7legislative day1 ,october #ai71 #bjbj,mr4 ,cardin 7for himself1 ,mrs4 ,shaheen1 ,mr4 ,schumer1 ,ms4 ,rosen1 ,ms4 ,duckworth1 ,mr4 ,coons1 ,ms4 ,hirono1 ,ms4 ,cantwell1 ,mr4 ,markey1 ,mr4 ,booker1 ,ms4 ,klobuchar1 ,mr4 ,van ,hollen1 ,mr4 ,blumenthal1 ,mrs4 ,gillibrand1 ,mrs4 ,murray1 ,mr4 ,king1 ,mr4 ,reed1 ,mr4 ,menendez1 ,ms4 ,cortez ,masto1 ,ms4 ,baldwin1 ,mr4 ,kaine1 ,mr4 ,brown1 ,ms4 ,warren1 ,mr4 ,durbin1 ,mr4 ,wyden1 ,mr4 ,merkley1 ,mr4 ,heinrich1 ,mr4 ,bennet1 ,mr4 ,whitehouse1 ,mr4 ,udall1 ,mr4 ,schatz1 ,ms4 ,stabenow1 ,mrs4 ,feinstein1 and ,mr4 ,peters7 introduced the following bill2 which was read twice and referred to the ,committee on ,finance ,a ,,bill ,to provide assistance to small businesses affected by ,,covid-#ai1 and for other purposes4 #a4 ,short title2 table of contents2 definitions 7a7 ,short title ,this ,act may be cited as the ,heroes ,small ,business ,lifeline ,act4 7b7 ,table of contents ,the table of contents for this ,act is as follows3 ,sec4 #a4 ,short title2 table of contents2 definitions4,,title ,i--,funding ,provisions,sec4 #aja4 ,amount authorized for commitments4,sec4 #ajb4 ,funding for the ,paycheck ,protection ,program4,sec4 #ajc4 ,direct appropriations4,sec4 #ajd4 ,emergency designation4,,title ,,ii--,modifications to the ,paycheck ,protection ,program,sec4 #bja4 ,periods for loan forgiveness and application submission4,sec4 #bjb4 ,supplemental covered loans for certain business concerns4,sec4 #bjc4 ,certifications and documentation for streamlined forgiveness of covered loans4,sec4 #bjd4 ,eligibility of certain organizations for loans under the ,paycheck ,protection ,program4,sec4 #bje4 ,limit on aggregate loan amount for eligible recipients with more than #a physical location4,sec4 #bjf4 ,allowable uses of covered loans2 forgiveness4,sec4 #bjg4 ,documentation required for certain eligible recipients4,sec4 #bjh4 ,exclusion of certain publicly traded and foreign entities4,sec4 #bji4 ,election of #ab-week period by seasonal employers4,sec4 #baj4 ,inclusion of certain refinancing in nonrecourse requirements4,sec4 #baa4 ,credit elsewhere requirements4,sec4 #bab4 ,prohibition on receiving duplicative amounts for payroll costs4,sec4 #bac4 ,application of certain terms through life of covered loan4,sec4 #bad4 ,interest calculation on covered loans4,sec4 #bae4 ,reimbursement for processing4,sec4 #baf4 ,duplication requirements for economic injury disaster loan recipients4,sec4 #bag4 ,reapplication for and modification to ,paycheck ,protection ,program4,sec4 #bah4 ,treatment of certain criminal violations4,sec4 #bai4 ,eligibility and treatment of ,farm ,credit ,system institutions4,,title ,,iii--,tax ,provisions,sec4 #cja4 ,improved coordination between ,paycheck ,protection ,program and employee retention tax credit4,,title ,,iv--,,covid-#ai ,economic ,injury ,disaster ,loan ,program ,reform,sec4 #dja4 ,sense of ,congress4,sec4 #djb4 ,notices to applicants for economic injury disaster loans or advances4,sec4 #djc4 ,modifications to emergency ,,eidl advances4,sec4 #djd4 ,data transparency1 verification1 and notices for economic injury disaster loans4,sec4 #dje4 ,lifeline funding for small business continuity1 adaptation1 and resiliency4,sec4 #djf4 ,modifications to economic injury disaster loans4,sec4 #djg4 ,principal and interest payments for certain disaster loans4,sec4 #djh4 ,training4,sec4 #dji4 ,outreach plan4,sec4 #daj4 ,report on best practices4,sec4 #daa4 ,extension of period of availability for administrative funds4,,title ,v--,micro-,,sbic and ,equity ,investment ,enhancement ,sec4 #eja4 ,micro-,,sbic ,program4,,title ,,vi--,miscellaneous,sec4 #fja4 ,repeal of ,,eidl advance deduction4,sec4 #fjb4 ,extension of the debt relief program4,sec4 #fjc4 ,modifications to #g7;a7 loan programs4,sec4 #fjd4 ,flexibility in deferral of payments of #g7;a7 loans4,sec4 #fje4 ,recovery assistance under the microloan program4,sec4 #fjf4 ,maximum loan amount for #ejd loans4,sec4 #fjg4 ,temporary fee reductions4,sec4 #fjh4 ,extension of participation in #h7;a7 program4,sec4 #fji4 ,report on minority1 women1 and rural lending4,sec4 #faj4 ,comprehensive program guidance4,sec4 #faa4 ,reports on ,paycheck ,protection ,program4,sec4 #fab4 ,prohibiting conflicts of interest for small business programs under the ,,cares ,act4,sec4 #fac4 ,inclusion of ,,score and ,veteran ,business ,outreach ,centers in entrepreneurial development programs4,sec4 #fad4 ,clarification of use of ,,cares ,act funds for small business development centers4,sec4 #fae4 ,funding for the ,office of ,inspector ,general of the ,small ,business ,administration4,sec4 #faf4 ,extension of waiver of matching funds requirement under the ,women's ,business ,center program4,sec4 #fag4 ,access to ,small ,business ,administration information and databases4,sec4 #fah4 ,small business local relief program4,sec4 #fai4 ,grants for shuttered venue operators4,sec4 #fbj4 ,support for restaurants4,,title ,,vii--,minority business development agency and community development financial institutions fund,sec4 #gja4 ,definitions4,subtitle ,a--,codification of the minority business development agency,sec4 #gaa4 ,short title4,sec4 #gab4 ,findings and purposes4,sec4 #gac4 ,minority ,business ,development ,agency4,,part ,i--,existing initiatives,s,u,b,p,a,r,t ,a--,market development1 research1 and information,sec4 #gba4 ,private sector development4,sec4 #gbb4 ,public sector development4,sec4 #gbc4 ,research and information4,,subpart ,b--,minority ,business ,development ,center ,program,sec4 #gca4 ,purpose4,sec4 #gcb4 ,definitions4,sec4 #gcc4 ,establishment4,sec4 #gcd4 ,cooperative agreements4,sec4 #gce4 ,minimizing disruptions to existing business centers program4,sec4 #gcf4 ,publicity4,sec4 #gcg4 ,emergency appropriations4,,part ,,ii--,new initiatives ,to promote economic resiliency for minority businesses,sec4 #gda4 ,annual diverse business forum on capital formation4,sec4 #gdb4 ,agency study on alternative financing solutions4,sec4 #gdc4 ,educational development relating to management and entrepreneurship4,,part ,,iii--,administrative and other powers of the agency2 miscellaneous provisions,sec4 #gea4 ,administrative powers4,sec4 #geb4 ,financial assistance4,sec4 #gec4 ,audits4,sec4 #ged4 ,review and report by comptroller general4,sec4 #gee4 ,annual reports2 recommendations4,sec4 #gef4 ,separability4,sec4 #geg4 ,executive ,order #aafbe4,sec4 #geh4 ,amendment to the ,federal ,acquisition ,streamlining ,act of #aiid4,subtitle ,b--,other provisions,sec4 #gfa4 ,emergency grants to minority business enterprises4,,title ,,viii--,promoting and ,advancing ,communities of ,color through ,inclusive ,lending,sec4 #hja4 ,short title4,sec4 #hjb4 ,findings2 sense of ,congress4,sec4 #hjc4 ,purposes4,sec4 #hjd4 ,considerations2 requirements for creditors4,sec4 #hje4 ,neighborhood ,capital ,investment ,program4,sec4 #hjf4 ,emergency support for ,c,d,f,is and communities4,sec4 #hjg4 ,ensuring diversity in community banking4,sec4 #hjh4 ,establishment of ,financial ,agent ,partnership ,program4,sec4 #hji4 ,strengthening minority lending institutions4,sec4 #haj4 ,,cdfi ,bond ,guarantee ,reform4,sec4 #haa4 ,reports4,sec4 #hab4 ,inspector ,general oversight4,sec4 #hac4 ,study and report with respect to impact of programs on low- and moderate-income and minority communities4,sec4 #had4 ,community development financial institutions fund4 7c7 ,definitions ,in this ,act3 7#a7 ,administration ,the term ,administration means the ,small ,business ,administration4 7#b7 ,administrator ,the term ,administrator means the ,administrator of the ,small ,business ,administration4 7d7 ,effective date2 applicability ,except as otherwise provided in this ,act1 this ,act and the amendments made by this ,act shall take effect on the date of the enactment of this ,act and shall apply to loans made1 or other assistance provided1 on or after the date of enactment of this ,act4 ,i ,funding ,provisions #aja4 ,amount authorized for commitments ,section #aajb7;b7 of the ,,cares ,act 7,public ,law #aaf-acf7 is amended to read as follows3 7b7 ,commitments for ,,ppp and other #g7;a7 loans 7#a7 ,,ppp loans ,during the period beginning on the date of enactment of the ,heroes ,small ,business ,lifeline ,act and ending on ,march #ca1 #bjba1 subject to the availability of appropriations1 the ,administrator may make commitments under paragraph 7#cf7 of section #g7;a7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77 in such amounts as the ,administrator determines necessary1 but not less than #ggi1fdj1jjj1jjj4 7#b7 ,other #g7;a7 loans ,for fiscal year #bjba1 commitments for general business loans authorized under paragraphs 7#a7 through 7#ce7 of section #g7;a7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77 shall not exceed #ge1jjj1jjj1jjj for a combination of amortizing term loans and the aggregated maximum line of credit provided by revolving loans4 4 #ajb4 ,funding for the ,paycheck ,protection ,program 7a7 ,direct appropriations ,there is appropriated1 out of amounts in the ,treasury not otherwise appropriated1 to remain available until ,september #cj1 #bjba1 such sums as may be necessary under the heading ,small ,business ,administration--,business ,loans ,program ,account1 ,,cares ,act for the cost of guaranteed loans as authorized under section #g7;a77#cf7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf774 7b7 ,remaining unobligated balances ,subject to subsection 7d71 the unobligated balances for the cost of guaranteed loans as authorized under section #g7;a77#cf7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77 in the appropriations account under the heading ,small ,business ,administration--,business ,loans ,program ,account1 ,,cares ,act as of the day before the date of enactment of this ,act shall remain available until ,september #cj1 #bjba1 for the cost of guaranteed loans as authorized under section #g7;a77#cf7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf774 7c7 ,set aside for certain entities ,section #g7;a77#cf77,s7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77,s77 is amended to read as follows3 7,s7 ,set aside for certain entities ,of the amounts available on or after the date of enactment of the ,heroes ,small ,business ,lifeline ,act 7including amounts that were made available before such date of enactment7 to guarantee covered loans under this paragraph1 the ,administrator shall provide-- 7i7 a set aside of not less than #aj percent of such amounts for covered loans under subparagraph 7,b77i7 that are-- 7,i7 made to eligible recipients with #aj or fewer employees1 including individuals who operate under a sole proprietorship or as an independent contractor and eligible self-employed individuals2 or 7,,ii7 of not more than #bej1jjj and made to an eligible recipient that is located in neighborhood that is a low-income neighborhood or moderate-income neighborhood1 for purposes of the ,community ,reinvestment ,act of #aigg 7#ab ,u4,s4,c4 #bija et seq472 7ii7 a set aside of not more than #cj percent of such amounts for covered loans under subparagraph 7,b77i7 that are made to covered nonprofit organizations1 covered organizations1 organizations described in subparagraph 7,d77viii71 or housing cooperatives2 and 7iii7 a set aside of not more than #ej percent of such amounts for supplemental covered loans that are made under subparagraph 7,b77ii71 of which not less than #aj percent shall be for such supplemental covered loans that are made to eligible recipients with #aj or fewer employees1 including individuals who operate under a sole proprietorship or as an independent contractor and eligible self-employed individuals4 4 7d7 ,set aside for community financial institutions ,of the amounts available on or after the date of enactment of this ,act 7including amounts that were made available before such date of enactment7 in the appropriations account under the heading ,small ,business ,administration--,business ,loans ,program ,account1 ,,cares ,act1 the lesser of #be percent of such amounts or #ae1jjj1jjj1jjj shall be set aside for the cost to guarantee loans made under section #g7;a77#cf7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77 by community financial institutions 7as such term is defined in subparagraph 7,a77xi7 of such section74 7e7 ,amounts returned ,section #g7;a77#cf7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf771 as amended by subsection 7c71 is amended by adding at the end the following3 7,t7 ,amounts returned ,any amounts returned to the ,secretary of the ,treasury due to the cancellation of a covered loan shall be solely used for the cost to guarantee covered loans made to eligible recipients with #aj or fewer employees or covered loans of less than or equal to #bej1jjj made to an eligible recipient that is located in a low- or moderate-income neighborhoods 7as that term is used in the ,community ,reinvestment ,act of #aigg 7#ab ,u4,s4,c4 #bija et seq4774 4 #ajc4 ,direct appropriations 7a7 ,in general ,there is appropriated1 out of amounts in the ,treasury not otherwise appropriated1 for additional amounts-- 7#a7 for the cost of carrying out section #djg of this ,act1 #h1jjj1jjj1jjj2 7#b7 for the cost of carrying out title ,v of this ,act1 #a1jjj1jjj1jjj2 7#c7 for the cost of carrying out section #fjc and #fjg of this ,act and the cost of guaranteed loans as authorized by paragraphs 7#a7 through 7#ce7 of section #g7;a7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a771 #a1jjj1jjj1jjj2 7#d7 for the cost of carrying out section #fje of this ,act1 #eg1jjj1jjj2 7#e7 for the cost of carrying out section #fah of this ,act1 #ae1jjj1jjj1jjj2 7#f7 for the cost of carrying out section #fai of this ,act1 #ae1jjj1jjj1jjj2 and 7#g7 for the cost of carrying out subtitle ,a of title ,,vii of this ,act1 #be1jjj1jjj4 7b7 ,emergency ,,eidl grants 7#a7 ,in general ,there is appropriated1 out of amounts in the ,treasury not otherwise appropriated1 for additional amounts under the heading ,small ,business ,administration--,emergency ,,eidl ,grants for the cost of emergency economic injury disaster loan grants authorized under section #aaaj of the ,,cares ,act 7#ae ,u4,s4,c4 #ijji71 #ej1jjj1jjj1jjj1 to remain available until expended4 7#b7 ,set aside ,of amounts appropriated under paragraph 7#a71 #dj1jjj1jjj1jjj shall be for carrying out subsection 7i7 of section #aaaj of the ,,cares ,act 7#ae ,u4,s4,c4 #ijji71 as added by section #dje of this ,act1 of which #bj1jjj1jjj1jjj shall be for providing funding to covered entities described in paragraph 7#h7 of such subsection 7i74 #ajd4 ,emergency designation 7a7 ,in general ,the amounts provided under this title 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 7b7 ,designation in senate ,in the ,senate1 this title 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 ,,ii ,modifications to the ,paycheck ,protection ,program #bja4 ,periods for loan forgiveness and application submission 7a7 ,period for costs that are eligible for forgiveness and application submission ,section #aajf of the ,,cares ,act 7#ae ,u4,s4,c4 #ijje7 is amended-- 7#a7 in subsection 7a71 by striking paragraph 7#c7 and inserting the following3 7#c7 the term covered period means the period beginning on the date of the origination of a covered loan and ending on a date selected by the eligible recipient of the covered loan that-- 7,a7 is not earlier than the date that is #h weeks after such date of origination2 and 7,b7 is not later than the date that is #bd weeks after such date of origination2 2 7#b7 in subsection 7d71 by striking ,december #ca1 #bjbj each place it appears and inserting ,september #cj1 #bjba2 and 7#c7 by striking subsection 7l7 and inserting the following3 7l7 ,application deadline ,an eligible recipient may apply for forgiveness under this section with respect to a covered loan any time after the covered period applicable to the covered loan ends if-- 7#a7 proceeds from the covered loan have been spent2 and 7#b7 the eligible recipient is in compliance with subsections 7e7 and 7f74 4 7b7 ,applicability of amendments ,the amendments made by subsection 7a7 shall be effective as if included in the ,,cares ,act 7,public ,law #aaf-acf7 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#cf77 or section #aaji of the ,,cares ,act 7#ae ,u4,s4,c4 #ijjh74 #bjb4 ,supplemental covered loans for certain business concerns ,section #g7;a77#cf77;,b7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77;,b77 is amended-- 7#a7 by striking ,except and inserting the following3 7i7 ,in general ,except 2 and 7#b7 by adding at the end the following3 7ii7 ,supplemental covered loans 7,i7 ,definitions ,in this clause-- 7aa7 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 7bb7 the term gross receipts means gross receipts within the meaning of section #ddh7;c7 of the ,internal ,revenue ,code of #aihf2 7cc7 the term national securities exchange means an exchange registered as a national securities exchange under section #f of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;f72 7dd7 the term publicly traded entity means an issuer1 the securities of which are listed on a national securities exchange2 7ee7 the term significant loss in revenue means that1 due to the impact of ,,covid-#ai-- 7,,aa7 the gross receipts of the eligible recipient during the first1 second1 or third calendar quarter of #bjbj are less than #ge percent of the gross receipts of the eligible recipient during the same calendar quarter in #bjai2 7,,bb7 if the eligible recipient was not in business on ,april #a1 #bjai1 the gross receipts of the eligible recipient during any #b-month period during the first #c calendar quarters of #bjbj are less than #ge percent of the amount of the gross receipts of the eligible recipient during any prior #b-month period during the first #c calendar quarters of #bjbj2 or 7,,cc7 if the eligible recipient is seasonal employer1 as determined by the ,administrator1 the gross receipts of the eligible recipient during any #b-month period during the first #c calendar quarters of #bjbj are less than #ge percent of the amount of the gross receipts of the eligible recipient during the same #b-month period in #bjai2 and 7ff7 the term smaller concern means an eligible recipient that-- 7,,aa7 has not more than #bjj employees2 7,,bb7 operates under a sole proprietorship or as an independent contractor2 or 7,,cc7 is an eligible self-employed individual4 7,,ii7 ,authority ,except as otherwise provided in this clause1 for an eligible recipient that has received a covered loan under clause 7i71 the ,administrator may guarantee a single supplemental covered loan to the eligible recipient under the same terms1 conditions1 and processes as a covered loan made under clause 7i74 7,,iii7 ,choice of lender ,an eligible recipient may apply for a supplemental covered loan under this clause with the lender that made the covered loan under clause 7i7 to the eligible recipient or another lender4 7,,iv7 ,eligibility 7aa7 ,in general ,a supplemental covered loan under this clause-- 7,,aa7 may only be made to an eligible recipient that is a smaller concern that has had a significant loss in revenue and has used1 or is expending funds at a rate that the eligible recipient will use on or before the expected date of the disbursement of the supplemental covered loan under this clause1 the full amount of the covered loan received under clause 7i72 and 7,,bb7 may not be made to a publicly traded or foreign owned entity as described in clause 7x7 of subparagraph 7,d74 7bb7 ,business concerns with more than #a physical location 7,,aa7 ,in general ,for purposes of a supplemental covered loan under this clause1 subparagraph 7,d77iii77,i7 shall be applied by substituting not more than #bjj employees per physical location for not more than #ejj employees per physical location4 7,,bb7 ,limit for multiple locations ,for an eligible recipient with more than #a physical location1 the total amount of all supplemental covered loans made under this clause to the eligible recipient shall not be more than #b1jjj1jjj4 7,v7 ,maximum amount ,the maximum amount of a supplemental covered loan under this clause is the lesser of-- 7aa7 the product obtained by multiplying-- 7,,aa7 the average total monthly payments for payroll costs by the eligible recipient used to determine the maximum amount of the covered loan under clause 7i7 made to the eligible recipient under this paragraph2 by 7,,bb7 #b4e2 or 7bb7 #b1jjj1jjj4 7,,vi7 ,exception from certain certification requirements ,an eligible recipient applying for a supplemental covered loan under this clause shall not be required to make the certification described in clause 7iii7 or 7iv7 of subparagraph 7,g74 7,,vii7 ,reimbursement for processing supplemental ,,ppp ,for a supplemental covered loan under this clause of not more than #ej1jjj1 the reimbursement under subparagraph 7,p77i77,i7 by the ,administrator shall not be less than #b1ejj4 4 #bjc4 ,certifications and documentation for streamlined forgiveness of covered loans ,section #aajf of the ,,cares ,act 7#ae ,u4,s4,c4 #ijje7 is amended-- 7#a7 in subsection 7e71 in the matter preceding paragraph 7#a71 by striking ,an eligible recipient and all that follows through an application1 and inserting ,subject to subsection 7f71 an eligible recipient applying for loan forgiveness under this section shall provide proof of the use of covered loan proceeds12 7#b7 by amending subsection 7f7 to read as follows3 7f7 ,documentation requirements ,to receive loan forgiveness under this section1 an eligible recipient shall comply with the following requirements3 7#a7 ,with respect to a covered loan in an amount that is not more than #ej1jjj1 the eligible recipient-- 7,a7 shall certify to the ,administrator that the eligible recipient has used proceeds from the covered loan in compliance with the requirements of section #g7;a77#cf7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf771 including a description of the amount of proceeds used for payroll costs and the number of employees the eligible recipient was able to retain because of the covered loan2 7,b7 is not required to submit any documentation or application to receive forgiveness under this section2 7,c7 shall certify to the ,administrator that the eligible recipient can make the documentation described under subsection 7e7 available1 upon request1 for a period of time determined by the ,administrator1 which period shall be not less than #c years2 and 7,d7 may submit to the ,administrator demographic information of the owner of the eligible recipient1 including the sex1 race1 ethnicity1 and veteran status of the owner1 through a process established by the ,administrator4 7#b7 ,with respect to a covered loan in an amount that is more than #ej1jjj but not more than #aej1jjj1 the eligible recipient-- 7,a7 shall submit to the lender that is servicing the covered loan the certification described in paragraph 7#a77;,a7 and a simplified one-page application form that does not require the submission of any documentation described in subsection 7e72 7,b7 shall make the certification described in paragraph 7#a77;,c72 and 7,c7 may submit to the ,administrator demographic information of the owner of the eligible recipient1 including the sex1 race1 ethnicity1 and veteran status of the owner1 as established by the ,administrator on the application form described in subparagraph 7,a74 7#c7 ,with respect to a covered loan in an amount that is more than #aej1jjj1 the eligible recipient-- 7,a7 shall submit to the lender that is servicing the covered loan the documentation described in subsection 7e72 and 7,b7 may submit to the ,administrator demographic information of the owner of the eligible recipient1 including the sex1 race1 ethnicity1 and veteran status of the owner1 through a process established by the ,administrator4 2 and 7#c7 by amending subsection 7g7 to read as follows3 7g7 ,lender submission ,not later than #fj days after the date on which a lender receives an application for loan forgiveness under this section from an eligible recipient1 the lender shall only be required to review the application to ensure completion1 including that required attestations have been made1 before submitting the application to the ,administrator4 4 #bjd4 ,eligibility of certain organizations for loans under the ,paycheck ,protection ,program ,section #g7;a77#cf7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77-- 7#a7 in subparagraph 7,a7-- 7,a7 in clause 7vii71 by inserting covered before nonprofit2 7,b7 in clause 7viii77,,ii7-- 7i7 in item 7dd71 by striking or at the end2 7ii7 in item 7ee71 by adding or at the end2 and 7iii7 by adding at the end the following3 7ff7 any compensation of an employee who is a registered lobbyist under the ,lobbying ,disclosure ,act of #aiie 7#b ,u4,s4,c4 #afja et seq472 2 7,c7 by amending clause 7ix7 to read as follows3 7ix7 the term covered organization means-- 7,i7 an organization described in section #eja7;c7 of the ,internal ,revenue ,code of #aihf and exempt from tax under section #eja7;a7 of such ,code that is not a covered nonprofit organization2 7,,ii7 an entity created by a ,state or local government that derives the majority of its operating budget from the production of live events2 or 7,,iii7 a destination marketing organization2 2 7,d7 in clause 7xi77,,iv71 by striking and at the end2 7,e7 in clause 7xii71 by striking the period at the end and inserting a semicolon2 and 7,f7 by adding at the end the following3 7xiii7 the term housing cooperative means a cooperative housing corporation 7as defined in section #baf7;b7 of the ,internal ,revenue ,code of #aihf72 and 7xiv7 the term destination marketing organization means a nonprofit entity that is an organization described in section #eja7;c77#f7 of the ,internal ,revenue ,code of #aihf and exempt from tax under section #eja7;a7 of such ,code1 a ,state1 or a political subdivision of a ,state 7including any instrumentality of such entities7 engaged in marketing and promoting communities and facilities to businesses and leisure travelers through a range of activities1 including-- 7,i7 assisting with the location of meeting and convention sites2 7,,ii7 providing travel information on area attractions1 lodging accommodations1 and restaurants2 7,,iii7 providing maps2 and 7,,iv7 organizing group tours of local historical1 recreational1 and cultural attractions4 2 and 7#b7 in subparagraph 7,d7-- 7,a7 in clause 7i7-- 7i7 by inserting covered before nonprofit organization each place it appears2 and 7ii7 by striking veterans organization each place it appears and inserting housing cooperative1 covered organization2 7,b7 in clause 7iii7-- 7i7 by amending the clause heading to read as follows3 ,requirements for restaurants and certain news organizations2 7ii7 by striking ,during the covered period1 any business concern that employs and inserting the following3 ,any business concern or other organization-- 7,i7 that1 during the covered period1 employs 2 7iii7 in subclause 7,i71 as so designated1 by striking the period at the end and inserting a semicolon2 and 7iv7 by adding at the end the following3 7,,ii7 that-- 7aa7 was not eligible to receive a covered loan the day before the date of enactment of this subclause1 is assigned a ,north ,american ,industry ,classification ,system code beginning with #eaaaaj1 #eaeaab1 or #eaeabj1 and an individual physical location of the business concern at the time of disbursal does not exceed the size standard established by the ,administrator for the applicable code shall1 notwithstanding clause 7x71 be eligible to receive a covered loan for expenses associated with an individual physical location of that business concern to support the continued provision of local news1 information1 content1 or emergency information1 and1 at the time of disbursal1 the individual physical location2 or 7bb7 was not eligible to receive a covered loan the day before the date of enactment of this subclause1 has a trade or business that falls under a ,north ,american ,industry ,classification ,system code beginning with #eaea as a public broadcast entity 7as defined in section #cig7aa7 of the ,communications ,act of #aicd 7#dg ,u4,s4,c4 #cig7aa7771 and is a covered nonprofit organization or another organization otherwise subject to section #eaa7;a77#b7 of the ,internal ,revenue ,code of #aihf1 shall be eligible to receive a covered loan for expenses to support the continued provision of local news1 information1 content1 or emergency information by such entity2 or 7,,iii7 that was not eligible to receive a covered loan the day before the date of enactment of this subclause1 is assigned a ,north ,american ,industry ,classification ,system code of #eaiacj1 is identified as a ,internet-only news publisher or ,internet-only periodical publisher1 and is engaged in the collection and distribution of local or regional and national news and information shall be eligible to receive a covered loan for expenses to support the continued provision of news1 information1 content1 or emergency information4 2 7,c7 in clause 7iv7-- 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 an individual physical location of a business concern described in clause 7iii77,,ii71 if such concern does not pay1 distribute1 or otherwise provide any portion of the covered loan to any other entity other than the individual physical location that is the intended recipient of the covered loan4 2 7,d7 in clause 7v71 by striking nonprofit organization1 veterans organization1 and inserting covered organization1 covered nonprofit organization1 housing cooperative12 7,e7 in clause 7vi71 by striking nonprofit organization and a veterans organization and inserting covered organization1 a covered nonprofit organization1 and a housing cooperative2 and 7,f7 by adding at the end the following3 7vii7 ,additional requirements and additional eligibility for covered organizations and covered nonprofit organizations 7,i7 ,lobbying restriction on smaller covered organizations ,during the covered period1 a covered organization described in clause 7i7 may only receive a covered loan if-- 7aa7 the covered organization does not receive more than #aj percent of its receipts from lobbying activities2 7bb7 the lobbying activities of the covered organization do not comprise more than #aj percent of the total activities of the covered organization2 and 7cc7 with respect to a covered organization described in section #eja7;c77#d7 of the ,internal ,revenue ,code of #aihf that is exempt from taxation under subsection 7a7 of such section1 such covered organization has not made and will not make a contribution1 expenditure1 independent expenditure1 or electioneering communication within the meaning of the ,federal ,election ,campaign ,act of #aiga 7#eb ,u4,s4,c4 #cjaja et seq471 and has not undertaken and will not undertake similar campaign finance activities in ,state and local elections1 during the election cycle which ends on the date of the general election in calendar year #bjbj4 7,,ii7 ,eligibility of larger organizations 7aa7 ,covered nonprofit organizations ,during the covered period1 a covered nonprofit organization that employs more than the maximum number of employees allowed under clause 7i7 shall be eligible to receive a covered loan if the covered nonprofit organization has had a significant loss in revenue 7as defined in subparagraph 7,b77ii77,i77ee774 7bb7 ,covered organizations ,during the covered period1 a covered organization that employs more than the maximum number of employees allowed under clause 7i7 shall be eligible to receive a covered loan if the covered organization-- 7,,aa7 meets the requirements of items 7aa71 7bb71 and 7cc7 of subclause 7,i72 and 7,,bb7 has had a significant loss in revenue 7as defined in subparagraph 7,b77ii77,i77ee774 7viii7 ,inclusion of critical access hospitals ,during the covered period1 any covered organization that is a critical access hospital 7as defined in section #ahfa7mm7 of the ,social ,security ,act 7#db ,u4,s4,c4 #aciex7mm777 shall be eligible to receive a covered loan1 regardless of the status of such a hospital as a debtor in a case under chapter #aa of title #aa1 ,united ,states ,code1 or the status of any debts owed by such a hospital to the ,federal ,government4 7ix7 ,additional requirements for certain news entities 7,i7 ,in general ,with respect to an individual physical location of a business concern described in item 7aa7 of clause 7iii77,,ii71 each such location shall be treated as an independent1 nonaffiliated entity for purposes of this paragraph4 7,,ii7 ,demonstration of need ,any individual physical location of a business concern described in item 7aa7 of clause 7iii77,,ii7 that is a franchise or affiliate of1 or owned or controlled by a parent company1 investment company1 or the management thereof1 shall demonstrate1 upon request of the ,administrator1 the need for a covered loan to support the continued provision of local news1 information1 content1 or emergency information1 and1 at the time of disbursal1 the individual physical location4 7,,iii7 ,limitation on use of funds ,a business concern1 or a parent company1 investment company1 or management company of #a or more physical locations of a business concern1 described in item 7aa7 of clause 7iii77,,ii7 may not use any portion of the proceeds of a covered loan for any expense that is not directly related to the individual physical location described in subclause 7,i7 of this clause with respect to which the covered loan was made4 7,,iv7 ,waiver of certain limitations ,for an organization described in item 7bb7 of clause 7iii77,,ii71 during the covered period1 the provisions applicable to affiliations under section #aba4ajc of title #ac1 ,code of ,federal ,regulations1 or any successor regulation1 the provisions of section #abj4aaj7;j7 of title #ac1 ,code of ,federal ,regulations1 or any successor regulation1 and any otherwise applicable covered loan limitations based on number of employees or loss in revenue are waived with respect to determining eligibility for a covered loan under such item4 4 #bje4 ,limit on aggregate loan amount for eligible recipients with more than #a physical location ,section #g7;a77#cf77;,e7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77;,e77 is amended by adding at the end the following flush matter3 ,with respect to an eligible recipient with more than #a physical location1 the total amount of all covered loans made under this clause to the eligible recipient shall not be more than #aj1jjj1jjj4 4 #bjf4 ,allowable uses of covered loans2 forgiveness 7a7 ,paycheck protection program ,section #g7;a77#cf7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77 is amended-- 7#a7 in subparagraph 7,f77i7-- 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 costs related to the provision of personal protective equipment for employees or other equipment or supplies determined by the employer to be necessary to protect the health and safety of employees and the general public2 7,,ix7 payments for inventory1 raw materials1 or supplies2 and 7,x7 costs related to property damage1 vandalism1 or looting due to public disturbances that occurred during #bjbj that were not covered by insurance or other compensation4 2 and 7#b7 in subparagraph 7,g7-- 7,a7 in the subparagraph heading1 by striking ,borrower requirements and all that follows through eligible recipient applying and inserting ,borrower certification requirements4--,an eligible recipient applying2 7,b7 by redesignating subclauses 7,i7 through 7,,iv7 as clauses 7i7 through 7iv71 respectively1 and adjusting the margins accordingly2 and 7,c7 in clause 7ii71 as so redesignated1 by striking to retain workers and all that follows through utility payments and inserting for an allowable use described in subparagraph 7,f74 7b7 ,forgiveness 7#a7 ,definition of expected forgiveness amount ,section #aajf7;a77#g7 of the ,,cares ,act 7#ae ,u4,s4,c4 #ijje7;a77#g77 is amended-- 7,a7 in subparagraph 7,c71 by striking and at the end2 7,b7 in subparagraph 7,d71 by striking and at the end2 and 7,c7 by adding at the end the following3 7,e7 interest on any other debt obligations that were incurred before the covered period2 7,f7 any amount that was a loan made under section #g7;b77#b7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;b77#b77 that was refinanced as part of a covered loan and authorized by section #g7;a77#cf77;,f77iv7 of the such ,act2 7,g7 payments made for the provision of personal protective equipment for employees or other equipment or supplies determined by the employer to be necessary to protect the health and safety of employees and the general public2 7,h7 payments made for inventory1 raw materials1 or supplies2 and 7,i7 payments related to property damage1 vandalism1 or looting due to public disturbances that occurred during #bjbj that were not covered by insurance or other compensation2 and 4 7#b7 ,forgiveness ,section #aajf7;b7 of the ,,cares ,act 7#ae ,u4,s4,c4 #ijje7;b771 is amended by adding at the end the following3 7#e7 ,any payment of interest on any other debt obligations that were incurred before the covered period4 7#f7 ,any amount that was a loan made under section #g7;b77#b7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;b77#b77 that was refinanced as part of a covered loan and authorized by section #g7;a77#cf77;,f77iv7 of such ,act4 7#g7 ,any payment made for the provision of personal protective equipment for employees or other equipment or supplies determined by the employer to be necessary to protect the health and safety of employees4 7#h7 ,any payment made for inventory1 raw materials1 or supplies4 7#i7 ,any payment related to property damage1 vandalism1 or looting due to public disturbances that occurred during #bjbj that was not covered by insurance or other compensation4 4 7#c7 ,conforming amendments ,section #aajf of the ,,cares ,act 7#ae ,u4,s4,c4 #ijje7 is amended-- 7,a7 in subsection 7e71 as amended by section #bjc-- 7i7 in paragraph 7#b71 by striking payments on covered mortgage obligations1 payments on covered lease obligations1 and covered utility payments and inserting payments or amounts refinanced described in subsection 7b7 7other than payroll costs72 and 7ii7 in paragraph 7#c77;,b71 by striking 1 make interest payments and all that follows through or make covered utility payments and inserting 1 make payments described in subsection 7b71 or that was refinanced as part of a covered loan and authorized by section #g7;a77#cf77;,f77iv7 of the ,small ,business ,act2 and 7,b7 in subsection 7h71 by striking payments for payroll costs1 payments on covered mortgage obligations1 payments on covered lease obligations1 or covered utility payments each place it appears and inserting payments or amounts refinanced described in subsection 7b74 #bjg4 ,documentation required for certain eligible recipients ,section #g7;a77#cf77;,d77ii77,,ii7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77;,d77ii77,,ii77 is amended by striking as is necessary and all that follows through the period at the end and inserting as determined necessary by the ,administrator and the ,secretary1 to establish such individual as eligible44 #bjh4 ,exclusion of certain publicly traded and foreign entities ,section #g7;a77#cf77;,d7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77;,d771 as amended by section #bjd1 is amended by adding at the end the following3 7x7 ,exclusion of certain publicly traded and foreign entities ,effective on the date of enactment of this clause-- 7,i7 a publicly traded entity1 as defined in subparagraph 7,b77ii71 is not eligible to receive a covered loan2 and 7,,ii7 an entity that is #ea percent or more owned by a foreign person1 or the management and daily business operations of which are controlled by a foreign person 7excluding an entity owned and controlled by a person domiciled in a territory or possession of the ,united ,states71 is not eligible to receive a covered loan4 4 #bji4 ,election of #ab-week period by seasonal employers ,section #g7;a77#cf77;,e77i77,i77aa77,,aa7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77;,e77i77,i77aa77,,aa77 is amended by striking 1 in the case of an applicant and all that follows through ,june #cj1 #bjai and inserting the following3 an applicant that is a seasonal employer1 as determined by the ,administrator1 shall use the average total monthly payments for payroll for any #ab-week period selected by the seasonal employer between ,february #ae1 #bjai1 and ,december #ca1 #bjai4 #baj4 ,inclusion of certain refinancing in nonrecourse requirements ,section #g7;a77#cf77;,f77v7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77;,f77v77 is amended by striking clause 7i7 and inserting clause 7i7 or 7iv74 #baa4 ,credit elsewhere requirements ,section #g7;a77#cf77;,i7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77;,i77 is amended to read as follows3 7,i7 ,credit elsewhere ,the requirement that a small business concern is unable to obtain credit elsewhere 7as defined in section #c7;h77-- 7i7 shall not apply to-- 7,i7 a covered loan approved by the ,administrator before the date of enactment of the ,heroes ,small ,business ,lifeline ,act2 or 7,,ii7 a covered loan made to a covered organization1 covered nonprofit organization1 or housing cooperative2 and 7ii7 shall only apply to covered loans in an amount greater than #cej1jjj approved by the ,administrator on or after the date of the enactment of the ,heroes ,small ,business ,lifeline ,act4 4 #bab4 ,prohibition on receiving duplicative amounts for payroll costs 7a7 ,paycheck protection program ,clause 7iv7 of section #g7;a77#cf77;,g7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77;,g771 as redesignated by section #bjf1 is amended-- 7#a7 by striking ,december #ca1 #bjbj and inserting ,june #cj1 #bjbj2 and 7#b7 by striking the same purpose and and inserting payments for payroll costs incurred during such period4 7b7 ,treasury program ,section #aaji7;f7 of the ,,cares ,act 7#ae ,u4,s4,c4 #ijjh7;f77 is amended-- 7#a7 in paragraph 7#a71 by striking for the same purpose and inserting for payments for payroll costs 7as defined in section #g7;a77#cf77;,a77viii7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77;,a77viii7772 and 7#b7 in paragraph 7#b71 by striking ,december #ca1 #bjbj and inserting ,june #cj1 #bjbj4 #bac4 ,application of certain terms through life of covered loan ,section #g7;a77#cf7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77 is amended-- 7#a7 in subparagraph 7,h71 in the matter preceding clause 7i71 by striking ,during the covered period1 with and inserting ,with2 7#b7 in subparagraph 7,j71 in the matter preceding clause 7i71 by striking ,during the covered period1 with and inserting ,with2 and 7#c7 in subparagraph 7,m7-- 7,a7 in clause 7ii71 in the matter preceding subclause 7,i71 by striking ,during the covered period1 the and inserting ,the2 and 7,b7 in clause 7iii71 by striking ,during the covered period1 with and inserting ,with4 #bad4 ,interest calculation on covered loans ,section #g7;a77#cf77,l7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77,l77 is amended by inserting 1 calculated on a non-compounding1 non-adjustable basis after #d percent4 #bae4 ,reimbursement for processing ,section #g7;a77#cf77,p7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77,p77 is amended-- 7#a7 in clause 7ii71 by adding at the end the following3 ,such fees shall be paid by the eligible recipient and may not be paid out of the proceeds of a covered loan4 ,a lender shall only be responsible for paying fees to an agent for services for which the lender directly contracts with the agent42 and 7#b7 by amending clause 7iii7 to read as follows3 7iii7 ,timing ,a reimbursement described in clause 7i7 shall be made not later than #e days after the reported disbursement of the covered loan and may not be required to be repaid by a lender unless the lender is found guilty of an act of fraud in connection with the covered loan4 4 #baf4 ,duplication requirements for economic injury disaster loan recipients ,section #g7;a77#cf77,q7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77,q77 is amended by striking during the period beginning on ,january #ca1 #bjbj1 and ending on the date on which covered loans are made available4 #bag4 ,reapplication for and modification to ,paycheck ,protection ,program 7a7 ,definitions ,in this section1 the terms covered loan and eligible recipient have the meanings given those terms in #g7;a77#cf77;,a7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77;,a774 7b7 ,rules or guidance ,not later than #g days after the date of enactment of this ,act1 the ,administrator shall issue rules or guidance to ensure that an eligible recipient of a covered loan that returns amounts disbursed under the covered loan or does not accept the full amount of the covered loan for which the eligible recipient was approved-- 7#a7 in the case of an eligible recipient that returned all or part of a covered loan1 the eligible recipient may reapply for a covered loan for an amount equal to the difference between the amount retained and the maximum amount applicable2 and 7#b7 in the case of an eligible recipient that did not accept the full amount of a covered loan1 the eligible recipient may request a modification to increase the amount of the covered loan to the maximum amount applicable1 subject to the requirements of section #g7;a77#cf7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a774 #bah4 ,treatment of certain criminal violations 7a7 ,in general ,section #g7;a77#cf7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf771 as amended by section #aja1 is amended by adding at the end the following3 7,u7 ,treatment of certain criminal violations 7i7 ,financial fraud or deception ,an entity that is a business1 organization1 cooperative1 or enterprise may not receive a covered loan if an owner of #bj percent or more of the equity of the entity1 during the #e-year period preceding the date on which the entity applies for a covered loan1 has been convicted of a felony of financial fraud or deception under ,federal1 ,state1 or ,tribal law4 7ii7 ,arrests or convictions ,an entity that is a business1 organization1 cooperative1 or enterprise shall be an eligible recipient notwithstanding a prior arrest or conviction under ,federal1 ,state1 or ,tribal law of an owner of #bj percent or more of the equity of the entity1 unless the owner is currently incarcerated4 7iii7 ,waiver ,the ,administrator may waive the requirements of clause 7i74 4 7b7 ,rulemaking ,not later than #ae days after the date of enactment of this ,act1 the ,administrator shall make necessary revisions to any rules to carry out the amendment made by this section4 #bai4 ,eligibility and treatment of ,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 paragraph 7#cf7 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 #bjbj774 7#b7 ,applicability of certain loan requirements ,for purposes of making loans under paragraph 7#cf7 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 #ijje71 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 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 #ijje72 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 of section #g7;a7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a774 ,,iii ,tax ,provisions #cja4 ,improved coordination between ,paycheck ,protection ,program and employee retention tax credit 7a7 ,amendment to paycheck protection program ,section #aajf7;a77#h7 of the ,,cares ,act 7#ae ,u4,s4,c4 #ijje7;a77#h77 is amended by inserting 1 except that such costs shall not include qualified wages taken into account in determining the credit allowed under section #bcja of this ,act before the period at the end4 7b7 ,amendments to employee retention tax credit 7#a7 ,in general ,section #bcja7;g7 of the ,,cares ,act 7,public ,law #aaf-acf2 #bf ,u4,s4,c4 #caaa note7 is amended to read as follows3 7g7 ,election ,to not take certain wages into account 7#a7 ,in general ,this section shall not apply to so much of the qualified wages paid by an eligible employer as such employer elects 7at such time and in such manner as the ,secretary may prescribe7 to not take into account for purposes of this section4 7#b7 ,coordination with paycheck protection program ,the ,secretary1 in consultation with the ,administrator of the ,small ,business ,administration1 shall issue guidance providing that payroll costs paid or incurred during the covered period shall not fail to be treated as qualified wages under this section by reason of an election under paragraph 7#a7 to the extent that a covered loan of the eligible employer is not forgiven under section #aajf7;b7 by reason of such payroll costs4 ,terms used in the preceding sentence which are also used in section #aajf shall have the same meaning as when used in such section4 4 7#b7 ,conforming amendments 7,a7 ,section #bcja of the ,,cares ,act 7,public ,law #aaf-acf2 #bf ,u4,s4,c4 #caaa note7 is amended by striking subsection 7j74 7,b7 ,section #bcja7l7 of the ,,cares ,act 7,public ,law #aaf-acf2 #bf ,u4,s4,c4 #caaa note7 is amended by striking paragraph 7#c7 and by redesignating paragraphs 7#d7 and 7#e7 as paragraphs 7#c7 and 7#d71 respectively4 7c7 ,effective date ,the amendments made by this section shall take effect as if included in the provisions of the ,,cares ,act 7,public ,law #aaf-acf7 to which they relate4 ,,iv ,,covid-#ai ,economic ,injury ,disaster ,loan ,program ,reform #dja4 ,sense of ,congress ,it is the sense of ,congress that-- 7#a7 many businesses that have received economic injury disaster loans under section #g7;b77#b7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;b77#b77 continue to suffer from the effects of the ,,covid-#ai pandemic and may not be in a position to make payments in the near term2 7#b7 the ,administrator has the authority under the ,small ,business ,act 7#ae ,u4,s4,c4 #fca et seq47 to reduce the interest charged on loans and to offer borrowers up to #d years of deferment on the payment of interest and principal2 and 7#c7 the ,congress encourages the ,administrator to use this discretion to provide relief to the hardest hit small businesses that have received or will receive direct loans from the ,administration under section #g7;b77#b7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;b77#b774 #djb4 ,notices to applicants for economic injury disaster loans or advances ,section #g7;b77#aa7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;b77#aa77 is amended-- 7#a7 by striking ,the ,administrator and inserting the following3 7,a7 ,in general ,the ,administrator 2 and 7#b7 by adding at the end the following3 7,b7 ,acceptance criteria and qualifications ,in carrying out subparagraph 7,a71 the ,administrator shall-- 7i7 publish on the website of the ,administration a description of the rules issued with respect to a loan made under this subsection1 which shall be clear and easy to understand2 and 7ii7 upon receiving an application for a loan under this subsection1 provide to the loan applicant the description described in clause 7i74 7,c7 ,right to explanation of declined loan or advance 7i7 ,in general ,the ,administrator shall-- 7,i7 provide all applicants for a loan under this subsection or an advance under section #aaaj7;e7 of the ,,cares ,act 7#ae ,u4,s4,c4 #ijji7;e77 for which the loan or advance application was fully or partially denied with a complete written application of the reason for the denial at the time the decision is made2 7,,ii7 establish a dedicated telephonic information line and e-mail address to respond to further inquiries about denied applications described in subclause 7,i72 and 7,,iii7 before fully or partially denying an application for a loan under this subsection or an advance under such section #aaaj7;e7 because the applicant submitted incomplete information-- 7aa7 contact the applicant and give the applicant the opportunity to provide that information2 and 7bb7 reconsider the application with any additional information provided4 7ii7 ,submission of additional information ,an applicant for a loan under this subsection or an advance under section #aaaj7;e7 of the ,,cares ,act 7#ae ,u4,s4,c4 #ijjh7;e77 that can remedy the grounds for denial of the application by submitting additional information under clause 7i77,,iii7-- 7,i7 shall have the opportunity to do so directly with a loan officer2 and 7,,ii7 shall not be required to seek a remedy through the appeals process of the ,administration4 4 #djc4 ,modifications to emergency ,,eidl advances ,section #aaaj7;e77#a7 of the ,,cares ,act 7#ae ,u4,s4,c4 #ijji7;e77#a77 is amended to read as follows3 7#a7 ,in general ,during the covered period1 an entity included for eligibility in subsection 7b71 including small business concerns1 private nonprofit organizations1 and small agricultural cooperatives1 that applies for a loan under section #g7;b77#b7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;b77#b77 in response to ,,covid-#ai shall be provided an advance that is1 subject to paragraph 7#c71 disbursed within #c days after the ,administrator receives an application from the entity1 unless the advance is specifically declined by the entity4 4 #djd4 ,data transparency1 verification1 and notices for economic injury disaster loans 7a7 ,in general ,section #aaaj of the ,,cares ,act 7#ae ,u4,s4,c4 #ijji7 is amended-- 7#a7 by redesignating subsection 7f7 as subsection 7j72 and 7#b7 by inserting after subsection 7e7 the following3 7f7 ,data transparency 7#a7 ,in general ,in this subsection1 the term covered application means an application submitted to the ,administrator for a loan under section #g7;b77#b7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;b77#b771 including an application for such a loan submitted by an eligible entity4 7#b7 ,weekly reports ,not later than #a week after the date of enactment of the ,heroes ,small ,business ,lifeline ,act1 and weekly thereafter until the end of the covered period1 the ,administrator shall publish on the website of the ,administration a report that contains the following information3 7,a7 ,for the week covered by the report1 the number of covered applications that the ,administrator-- 7i7 received2 7ii7 processed2 and 7iii7 approved and rejected1 including the percentage of covered applications that the ,administrator approved4 7,b7 ,with respect to the covered applications that the ,administrator approved during the week covered by the report1 the number and dollar amount of the loans made with respect to such applications as part of a response to ,,covid-#ai4 7,c7 ,the identification number1 or other indicator showing the order in which any application was received and intended to be processed1 for the most recent covered application processed by the ,administrator4 7,d7 ,demographic data with respect to applicants submitting covered applications during the week covered by the report and loans made pursuant to covered applications during the week covered by the report1 which shall include-- 7i7 with respect to each such applicant or loan recipient1 as applicable1 information regarding-- 7,i7 the geographic area in which the applicant or loan recipient operates2 7,,ii7 if applicable1 the sex1 race1 and ethnicity of each owner of the applicant or loan recipient1 which the individual may decline to provide2 7,,iii7 the annual revenue of the applicant or loan recipient2 7,,iv7 the number of employees employed by the applicant or loan recipient2 7,v7 whether the applicant or loan recipient is a for-profit or nonprofit entity2 and 7,,vi7 the industry in which the applicant or loan recipient operates2 7ii7 the number of such loans made to agricultural enterprises 7as defined in section #ah7;b7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fdg77;b7772 and 7iii7 the average economic injury suffered by-- 7,i7 applicants1 the covered applications of which the ,administrator approved2 and 7,,ii7 applicants1 the covered applications of which the ,administrator rejected4 7g7 ,verification of business eligibility 7#a7 ,in general ,with respect to an application submitted to the ,administrator during the covered period for a loan under section #g7;b77#b7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;b77#b77 in response to ,,covid-#ai1 the ,administrator shall verify that each such applicant was in operation on ,january #ca1 #bjbj4 7#b7 ,report ,not later than #cj days after the date of enactment of this subsection1 the ,administrator shall submit to ,congress a report that describes the steps taken by the ,administrator to perform the verification required under paragraph 7#a74 7#c7 ,sense of congress ,it is the sense of ,congress that the verification required under paragraph 7#a7 constitutes oversight that the ,administrator is required to perform under paragraph 7#ae7 of section #g7;b7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;b77 with respect to entities receiving loans under paragraph 7#b7 of such section #g7;b74 7h7 ,notifications to ,congress 7#a7 ,definitions ,in this subsection-- 7,a7 the term appropriate committees of ,congress means-- 7i7 the ,committee on ,small ,business and ,entrepreneurship and the ,subcommittee on ,financial ,services and ,general ,government of the ,committee on ,appropriations of the ,senate2 and 7ii7 the ,committee on ,small ,business and the ,subcommittee on ,financial ,services and ,general ,government of the ,committee on ,appropriations of the ,house of ,representatives2 and 7,b7 the term covered program1 project1 or activity means-- 7i7 the program under this section2 7ii7 the loan program under section #g7;b77#b7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;b77#b772 7iii7 the authorized activities for amounts were appropriated in response to the ,,covid-#ai pandemic under the heading ,small ,business ,administration--,salaries and ,expenses2 or 7iv7 any other program1 project1 or activity for which funds are made available to the ,administration to respond to the ,,covid-#ai pandemic4 7#b7 ,notice of approaching funding lapse ,the ,administrator shall submit to the appropriate committees of ,congress a notification not later than #b days after the date on which unobligated balances of amounts appropriated for a fiscal year for any covered program1 project1 or activity are less than #be percent of the total amount appropriated for the covered program1 project1 or activity for such fiscal year4 7#c7 ,monthly report ,the ,administrator shall submit to the appropriate committees of ,congress a monthly report detailing the current and future planned uses of amounts appropriated in response to the ,,covid-#ai pandemic under the heading ,small ,business ,administration--,salaries and ,expenses1 which shall include-- 7,a7 the number of employees hired and contractors retained using such amounts2 7,b7 the number of contracts with a total cost of more than #e1jjj1jjj entered into using such amounts2 7,c7 a list of all sole source contracts entered into using such amounts2 and 7,d7 any program changes1 regulatory actions1 guidance issuances1 or other initiatives relating to the response to the ,,covid-#ai pandemic4 4 7b7 ,retroactive collection ,as soon as is practicable after the date of enactment of this ,act1 the ,administrator shall collect the information required under section #aaaj7;f7 of the ,,cares ,act 7#ae ,u4,s4,c4 #ijji7;f771 as amended by subsection 7a71 from applicants that submitted covered applications 7as defined in such section #aaaj7;f77 during the period beginning on the date of enactment of the ,,cares ,act 7,public ,law #aaf-acf7 and ending on the date of enactment of this ,act4 #dje4 ,lifeline funding for small business continuity1 adaptation1 and resiliency ,section #aaaj of the ,,cares ,act 7#ae ,u4,s4,c4 #ijji71 is amended by inserting after subsection 7h71 as added by section #djd1 the following3 7i7 ,lifeline funding for small business continuity1 adaptation1 and resiliency 7#a7 ,definitions ,in this subsection3 7,a7 ,agricultural enterprise ,the term agricultural enterprise has the meaning given the term in section #ah7;b7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fdg7;b774 7,b7 ,covered entity ,the term covered entity-- 7i7 means an eligible entity described in subsection 7b7 of this section1 if such eligible entity-- 7,i7 has not more than #ej employees2 and 7,,ii7 has suffered an economic loss of not less than #cj percent2 and 7ii7 except with respect to an entity included under section #abc4cjj7;c7 of title #ac1 ,code of ,federal ,regulations1 or any successor regulation1 does not include an agricultural enterprise4 7,c7 ,economic loss ,the term economic loss means1 with respect to a covered entity1 the amount by which the gross receipts of the covered entity declined during an #h-week period between ,march #b1 #bjbj1 and ,december #ca1 #bjbj 7as determined by the covered entity71 relative to a comparable #h-week period immediately preceding ,march #b1 #bjbj1 or during #bjai 7as determined by the covered entity74 7,d7 ,economically disadvantaged individual ,the term economically disadvantaged individual means an economically disadvantaged individual under section #abd4ajd of title #ac1 ,code of ,federal ,regulations1 or any successor regulation4 7,e7 ,low-income community ,the term low-income community has the meaning given the term in section #de;,d7e7 of the ,internal ,revenue ,code of #aihf4 7,f7 ,remote recreations enterprise ,the term remote recreational enterprise means a covered entity that was in operation on or before ,march #a1 #bjbj1 that can document an economic loss caused by the closure of the ,united ,states and ,canadian border that restricted the ability of ,american customers to access the location of the covered entity4 7,g7 ,socially disadvantaged individual ,the term socially disadvantaged individual means a socially disadvantaged individual under section #abd4ajc of title #ac1 ,code of ,federal ,regulations1 or any successor regulation4 7,h7 ,veteran ,the term veteran has the meaning given the term in section #c7q7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcb7q774 7#b7 ,procedure ,during the covered period1 a covered entity that applies for a loan under section #g7;b77#b7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;b77#b77 may request that the ,administrator provide funding for the purposes described in paragraph 7#f74 7#c7 ,verification ,with respect to each request submitted by an entity under paragraph 7#b71 the ,administrator shall-- 7,a7 not later than #ad days after the date on which the ,administrator receives the request1 verify whether the entity is a covered entity2 and 7,b7 if the ,administrator verifies that the entity is a covered entity under subparagraph 7,a71 and subject to paragraph 7#h71 disburse the funding requested by the covered entity not later than #g days after the date on which the ,administrator completes the verification4 7#d7 ,order of processing ,subject to paragraph 7#h71 the ,administrator shall process and approve requests submitted under paragraph 7#b7 in the order the ,administrator receives the requests4 7#e7 ,amount of funding 7,a7 ,in general ,the amount of funding provided to a covered entity that submits a request under paragraph 7#b7 shall be in an amount that is the lesser of-- 7i7 the amount of working capital needed by the covered entity for the #ahj-;day period beginning on the date on which the covered entity would receive the funding1 as determined by the ,administrator using a methodology that is identical to the methodology used by the ,administrator to determine working capital needs with respect to an application for a loan submitted under section #g7;b77#b7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;b77#b772 or 7ii7 #ej1jjj4 7,b7 ,entitlement to full amount ,a covered entity that receives funding pursuant to a request submitted under paragraph 7#b7 shall be entitled to receive the full amount of that funding1 as determined under subparagraph 7,a71 without regard to-- 7i7 if the applicable loan for which the covered entity has applied under section #g7;b77#b7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;b77#b77 is approved1 the amount of the loan2 7ii7 whether the covered entity accepts the offer of the ,administrator with respect to an approved loan described in clause 7i72 or 7iii7 whether the covered entity has previously received any amounts under subsection 7e74 7#f7 ,use of funds ,a covered entity that receives funding under this subsection-- 7,a7 may use the funding-- 7i7 for any purpose for which a loan received under section #g7;b77#b7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;b77#b77 may be used2 7ii7 for working capital needs1 including investments to implement adaptive changes or resiliency strategies to help the eligible entity maintain business continuity during the ,,covid-#ai pandemic2 or 7iii7 to repay any unpaid amount of-- 7,i7 a loan received under subsection 7a77#cf7 or 7b77#b7 of section #g of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf72 or 7,,ii7 mortgage interest2 and 7,b7 may not use the funding to pay any loan debt1 except as provided in subparagraph 7,a77iii74 7#g7 ,applicability ,in addition to any other restriction imposed under this subsection1 any eligibility restriction applicable to a loan made under section #g7;b77#b7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;b77#b771 including any restriction under section #abc4cjj or #abc4cja of title #ac1 ,code of ,federal ,regulations1 or any successor regulation1 shall apply with respect to funding provided under this subsection4 7#h7 ,priority ,during the #ef-;day period beginning on the date of enactment of this subsection1 the ,administrator may approve a request for funding under this subsection only if the request is submitted by-- 7,a7 a covered entity located in a low-income community2 7,b7 a covered entity owned or controlled by a veteran or a member of the ,armed ,forces2 7,c7 a covered entity owned or controlled by an economically disadvantaged individual or a socially disadvantaged individual2 or 7,d7 a remote recreational enterprise4 7#i7 ,administration ,in carrying out this subsection1 the ,administrator may rely on loan officers and other personnel of the ,office of ,disaster ,assistance of the ,administration and other resources of the ,administration1 including contractors of the ,administration4 7#aj7 ,retroactive effect ,any covered entity that1 during the period beginning on ,january #a1 #bjbj1 and ending on the day before the date of enactment of this subsection1 applied for a loan under section #g7;b77#b7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;b77#b77 may submit to the ,administrator a request under paragraph 7#b7 with respect to that loan4 7#aa7 ,authorization of appropriations ,there are authorized to be appropriated to the ,administrator #dj1jjj1jjj1jjj to carry out this subsection1 which shall remain available through ,december #ca1 #bjba1 of which-- 7,a7 #bj1jjj1jjj1jjj is authorized to be appropriated to provide funding to covered entities described in paragraph 7#h72 and 7,b7 #bj1jjj1jjj is authorized to be appropriated to the ,inspector ,general of the ,administration to prevent waste1 fraud1 and abuse with respect to funding provided under this subsection4 4 #djf4 ,modifications to economic injury disaster loans 7a7 ,loans for new borrowers ,with respect to a loan made under section #g7;b77#b7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;b77#b77 to a borrower adversely impacted by ,,covid-#ai during the period beginning on the date of enactment of this ,act and ending on ,december #ca1 #bjbj-- 7#a7 the borrower shall be eligible for a loan in an amount equal to #f months of working capital if the borrower otherwise meets the underwriting standards established by the ,administration2 and 7#b7 the ,administrator-- 7,a7 shall not impose a maximum loan amount limit that is lower than #b1jjj1jjj2 and 7,b7 shall not disqualify any applicant for such a loan due to the criminal history or arrest record of the applicant1 except in the case of an applicant that1 during the #e-year period preceding the date on which the applicant submits an application1 has been convicted-- 7i7 of a felony offense involving fraud1 bribery1 or embezzlement in any ,state or ,federal court2 or 7ii7 in connection with a false statement made in-- 7,i7 a loan application2 or 7,,ii7 an application for ,federal financial assistance4 7b7 ,additional loan for existing borrowers 7#a7 ,in general ,a recipient of a loan made under section #g7;b77#b7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;b77#b77 to a borrower adversely impacted by ,,covid-#ai during the period beginning on ,january #ca1 #bjbj1 and ending on the date of enactment of this ,act may submit to the ,administrator a request for an additional amount to increase in the amount of that loan1 provided that the aggregate amount received under such section by the recipient during that period shall be not more than the lesser of-- 7,a7 an amount equal to #f months of working capital for the recipient2 and 7,b7 #b1jjj1jjj4 7#b7 ,consideration ,in considering a request submitted under paragraph 7#a71 the ,administrator-- 7,a7 may not recalculate the economic injury or creditworthiness of the borrower2 and 7,b7 shall issue a determination based on the documentation submitted by the borrower for the initial loan under section #g7;b77#b7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;b77#b771 any other new information voluntarily provided by the borrower1 and any information obtained to prevent fraud or abuse4 7#c7 ,additional documentation ,if the ,administrator requires a borrower making a request under paragraph 7#a7 to provide additional documentation1 the ,administrator shall-- 7,a7 publish those documentation requirements on the website of the ,administration not later than #g days after the date of enactment of this ,act2 and 7,b7 proactively provide those requirements to any such borrower that received a loan described in paragraph 7#a74 #djg4 ,principal and interest payments for certain disaster loans 7a7 ,definitions ,in this section3 7#a7 ,covered ,,eidl loan ,the term covered ,,eidl loan means a loan made under section #g7;b77#b7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;b77#b77 that-- 7,a7 was approved by the ,administrator before ,february #ae1 #bjbj2 and 7,b7 is in a regular servicing status4 7#b7 ,physical disaster loan ,the term physical disaster loan means a loan made under section #g7;b77#a7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;b77#a77 in a regular servicing status4 7b7 ,payment by ,administrator ,the ,administrator shall pay the principal1 interest1 and any associated fees that are owed on a physical disaster loan or a covered ,,eidl loan as follows3 7#a7 ,with respect to a physical disaster loan-- 7,a7 not in deferment1 for the #ab-month period beginning with the next payment due on such loan2 7,b7 in deferment1 for the #ab-month period beginning with the next payment due on such loan after the deferment period2 and 7,c7 made on or after the date of enactment of this ,act1 for the #ab-month period beginning with the first payment due on such loan4 7#b7 ,with respect to a covered ,,eidl loan-- 7,a7 not in deferment1 for the #ab-month period beginning with the next payment due on such loan2 and 7,b7 in deferment1 for the #ab-month period beginning with the next payment due on such loan after the deferment period4 7c7 ,timing of payment ,the ,administrator shall begin making payments under subsection 7b7 not later than #cj days after the date on which the first such payment is due4 7d7 ,application of payment ,any payment made by the ,administrator under subsection 7b7 shall be applied to the physical disaster loan or a covered ,,eidl loan 7as applicable7 such that the borrower is relieved of the obligation to pay that amount4 #djh4 ,training ,the ,administrator shall-- 7#a7 develop and implement a plan to train any staff responsible for implementing or administering the loan program established under section #g7;b77#b7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;b77#b77 on specific responsibilities with respect to such program2 and 7#b7 submit the plan to the ,committee on ,small ,business and ,entrepreneurship of the ,senate and the ,committee on ,small ,business of the ,house of ,representatives4 #dji4 ,outreach plan ,not later than #cj days after the date of enactment of this ,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 outreach plan to clearly communicate program and policy changes to all offices of the ,administration1 small business development centers 7as defined in section #c of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcb771 women's business centers 7described in section #bi of such ,act 7#ae ,u4,s4,c4 #fef771 chapters of the ,service ,corps of ,retired ,executives 7established under section #h7;b77#a77;,b7 of such ,act 7#ae ,u4,s4,c4 #fcg7;b77#a77;,b7771 ,veteran ,business ,outreach ,centers 7described in section #cb of such ,act 7#ae ,u4,s4,c4 #feg;b771 ,members of ,congress1 congressional committees1 small business concerns 7as defined in section #c of such ,act 7#ae ,u4,s4,c4 #fcb771 and the public4 #daj4 ,report on best practices ,not later than #fj days after the date of enactment of this ,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 a report on outlining the best practices to administer the loan program established under section #g7;b77#b7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;b77#b77 during a pandemic4 #daa4 ,extension of period of availability for administrative funds ,section #aajg7;a7 of the ,,cares ,act 7#ae ,u4,s4,c4 #ijjf7;a77 is amended1 in the matter preceding paragraph 7#a71 by striking until ,september #cj1 #bjba and inserting until ,december #ca1 #bjba1 for amounts appropriated under paragraph 7#b71 and until ,september #cj1 #bjba1 for all other amounts appropriated under this subsection4 ,v ,micro-,,sbic and ,equity ,investment ,enhancement #eja4 ,micro-,,sbic ,program ,title ,,iii of the ,small ,business ,investment ,act of #aieh 7#ae ,u4,s4,c4 #fha et seq47 is amended by adding at the end the following3 ,d ,micro-,,sbic ,program #cii;,a4 ,micro-,,sbic ,program 7a7 ,establishment ,there is established in the ,administration a program to be known as the ,micro-,,sbic ,program under which the ,administrator shall issue a license to an applicant for the purpose of making loans to and investments in small business concerns4 ,an applicant licensed under this section shall have the same benefits as an applicant licensed under section #cja4 7b7 ,eligibility ,an applicant desiring to receive a license to operate as a micro-,,sbic shall submit an application to the ,administrator at such time1 in such manner1 and containing such information as the ,administrator may require1 including-- 7#a7 evidence that the applicant holds private capital of not less than #e1jjj1jjj2 7#b7 evidence that the management of the applicant is qualified and has significant business expertise relevant to the applicant's strategy2 and 7#c7 an election to receive a seed investment under section #cii;,c or leverage from the ,administrator4 7c7 ,issuance of ,license 7#a7 ,procedures 7,a7 ,status ,not later than #ij days after the initial receipt by the ,administrator of an application under this section1 the ,administrator shall provide the applicant with a written report detailing the status of the application and any requirements remaining for completion of the application4 7,b7 ,approval or disapproval ,except as provided in subparagraph 7,c7 and within a reasonable time after providing the report under subparagraph 7,a71 and in accordance with such requirements as the ,administrator may prescribe by regulation1 the ,administrator shall-- 7i7 approve the application and issue to the applicant a license to operate as a micro-,,sbic2 or 7ii7 disapprove the application and notify the applicant in writing of the disapproval4 7,c7 ,provisional approval ,the ,administrator may provide provisional approval for an applicant for a period of not more than #ab months before making a final determination of approval or disapproval under subparagraph 7,b74 7,d7 ,explanation of disapproval ,an applicant may submit to the ,administrator a request for a written explanation regarding the disapproval of an application under subparagraph 7,b77ii74 7#b7 ,appeals 7,a7 ,disapproved applications ,with respect to an application that is disapproved under paragraph 7#a77;,b77ii7-- 7i7 not later than #cj days after the date on which the application is disapproved1 the applicant may submit an appeal to the ,chair of the ,investment ,division ,licensing ,committee of the ,administration 7referred to in this paragraph as the ,chair72 and 7ii7 not later than #cj days after the date on which the applicant submits an appeal under clause 7i71 the ,chair shall issue a ruling with respect to the appeal and notify the applicant regarding such ruling4 7,b7 ,denial of appeal ,with respect to an application that the ,chair denies in an appeal submitted under subparagraph 7,a7-- 7i7 not later than #cj days after the date on which the ,chair submits the notification required under subparagraph 7,a77ii71 the applicant may submit to the ,administrator an appeal of the ruling made by the ,chair2 and 7ii7 not later than #cj days after the date on which the applicant submits an appeal under clause 7i71 the ,administrator shall issue a final ruling with respect to the appeal and notify the applicant regarding such ruling4 7#c7 ,priority ,in reviewing applications and issuing licenses under this section1 the ,administrator shall give priority to an applicant the management of which consists of not fewer than #b socially disadvantaged individuals or economically disadvantaged individuals and not fewer than #a track record investment committee member4 7#d7 ,expedited procedures ,the ,administrator shall establish expedited procedures for the consideration of an application submitted under subsection 7b71 including a written report under paragraph 7#a77;,a7 not later than #de days after the initial receipt of an application1 for-- 7,a7 a small business investment company licensed under section #cja2 7,b7 a rural business investment company2 or 7,c7 a bank-owned applicant4 7d7 ,maximum leverage 7#a7 ,in general ,for a micro-,,sbic that elects to receive leverage under subsection 7b77#c71 the maximum amount of outstanding leverage made available to any one micro-,,sbic may not exceed-- 7,a7 #ej percent of the private capital of the micro-,,sbic1 not to exceed #be1jjj1jjj2 or 7,b7 in the case of a micro-,,sbic owned by persons who also own a small business investment company licensed under section #cja1 #ajj percent of the private capital of the micro-,,sbic1 not to exceed #ej1jjj1jjj4 7#b7 ,investments in certain businesses ,in calculating the outstanding leverage of a micro-,,sbic for purposes of paragraph 7#a71 the ,administrator shall exclude the amount of the cost basis of any investments made in an early-stage small business1 growth-stage small business1 scale-up small business1 or covered small business in an amount not to exceed-- 7,a7 #be1jjj1jjj2 or 7,b7 in the case of a micro-,,sbic owned by persons who also own a small business investment company licensed under section #cja1 #ej1jjj1jjj4 #cii;,b4 ,micro-,,sbic ,program requirements 7a7 ,surrender of license ,a micro-,,sbic that voluntarily surrenders a license issued under this part shall enter into an agreement with ,administrator for the repayment of leverage received4 ,such agreement may not require the micro-,,sbic to immediately repay all leverage received4 7b7 ,administration ,to the extent practicable1 for a micro-,,sbic that elects to receive leverage under section #cii;,a7b77#c71 the ,administrator shall administer the ,micro-,,sbic ,program in a similar manner to the program under section #cja4 #cii;,c4 ,seed ,investment ,program 7a7 ,establishment ,the ,administrator shall establish and carry out an equity investment program 7in this part referred to as the ,seed ,investment ,program7 to provide seed investments to a micro-,,sbic to invest in small business concerns4 7b7 ,application ,a micro-,,sbic that elects to receive a seed investment under section #cii;,a7b77#c7 shall submit to the ,administrator an application that includes the following3 7#a7 ,a business plan describing how the applicant intends to make successful investments in early-stage small businesses1 growth-stage small businesses1 scale-up small businesses1 or covered small businesses1 as applicable4 7#b7 ,a description of the extent to which the applicant meets the selection criteria under subsection 7c74 7c7 ,selection 7#a7 ,in general ,not later than #ij days after the date of receipt of an application under subsection 7b71 the ,administrator shall make a final determination to approve or disapprove the applicant as a participant in the ,seed ,investment ,program and shall submit such determination to the applicant in writing4 7#b7 ,criteria ,in making a determination under paragraph 7#a71 the ,administrator shall consider each of the following criteria3 7,a7 ,the likelihood that the applicant will meet the goals specified in the business plan of the applicant4 7,b7 ,the likelihood that the investments of the applicant will directly and indirectly create or preserve jobs4 7,c7 ,the character and fitness of the management of the applicant4 7,d7 ,the experience and background of the management of the applicant4 7,e7 ,the extent to which the applicant will concentrate investment activities on early-stage small businesses1 growth-stage small businesses1 scale-up small businesses1 or covered small businesses1 as applicable4 7,f7 ,the likelihood that the applicant will achieve profitability4 7,g7 ,the experience of the management of the applicant with respect to establishing a profitable investment track record4 #cii;,d4 ,requirements for seed investments 7a7 ,in general ,the ,administrator may make #a seed investment to a ,program participant1 which shall be held in an account from which the ,program participant may make withdrawals4 7b7 ,amounts 7#a7 ,non-,federal capital ,a seed investment made to a ,program participant may not exceed the amount of capital of the ,program participant that-- 7,a7 is not from a ,federal source2 and 7,b7 is available for investment1 including through legally binding commitments1 on or before the date on which the seed investment is approved4 7#b7 ,limitation on amount ,the amount of a seed investment made to a ,program participant may not exceed the lesser of-- 7,a7 #be1jjj1jjj2 or 7,b7 #ajj percent of the private capital committed to the ,program participant4 7c7 ,process 7#a7 ,in general ,amounts held in an account under this section shall remain available to a ,program participant-- 7,a7 for initial seed investments1 during the #e-year period beginning on the date on which the ,program participant first accesses amounts from the account2 and 7,b7 for follow-on investments and management fees1 during the #aj-year period beginning on the date on which the ,program participant first accesses amounts from the account4 7#b7 ,extension ,upon request by a ,program participant1 the ,administrator may grant a #a-year extension of the period described in paragraph 7#a77;,b7 not more than #b times4 7#c7 ,use of amounts ,a ,program participant shall invest all amounts held in an account under this section during the #aj-year period beginning on the date on which the ,program participant first accesses amounts from the account4 7d7 ,priority ,the ,administrator shall prioritize making seed investments under this section to ,program participants in underlicensed ,states4 7e7 ,investments in certain businesses 7#a7 ,in general ,a ,program participant that receives a seed investment under this part shall make all of the investments of the ,program participant in small business concerns1 of which not less than #ej percent shall be in covered small businesses4 7#b7 ,minority positions 7,a7 ,in general ,on the date on which a ,program participant first accesses amounts from a seed investment received under this ,part1 the ,program participant may not own or control not more than #ej percent of the shares of any small business concern in which the ,program participant invests4 7,b7 ,follow-on investments ,a ,program participant described in subparagraph 7,a7 shall not pursue a buyout strategy as a primary purpose of an investment in a small business concern1 but may take control in follow-on investments if necessary for the success of any such small business concern4 7#c7 ,evaluation of compliance ,the ,administrator shall evaluate the compliance of a ,program participant with the requirements under this section once the ,program participant has expended #ge percent of the amount of a seed investment made under this part4 7f7 ,seed investment interest 7#a7 ,in general 7,a7 ,in general ,subject to paragraph 7#d71 a ,program participant that receives a seed investment under this part shall convey a seed investment interest to the ,administrator in accordance with subparagraph 7,b74 7,b7 ,effect of conveyance 7i7 ,in general ,the seed investment interest conveyed under paragraph 7#a7 shall-- 7,i7 have all the rights and attributes of other investors with respect to the ,program participant1 but shall not assign control or voting rights to the ,administrator2 and 7,,ii7 entitle the ,administrator to a pro rata portion of any distributions made by the ,program participant equal to the percentage of capital in the ,program participant that the seed investment comprises4 7ii7 ,distributions ,the ,administrator shall receive distributions from a ,program participant under this paragraph at the same times and in the same amounts as any other investor in the ,program participant with a similar interest4 7iii7 ,allocations ,a ,program participant shall make allocations of income1 gain1 loss1 deduction1 and credit to the ,administrator with respect to a seed investment interest received under this part as if the ,administrator were an investor4 7#b7 ,manager profits 7,a7 ,in general ,the manager profits interest payable to the managers of a ,program participant shall not exceed #bj percent of profits1 exclusive of any profits that may accrue as a result of the capital contributions of any such managers with respect to the ,program participant4 7,b7 ,return of excess ,any excess of the amount described in subparagraph 7,a71 less taxes payable thereon1 shall be returned by the managers and paid to the investors and the ,administrator in proportion to the capital contributions and seed investments paid in4 7,c7 ,timing ,no manager profits interest 7other than a tax distribution7 shall be paid prior to the repayment to the investors and the ,administrator of all contributed capital and seed investments made4 7,d7 ,fees ,a manager of a ,program participant may charge reasonable and customary management and organizational fees4 7#c7 ,distribution requirements ,a ,program participant that receives a seed investment under this part shall make all distributions to all investors in cash and shall make distributions within a reasonable time after exiting investments1 including following a public offering or market sale of underlying investments4 7#d7 ,limitation on grant profits ,once the ,administrator has received an amount equal to #aaj percent of the amount of the seed investment made to a ,program participant1 the requirement to convey seed investment interest under this subsection shall be terminated and no further distributions of profits shall be made to the ,administrator4 #cii;,e4 ,administration 7a7 ,electronic submissions ,the ,administrator shall permit the electronic submission of any document submitted under this part or pursuant to a regulation carrying out this part1 including by permitting an electronic signature for any signature that is required on such a document4 7b7 ,application of penalties ,to the extent not inconsistent with requirements under this part1 the ,administrator may take such action as set forth in sections #cji1 #caa1 #cab1 #cac1 and #cad to activities under this part and an officer1 director1 employee1 agent1 or other participant in a micro-,,sbic shall be subject to the requirements under such sections4 #cii;,f4 ,report ,the ,administrator shall include in the annual report required under section #aj7;a7 of the ,small ,business ,act a description of-- 7#a7 the number of applications received under this part1 including the number of applications received from applicants for which the management consists of at least two socially disadvantaged individuals or economically disadvantaged individuals2 and 7#b7 the number of licenses issued under section #cii;,a1 including the number of such licenses issued to applicants for which the management consists of at least two socially disadvantaged individuals or economically disadvantaged individuals4 #cii;,g4 ,definitions ,in this part3 7#a7 ,applicant ,the term applicant means-- 7,a7 an incorporated body1 a limited liability corporation1 or a limited partnership organized and chartered or otherwise existing under ,state law solely for the purpose of performing the functions and conducting the activities contemplated under this section2 or 7,b7 a bank-owned applicant1 rural business investment company1 or small business investment company licensed under section #cja that submits an application to operate as a micro-,,sbic under section #cii;,a4 7#b7 ,bank-owned applicant ,the term bank-owned applicant means an applicant for a license to operate as a small business investment company under this part that-- 7,a7 is a national bank or any member bank of the ,federal ,reserve ,system or nonmember insured bank that bears the same name as the small business investment company that is the subject of the application2 7,b7 is domestically domiciled within the ,united ,states2 and 7,c7 has not had a license issued under this ,act revoked or involuntarily surrendered during the #aj-year period preceding the date on which the application is submitted4 7#c7 ,covered small business ,the term covered small business means a small business concern that-- 7,a7 is a small business concern owned and controlled by women 7as defined in section #c7n7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcb7n7771 small business concern owned and controlled by socially and economically disadvantaged individuals 7as defined in section #h7;d77#c77;,c7 of such ,act 7#ae ,u4,s4,c4 #fcg7;d77#c77;,c7771 a small business concern owned and controlled by veterans 7as defined in section #c7q7 of such ,act 7#ae ,u4,s4,c4 #fcb7q777 or a ,tribal business concern 7as described in section #ca7;b77#b77;,c7 of such ,act 7#ae ,u4,s4,c4 #feg;a7b77#b77;,c7772 7,b7 has its principal place of business located in a rural census tract 7as determined under the most recent rural urban commuting area code as set forth by the ,office of ,management and ,budget72 7,c7 is a domestic 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 micro-,,sbic under this section2 or 7,d7 either-- 7i7 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 concern during the same quarter in #bjai2 7ii7 if the 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 concern during the third or fourth quarter of #bjai2 7iii7 if the 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 concern during the fourth quarter of #bjai2 or 7iv7 if the concern 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 concern during the first quarter of #bjbj4 7#d7 ,early-stage small business ,the term early-stage small business means a small business concern that-- 7,a7 is domestically domiciled within the ,united ,states2 7,b7 during the #c-year period preceding the date of application1 has not generated gross annual sales revenues exceeding #ae1jjj1jjj2 7,c7 produces a majority of its goods or provides a majority of its services in the ,united ,states2 and 7,d7 does not move production or employment outside the ,united ,states4 7#e7 ,economically disadvantaged individual2 socially disadvantaged individual ,the terms economically disadvantaged individual and socially disadvantaged individual have the meanings given those terms in section #h7;a7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcg7;a774 7#f7 ,growth-stage small business ,the term growth-stage small business means a small business concern that-- 7,a7 is domestically domiciled within the ,united ,states2 7,b7 during the #c-year period preceding the date of application1 has not generated gross annual sales revenues exceeding #cj1jjj1jjj2 7,c7 produces a majority of its good or provides a majority of its services in the ,united ,states2 and 7,d7 does not move production or employment outside the ,united ,states4 7#g7 ,management ,the term management means a general partner of an applicant or member of the investment committee of an applicant4 7#h7 ,micro-,,sbic ,the term micro-,,sbic means an applicant licensed under section #cii;,a4 7#i7 ,program participant ,the term ,program participant means a micro-,,sbic that received a seed investment under the ,seed ,investment ,program established by section #cii;,c4 7#aj7 ,scale-up small business ,the term scale-up small business means a small business concern that-- 7,a7 is domestically domiciled within the ,united ,states2 7,b7 during the #c-year period preceding the date of application1 has not generated earnings before interest1 tax1 depreciation1 and amortization in excess of #c1jjj1jjj2 7,c7 produces a majority of its goods or provides a majority of its services in the ,united ,states2 and 7,d7 does not move production or employment outside the ,united ,states4 7#aa7 ,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#ab7 ,track record investment committee member ,the term track record investment committee member means a current or former small business investment company licensed under section #cja1 a private small- and lower-middle-market venture capital firm1 or a private equity fund manager with the knowledge1 experience1 and capability necessary to serve as management for an applicant4 7#ac7 ,united ,states ,the term ,united ,states means each of the several ,states1 the ,district of ,columbia1 each territory or possession of the ,united ,states1 and each federally recognized ,indian ,tribe4 #cii;,h4 ,funding 7a7 ,authorization of appropriations ,there is authorized to be appropriated to the revolving fund established under subsection 7b7 #a1jjj1jjj1jjj for the first full fiscal year beginning after the date of enactment of this part to carry out the requirements of this part4 7b7 ,revolving fund 7#a7 ,in general ,there is created within the ,administration a separate revolving fund for the ,seed ,investment ,program established under section #cii;,c1 which shall be available to the ,administrator subject to annual appropriations4 7#b7 ,deposits ,all amounts received by the ,administrator1 including any money1 property1 or assets derived by the ,administrator from operations in connection with the ,seed ,investment ,program1 including repayments of seed investments1 shall be deposited in the revolving fund described in paragraph 7#a74 7#c7 ,expenses and payments ,all expenses and payments1 excluding administrative expenses1 pursuant to the operations of the ,administrator under the ,seed ,investment ,program shall be paid from the revolving fund described in paragraph 7#a74 4 ,,vi ,miscellaneous #fja4 ,repeal of ,,eidl advance deduction ,section #aaaj7;e77#f7 of the ,,cares ,act 7#ae ,u4,s4,c4 #ijji7;e77#f77 is repealed4 #fjb4 ,extension of the debt relief program 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 described in item 7aa7 or 7bb7 of clause 7iii77,,ii72 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 #gb1 or #dhg2 or 7bb7 the ,north ,american ,industry ,classification ,system ,code #dheeaj1 #eaaaaj1 #eaeaab1 or #eaeabj2 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 conducts 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 ,heroes ,small ,business ,lifeline ,act1 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 ,heroes ,small ,business ,lifeline ,act 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 ,heroes ,small ,business ,lifeline ,act1 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 ,heroes ,small ,business ,lifeline ,act1 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 ,heroes ,small ,business ,lifeline ,act1 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 #fjc4 ,modifications to #g7;a7 loan programs 7a7 #g7;a7 loan guarantees 7#a7 ,in general ,section #g7;a77#b77;,a7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#b77;,a77 is amended by striking 71 such participation by the ,administration shall be equal to and all that follows through the period at the end and inserting or the ,community ,advantage ,pilot ,program of the ,administration71 such participation by the ,administration shall be equal to #ij percent of the balance of the financing outstanding at the time of disbursement of the loan44 7#b7 ,prospective repeal ,effective ,october #a1 #bjba1 section #g7;a77#b77;,a7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#b77;,a771 as amended by paragraph 7#a71 is amended to read as follows3 7,a7 ,in general ,except as provided in subparagraphs 7,b71 7,d71 7,e71 and 7,f71 in an agreement to participate in a loan on a deferred basis under this subsection 7including a loan made under the ,preferred ,lenders ,program71 such participation by the ,administration shall be equal to-- 7i7 #ge percent of the balance of the financing outstanding at the time of disbursement of the loan1 if such balance exceeds #aej1jjj2 or 7ii7 #he percent of the balance of the financing outstanding at the time of disbursement of the loan1 if such balance is less than or equal to #aej1jjj4 4 7b7 ,express loans 7#a7 ,loan amount ,section #aajb7;c77#b7 of the ,,cares ,act 7,public ,law #aaf-cf2 #ae ,u4,s4,c4 #fcf note7 is amended to read as follows3 7#b7 ,prospective repeal ,section #g7;a77#ca77;,d7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#ca77;,d77 is amended-- 7,a7 by striking #a1jjj1jjj and inserting #ejj1jjj1 effective during the period beginning on ,january #a1 #bjba1 and ending on ,september #cj1 #bjba2 and 7,b7 by striking #ejj1jjj and inserting #cej1jjj1 effective ,october #a1 #bjba4 4 7#b7 ,guarantee rates 7,a7 ,temporary modification ,section #g7;a77#ca77;,a77iv7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#ca77;,a77iv77 is amended by striking with a guaranty rate of not more than #ej percent4 and inserting the following3 with a guarantee rate-- 7,i7 for a loan in an amount less than or equal to #cej1jjj1 of not more than #ge percent2 and 7,,ii7 for a loan in an amount greater than #cej1jjj1 of not more than #ej percent4 4 7,b7 ,prospective repeal ,effective ,october #a1 #bjba1 section #g7;a77#ca77;,a77iv7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#ca77;iv771 as amended by subparagraph 7,a71 is amended by striking guarantee rate and all that follows through the period at the end and inserting guarantee rate of not more than #ej percent44 #fjd4 ,flexibility in deferral of payments of #g7;a7 loans ,section #g7;a77#g7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#g77 is amended-- 7#a7 by striking ,the ,administration and inserting 7,a7 ,in general4--,the ,administrator2 7#b7 by inserting and interest after principal2 and 7#c7 by adding at the end the following new subparagraphs3 7,b7 ,deferral requirements ,with respect to a deferral provided under this paragraph1 the ,administrator may allow lenders under this subsection-- 7i7 to provide full payment deferment relief 7including payment of principal and interest7 for a period of not more than #a year2 and 7ii7 to provide an additional deferment period if the borrower provides documentation justifying such additional deferment4 7,c7 ,secondary market ,if an investor declines to approve a deferral or additional deferment requested by a lender under subparagraph 7,b71 the ,administrator shall exercise the authority to purchase the loan so that the borrower may receive full payment deferment relief 7including payment of principal and interest7 or an additional deferment as described in subparagraph 7,b74 4 #fje4 ,recovery assistance under the microloan program 7a7 ,loans to intermediaries 7#a7 ,in general ,section #g7m7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7m77 is amended-- 7,a7 in paragraph 7#c77;,c7-- 7i7 by striking and #f1jjj1jjj and inserting #aj1jjj1jjj 7in the aggregate72 and 7ii7 by inserting before the period at the end the following3 1 and #d1ejj1jjj in any of those remaining years2 7,b7 in paragraph 7#d7-- 7i7 in subparagraph 7,a71 by striking subparagraph 7,c7 each place that term appears and inserting subparagraphs 7,c7 and 7,g72 7ii7 in subparagraph 7,c71 by amending clause 7i7 to read as follows3 7i7 ,in general ,in addition to grants made under subparagraph 7,a7 or 7,g71 each intermediary shall be eligible to receive a grant equal to #e percent of the total outstanding balance of loans made to the intermediary under this subsection if-- 7,i7 the intermediary provides not less than #be percent of its loans to small business concerns located in or owned by #a or more residents of an economically distressed area2 or 7,,ii7 the intermediary has a portfolio of loans made under this subsection-- 7aa7 that averages not more than #aj1jjj during the period of the intermediary's participation in the program2 or 7bb7 of which not less than #be percent is serving rural areas during the period of the intermediary's participation in the program4 2 and 7iii7 by adding at the end the following3 7,g7 ,grant amounts based on appropriations ,in any fiscal year in which the amount appropriated to make grants under subparagraph 7,a7 is sufficient to provide to each intermediary that receives a loan under paragraph 7#a77;,b77i7 a grant of not less than #be percent of the total outstanding balance of loans made to the intermediary under this subsection1 the ,administration shall make a grant under subparagraph 7,a7 to each intermediary of not less than #be percent and not more than #cj percent of that total outstanding balance for the intermediary4 2 7,c7 by striking paragraph 7#g7 and inserting the following3 7#g7 ,program funding for microloans ,under the program authorized by this subsection1 the ,administration may fund1 on a competitive basis1 not more than #cjj intermediaries4 2 and 7,d7 in paragraph 7#aa7-- 7i7 in subparagraph 7,c77ii71 by striking all after the semicolon and inserting and2 and 7ii7 by striking all after subparagraph 7,c71 and inserting the following3 7,d7 the term economically distressed area1 as used in paragraph 7#d71 means a county or equivalent division of local government of a ,state in which the small business concern is located1 in which1 according to the most recent data available from the ,bureau of the ,census1 ,department of ,commerce1 not less than #dj percent of residents have an annual income that is at or below the poverty level4 4 7#b7 ,prospective amendment ,effective on ,october #a1 #bjba1 section #g7m77#c77;,c7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7m77#c77;,c771 as amended by paragraph 7#a77;,a71 is amended-- 7,a7 by striking #aj1jjj1jjj and by inserting #g1jjj1jjj2 and 7,b7 by striking #d1ejj1jjj and inserting #c1jjj1jjj4 7b7 ,temporary waiver of technical assistance grants matching requirements and flexibility on pre- and post-,loan assistance ,during the period beginning on the date of enactment of this ,act and ending on ,september #cj1 #bjba1 the ,administration shall waive-- 7#a7 the requirement to contribute non-,federal funds under section #g7m77#d77;,b7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7m77#d77;,b772 and 7#b7 the limitation on amounts allowed to be expended to provide information and technical assistance under clause 7i7 of section #g7m77#d77;,e7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7m77#d77;,e77 and enter into third-party contracts to provide technical assistance under clause 7ii7 of such section #g7m77#d77;,e74 7c7 ,temporary duration of loans to borrowers 7#a7 ,in general ,during the period beginning on the date of enactment of this ,act and ending on ,september #cj1 #bjba1 the duration of a loan made by an eligible intermediary under section #g7m7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7m77-- 7,a7 to an existing borrower may be extended to not more than #h years2 and 7,b7 to a new borrower may be not more than #h years4 7#b7 ,reversion ,on and after ,october #a1 #bjba1 the duration of a loan made by an eligible intermediary to a borrower under section #g7m7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7m77 shall be #g years or such other amount established by the ,administrator4 7d7 ,funding ,section #bj of the ,small ,business ,act 7#ae ,u4,s4,c4 #fca note7 is amended by adding at the end the following3 7h7 ,microloan program ,for each of fiscal years #bjba through #bjbe1 the ,administration is authorized to make-- 7#a7 #hj1jjj1jjj in technical assistance grants1 as provided in section #g7m72 and 7#b7 #aaj1jjj1jjj in direct loans1 as provided in section #g7m74 4 7e7 ,authorization of appropriations ,in addition to amounts provided under the ,consolidated ,appropriations ,act1 #bjbj 7,public ,law #aaf-ic7 for the program established under section #g7m7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7m77 and amounts provided for fiscal year #bjba for that program1 there is authorized to be appropriated for fiscal year #bjba1 to remain available until expended-- 7#a7 #ej1jjj1jjj to provide technical assistance grants under such section #g7m72 and 7#b7 #g1jjj1jjj to provide direct loans under such section #g7m74 #fjf4 ,maximum loan amount for #ejd loans 7a7 ,permanent increase for small manufacturers ,section #ejb7b77;,a77iii7 of the ,small ,business ,investment ,act of #aieh 7#ae ,u4,s4,c4 #fif7b77;,a77iii77 is amended by striking #e1ejj1jjj and inserting #f1ejj1jjj4 7b7 ,low-,interest refinancing under the local development business loan program 7#a7 ,repeal ,section #eba7;a7 of title ,v of division ,e of the ,consolidated ,appropriations ,act1 #bjaf 7,public ,law #aad-aac2 #abi ,stat4 #bdfc2 #ae ,u4,s4,c4 #fif note7 is repealed4 7#b7 ,refinancing ,section #ejb7g7 of the ,small ,business ,investment ,act of #aieh 7#ae ,u4,s4,c4 #fif7 is amended-- 7,a7 in subparagraph 7,b71 in the matter preceding clause 7i71 by striking #ej and inserting #ajj2 and 7,b7 by adding at the end the following3 7,c7 ,refinancing not involving expansions 7i7 ,definitions ,in this subparagraph-- 7,i7 the term borrower means a small business concern that submits an application to a development company for financing under this subparagraph2 7,,ii7 the term eligible fixed asset means tangible property relating to which the ,administrator may provide financing under this section2 and 7,,iii7 the term qualified debt means indebtedness that-- 7aa7 was incurred not less than #f months before the date of the application for assistance under this subparagraph2 7bb7 is a commercial loan2 7cc7 the proceeds of which were used to acquire an eligible fixed asset2 7dd7 was incurred for the benefit of the small business concern2 and 7ee7 is collateralized by eligible fixed assets4 7ii7 ,authority ,a project that does not involve the expansion of a small business concern may include the refinancing of qualified debt if-- 7,i7 the amount of the financing is not more than #ij percent of the value of the collateral for the financing1 except that1 if the appraised value of the eligible fixed assets serving as collateral for the financing is less than the amount equal to #abe percent of the amount of the financing1 the borrower may provide additional cash or other collateral to eliminate any deficiency2 7,,ii7 the borrower has been in operation for all of the #b-year period ending on the date the loan application is submitted2 and 7,,iii7 for a financing for which the ,administrator determines there will be an additional cost attributable to the refinancing of the qualified debt1 the borrower agrees to pay a fee in an amount equal to the anticipated additional cost4 7iii7 ,financing for business expenses 7,i7 ,financing for business expenses ,the ,administrator may provide financing to a borrower that receives financing that includes a refinancing of qualified debt under clause 7ii71 in addition to the refinancing under clause 7ii71 to be used solely for the payment of business expenses4 7,,ii7 ,application for financing ,an application for financing under subclause 7,i7 shall include-- 7aa7 a specific description of the expenses for which the additional financing is requested2 and 7bb7 an itemization of the amount of each expense4 7,,iii7 ,condition on additional financing ,a borrower may not use any part of the financing under this clause for non-business purposes4 7iv7 ,loans based on jobs 7,i7 ,job creation and retention goals 7aa7 ,in general ,the ,administrator may provide financing under this subparagraph for a borrower that meets the job creation goals under subsection 7d7 or 7e7 of section #eja4 7bb7 ,alternate job retention goal ,the ,administrator may provide financing under this subparagraph to a borrower that does not meet the goals described in item 7aa7 in an amount that is not more than the product obtained by multiplying the number of employees of the borrower by #ge1jjj4 7,,ii7 ,number of employees ,for purposes of subclause 7,i71 the number of employees of a borrower is equal to the sum of-- 7aa7 the number of full-time employees of the borrower on the date on which the borrower applies for a loan under this subparagraph2 and 7bb7 the product obtained by multiplying-- 7,,aa7 the number of part-time employees of the borrower on the date on which the borrower applies for a loan under this subparagraph1 by 7,,bb7 the quotient obtained by dividing the average number of hours each part time employee of the borrower works each week by #dj4 7v7 ,total amount of loans ,the ,administrator may provide not more than a total of #g1ejj1jjj1jjj of financing under this subparagraph for each fiscal year4 4 7c7 ,express loan authority for accredited lenders 7#a7 ,in general ,section #ejg of the ,small ,business ,investment ,act of #aieh 7#ae ,u4,s4,c4 #fig;d7 is amended by striking subsection 7e7 and inserting the following3 7e7 ,express loan authority ,a local development company designated as an accredited lender in accordance with subsection 7b7-- 7#a7 may-- 7,a7 approve1 authorize1 close1 and service covered loans that are funded with proceeds of a debenture issued by the company2 and 7,b7 authorize the guarantee of a debenture described in subparagraph 7,a72 and 7#b7 with respect to a covered loan1 shall be subject to final approval as to eligibility of any guarantee by the ,administration pursuant to section #ejc7;a71 but such final approval shall not include review of decisions by the lender involving creditworthiness1 loan closing1 or compliance with legal requirements imposed by law or regulation4 7f7 ,definitions ,in this section-- 7#a7 the term accredited lender certified company means a certified development company that meets the requirements under section #ejg7;b71 including a certified development company that the ,administration has designated as an accredited lender under such section #ejg7;b72 7#b7 the term covered loan-- 7,a7 means a loan made under subsection 7a7 in an amount that is not more than #ejj1jjj2 and 7,b7 does not include a loan made to a borrower that is a franchise that1 or is in an industry that1 has a high rate of default1 as annually determined by the ,administrator2 and 7#c7 the term qualified ,state or local development company has the meaning given the term in section #ejc7;e74 4 7#b7 ,prospective repeal ,effective on ,september #cj1 #bjbc1 section #ejg of the ,small ,business ,investment ,act of #aieh 7#ae ,u4,s4,c4 #fig;d71 as amended by paragraph 7#a71 is amended by striking subsections 7e7 and 7f7 and inserting the following3 7e7 ,definition ,in this section1 the term qualified ,state or local development company has the meaning given the term in section #ejc7;e74 4 7d7 ,refinancing ,senior ,project ,debt ,during the #a-year period beginning on the date of enactment of this ,act1 a development company described in title ,v of the ,small ,business ,investment ,act of #aieh 7#ae ,u4,s4,c4 #fie et seq47 is authorized to allow the refinancing of a senior loan on an existing project in an amount that1 when combined with the outstanding balance on the development company loan1 is not more than #ij percent of the total loan to value4 ,proceeds of such refinancing can be used to support business operating expenses4 #fjg4 ,temporary fee reductions 7a7 ,administrative fee waiver 7#a7 ,in general ,during the period beginning on the date of enactment of this ,act and ending on ,september #cj1 #bjba1 and to the extent that the cost of such elimination or reduction of fees is offset by appropriations1 with respect to each loan guaranteed under section #g7;a7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77 7including a recipient of assistance under the ,community ,advantage ,pilot ,program of the ,administration7 for which an application is approved or pending approval on or after the date of enactment of this ,act1 the ,administrator shall-- 7,a7 in lieu of the fee otherwise applicable under section #g7;a77#bc77;,a7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#bc77;,a771 collect no fee or reduce fees to the maximum extent possible2 and 7,b7 in lieu of the fee otherwise applicable under section #g7;a77#ah77;,a7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#ah77;,a771 collect no fee or reduce fees to the maximum extent possible4 7#b7 ,application of fee eliminations or reductions ,to the extent that amounts are made available to the ,administrator for the purpose of fee eliminations or reductions under paragraph 7#a71 the ,administrator shall-- 7,a7 first use any amounts provided to eliminate or reduce fees paid by small business borrowers under clauses 7i7 through 7iii7 of section #g7;a77#ah77;,a7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#ah77;,a771 to the maximum extent possible2 and 7,b7 then use any amounts provided to eliminate or reduce fees under #g7;a77#bc77;,a7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#bc77;,a774 7b7 ,temporary fee elimination for the #ejd loan program 7#a7 ,in general ,during the period beginning on the date of enactment of this ,act and ending on ,september #cj1 #bjba1 and to the extent the cost of such elimination in fees is offset by appropriations1 with respect to each project or loan guaranteed by the ,administrator pursuant to title ,v of the ,small ,business ,investment ,act of #aieh 7#ae ,u4,s4,c4 #fie et seq47 for which an application is approved or pending approval on or after the date of enactment of this ,act-- 7,a7 the ,administrator shall1 in lieu of the fee otherwise applicable under section #ejc7;d77#b7 of the ,small ,business ,investment ,act of #aieh 7#ae ,u4,s4,c4 #fig7;d77#b771 collect no fee2 and 7,b7 a development company shall1 in lieu of the processing fee under section #abj4iga7;a77#a7 of title #ac1 ,code of ,federal ,regulations 7relating to fees paid by borrowers71 or any successor regulation1 collect no fee4 7#b7 ,reimbursement for waived fees 7,a7 ,in general ,to the extent that the cost of such payments is offset by appropriations1 the ,administrator shall reimburse each development company that does not collect a processing fee pursuant to paragraph 7#a77;,b74 7,b7 ,amount ,the payment to a development company under subparagraph 7,a7 shall be in an amount equal to #a4e percent of the net debenture proceeds for which the development company does not collect a processing fee pursuant to paragraph 7#a77;,b74 #fjh4 ,extension of participation in #h7;a7 program 7a7 ,in general ,the ,administrator shall ensure that a small business concern 7as defined in section #c of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcb7 participating in the program established under section #h7;a7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcg7;a77 on or before ,september #i1 #bjbj1 may elect to extend such participation by a period of #a year1 regardless of whether the small business concern previously elected to suspend participation in the program pursuant to guidance of the ,administrator4 7b7 ,emergency rulemaking authority ,not later than #ae days after the date of enactment of this section1 the ,administrator shall issue regulations to carry out this section without regard to the notice requirements under section #eec7;b7 of title #e1 ,united ,states ,code4 #fji4 ,report on minority1 women1 and rural lending ,not later than #ij days after the date of the enactment of this ,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 a report to determine and quantify the extent to which the programs established under subsections 7a7 and 7m7 of section #g of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf71 titles ,,iii and ,v of the ,small ,business ,investment ,act of #aieh 7#ae ,u4,s4,c4 #fha et seq41 #fie et seq471 and the ,community ,advantage ,pilot ,program of the ,small ,business ,administration have assisted in the establishment1 development1 and performance of small business concerns owned and controlled by socially and economically disadvantaged individuals 7as defined in section #h7;d77#c77;,c7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcg7;d77#c77;,c7771 small business concerns owned and controlled by women 7as defined in section #c of such ,act 7#ae ,u4,s4,c4 #fcb771 and rural small businesses1 including recommendations to improve such access to capital programs4 #faj4 ,comprehensive program guidance ,not later than #g days after the date of enactment of this ,act1 the ,administrator shall-- 7#a7 establish a process for accepting applications for loan forgiveness under section #aajf of the ,,cares ,act 7#ae ,u4,s4,c4 #ijje72 7#b7 issue a comprehensive compilation of rules and guidance issued related to loans made under section #g7;a77#cf7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf772 and 7#c7 to the maximum extent practicable1 before accepting applications for supplemental covered loans under clause 7ii7 of section #g7;a77#cf77;,b7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77;,b771 as added by section #bjb of this ,act1 the ,administrator shall issue comprehensive rules and guidance to ensure that borrowers and lenders are aware of eligibility and terms of receiving a supplemental covered loan and the process for forgiveness of a supplemental covered loan4 #faa4 ,reports on ,paycheck ,protection ,program 7a7 ,report to ,congress ,not later than #cj days after the date of enactment of this ,act1 and every #cj days thereafter until the end of the covered period described in section #g7;a77#cf77;,a7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77;,a771 the ,secretary of the ,treasury and 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 report1 in a searchable digital format1 that includes1 with respect to each loan made under such section #g7;a77#cf7-- 7#a7 the business name1 address1 and ,,zip ,code of each recipient of the loan2 7#b7 the ,north ,american ,industry ,classification ,system code and the type of entity of each such recipient2 7#c7 demographic data of each such recipient2 7#d7 the number of jobs supported by the loan2 7#e7 loan forgiveness data2 and 7#f7 the amount and origination date of the loan4 7b7 ,publicly available report 7#a7 ,larger covered loans ,not later than #cj days after the date of enactment of this ,act1 and every #cj days thereafter until the end of the covered period described in section #g7;a77#cf77;,a7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77;,a771 for each loan made under such section #g7;a77#cf7 in an amount greater than or equal to #aej1jjj1 the ,secretary of the ,treasury and the ,administrator shall make publicly available the following3 7,a7 ,the information described in paragraphs 7#a7 through 7#d7 of subsection 7a74 7,b7 ,the loan size range1 of those listed below1 to which the loan belongs3 7i7 ,not less than #aej1jjj and less than #cej1jjj4 7ii7 ,not less than #cej1jjj and less than #a1jjj1jjj4 7iii7 ,not less than #a1jjj1jjj and less than #b1jjj1jjj4 7iv7 ,not less than #b1jjj1jjj and less than #e1jjj1jjj4 7v7 ,not less than #e1jjj1jjj and less than #aj1jjj1jjj4 7#b7 ,smaller covered loans ,not later than #cj days after the date of enactment of this ,act1 and every #cj days thereafter until the end of the covered period described in section #g7;a77#cf7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf771 for loans made under such section #g7;a77#cf7 in an amount less than #aej1jjj1 the ,secretary of the ,treasury and the ,administrator shall make publicly available the total number of loans made and the amount of each loan1 disaggregated by ,,zip ,code of each recipient1 industry of each recipient1 business type of each recipient1 and demographic categories of each recipient4 7#c7 ,publication ,information provided under paragraphs 7#a7 and 7#b7 shall be made publicly available in a searchable digital format on websites of the ,department of the ,treasury and the ,administration4 #fab4 ,prohibiting conflicts of interest for small business programs under the ,,cares ,act ,section #djai of the ,,cares ,act 7#ae ,u4,s4,c4 #ijed7 is amended-- 7#a7 in subsection 7a71 by adding at the end the following3 7#g7 ,small business assistance ,the term small business assistance means assistance provided under-- 7,a7 section #g7;a77#cf7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf772 7,b7 subsection 7b7 or 7c7 of section #aajc of this ,act2 7,c7 section #aaaj of this ,act2 or 7,d7 section #aaab of this ,act4 2 7#b7 in subsection 7b7-- 7,a7 by inserting or provisions relating to small business assistance after this subtitle2 and 7,b7 by inserting or for any small business assistance before the period at the end2 and 7#c7 in subsection 7c7-- 7,a7 by inserting or seeking any small business assistance after section #djjc2 7,b7 by inserting or small business assistance after that transaction2 7,c7 by inserting or the ,administrator of the ,small ,business ,administration1 as applicable1 after ,federal ,reserve ,system2 and 7,d7 by inserting or to receive the small business assistance after in that transaction4 #fac4 ,inclusion of ,,score and ,veteran ,business ,outreach ,centers in entrepreneurial development programs 7a7 ,in general ,section #aajc7;a77#b7 of the ,,cares ,act 7#ae ,u4,s4,c4 #ijjb7;a77#b77 is amended-- 7#a7 in subparagraph 7,a71 by striking and at the end2 and 7#b7 by adding at the end the following3 7,c7 a ,veteran ,business ,outreach ,center 7as described in section #cb7;d7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #feg;b7d7772 and 7,d7 the ,service ,corps of ,retired ,executives ,association1 or any successor or other organization1 that receives a grant from the ,administrator to operate the ,,score program established under section #h7;b77#a77;,b7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcg7;b77#a77;,b772 4 7b7 ,funding ,section #aajg7;a77#d7 of the ,,cares ,act 7#ae ,u4,s4,c4 #ijjf7;a77#d77 is amended-- 7#a7 in subparagraph 7,a7-- 7,a7 by striking #bdj1jjj1jjj and inserting #bbj1jjj1jjj2 and 7,b7 by striking and at the end2 and 7#b7 by adding at the end the following3 7,c7 #aj1jjj1jjj shall be for a ,veteran ,business ,outreach ,center described in section #aajc7;a77#b77;,c7 of this ,act to carry out activities under such section2 and 7,d7 #aj1jjj1jjj shall be for the ,service ,corps of ,retired ,executives ,association described in section #aajc7;a77#b77;,d7 of this ,act to carry out activities under such section2 4 #fad4 ,clarification of use of ,,cares ,act funds for small business development centers ,section #aajc7;b77#c77;,a7 of the ,,cares ,act 7#ae ,u4,s4,c4 #ijjb7;b77#c77;,a77 is amended by adding at the end the following3 ,funds awarded under this paragraph shall be in addition to any amounts appropriated for grants under section #ba7;a7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fdh7;a771 and may be used to complement and support those appropriated program grants to assist covered small business concerns1 with prioritization of such concerns affected directly or indirectly by ,,covid-#ai as described in paragraph 7#b744 #fae4 ,funding for the ,office of ,inspector ,general of the ,small ,business ,administration ,section #aajg7;a77#c7 of the ,,cares ,act 7#ae ,u4,s4,c4 #ijjf7;a77#c77 is amended by striking ,september #cj1 #bjbd and inserting expended4 #faf4 ,extension of waiver of matching funds requirement under the ,women's ,business ,center program ,section #aaje of the ,,cares ,act 7#ae ,u4,s4,c4 #ijjd7 is amended by striking ,during the #c-month period beginning on the date of enactment of this ,act1 and inserting ,until ,december #ca1 #bjbj14 #fag4 ,access to ,small ,business ,administration information and databases ,section #aijaj of division ,b of the ,,cares ,act 7,public ,law #aaf-acf7 is amended-- 7#a7 by redesignating subsection 7e7 as subsection 7f72 and 7#b7 by inserting after subsection 7d7 the following3 7e7 ,small ,business ,administration databases 7#a7 ,in general ,in conducting monitoring and oversight under this section1 the ,comptroller ,general1 upon notice to the ,administrator of the ,small ,business ,administration1 shall have direct access to all information collected or produced in connection with the administration of programs or provision of assistance carried out by the ,administrator1 including direct access to any information technology systems maintained or utilized by the ,administrator to collect1 process1 or analyze documents or information submitted by borrowers1 lenders1 or others in connection with any such program or provision of assistance4 7#b7 ,information technology systems ,the ,administrator of the ,small ,business ,administration shall appropriately identify and classify any sensitive information contained in an information technology system accessed by the ,comptroller ,general4 7#c7 ,definition of direct access ,in this subsection1 the term direct access means secured access to the information technology systems maintained by the ,administrator that would enable the ,comptroller ,general to independently access1 view1 download1 and retrieve data from such systems4 4 #fah4 ,small business local relief program 7a7 ,establishment ,there is established in the ,department of the ,treasury a ,small ,business ,local ,relief ,program to allocate resources to ,states1 units of general local government1 and ,indian ,tribes to provide assistance to eligible entities and organizations that assist eligible entities4 7b7 ,funding 7#a7 ,funding to ,states1 localities1 and ,indian ,tribes 7,a7 ,in general ,the ,secretary shall allocate-- 7i7 #aj1bej1jjj1jjj to ,states and units of general local government in accordance with subparagraph 7,b77i72 7ii7 #d1bej1jjj1jjj to ,states in accordance with subparagraph 7,b77ii72 and 7iii7 #ejj1jjj1jjj to the ,secretary of ,housing and ,urban ,development for allocations to ,indian ,tribes in accordance with subparagraph 7,b77iii74 7,b7 ,allocations 7i7 ,formula for ,states and units of general local government ,of the amount described in subparagraph 7,a77i7-- 7,i7 #gj percent shall be allocated to entitlement communities in accordance with the formula under section #ajf7;b7 of the ,housing and ,community ,development ,act of #aigd 7#db ,u4,s4,c4 #ecjf7;b772 and 7,,ii7 #cj percent shall be allocated to ,states1 for use in nonentitlement areas1 in accordance with the formula under section #ajf7;d77#a7 of such ,act 7#db ,u4,s4,c4 #ecjf7;d77#a774 7ii7 ,rural bonus formula for ,states ,the ,secretary shall allocate the amount described in subparagraph 7,a77ii7 to ,states1 for use in nonentitlement areas1 in accordance with the formula under section #ajf7;d77#a7 of such ,act 7#db ,u4,s4,c4 #ecjf7;d77#a774 7iii7 ,competitive awards to ,indian ,tribes 7,i7 ,in general ,the ,secretary of ,housing and ,urban ,development shall allocate to ,indian ,tribes on a competitive basis the amount described in subparagraph 7,a77iii74 7,,ii7 ,requirements ,in making allocations under subclause 7,i71 the ,secretary of ,housing and ,urban ,development shall1 to the greatest extent practicable1 ensure that each ,indian ,tribe that satisfies requirements established by the ,secretary of ,housing and ,urban ,development receives such an allocation4 7,c7 ,state allocations for nonentitlement areas 7i7 ,equitable allocation ,to the greatest extent practicable1 a ,state shall allocate amounts for nonentitlement areas under clauses 7i77,,ii7 and 7ii7 of subparagraph 7,b7 on an equitable basis4 7ii7 ,distribution of amounts 7,i7 ,discretion ,not later than #ad days after the date on which a ,state receives amounts for use in a nonentitlement area under clause 7i77,,ii7 or 7ii7 of subparagraph 7,b71 the ,state shall-- 7aa7 distribute the amounts1 or a portion thereof1 to a unit of general local government located in the nonentitlement area or an entity designated thereby1 that has established or will establish a small business emergency fund1 for use under paragraph 7#b72 or 7bb7 elect to reserve the amounts1 or a portion thereof1 for use by the ,state under paragraph 7#b7 for the benefit of eligible entities located in the nonentitlement area4 7,,ii7 ,sense of ,congress ,it is the sense of ,congress that1 in distributing amounts under subclause 7,i71 in the case of amounts allocated for a nonentitlement area in which a unit of general local government or an entity designated thereby has established a small business emergency fund1 a ,state should1 as quickly as is practicable1 distribute amounts to that unit of general local government or entity1 respectively1 as described in item 7aa7 of such subclause4 7iii7 ,treatment of ,states not acting as pass-through agents under ,,cdbg ,the ,secretary shall allocate amounts to a ,state under this paragraph without regard to whether the ,state has elected to distribute amounts allocated under section #ajf7;d77#a7 of the ,housing and ,community ,development ,act of #aigd 7#db ,u4,s4,c4 #ecjf7;d77#a774 7#b7 ,use of funds 7,a7 ,in general ,a ,state1 unit of general local government1 or ,indian ,tribe that receives an allocation under paragraph 7#a71 or an entity designated by a unit of general local government under paragraph 7#a77;,c77ii77,i77aa71 whether directly or indirectly1 may use such allocation1 not later than #fj days after receipt of the allocation-- 7i7 to provide funding to a small business emergency fund established by that ,state 7or entity designated thereby71 that unit of general local government 7or entity designated thereby71 that entity designated by a unit of general local government1 or that ,indian ,tribe 7or entity designated thereby71 respectively2 7ii7 to provide funding to support organizations that provide technical assistance to eligible entities2 or 7iii7 subject to subparagraph 7,b71 to pay for administrative costs incurred by that ,state 7or entity designated thereby71 that unit of general local government 7or entity designated thereby71 that entity designated by a unit of general local government1 or that ,indian ,tribe 7or entity designated thereby71 respectively1 in establishing and administering a small business emergency fund4 7,b7 ,limitation ,a ,state1 unit of general local government1 or ,indian ,tribe1 or an entity designated by a unit of general local government under paragraph 7#a77;,c77ii77,i77aa71 may not use more than #c percent of an allocation received under paragraph 7#a7 for a purpose described in subparagraph 7,a77iii7 of this paragraph4 7,c7 ,obligation deadlines 7i7 ,states ,of the amounts that a ,state elects under paragraph 7#a77;,c77ii77,i77bb7 to reserve for use by the ,state under this paragraph-- 7,i7 any amounts that the ,state provides to a small business emergency fund under subparagraph 7,a77i7 of this paragraph shall be obligated by the small business emergency fund for expenditure not later than #gd days after the date on which the ,state received the amounts from the ,secretary under clause 7i7 or 7ii7 of paragraph 7#a77;,a72 and 7,,ii7 any amounts that the ,state chooses to provide to an organization under subparagraph 7,a77ii7 of this paragraph1 or to use to pay for administrative costs under subparagraph 7,a77iii7 of this paragraph1 shall be obligated by the ,state for expenditure not later than #gd days after the date on which the ,state received the amounts from the ,secretary under clause 7i7 or 7ii7 of paragraph 7#a77;,a74 7ii7 ,entitlement communities ,of the amounts that an entitlement community receives from the ,secretary under paragraph 7#a77;,b77i77,i7-- 7,i7 any amounts that the entitlement community provides to a small business emergency fund under subparagraph 7,a77i7 of this paragraph shall be obligated by the small business emergency fund for expenditure not later than #gd days after the date on which the entitlement community received the amounts2 and 7,,ii7 any amounts that the entitlement community chooses to provide to an organization under subparagraph 7,a77ii7 of this paragraph1 or to use to pay for administrative costs under subparagraph 7,a77iii7 of this paragraph1 shall be obligated by the entitlement community for expenditure not later than #gd days after the date on which the entitlement community received the amounts4 7iii7 ,nonentitlement communities ,of the amounts that a unit of general local government1 or an entity designated thereby1 located in a nonentitlement area receives from a ,state under paragraph 7#a77;,c77ii77,i77aa7-- 7,i7 any amounts that the unit of general local government or entity provides to a small business emergency fund under subparagraph 7,a77i7 of this paragraph shall be obligated by the small business emergency fund for expenditure not later than #fj days after the date on which the unit of general local government or entity received the amounts2 and 7,,ii7 any amounts that the unit of general local government or entity chooses to provide to a support organization under subparagraph 7,a77ii7 of this paragraph or to use to pay for administrative costs under subparagraph 7,a77iii7 of this paragraph shall be obligated by the unit of general local government or entity for expenditure not later than #fj days after the date on which the unit of general local government or entity received the amounts4 7,d7 ,recovery of unobligated funds ,if a ,state1 entitlement community1 other unit of general local government1 entity designated by a unit of general local government under paragraph 7#a77;,c77ii77,i77aa71 or small business emergency fund fails to obligate amounts by the applicable deadline under subparagraph 7,c71 the ,secretary shall recover the amount of those amounts that remain unobligated1 as of that deadline4 7,e7 ,collaboration ,it is the sense of ,congress that-- 7i7 an entitlement community that receives amounts allocated under paragraph 7#a77;,b77i77,i7 should collaborate with the applicable local entity responsible for economic development and small business development in establishing and administering a small business emergency fund2 and 7ii7 ,states1 units of general local government1 and ,indian ,tribes that receive amounts under paragraph 7#a7 and are located in the same region should collaborate in establishing and administering one or more small business emergency funds4 7c7 ,small business emergency funds ,with respect to a small business emergency fund that receives funds from an allocation made under subsection 7b7-- 7#a7 if the small business emergency fund makes a loan to an eligible entity with those funds1 the small business emergency fund may use amounts returned to the small business emergency fund from the repayment of the loan to provide further assistance to eligible entities without regard to the termination date described in subsection 7g72 and 7#b7 the small business emergency fund shall conduct outreach to eligible entities that are less likely to participate in programs established under the ,,cares ,act 7,public ,law #aaf-acf7 and the amendments made by that ,act1 including minority-owned entities1 businesses in low-income communities1 businesses in rural and ,tribal areas1 and other businesses that are underserved by the traditional banking system4 7d7 ,information gathering 7#a7 ,in general ,when providing assistance to an eligible entity with funds received from an allocation made under subsection 7b71 the ,state1 unit of general local government1 or ,indian ,tribe1 or the entity designated by a ,state1 unit of general local government1 or ,indian ,tribe1 that provides assistance through a small business emergency fund shall-- 7,a7 inquire whether the eligible entity is-- 7i7 in the case of an eligible entity that is a business entity or a nonprofit organization1 a women-owned entity or a minority-owned entity2 and 7ii7 in the case of an eligible entity who is an individual1 a woman or a minority2 and 7,b7 maintain a record of the responses to each inquiry conducted under subparagraph 7,a71 which the entity shall promptly submit to the applicable ,state1 unit of general local government1 or ,indian ,tribe4 7#b7 ,right to refuse ,an eligible entity may refuse to provide any information requested under paragraph 7#a77;,a74 7e7 ,reporting 7#a7 ,in general ,not later than #cj days after the date on which a ,state1 unit of general local government1 or ,indian ,tribe initially receives an allocation made under subsection 7b71 and not later than #ad days after the date on which that ,state1 unit of local government1 or ,indian ,tribe completes the full expenditure of that allocation1 that ,state1 unit of general local government1 or ,indian ,tribe shall submit to the ,secretary a report that includes-- 7,a7 the number of recipients of assistance made available from the allocation2 7,b7 the total amount1 and type1 of assistance made available from the allocation2 7,c7 to the extent applicable1 with respect to each recipient described in subparagraph 7,a71 information regarding the industry of the recipient1 the amount of assistance received by the recipient1 the annual sales of the recipient1 and the number of employees of the recipient2 7,d7 to the extent available from information collected under subsection 7d71 information regarding the number of recipients described in subparagraph 7,a7 that are minority-owned entities1 minorities1 women1 and women-owned entities2 7,e7 the ,,zip ,code of each recipient described in subparagraph 7,a72 and 7,f7 any other information that the ,secretary1 in the sole discretion of the ,secretary1 determines to be necessary to carry out the ,program4 7#b7 ,public availability ,as soon as is practicable after receiving each report submitted under paragraph 7#a71 the ,secretary shall make all information contained in the report publicly available4 7f7 ,rules and guidance ,the ,secretary1 in consultation with the ,administrator1 shall issue any rules and guidance that are necessary to carry out the ,program1 including by establishing appropriate compliance and reporting requirements in addition to the reporting requirements under subsection 7e74 7g7 ,termination ,the ,program1 and any rules and guidance issued under subsection 7f7 with respect to the ,program1 shall terminate on the date that is #a year after the date of enactment of this ,act4 7h7 ,definitions ,in this section3 7#a7 ,eligible entity ,the term eligible entity-- 7,a7 means a business concern or a covered nonprofit organization 7as defined in section #g7;a77#cf77;,a77vii7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77;,a77vii777 that-- 7i7 employs-- 7,i7 not more than #bj full-time equivalent employees2 or 7,,ii7 if the entity or organization is located in a low-income community1 not more than #ej full-time equivalent employees2 7ii7 has experienced a loss of revenue as a result of the ,,covid-#ai pandemic1 according to criteria established by the ,secretary2 and 7iii7 with respect to such an entity or organization that receives assistance from a small business emergency fund1 satisfies additional requirements1 as determined by the ,state1 unit of general local government1 ,indian ,tribe1 or other entity that has established the small business emergency fund2 and 7,b7 includes an individual who operates under a sole proprietorship1 an individual who operates as an independent contractor1 and an eligible self-employed individual if such an individual has experienced a loss of revenue as a result of the ,,covid-#ai pandemic1 according to criteria established by the ,secretary4 7#b7 ,eligible self-employed individual ,the term eligible self-employed individual has the meaning given the term in section #g7;a77#cf77;,a7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77;,a774 7#c7 ,entitlement community ,the term entitlement community means a metropolitan city or urban county1 as those terms are defined in section #ajb of the ,housing and ,community ,development ,act of #aigd 7#db ,u4,s4,c4 #ecjb74 7#d7 ,full-time equivalent employees 7,a7 ,in general ,the term full-time equivalent employees means a number of employees equal to the number determined by dividing-- 7i7 the total number of hours of service for which wages were paid by the employer to employees during the taxable year2 by 7ii7 #b1jhj4 7,b7 ,rounding ,the number determined under subparagraph 7,a7 shall be rounded to the next lowest whole number if not otherwise a whole number4 7,c7 ,excess hours not counted ,if an employee works in excess of #b1jhj hours of service during any taxable year1 such excess shall not be taken into account under subparagraph 7,a74 7,d7 ,hours of service ,the ,secretary1 in consultation with the ,secretary of ,labor1 shall prescribe such regulations1 rules1 and guidance as may be necessary to determine the hours of service of an employee1 including rules for the application of this paragraph to employees who are not compensated on an hourly basis4 7#e7 ,indian ,tribe ,the term ,indian ,tribe has the meaning given the term ,indian tribe in section #ajb of the ,housing and ,community ,development ,act of #aigd 7#db ,u4,s4,c4 #ecjb74 7#f7 ,low-income community ,the term low-income community has the meaning given the term in section #de;,d7e7 of the ,internal ,revenue ,code of #aihf4 7#g7 ,minority ,the term minority has the meaning given the term in section #abjd7;c77#c7 of the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi 7#ab ,u4,s4,c4 #ahaa note74 7#h7 ,minority-owned entity ,the term minority-owned entity means an entity-- 7,a7 more than #ej percent of the ownership or control of which is held by not less than #a minority2 and 7,b7 more than #ej percent of the net profit or loss of which accrues to not less than #a minority4 7#i7 ,nonentitlement area2 ,state2 unit of general local government 7,a7 ,in general ,except as provided in subparagraph 7,b71 the terms nonentitlement area1 ,state1 and unit of general local government have the meanings given those terms in section #ajb of the ,housing and ,community ,development ,act of #aigd 7#db ,u4,s4,c4 #ecjb74 7,b7 ,state ,for purposes of subparagraphs 7,a77ii7 and 7,b77ii7 of subsection 7b77#a71 the term ,state means any ,state of the ,united ,states4 7#aj7 ,program ,the term ,program means the ,small ,business ,local ,relief ,program established under this section4 7#aa7 ,secretary ,the term ,secretary means the ,secretary of the ,treasury4 7#ab7 ,small business emergency fund ,the term small business emergency fund means a fund or program-- 7,a7 established by a ,state1 a unit of general local government1 an ,indian ,tribe1 or an entity designated by a ,state1 unit of general local government1 or ,indian ,tribe2 and 7,b7 that provides or administers financing to eligible entities in the form of grants1 loans1 or other means in accordance with the needs of eligible entities and the capacity of the fund or program4 7#ac7 ,women-owned entity ,the term women-owned entity means an entity-- 7,a7 more than #ej percent of the ownership or control of which is held by not less than #a woman2 and 7,b7 more than #ej percent of the net profit or loss of which accrues to not less than #a woman4 #fai4 ,grants for shuttered venue operators 7a7 ,definitions ,in this section3 7#a7 ,eligible live venue operator or promoter1 theatrical producer1 motion picture theatre operator1 or talent representative 7,a7 ,in general ,the term eligible live venue operator or promoter1 theatrical producer1 motion picture theatre operator1 or talent representative means a live venue operator or promoter or theatrical producer1 a motion picture theatre operator1 or a talent representative that meets the following requirements3 7i7 ,the live venue operator or promoter or theatrical producer1 the motion picture theatre operator1 or the talent representative was fully operational as a live venue operator or promoter or theatrical producer1 motion picture theatre operator1 or talent representative on ,february #bi1 #bjbj4 7ii7 ,as of the date of the grant under this section-- 7,i7 the live venue operator or promoter or theatrical producer is organizing1 promoting1 producing1 managing1 or hosting future live events described in paragraph 7#c77;,a77i72 7,,ii7 the motion picture theatre operator is open or intends to reopen for the primary purpose of public exhibition of motion pictures2 or 7,,iii7 the talent representative is representing or managing artists and entertainers4 7iii7 ,the venues at which the live venue operator or promoter or theatrical producer promotes1 produces1 manages1 or hosts events described in paragraph 7#c77;,a77i7 or the artists and entertainers represented or managed by the talent representative perform have the following characteristics3 7,i7 ,a defined performance and audience space4 7,,ii7 ,mixing equipment1 a public address system1 and a lighting rig4 7,,iii7 ,engages #a or more individuals to carry out not less than #b of the following roles3 7aa7 ,a sound engineer4 7bb7 ,a booker4 7cc7 ,a promoter4 7dd7 ,a stage manager4 7ee7 ,security personnel4 7ff7 ,a box office manager4 7,,iv7 ,there is a paid ticket or cover charge to attend most performances and artists are paid fairly and do not play for free or solely for tips1 except for fundraisers or similar charitable events4 7,v7 ,for a venue owned or operated by a nonprofit entity that produces free events1 the events are produced and managed by paid employees1 not by volunteers4 7,,vi7 ,performances are marketed through listings in printed or electronic publications1 on websites1 by mass email1 or on social media4 7iv7 ,a motion picture theatre or motion picture theatres operated by the motion picture theatre operator have the following characteristics3 7,i7 ,at least #a auditorium that includes a motion picture screen and fixed audience seating4 7,,ii7 ,a projection booth or space containing not less than #a motion picture projector4 7,,iii7 ,a paid ticket charge to attend exhibition of motion pictures4 7,,iv7 ,motion picture exhibitions are marketed through showtime listings in printed or electronic publications1 on websites1 by mass mail1 or on social media4 7v7 ,the live venue operator or promoter or theatrical producer1 the motion picture theatre operator1 or the talent representative does not have1 or is not majority owned or controlled by an entity with1 more than #a of the following characteristics3 7,i7 ,being an issuer1 the securities of which are listed on a national securities exchange4 7,,ii7 ,owning or operating venues1 motion picture theatres1 or talent agencies or talent management companies with offices in more than #a country4 7,,iii7 ,owning or operating venues or motion picture theatres in more than #aj ,states4 7,,iv7 ,employing more than #ejj employees1 determined on a full-time equivalent basis in accordance with subparagraph 7,b74 7,v7 ,receiving more than #aj percent of gross revenue from ,federal funding4 7,b7 ,calculation of full-time employees ,for purposes of determining the number of full-time equivalent employees under subparagraph 7,a77v77,,iv7-- 7i7 any employee working not fewer than #cj hours per week shall be considered a full-time employee2 and 7ii7 any employee working not fewer than #aj hours and fewer than #cj hours per week shall be counted as one-half of a full-time employee4 7,c7 ,multiple business entities ,each business entity of an eligible live venue operator or promoter1 theatrical producer1 motion picture theatre operator1 or talent representative that also meets the requirements under subparagraph 7,a7 shall be treated by the ,administrator as an independent1 non-affiliated entity for the purposes of this section4 7#b7 ,exchange2 issuer2 security ,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;c7a774 7#c7 ,live venue operator or promoter or theatrical producer ,the term live venue operator or promoter or theatrical producer-- 7,a7 means-- 7i7 an individual or entity-- 7,i7 that1 as a principal business activity1 organizes1 promotes1 produces1 manages1 or hosts live concerts1 comedy shows1 theatrical productions1 or other events by performing artists for which-- 7aa7 a cover charge through ticketing or front door entrance fee is applied2 and 7bb7 performers are paid in an amount that is based on a percentage of sales1 a guarantee 7in writing or standard contract71 or another mutually beneficial formal agreement2 and 7,,ii7 for which not less than #gj percent of the earned revenue of the individual or entity is generated through1 to the extent related to a live event described in subclause 7,i71 cover charges or ticket sales1 production fees or production reimbursements1 nonprofit educational initiatives1 or the sale of event beverages1 food1 or merchandise2 or 7ii7 an individual or entity that1 as a principal business activity1 makes available for purchase by the public an average of not less than #fj days before the date of the event tickets to events-- 7,i7 described in clause 7i77,i72 and 7,,ii7 for which performers are paid in an amount that is based on a percentage of sales1 a guarantee 7in writing or standard contract71 or another mutually beneficial formal agreement2 and 7,b7 includes an individual or entity described in subparagraph 7,a7 that-- 7i7 operates for profit or as a nonprofit2 7ii7 is government-owned2 or 7iii7 is a corporation1 limited liability company1 or partnership or operated as a sole proprietorship4 7#d7 ,motion picture theatre operator ,the term motion picture theatre operator means an individual or entity that-- 7,a7 as the principal business activity of the individual or entity1 owns or operates at least #a place of public accommodation for the purpose of motion picture exhibition for a fee2 and 7,b7 includes an individual or entity described in subparagraph 7,a7 that-- 7i7 operates for profit or as a nonprofit2 7ii7 is government-owned2 or 7iii7 is a corporation1 limited liability company1 or partnership or operated as a sole proprietorship4 7#e7 ,national securities exchange ,the term national securities exchange means an exchange registered as a national securities exchange under section #f of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;f74 7#f7 ,state ,the term ,state means-- 7,a7 a ,state2 7,b7 the ,district of ,columbia2 7,c7 the ,commonwealth of ,puerto ,rico2 and 7,d7 any other territory or possession of the ,united ,states4 7#g7 ,talent representative ,the term talent representative-- 7,a7 means an agent or manager that-- 7i7 as not less than #gj percent of the operations of the agent or manager1 is engaged in representing or managing artists and entertainers2 7ii7 books or represents musicians1 comedians1 actors1 or similar performing artists primarily at live events in venues or at festivals2 and 7iii7 represents performers described in clause 7ii7 that are paid in an amount that is based on the number of tickets sold1 or a similar basis2 and 7,b7 includes an agent or manager described in subparagraph 7,a7 that-- 7i7 operates for profit or as a nonprofit2 7ii7 is government-owned2 or 7iii7 is a corporation1 limited liability company1 or partnership or operated as a sole proprietorship4 7b7 ,authority 7#a7 ,initial grants 7,a7 ,in general ,the ,administrator may make initial grants to eligible live venue operators or promoters1 theatrical producers1 motion picture theatre operators1 or talent representatives in accordance with this section4 7,b7 ,first priority in awarding grants ,during the initial #ad-;day period during which the ,administrator awards grants under this section1 the ,administrator shall only award grants to an eligible live venue operator or promoter1 theatrical producer1 motion picture theatre operator1 or talent representative with revenue1 during the calendar quarter during which the ,administrator begins awarding such grants1 that is not more than #aj percent of the revenue of the eligible live venue operator or promoter1 theatrical producer1 motion picture theatre operator1 or talent representative during the corresponding calendar quarter during #bjai due to the ,,covid-#ai pandemic4 7,c7 ,second priority in awarding grants ,during the #ad-;day period immediately following the #ad-;day period described in subparagraph 7,b71 the ,administrator shall only award grants to an eligible live venue operator or promoter1 theatrical producer1 motion picture theatre operator1 or talent representative with revenue1 during the calendar quarter during which the ,administrator begins awarding such grants1 that is not more than #cj percent of the revenue of the eligible live venue operator or promoter1 theatrical producer1 motion picture theatre operator1 or talent representative during the corresponding calendar quarter during #bjai due to the ,,covid-#ai pandemic4 7#b7 ,supplemental grants ,the ,administrator may make a supplemental grant in accordance with this section to an eligible live venue operator or promoter1 theatrical producer1 motion picture theatre operator1 or talent representative that receives a grant under paragraph 7#a7 if1 as of ,december #a1 #bjbj1 the revenues of the eligible live venue operator or promoter1 theatrical producer1 motion picture theatre operator1 or talent representative for the most recent calendar quarter are not more than #bj percent of the revenues of the eligible live venue operator or promoter1 theatrical producer1 motion picture theatre operator1 or talent representative for the corresponding calendar quarter during #bjai due to the ,,covid-#ai pandemic4 7#c7 ,certification ,an eligible live venue operator or promoter1 theatrical producer1 motion picture theatre operator1 or talent representative applying for a grant under this section that is an eligible business described in the matter preceding subclause 7,i7 of section #djjc7;c77#c77;,d77i7 of the ,,cares ,act 7#ae ,u4,s4,c4 #ijdb7;c77#c77;,d77i771 shall make a good-faith certification described in subclauses 7,,ix7 and 7,x7 of such section4 7c7 ,amount 7#a7 ,initial grants ,a grant under subsection 7b77#a7 shall be in the amount equal to the lesser of-- 7,a7 the amount equal to #de percent of the gross earned revenue of the eligible live venue operator or promoter1 theatrical producer1 motion picture theatre operator1 or talent representative during #bjai2 7,b7 for an eligible live venue operator or promoter1 theatrical producer1 motion picture theatre operator1 or talent representative that began operations after ,january #a1 #bjai1 the amount equal to the product obtained by multiplying-- 7i7 the average monthly gross earned revenue for each full month during which the entity was in operation during #bjai2 by 7ii7 #f2 or 7,c7 #ab1jjj1jjj4 7#b7 ,supplemental grants ,a grant under subsection 7b77#b7 shall be in the amount equal to #ej percent of the grant received by the eligible live venue operator or promoter1 theatrical producer1 motion picture theatre operator1 or talent representative under subsection 7b77#a74 7d7 ,use of funds 7#a7 ,timing 7,a7 ,expenses incurred 7i7 ,in general ,except as provided in clause 7ii71 amounts received under a grant under this section may be used for costs incurred during the period beginning on ,march #a1 #bjbj1 and ending on ,december #ca1 #bjba4 7ii7 ,extension for supplemental grants ,if an eligible live venue operator or promoter1 theatrical producer1 motion picture theatre operator1 or talent representative receives a grant under subsection 7b77#b71 amounts received under either grant under this section may be used for costs incurred during the period beginning on ,march #a1 #bjbj1 and ending on ,june #cj1 #bjbb4 7,b7 ,expenditure 7i7 ,in general ,except as provided in clause 7ii71 an eligible live venue operator or promoter1 theatrical producer1 motion picture theatre operator1 or talent representative shall return to the ,administrator any amounts received under a grant under this section that are not expended on or before the date that is #a year after the date of disbursement of the grant4 7ii7 ,extension for supplemental grants ,if an eligible live venue operator or promoter1 theatrical producer1 motion picture theatre operator1 or talent representative receives a grant under subsection 7b77#b71 the eligible live venue operator or promoter1 theatrical producer1 motion picture theatre operator1 or talent representative shall return to the ,administrator any amounts received under either grant under this section that are not expended on or before the date that is #ah months after the date of disbursement to the eligible live venue operator or promoter1 theatrical producer1 motion picture theatre operator1 or talent representative of the grant under subsection 7b77#a74 7#b7 ,allowable expenses ,an eligible live venue operator or promoter1 theatrical producer1 motion picture theatre operator1 or talent representative may use amounts received under a grant under this section for-- 7,a7 payroll costs for employees and furloughed employees1 including-- 7i7 costs for continuation coverage provided pursuant to part #f of subtitle ,b of title ,i of the ,employee ,retirement ,income ,security ,act of #aigd 7#bi ,u4,s4,c4 #aafa et seq47 7other than under section #fji of such ,act 7#bi ,u4,s4,c4 #aafi771 title ,,xxii of the ,public ,health ,service ,act 7#db ,u4,s4,c4 #cjj;bb-#a et seq471 section #dihj;,b of the ,internal ,revenue ,code of #aihf 7other than subsection 7f77#a7 of such section insofar as it relates to pediatric vaccines71 or section #hije;a of title #e1 ,united ,states ,code1 or under a ,state program that provides comparable continuation coverage1 other than coverage under a health flexible spending arrangement under a cafeteria plan within the meaning of section #abe of the ,internal ,revenue ,code of #aihf2 or 7ii7 any other non-cash benefit2 7,b7 rent2 7,c7 utilities2 7,d7 mortgage interest payments on existing mortgages as of ,february #ae1 #bjbj2 7,e7 scheduled interest payments on other scheduled debt as of ,february #ae1 #bjbj2 7,f7 costs related to personal protective equipment2 7,g7 payments of principal on outstanding loans2 7,h7 payments made to independent contractors1 as reported on ,form-#ajii ,,misc2 and 7,i7 other ordinary and necessary business expenses1 including-- 7i7 settling existing debts owed to vendors2 7ii7 maintenance expenses2 7iii7 administrative costs2 7iv7 taxes2 7v7 operating leases2 7vi7 insurance2 7vii7 advertising1 production transportation1 and capital expenditures related to producing a theatrical production1 concert1 or comedy show2 and 7viii7 any other capital expenditure or expense required under any ,state1 local1 or ,federal law or guideline related to social distancing4 7#c7 ,prohibited expenses ,an eligible live venue operator or promoter1 theatrical producer1 motion picture theatre operator1 or talent representative may not use amounts received under a grant under this section-- 7,a7 to purchase real estate2 7,b7 for payments of interest or principal on loans originated after ,february #ae1 #bjbj2 7,c7 to invest or re-lend funds2 7,d7 for contributions or expenditures to1 or on behalf of1 any political party1 party committee1 or candidate for elective office2 or 7,e7 for any other use as may be prohibited by the ,administrator4 #fbj4 ,support for restaurants 7a7 ,short title ,this section may be cited as the ,real ,economic ,support ,that ,acknowledges ,unique ,restaurant ,assistance ,needed ,to ,survive ,act of #bjbj or the ,,restaurants ,act of #bjbj4 7b7 ,definitions ,in this section3 7#a7 ,affiliated business ,the term affiliated business means a business in which an eligible entity has an equity or right to profit distributions of not less than #ej percent1 or in which an eligible entity has the contractual authority to control the direction of the business1 provided that such affiliation shall be determined as of any arrangements or agreements in existence1 as of ,march #ac1 #bjbj4 7#b7 ,covered period ,the term covered period means the period beginning on ,february #ae1 #bjbj1 and ending on ,june #cj1 #bjba4 7#c7 ,eligible entity ,the term eligible entity-- 7,a7 means a restaurant1 food stand1 food truck1 food cart1 caterer1 saloon1 inn1 tavern1 bar1 lounge1 brewpub1 tasting room1 taproom1 licensed facility1 or premise of a beverage alcohol producer where the public may taste1 sample1 or purchase products1 or other similar place of business-- 7i7 in which the public or patrons assemble for the primary purpose of being served food or drink2 and 7ii7 that1 as of ,march #ac1 #bjbj1 owns or operates 7together with any affiliated business7 not more than #bj locations1 regardless of whether those locations do business under the same or multiple names2 7,b7 means an entity that is located in an airport terminal and that1 as of ,march #ac1 #bjbj1 sold any food and beverage1 if1 as of ,march #ac1 #bjbj1 the entity owns or operates 7together with any affiliated business7 not more than #bj locations1 regardless of whether those locations do business under the same or multiple names2 and 7,c7 does not include an entity described in subparagraph 7,a7 or 7,b7 that is part of a ,state or local government facility1 not including an airport4 7#d7 ,fund ,the term ,fund means the ,restaurant ,revitalization ,fund established under subsection 7c74 7#e7 ,immediate family member ,with respect to an individual1 the term immediate family member means any parent or child of the individual4 7#f7 ,payroll costs ,the term payroll costs has the meaning given the term in section #g7;a77#cf77;,a7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77;,a774 7#g7 ,secretary ,the term ,secretary means the ,secretary of the ,treasury4 7c7 ,establishment of a ,restaurant ,revitalization ,fund 7#a7 ,in general ,there is established in the ,treasury of the ,united ,states a fund to be known as the ,restaurant ,revitalization ,fund4 7#b7 ,appropriations 7,a7 ,in general ,there is appropriated to the ,fund1 out of amounts in the ,treasury not otherwise appropriated1 #abj1jjj1jjj1jjj1 to remain available until ,june #cj1 #bjba4 7,b7 ,remainder to ,treasury ,any amounts remaining in the ,fund after ,june #cj1 #bjba1 shall be deposited in the general fund of the ,treasury4 7#c7 ,use of funds ,the ,secretary shall use amounts in the ,fund to make grants described in section subsection 7d74 7d7 ,restaurant revitalization grants 7#a7 ,in general ,the ,secretary shall award grants to eligible entities in the order in which the application is received by the ,secretary4 7#b7 ,registration ,the ,secretary shall register each grant awarded under this subsection using the employer identification number of the eligible entity4 7#c7 ,application 7,a7 ,in general ,an eligible entity desiring a grant under this subsection shall submit to the ,secretary an application at such time1 in such manner1 and containing such information as the ,secretary may require4 7,b7 ,certification ,an eligible entity applying for a grant under this subsection shall make a good faith certification-- 7i7 that the uncertainty of current economic conditions makes necessary the grant request to support the ongoing operations of the eligible entity2 7ii7 acknowledging that funds will be used to retain workers1 for payroll costs1 and for other allowable expenses described in paragraph 7#f7 and not for any other purposes2 7iii7 that the eligible entity does not have an application pending for a grant under subsection 7a77#cf7 or 7b77#b7 of section #g of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7 for the same purpose and that is duplicative of amounts applied for or received under this section2 and 7iv7 during the covered period1 that the eligible entity has not received amounts under subsection 7a77#cf7 or 7b77#b7 of section #g of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7 for the same purpose and that is duplicative of amounts applied for or received under this section4 7,c7 ,hold harmless ,an eligible entity applying for a grant under this subsection shall not be ineligible for a grant if the eligible entity is able to document-- 7i7 an inability to rehire individuals who were employees of the eligible entity on ,february #ae1 #bjbj2 and 7ii7 an inability to hire similarly qualified employees for unfilled positions on or before ,june #cj1 #bjba4 7#d7 ,priority in awarding grants ,during the initial #ad-;day period in which the ,secretary awards grants under this subsection1 the ,secretary shall-- 7,a7 prioritize awarding grants to marginalized and underrepresented communities1 with a focus on women-1 veteran-1 and minority-owned1 and women-1 veteran-1 and minority-operated eligible entities2 and 7,b7 only award grants to eligible entities with annual revenues of less than #a1ejj1jjj4 7#e7 ,grant amount 7,a7 ,determination of grant amount 7i7 ,in general ,the amount of a grant made to an eligible entity under this subsection shall be equal to-- 7,i7 the sum of the revenues or estimated revenues of the eligible entity during each calendar quarter in #bjbj subtracted from the sum of such revenues during the same calendar quarter in #bjai1 if such sum is greater than zero2 and 7,,ii7 if applicable1 the additional amount required to pay for sick leave described under clause 7ii74 7ii7 ,sick leave ,an eligible entity applying for a grant under this section-- 7,i7 may request an additional grant amount based on the amount required to provide #aj days of paid sick leave to each employee of the entity to-- 7aa7 care for themselves or an immediate family member who is ill2 or 7bb7 provide care for children when schools or childcare providers are shut down due to ,,covid-#ai2 and 7,,ii7 shall1 if provided a grant under this section that includes an additional amount for sick leave described under subclause 7,i71 provide each employee of the entity with such #aj days of paid sick leave4 7iii7 ,verification ,an eligible entity shall submit to the ,secretary such revenue verification documentation as the ,secretary may require to determine the amount of a grant under clause 7i74 7iv7 ,repayment ,any amount of a grant made under this subsection to an eligible entity based on estimated revenues in a calendar quarter in #bjbj that is greater than the actual revenues of the eligible entity during that calendar quarter shall be converted to a loan that has-- 7,i7 an interest rate of #a percent2 and 7,,ii7 a maturity date of #aj years beginning on ,january #a1 #bjba4 7,b7 ,reduction based on ,,ppp forgiveness or ,,eidl emergency grant ,if an eligible entity has1 at the time of application for a grant under this subsection1 received an advance under section #aaaj7;e7 of the ,,cares ,act 7#ae ,u4,s4,c4 #ijji7;e77 or loan forgiveness under section #aajf of such ,act 7#ae ,u4,s4,c4 #ijje7 related to expenses incurred during the covered period1 the maximum amount of a grant awarded to the eligible entity under this subsection shall be reduced by the amount of funds expended by or forgiven for the eligible entity for those expenses using amounts received under such section #aaaj7;e7 or forgiven under such section #aajf4 7,c7 ,limitation ,an eligible entity may not receive more than #a grant under this subsection4 7,d7 ,aggregate maximum amount ,the aggregate amount of grants made to an eligible entity and any affiliate businesses of the eligible entity under this section shall not exceed #aj1jjj1jjj4 7#f7 ,use of funds 7,a7 ,in general ,during the covered period1 an eligible entity that receives a grant under this subsection may use the grant funds for-- 7i7 payroll costs2 7ii7 payments of principal or interest on any mortgage obligation2 7iii7 rent payments1 including rent under a lease agreement2 7iv7 utilities2 7v7 maintenance expenses1 including-- 7,i7 construction to accommodate outdoor seating2 and 7,,ii7 walls1 floors1 deck surfaces1 furniture1 fixtures1 and equipment2 7vi7 supplies1 including protective equipment and cleaning materials2 7vii7 food1 beverage1 and operational expenses that are within the scope of the normal business practice of the eligible entity before the covered period2 7viii7 debt obligations to suppliers that were incurred before the covered period2 7ix7 costs associated with providing employees with #aj days of sick leave1 as described in paragraph 7#e77;,a77ii72 and 7x7 any other expenses that the ,secretary determines to be essential to maintaining the eligible entity4 7,b7 ,returning funds ,if an eligible entity that receives a grant under this subsection permanently ceases operations on or before ,june #cj1 #bjba1 the eligible entity shall return to the ,treasury any funds that the eligible entity did not use for the allowable expenses under subparagraph 7,a74 7,c7 ,conversion to loan ,any grant amounts received by an eligible entity under this subsection that are unused after ,june #cj1 #bjba1 shall be immediately converted to a loan with-- 7i7 an interest rate of #a percent2 and 7ii7 a maturity date of #aj years4 7#g7 ,regulations ,not later than #ae days after the date of enactment of this ,act1 the ,secretary shall issue regulations to carry out this subsection without regard to the notice and comment requirements under section #eec of title #e1 ,united ,states ,code4 7#h7 ,appropriations for staffing and administrative expenses 7,a7 ,in general ,of the amounts provided by subsection 7c77#b77;,a71 #cjj1jjj1jjj shall be for staffing and administrative expenses related to administering grants awarded under this subsection4 7,b7 ,set aside ,of amounts provided under subparagraph 7,a71 #fj1jjj1jjj shall be allocated for outreach to traditionally marginalized and underrepresented communities1 with a focus on women1 veteran1 and minority-owned and operated eligible entities1 including the creation of a resource center targeted toward these communities4 7e7 ,limitation with respect to private funds 7#a7 ,in general ,no amounts received under this section may be directly or indirectly used to pay distributions1 dividends1 consulting fees1 advisory fees1 interest payments1 or any other fees1 expenses1 or charges to-- 7,a7 a person registered as an investment adviser under the ,investment ,advisers ,act of #aidj 7#ae ,u4,s4,c4 #hj;b-#a et seq47 who advises a private fund2 7,b7 any affiliate of such adviser2 7,c7 any executive of such adviser or affiliate2 or 7,d7 any employee1 consultant1 or other person with a contractual relationship to provide services for or on behalf of such adviser or affiliate4 7#b7 ,anti-evasion ,no company in which a private fund holds an ownership interest that has1 directly or indirectly1 received amounts under this title may pay any distributions1 dividends1 consulting fees1 advisory fees1 interest payments1 or any other fees1 expenses1 or charges in excess of #aj percent of such company's net operating profits for the calendar year ending ,december #ca1 #bjbj 7and for each successive year until the covered period has ended and all loans created under this section have been repaid71 to-- 7,a7 a person registered as an investment adviser under the ,investment ,advisers ,act of #aidj 7#ae ,u4,s4,c4 #hj;b-#a et seq47 who advises a private fund2 7,b7 any affiliate of such adviser2 7,c7 any executive of such adviser or affiliate2 or 7,d7 any employee1 consultant1 or other person with a contractual relationship to provide services for or on behalf of such adviser or affiliate4 7#c7 ,definitions ,in this section3 7,a7 ,affiliate 7i7 ,in general ,the term affiliate means1 with respect to a person1 any other person directly or indirectly controlling1 controlled by1 or under direct or indirect common control with such person4 7ii7 ,control ,for purposes of clause 7i71 a person shall be deemed to control another person if such person possesses1 directly or indirectly1 the power to direct or cause the direction of the management and policies of such other person1 whether through the ownership of voting securities1 by contract1 or otherwise4 7,b7 ,executive ,the term executive means-- 7i7 any individual who serves an executive or director of a person1 including the principal executive officer1 principal financial officer1 comptroller or principal accounting officer2 and 7ii7 an executive officer1 as defined in section #bcj4dje of title #ag1 ,code of ,federal ,regulations1 or any successor regulation4 7,c7 ,private fund ,the term private fund means an issuer that would be an investment company1 as defined in section #c of the ,investment ,company ,act of #aidj 7#ae ,u4,s4,c4 #hj;a-#c71 but for paragraph 7#a7 or 7#g7 of section #c7;c7 of that ,act4 7f7 ,demographic data and transparency 7#a7 ,demographic data ,in establishing an application process for carrying out this section1 the ,secretary shall include a voluntary request for certain demographic data with respect to the majority ownership of eligible entities1 including race1 ethnicity1 gender1 and veteran-status4 7#b7 ,monthly reports ,not later than the end of the first month in which initial grants are disbursed under this section1 and every month thereafter until the date on which the last grant has been disbursed under this section1 the ,secretary shall submit to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives a report providing-- 7,a7 the number and dollar amount of grants approved for or disbursed to all eligible entities1 including a list of eligible entities with the grant amount received by the eligible entity2 and 7,b7 a breakout of the number and dollar of grants by ,state1 congressional district1 demographics 7including race1 ethnicity1 gender1 and veteran-status71 and business type4 7#c7 ,quarterly reports ,beginning on ,january #a1 #bjba1 and every subsequent quarter until the last grant that was converted to a loan under this section is repaid1 the ,secretary shall submit to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives a report on-- 7,a7 the number and dollar amount of grants approved for or disbursed to all eligible entities1 including a breakout of grants by ,state1 congressional district1 demographics 7including race1 ethnicity1 gender1 and veteran-status71 and business type2 and 7,b7 the number and dollar amount of grants that converted to loans under this section1 including a breakout of outstanding loans by ,state1 congressional district1 demographics 7including race1 ethnicity1 gender1 and veteran-status71 and business type4 7#d7 ,data transparency ,not later than #cj days after the date of enactment of this ,act1 the ,secretary shall make available on a publicly available website in a standardized and downloadable format1 and update on a monthly basis1 any data contained in a report submitted under this section4 ,,vii ,minority business development agency and community development financial institutions fund #gja4 ,definitions ,in this title3 7#a7 ,agency ,the term ,agency means the ,minority ,business ,development ,agency of the ,department of ,commerce4 7#b7 ,assistant secretary ,the term ,assistant ,secretary means the ,assistant ,secretary of ,commerce for ,minority ,business ,development who is appointed as described in section #gad7;b7 to administer this subtitle4 7#c7 ,federal agency ,the term ,federal agency has the meaning given the term agency in section #eea of title #e1 ,united ,states ,code4 7#d7 ,federally recognized area of economic distress ,the term federally recognized area of economic distress means-- 7,a7 a ,h,u,b,zone1 as that term is defined in section #ca7;b7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #feg;a7b772 7,b7 an area that-- 7i7 has been designated as-- 7,i7 an empowerment zone under section #acia of the ,internal ,revenue ,code of #aihf2 or 7,,ii7 a ,promise ,zone by the ,secretary of ,housing and ,urban ,development2 or 7ii7 is a low or moderate income area1 as determined by the ,bureau of the ,census2 7,c7 a qualified opportunity zone1 as that term is defined in section #adjj,z-#a of the ,internal ,revenue ,code of #aihf2 or 7,d7 any other political subdivision or unincorporated area of a ,state determined by the ,assistant ,secretary to be an area of economic distress4 7#e7 ,indian tribe 7,a7 ,in general ,subject to subparagraph 7,b71 the term ,indian ,tribe has the meaning given the term ,indian tribe in section #d of the ,indian ,self-,determination and ,education ,assistance ,act 7#be ,u4,s4,c4 #ecjd74 7,b7 ,native hawaiian organization ,the term ,indian ,tribe includes a ,native ,hawaiian organization4 7#f7 ,institution of higher education ,the term institution of higher education has the meaning given the term in section #aja of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajja74 7#g7 ,minority business enterprise ,the term minority business enterprise means a for-profit business enterprise-- 7,a7 that is not less than #ea percent-owned by #a or more socially disadvantaged individuals2 and 7,b7 the management and daily business operations of which are controlled by #a or more socially disadvantaged individuals4 7#h7 ,private sector entity ,the term private sector entity-- 7,a7 means an entity that is not a public sector entity2 and 7,b7 does not include-- 7i7 the ,federal ,government2 7ii7 any ,federal agency2 or 7iii7 any instrumentality of the ,federal ,government4 7#i7 ,public sector entity ,the term public sector entity means-- 7,a7 a ,state2 7,b7 an agency of a ,state2 7,c7 a political subdivision of a ,state2 or 7,d7 an agency of a political subdivision of a ,state4 7#aj7 ,secretary ,the term ,secretary means the ,secretary of ,commerce4 7#aa7 ,socially disadvantaged individual 7,a7 ,in general ,the term socially disadvantaged individual means an individual who has been subjected to racial or ethnic prejudice or cultural bias because of the identity of the individual as a member of a group1 without regard to any individual quality of the individual that is unrelated to that identity4 7,b7 ,presumption ,in carrying out this subtitle1 the ,assistant ,secretary shall presume that the term socially disadvantaged individual includes any individual who is-- 7i7 ,black or ,african ,american2 7ii7 ,hispanic or ,latino2 7iii7 ,american ,indian or ,alaska ,native2 7iv7 ,asian2 7v7 ,native ,hawaiian or other ,pacific ,islander2 or 7vi7 a member of a group that the ,minority ,business ,development ,agency determines under part #adjj of title #ae1 ,code of ,federal ,regulations1 as in effect on ,november #bc1 #aihd1 is a socially disadvantaged group eligible to receive assistance4 7#ab7 ,state ,the term ,state means-- 7,a7 each of the ,states of the ,united ,states2 7,b7 the ,district of ,columbia2 7,c7 the ,commonwealth of ,puerto ,rico2 7,d7 the ,united ,states ,virgin ,islands2 7,e7 ,guam2 7,f7 ,american ,samoa2 7,g7 the ,commonwealth of the ,northern ,mariana ,islands2 and 7,h7 each ,indian ,tribe4 ,a ,codification of the minority business development agency #gaa4 ,short title ,this subtitle may be cited as the ,minority ,business ,resiliency ,act of #bjbj4 #gab4 ,findings and purposes 7a7 ,findings ,congress finds the following3 7#a7 ,during times of economic downturn or recession1 communities of color1 and businesses within those communities1 are generally more adversely affected1 which requires an expansion of the ability of the ,federal ,government to infuse resources into those communities4 7#b7 ,despite the growth in the number of minority business enterprises1 gaps remain with respect to key metrics for those enterprises1 such as access to capital1 revenue1 number of employees1 and survival rate4 ,specifically-- 7,a7 according to the ,department of ,commerce1 minority business enterprises are #b to #c times more likely to be denied loans than non-minority business enterprises2 7,b7 according to the ,bureau of the ,census1 the average non-minority business enterprise reports receipts that are more than #c times higher than receipts reported by the average minority business enterprise2 and 7,c7 according to the ,kauffman ,foundation-- 7i7 minority business enterprises are as likely to employ individuals1 as compared with non-minority business enterprises2 and 7ii7 if minorities started and owned businesses at the same rate as non-minorities1 the ,united ,states economy would have more than #a1jjj1jjj additional employer businesses and more than #i1ejj1jjj additional jobs4 7#c7 ,because of the conditions described in paragraph 7#b71 it is in the interest of the ,united ,states and the economy of the ,united ,states to expeditiously ameliorate the disparities that minority business enterprises experience4 7#d7 ,many individuals who own minority business enterprises are socially disadvantaged because those individuals identify as members of certain groups that have suffered the effects of discriminatory practices or similar circumstances over which those individuals have no control1 including individuals who are-- 7,a7 ,black or ,african ,american2 7,b7 ,hispanic or ,latino2 7,c7 ,american ,indian or ,alaska ,native2 7,d7 ,asian2 and 7,e7 ,native ,hawaiian or other ,pacific ,islander4 7#e7 ,discriminatory practices and similar circumstances described in paragraph 7#d7 are a significant determinant of overall economic disadvantage in the ,united ,states1 which is evident in the persistent racial wealth gap in the ,united ,states4 7#f7 ,while other ,federal agencies focus only on small businesses and businesses that represent a broader demographic than solely minority business enterprises1 the ,agency focuses exclusively on-- 7,a7 the unique needs of minority business enterprises2 and 7,b7 enhancing the capacity of minority business enterprises4 7b7 ,purposes ,the purposes of this subtitle are to-- 7#a7 require the ,agency to promote and administer programs in the public and private sectors to assist the development of minority business enterprises2 and 7#b7 achieve the development described in paragraph 7#a7 by authorizing the ,assistant ,secretary to carry out programs that will result in increased access to capital1 management1 and technology for minority business enterprises4 #gac4 ,minority ,business ,development ,agency 7a7 ,in general ,there is within the ,department of ,commerce the ,minority ,business ,development ,agency4 7b7 ,assistant secretary 7#a7 ,appointment and duties ,the ,agency shall be headed by an ,assistant ,secretary of ,commerce for ,minority ,business ,development1 who shall be-- 7,a7 appointed by the ,president1 by and with the advice and consent of the ,senate2 and 7,b7 except as otherwise expressly provided1 responsible for the administration of this subtitle4 7#b7 ,compensation ,the ,assistant ,secretary shall be compensated at an annual rate of basic pay prescribed for level ,,iv of the ,executive ,schedule under section #ecae of title #e1 ,united ,states ,code4 7c7 ,report to congress ,not later than #abj days after the date of enactment of this ,act1 the ,secretary shall submit to ,congress a report that describes-- 7#a7 the organizational structure of the ,agency2 7#b7 the organizational position of the ,agency within the ,department of ,commerce2 and 7#c7 a description of how the ,agency shall function in relation to the operations carried out by each other component of the ,department of ,commerce4 7d7 ,office of business centers 7#a7 ,establishment ,there is established within the ,agency an ,office of ,business ,centers4 7#b7 ,director ,the ,office of ,business ,centers shall be administered by a ,director1 who shall be appointed by the ,assistant ,secretary4 7e7 ,offices of the agency 7#a7 ,in general ,the ,assistant ,secretary shall establish such other offices within the ,agency as are necessary to carry out this subtitle4 7#b7 ,regional offices 7,a7 ,in general ,in order to carry out this subtitle1 the ,assistant ,secretary may establish a regional office of the ,agency for each of the regions of the ,united ,states1 as determined by the ,assistant ,secretary4 7,b7 ,duties ,each regional office established under subparagraph 7,a7 shall expand the reach of the ,agency and enable the ,federal ,government to better serve the needs of minority business enterprises in the region served by the office1 including by-- 7i7 understanding and participating in the business environment of that region2 7ii7 working with-- 7,i7 ,centers1 as that term is defined in section #gcb1 that are located in that region2 and 7,,ii7 resource and lending partners of the ,small ,business ,administration that are located in that region2 7iii7 being aware of business retention or expansion programs specific to that region2 7iv7 seeking out opportunities to collaborate with regional public and private programs that focus on minority business enterprises2 and 7v7 promoting business continuity and preparedness4 ,i ,existing initiatives ,a ,market development1 research1 and information #gba4 ,private sector development ,the ,assistant ,secretary shall1 whenever the ,assistant ,secretary determines such action is necessary or appropriate-- 7#a7 assist minority business enterprises to penetrate domestic and foreign markets by making available to those business enterprises1 either directly or in cooperation with private sector entities1 including community-based organizations and national nonprofit organizations-- 7,a7 resources relating to management2 7,b7 technological assistance2 7,c7 financial and marketing services2 and 7,d7 services relating to workforce development2 7#b7 encourage minority business enterprises to establish joint ventures and projects-- 7,a7 with other minority business enterprises2 or 7,b7 in cooperation with public sector entities or private sector entities1 including community-based organizations and national nonprofit organizations1 to increase the share of any market activity being performed by minority business enterprises2 and 7#c7 facilitate the efforts of private sector entities and ,federal agencies to advance the growth of minority business enterprises4 #gbb4 ,public sector development ,the ,assistant ,secretary shall1 whenever the ,assistant ,secretary determines such action is necessary or appropriate-- 7#a7 consult and cooperate with public sector entities for the purpose of leveraging resources available in the jurisdictions of those public sector entities to promote the position of minority business enterprises in the local economies of those public sector entities1 including by assisting public sector entities to establish or enhance-- 7,a7 programs to procure goods and services through minority business enterprises and goals for that procurement2 7,b7 programs offering assistance relating to-- 7i7 management2 7ii7 technology2 7iii7 financing2 7iv7 marketing2 and 7v7 workforce development2 and 7,c7 informational programs designed to inform minority business enterprises located in the jurisdictions of those public sector entities about the availability of programs described in this section2 7#b7 meet with leaders and officials of public sector entities for the purpose of recommending and promoting local administrative and legislative initiatives needed to advance the position of minority business enterprises in the local economies of those public sector entities2 and 7#c7 facilitate the efforts of public sector entities and ,federal agencies to advance the growth of minority business enterprises4 #gbc4 ,research and information 7a7 ,in general ,in order to achieve the purposes of this subtitle1 the ,assistant ,secretary-- 7#a7 shall-- 7,a7 collect and analyze data1 including data relating to the causes of the success or failure of minority business enterprises2 7,b7 perform evaluations of programs carried out by ,federal agencies with an emphasis on increasing coordination between ,federal agencies with respect to the development of minority business enterprises2 and 7,c7 conduct research1 studies1 and surveys of-- 7i7 economic conditions generally in the ,united ,states2 and 7ii7 how the conditions described in clause 7i7 particularly affect the development of minority business enterprises2 and 7#b7 may1 at the request of a public sector entity or a private sector entity1 perform an evaluation of programs carried out by the entity that are designed to assist the development of minority business enterprises4 7b7 ,information clearinghouse ,the ,assistant ,secretary shall-- 7#a7 establish and maintain an information clearinghouse for the collection and dissemination of demographic1 economic1 financial1 managerial1 and technical data relating to minority business enterprises2 and 7#b7 take such steps as the ,assistant ,secretary may determine to be necessary and desirable to search for1 collect1 classify1 coordinate1 integrate1 record1 and catalog the data described in paragraph 7#a74 ,b ,minority ,business ,development ,center ,program #gca4 ,purpose ,the purpose of the ,,mbdc ,program shall be to create a national network of public-private partnerships that-- 7#a7 assist minority business enterprises to-- 7,a7 access capital and contracts2 and 7,b7 create and maintain jobs2 7#b7 provide counseling and mentoring to minority business enterprises2 and 7#c7 facilitate the growth of minority business enterprises by promoting trade4 #gcb4 ,definitions ,in this subpart3 7#a7 ,center ,the term ,center means an eligible entity that enters into an ,,mbdc agreement with the ,assistant ,secretary4 7#b7 ,eligible entity ,except as otherwise expressly provided1 the term eligible entity-- 7,a7 means-- 7i7 a private sector entity2 or 7ii7 a public sector entity2 and 7,b7 includes an institution of higher education4 7#c7 ,,mbdc agreement ,the term ,,mbdc agreement means a collaborative agreement entered into between the ,assistant ,secretary and a ,center under the ,,mbdc ,program4 7#d7 ,,mbdc program ,the term ,,mbdc ,program means the program established under section #gcc4 #gcc4 ,establishment 7a7 ,in general ,subject to subsection 7b71 there is established in the ,agency a program-- 7#a7 that shall be known as the ,minority ,business ,development ,centers ,program2 7#b7 that shall be separate and distinct from the efforts of the ,assistant ,secretary under section #gba2 and 7#c7 under which the ,assistant ,secretary shall enter into cooperative agreements with eligible entities under which1 in accordance with section #gcd-- 7,a7 the eligible entities shall provide technical assistance and business development services to minority business enterprises2 and 7,b7 the ,assistant ,secretary shall provide financial assistance to the eligible entities to carry out the activities described in subparagraph 7,a74 7b7 ,coverage ,the ,assistant ,secretary shall take all necessary actions to ensure that the ,,mbdc ,program1 in accordance with section #gcd1 offers the services described in subsection 7a77#c77;,a7 in all regions of the ,united ,states4 7c7 ,scope of authority ,the authority of the ,assistant ,secretary to enter into ,,mbdc agreements shall be effective each fiscal year only to the extent that amounts are made available to the ,assistant ,secretary under applicable appropriations ,acts4 #gcd4 ,cooperative agreements 7a7 ,requirements ,a ,center shall1 using financial assistance awarded to the ,center under an ,,mbdc agreement-- 7#a7 provide to minority business enterprises programs and services determined to be appropriate by the ,assistant ,secretary1 which-- 7,a7 shall include referral services to meet the needs of minority business enterprises2 and 7,b7 may include programs and services to accomplish the goals described in section #gba7a72 7#b7 develop1 cultivate1 and maintain a network of strategic partnerships with organizations that foster access by minority business enterprises to economic markets or contracts2 7#c7 continue to upgrade and modify the services provided by the ,center1 as necessary1 in order to meet the changing and evolving needs of the business community2 7#d7 collaborate with other ,centers2 and 7#e7 in providing programs and services under the ,,mbdc agreement-- 7,a7 operate on a fee-for-service basis2 and 7,b7 generate income through the collection of-- 7i7 client fees2 7ii7 membership fees2 7iii7 success fees2 and 7iv7 any other appropriate fees proposed by the ,center in the application submitted by the ,center for the ,,mbdc agreement4 7b7 ,term ,subject to subsection 7g71 the term of an ,,mbdc agreement shall be #c years4 7c7 ,financial assistance 7#a7 ,minimum amount ,subject to paragraph 7#b71 the amount of financial assistance provided by the ,assistant ,secretary under an ,,mbdc agreement shall be not less than #bej1jjj for the term of the ,,mbdc agreement4 7#b7 ,additional amounts ,in determining whether to award financial assistance under an ,,mbdc agreement to a ,center in an amount greater than #bej1jjj1 the ,assistant ,secretary shall take into consideration the cost of living and the size of the population in the area in which the ,center is located4 7#c7 ,matching requirement 7,a7 ,in general ,a ,center shall match not less than #a_/c of the amount of the financial assistance awarded to the ,center under an ,,mbdc agreement4 7,b7 ,form of funds ,a ,center may meet the matching requirement under subparagraph 7,a7 using cash or in-kind contributions1 without regard to whether the contribution is made by a third party4 7#d7 ,use of financial assistance and program income ,a ,center shall use-- 7,a7 all financial assistance awarded to the ,center under an ,,mbdc agreement to carry out the requirements under subsection 7a72 and 7,b7 all income that the ,center generates in carrying out the requirements under subsection 7a7-- 7i7 to meet the matching requirement under paragraph 7#c7 of this subsection2 and 7ii7 if the ,center meets the matching requirement under paragraph 7#c7 of this subsection1 to carry out the requirements under subsection 7a74 7d7 ,criteria for selection ,the ,assistant ,secretary shall-- 7#a7 establish-- 7,a7 criteria that-- 7i7 the ,assistant ,secretary shall use in determining whether to enter into an ,,mbdc agreement with an eligible entity2 and 7ii7 may include criteria relating to whether an eligible entity is located in-- 7,i7 an area1 the population of which is composed of not less than #ea percent socially disadvantaged individuals2 7,,ii7 a federally recognized area of economic distress2 or 7,,iii7 a ,state that is underserved with respect to the ,,mbdc program1 as defined by the ,assistant ,secretary2 and 7,b7 standards relating to the consideration given to the criteria established under subparagraph 7,a72 and 7#b7 make the criteria and standards established under paragraph 7#a7 publicly available1 including-- 7,a7 on the website of the ,agency2 and 7,b7 in each solicitation for applications for ,,mbdc agreements4 7e7 ,applications ,an eligible entity desiring to enter into an ,,mbdc agreement shall submit to the ,assistant ,secretary an application that includes-- 7#a7 a statement of-- 7,a7 how the eligible entity will meet the requirements under subsection 7a72 and 7,b7 any experience of the eligible entity in-- 7i7 assisting minority business enterprises to-- 7,i7 obtain-- 7aa7 large-scale contracts or procurements2 or 7bb7 financing2 7,,ii7 access established supply chains2 and 7,,iii7 engage in-- 7aa7 joint ventures1 teaming arrangements1 and mergers and acquisitions2 or 7bb7 large-scale transactions in global markets2 and 7ii7 advocating for minority business enterprises2 and 7#b7 the budget and corresponding budget narrative that the eligible entity will use in carrying out the requirements under subsection 7a7 during the term of the ,,mbdc agreement4 7f7 ,notification ,if the ,assistant ,secretary grants an application of an eligible entity submitted under subsection 7e71 the ,assistant ,secretary shall notify the eligible entity that the application has been granted not later than #aej days after the last day on which an application may be submitted under that subsection4 7g7 ,program examination2 accreditation2 extensions 7#a7 ,examination ,not later than #ahj days after the date of enactment of this ,act1 and biennially thereafter1 the ,assistant ,secretary shall conduct a programmatic financial examination of each ,center4 7#b7 ,accreditation ,the ,assistant ,secretary may provide financial support1 by contract or otherwise1 to an association1 not less than #ea percent of the members of which are ,centers1 to-- 7,a7 pursue matters of common concern with respect to ,centers2 and 7,b7 develop an accreditation program with respect to ,centers4 7#c7 ,extensions 7,a7 ,in general ,the ,assistant ,secretary may extend the term under subsection 7b7 of an ,,mbdc agreement to which a ,center is a party to a term of #e years1 if the ,center consents to the extension4 7,b7 ,financial assistance ,if the ,assistant ,secretary extends the term of an ,,mbdc agreement under paragraph 7#a71 the ,assistant ,secretary shall1 in the same manner and amount in which financial assistance was provided during the initial term of the ,,mbdc agreement1 provide financial assistance under the ,,mbdc agreement during the extended term of the ,,mbdc agreement4 7h7 ,priority ,in entering into ,,mbdc agreements under the ,,mbdc ,program and extending ,,mbdc agreements under subsection 7g77#c71 the ,assistant ,secretary shall give priority to extending ,,mbdc agreements under subsection 7g77#c74 7i7 ,suspension1 termination1 and refusal ,to extend 7#a7 ,in general 7,a7 ,in general ,the ,assistant ,secretary may suspend1 terminate1 or refuse to extend the term of an ,,mbdc agreement on the basis of the poor performance by a ,center in meeting the performance goals established by the ,secretary under subparagraph 7,b74 7,b7 ,performance goals ,the ,assistant ,secretary shall establish performance goals by which to evaluate the performance of a ,center in meeting the requirements under subsection 7a74 7#b7 ,notice ,before suspending1 terminating1 or refusing to extend the term of an ,,mbdc agreement under paragraph 7#a71 the ,assistant ,secretary shall provide to the relevant ,center-- 7,a7 a written notice of the reasons for the suspension1 termination1 or refusal2 and 7,b7 an opportunity for a hearing1 appeal1 or other administrative proceeding to contest the suspension1 termination1 or refusal4 7j7 ,,mbda involvement ,the ,assistant ,secretary shall ensure that the ,agency is substantially involved in the activities of ,centers in carrying out the requirements under subsection 7a71 including by-- 7#a7 providing to each ,center training relating to the ,,mbdc ,program2 7#b7 requiring that the operator and staff of each ,center-- 7,a7 attend-- 7i7 a conference with the ,agency to establish the services and programs that the ,center will provide in carrying out the requirements before the date on which the ,center begins providing those services and programs2 and 7ii7 training provided under paragraph 7#a72 7,b7 receive necessary advising relating to carrying out the requirements under subsection 7a72 and 7,c7 work in coordination and collaboration with the ,assistant ,secretary to carry out the ,,mbdc ,program and other programs of the ,agency2 7#c7 facilitating connections between ,centers and-- 7,a7 ,federal agencies other than the ,agency1 including the ,small ,business ,administration and the ,economic ,development ,administration of the ,department of ,commerce2 and 7,b7 other institutions or entities that use ,federal resources1 including-- 7i7 small business development centers1 as that term is defined in section #c7t7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcb7t772 7ii7 women's business centers described in section #bi of the ,small ,business ,act 7#ae ,u4,s4,c4 #fef72 7iii7 eligible entities1 as that term is defined in section #bdaa of title #aj1 ,united ,states ,code1 that provide services under the program carried out under chapter #adb of that title2 and 7iv7 entities participating in the ,hollings ,manufacturing ,extension ,partnership ,program established under section #be of the ,national ,institute of ,standards and ,technology ,act 7#ae ,u4,s4,c4 #bghk72 7#d7 monitoring projects carried out by each ,center2 and 7#e7 establishing and enforcing administrative and reporting requirements for each ,center to carry out the requirements under subsection 7a74 7k7 ,regulations ,the ,assistant ,secretary shall issue and publish regulations that establish minimum standards regarding verification of minority business enterprise status for clients of entities operating under the ,,mbdc ,program4 #gce4 ,minimizing disruptions to existing business centers program ,the ,assistant ,secretary shall ensure that each cooperative agreement entered into under the ,business ,centers program of the ,agency that is in effect on the day before the date of enactment of this ,act is carried out in a manner that1 to the greatest extent practicable1 prevents disruption of any activity carried out under the cooperative agreement4 #gcf4 ,publicity ,in carrying out the ,,mbdc ,program1 the ,assistant ,secretary shall widely publicize the ,,mbdc ,program1 including-- 7#a7 on the website of the ,agency2 and 7#b7 via social media outlets4 #gcg4 ,emergency appropriations 7a7 ,in general ,there is appropriated1 out of amounts in the ,treasury not otherwise appropriated1 for an additional amount for ,minority ,business ,development1 #be1jjj1jjj1 for necessary expenses for the ,,mbdc ,program1 including the component of the program relating to ,specialty ,centers1 including any cost sharing requirements that may exist1 for assisting minority business enterprises to prevent1 prepare for1 and respond to coronavirus1 including identifying and accessing local1 ,state1 and ,federal ,government assistance related to such virus4 7b7 ,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 ,,ii ,new initiatives to promote economic resiliency for minority businesses #gda4 ,annual diverse business forum on capital formation 7a7 ,responsibility of agency ,not later than #ah months after the date of enactment of this ,act1 and annually thereafter1 the ,agency shall conduct a ,government-business forum to review the current status of problems and programs relating to capital formation by minority business enterprises4 7b7 ,participation in forum planning ,the ,assistant ,secretary shall invite the heads of other ,federal agencies1 such as the ,chairman of the ,securities and ,exchange ,commission1 the ,secretary of the ,treasury1 and the ,chairman of the ,board of ,governors of the ,federal ,reserve ,system1 organizations representing ,state securities commissioners1 representatives of leading minority chambers of commerce1 business organizations1 and professional organizations concerned with capital formation to participate in the planning of each forum conducted under subsection 7a74 7c7 ,preparation of statements and reports 7#a7 ,requests ,the ,assistant ,secretary may request that any head of a ,federal department1 agency1 or organization1 including those described in subsection 7b71 or any other group or individual1 prepare a statement or report to be delivered at any forum conducted under subsection 7a74 7#b7 ,cooperation ,any head of a ,federal department1 agency1 or organization who receives a request under paragraph 7#a7 shall1 to the greatest extent practicable1 cooperate with the ,assistant ,secretary to fulfill that request4 7d7 ,transmittal of proceedings and findings ,the ,assistant ,secretary shall-- 7#a7 prepare a summary of the proceedings of each forum conducted under subsection 7a71 which shall include the findings and recommendations of the forum2 and 7#b7 transmit the summary described in paragraph 7#a7 with respect to each forum conducted under subsection 7a7 to-- 7,a7 the participants in the forum2 7,b7 ,congress2 and 7,c7 the public1 through a publicly available website4 7e7 ,review of findings and recommendations2 public statements 7#a7 ,in general ,a ,federal agency to which a finding or recommendation described in subsection 7d77#a7 relates shall-- 7,a7 review that finding or recommendation2 and 7,b7 promptly after the finding or recommendation is transmitted under paragraph 7#b77;,c7 of subsection 7d71 issue a public statement-- 7i7 assessing the finding or recommendation2 and 7ii7 disclosing the action1 if any1 the ,federal agency intends to take with respect to the finding or recommendation4 7#b7 ,joint statement permitted ,if a finding or recommendation described in subsection 7d77#a7 relates to more than #a ,federal agency1 the applicable ,federal agencies may1 for the purposes of the public statement required under paragraph 7#a77;,b71 issue a joint statement4 #gdb4 ,agency study on alternative financing solutions 7a7 ,purpose ,the purpose of this section is to provide information relating to alternative financing solutions to minority business enterprises1 as those business enterprises are more likely to struggle in accessing1 particularly at affordable rates1 traditional sources of capital4 7b7 ,study and report ,not later than #a year after the date of enactment of this ,act1 the ,assistant ,secretary shall-- 7#a7 conduct a study on opportunities for providing alternative financing solutions to minority business enterprises2 and 7#b7 submit to ,congress1 and publish on the website of the ,agency1 a report describing the findings of the study carried out under paragraph 7#a74 #gdc4 ,educational development relating to management and entrepreneurship 7a7 ,duties ,the ,assistant ,secretary shall1 whenever the ,assistant ,secretary determines such action is necessary or appropriate-- 7#a7 promote and provide assistance for the education and training of socially disadvantaged individuals in subjects directly relating to business administration and management2 7#b7 join with1 and encourage1 institutions of higher education1 leaders in business and industry1 and other public sector and private sector entities1 particularly minority business enterprises1 to-- 7,a7 develop programs to offer scholarships and fellowships1 apprenticeships1 and internships relating to business to socially disadvantaged individuals2 and 7,b7 sponsor seminars1 conferences1 and similar activities relating to business for the benefit of socially disadvantaged individuals2 7#c7 stimulate and accelerate curriculum design and improvement in support of development of minority business enterprises2 and 7#d7 encourage and assist private institutions and organizations and public sector entities to undertake activities similar to the activities described in paragraphs 7#a71 7#b71 and 7#c74 7b7 ,parren ,j4 ,mitchell entrepreneurship education grants 7#a7 ,definition ,in this subsection1 the term eligible institution means an institution of higher education described in any of paragraphs 7#a7 through 7#g7 of section #cga7;a7 of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajfgq7a774 7#b7 ,grants ,the ,assistant ,secretary shall award grants to eligible institutions to develop and implement entrepreneurship curricula4 7#c7 ,requirements ,an eligible institution that receives a grant awarded under this subsection shall use the grant funds to-- 7,a7 develop a curriculum that includes training in various skill sets needed by contemporary successful entrepreneurs1 including-- 7i7 business management and marketing2 7ii7 financial management and accounting2 7iii7 market analysis2 7iv7 competitive analysis2 7v7 innovation2 7vi7 strategic planning2 and 7vii7 any other skill set that the eligible institution determines is necessary for the students served by the eligible institution and the community in which the eligible institution is located2 and 7,b7 implement the curriculum developed under subparagraph 7,a7 at the eligible institution4 7#d7 ,implementation timeline ,the ,assistant ,secretary shall establish and publish a timeline under which an eligible institution that receives a grant under this section shall carry out the requirements under paragraph 7#c74 7#e7 ,reports ,each year1 the ,assistant ,secretary shall submit to the ,committee on ,commerce1 ,science1 and ,transportation of the ,senate and the ,committee on ,energy and ,commerce of the ,house of ,representatives1 as part of the annual budget submission of the ,president under section #aaje7;a7 of title #ca1 ,united ,states ,code1 a report evaluating the awarding and use of grants under this subsection during the fiscal year immediately preceding the date on which the report is submitted1 which shall include1 with respect to that fiscal year-- 7,a7 a description of each curriculum developed and implemented under each grant awarded under this section2 7,b7 the date on which each grant awarded under this section was awarded2 and 7,c7 the number of eligible entities that were recipients of grants awarded under this section4 ,,iii ,administrative and other powers of the agency2 miscellaneous provisions #gea4 ,administrative powers 7a7 ,in general ,in carrying out this subtitle1 the ,assistant ,secretary may-- 7#a7 adopt and use a seal for the ,agency1 which shall be judicially noticed2 7#b7 hold hearings1 sit and act1 and take testimony as the ,assistant ,secretary may determine to be necessary or appropriate to carry out this subtitle2 7#c7 acquire1 in any lawful manner1 any property that the ,assistant ,secretary may determine to be necessary or appropriate to carry out this subtitle2 7#d7 make advance payments under grants1 contracts1 and cooperative agreements awarded under this subtitle2 7#e7 enter into agreements with other ,federal agencies2 7#f7 coordinate with the heads of the ,offices of ,small and ,disadvantaged ,business ,utilization of ,federal agencies2 7#g7 require a coordinated review of all training and technical assistance activities that are proposed to be carried out by ,federal agencies in direct support of the development of minority business enterprises to-- 7,a7 ensure consistency with the purposes of this subtitle2 and 7,b7 avoid duplication of existing efforts2 and 7#h7 prescribe such rules1 regulations1 and procedures as the ,agency may determine to be necessary or appropriate to carry out this subtitle4 7b7 ,employment of certain experts and consultants 7#a7 ,in general ,in carrying out this subtitle1 the ,assistant ,secretary may procure by contract the temporary or intermittent services of experts or consultants or an organization thereof1 as authorized under section #caji of title #e1 ,united ,states ,code4 7#b7 ,renewal of contracts ,the ,assistant ,secretary may annually renew a contract entered into under paragraph 7#a74 7c7 ,donation of property 7#a7 ,in general ,subject to paragraph 7#b71 in carrying out this subtitle1 the ,assistant ,secretary may1 without cost 7except for costs of care and handling71 donate for use by any public sector entity1 or by any recipient nonprofit organization1 for the purpose of the development of minority business enterprises1 any real or tangible personal property acquired by the ,agency in carrying out this subtitle4 7#b7 ,terms1 conditions1 reservations1 and restrictions ,the ,assistant ,secretary may impose reasonable terms1 conditions1 reservations1 and restrictions upon the use of any property donated under paragraph 7#a74 #geb4 ,financial assistance 7a7 ,in general 7#a7 ,provision of financial assistance ,to carry out sections #gba1 #gbb1 and #gbc7;a71 the ,assistant ,secretary may provide financial assistance to public sector entities and private sector entities in the form of contracts1 grants1 or cooperative agreements4 7#b7 ,notice ,not later than #abj days before the first day of each fiscal year1 the ,assistant ,secretary shall1 in accordance with subsection 7b71 broadly publish a statement regarding financial assistance that will1 or may1 be made available under paragraph 7#a7 in the first fiscal year that begins after the date on which the statement is published1 including-- 7,a7 the actual1 or anticipated1 amount of financial assistance that will1 or may1 be made available2 7,b7 the types of financial assistance that will1 or may1 be made available2 7,c7 the manner in which financial assistance will be allocated among public sector entities and private sector entities1 as applicable2 and 7,d7 the methodology used by the ,assistant ,secretary to make allocations under subparagraph 7,c74 7#c7 ,consultation ,the ,assistant ,secretary shall consult with public sector entities and private sector entities1 as applicable1 in deciding the amounts and types of financial assistance to make available under paragraph 7#a74 7b7 ,publicity ,in carrying out this section1 the ,assistant ,secretary shall broadly publicize all opportunities for financial assistance available under this section1 including-- 7#a7 on the website of the ,agency2 and 7#b7 via social media outlets4 #gec4 ,audits 7a7 ,recordkeeping requirement ,each recipient of assistance under this subtitle shall keep such records as the ,assistant ,secretary shall prescribe1 including records that fully disclose1 with respect to the assistance received by the recipient under this subtitle-- 7#a7 the amount and nature of that assistance2 7#b7 the disposition by the recipient of the proceeds of that assistance2 7#c7 the total cost of the undertaking for which the assistance is given or used2 7#d7 the amount and nature of the portion of the cost of the undertaking described in paragraph 7#c7 that is supplied by a source other than the ,agency2 and 7#e7 any other records that will facilitate an effective audit of the assistance4 7b7 ,access by government officials ,the ,assistant ,secretary1 the ,inspector ,general of the ,department of ,commerce1 and the ,comptroller ,general of the ,united ,states1 or any duly authorized representative of any such individual1 shall have access1 for the purpose of audit1 investigation1 and examination1 to any book1 document1 paper1 record1 or other material of a recipient of assistance under this subtitle that pertains to the assistance received by the recipient under this subtitle4 #ged4 ,review and report by comptroller general ,not later than #d years after the date of enactment of this ,act1 the ,comptroller ,general of the ,united ,states shall-- 7#a7 conduct a thorough review of the programs carried out under this subtitle2 and 7#b7 submit to ,congress a detailed report of the findings of the ,comptroller ,general of the ,united ,states under the review carried out under paragraph 7#a71 which shall include-- 7,a7 an evaluation of the effectiveness of the programs in achieving the purposes of this subtitle2 7,b7 a description of any failure by any recipient of assistance under this subtitle to comply with the requirements under this subtitle2 and 7,c7 recommendations for any legislative or administrative action that should be taken to improve the achievement of the purposes of this subtitle4 #gee4 ,annual reports2 recommendations 7a7 ,annual report ,not later than #ij days after the last day of each fiscal year1 the ,assistant ,secretary shall submit to ,congress1 and publish on the website of the ,agency1 a report of each activity of the ,agency carried out under this subtitle during the fiscal year preceding the date on which the report is submitted4 7b7 ,recommendations ,the ,assistant ,secretary shall periodically submit to ,congress and the ,president recommendations for legislation or other actions that the ,assistant ,secretary determines to be necessary or appropriate to promote the purposes of this subtitle4 #gef4 ,separability ,if a provision of this subtitle1 or the application of a provision of this subtitle to any person or circumstance1 is held by a court of competent jurisdiction to be invalid1 that judgment-- 7#a7 shall not affect1 impair1 or invalidate-- 7,a7 any other provision of this subtitle2 or 7,b7 the application of this subtitle to any other person or circumstance2 and 7#b7 shall be confined in its operation to-- 7,a7 the provision of this subtitle with respect to which the judgment is rendered2 or 7,b7 the application of the provision of this subtitle to each person or circumstance directly involved in the controversy in which the judgment is rendered4 #geg4 ,executive ,order #aafbe ,the powers and duties of the ,agency shall be determined-- 7#a7 in accordance with this subtitle and the requirements of this subtitle2 and 7#b7 without regard to ,executive ,order #aafbe 7#cf ,fed4 ,reg4 #aiifg2 relating to prescribing additional arrangements for developing and coordinating a national program for minority business enterprise74 #geh4 ,amendment to the ,federal ,acquisition ,streamlining ,act of #aiid ,section #gajd7;c7 of the ,federal ,acquisition ,streamlining ,act of #aiid 7#ae ,u4,s4,c4 #fdd;a7c77 is amended by striking paragraph 7#b7 and inserting the following3 7#b7 ,the ,assistant ,secretary of ,commerce for ,minority ,business ,development4 4 ,b ,other provisions #gfa4 ,emergency grants to minority business enterprises 7a7 ,grants during the ,,covid-#ai pandemic ,the ,agency shall provide grants to address the needs of minority business enterprises impacted by the ,,covid-#ai pandemic4 7b7 ,recipients ,the ,agency may make grants through nonprofit organizations or directly to minority business enterprises4 7c7 ,priority areas ,in providing grants pursuant to subsection 7a71 the ,agency shall prioritize providing assistance to-- 7#a7 minority business enterprises that have been unable to obtain loans from the paycheck protection program under section #g7;a77#cf7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77 and other programs established under the ,,cares ,act 7,public ,law #aaf-acf72 7#b7 minority business enterprises located in low-income areas or areas that have been significantly impacted by the ,,covid-#ai pandemic2 and 7#c7 minority business enterprises that do not have access to capital and whose business is substantially impaired because of the impact of stay-at-home orders implemented by ,state and local governments due to the ,,covid-#ai pandemic4 7d7 ,terms and conditions 7#a7 ,in general ,the ,assistant ,secretary shall set such terms and conditions for the grants made under this section as the ,assistant ,secretary determines appropriate4 7#b7 ,notification ,no later than #ae days prior to making any grants under this section1 the ,assistant ,secretary shall provide the terms and conditions for grants made under this section to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives4 7e7 ,,gao oversight ,not later than #f months after the date of enactment of this ,act1 the ,comptroller ,general of the ,united ,states shall provide a report on the effectiveness of the grants made under this section1 including the manner in which the ,agency implemented the priorities described in subsection 7c74 7f7 ,authorization of appropriations ,there are authorized to be appropriated #c1jjj1jjj1jjj to carry out this section1 to remain available until expended4 ,,viii ,promoting and ,advancing ,communities of ,color through ,inclusive ,lending #hja4 ,short title ,this title may be cited as the ,promoting and ,advancing ,communities of ,color through ,inclusive ,lending ,act4 #hjb4 ,findings2 sense of ,congress 7a7 ,findings ,the ,congress finds the following3 7#a7 ,the ,coronavirus #bjai 7,,covid-#ai7 pandemic and the resulting recession have led to-- 7,a7 more than #d1hjj1jjj cases and at least #aeg1jjj deaths in the ,united ,states as of ,august #f1 #bjbj2 7,b7 a #g4f percent increase in the unemployment rate from ,february to ,june1 or approximately #ab1jjj1jjj more persons who have lost their job2 and 7,c7 an estimated #cf percent of renters and #d1ajj1jjj homeowners who are struggling to pay their rent and mortgages4 7#b7 ,according to the ,centers for ,disease ,control and ,prevention1 long-standing systemic health and social inequities have put some members of racial and ethnic minority groups at increased risk of getting ,,covid-#ai or experiencing severe illness4 7#c7 ,minority-owned businesses are also facing more difficult economic circumstances than others as a result of the ,,covid-#ai pandemic4 ,in ,april #bjbj1 the ,federal ,reserve ,bank of ,new ,york reported that minority- and women-owned businesses were not only more likely to show signs of limited financial health1 but also twice as likely to be classified as at risk or distressed than their non-minority counterparts4 7#d7 ,during the ,coronavirus #bjai 7,,covid-#ai7 pandemic1 community development financial institutions 7in this section referred to as ,c,d,f,is7 and minority depository institutions 7in this section referred to as ,m,d,is7 have delivered needed capital and relief to underserved communities1 many of which have borne a disproportionate impact of the ,,covid-#ai pandemic4 ,through ,august #h1 #bjbj1 ,c,d,f,is and ,m,d,is have provided more than #af1djj1jjj1jjj in loans under the ,paycheck ,protection ,program under section #g7;a77#cf7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77 to small businesses with a smaller median loan size of about #gd1jjj compared to the overall program median loan size of #aja1jjj4 7#e7 ,in addition to establishing relief funds and services for local businesses and individuals experiencing loss of income1 ,c,d,f,is and ,m,d,is have provided mortgage forbearances1 loan deferments1 and modifications to help address the needs of their borrowers4 ,c,d,f,is and ,m,d,is are reaching underserved communities and minority-owned businesses at a critical time4 7#f7 ,the ,community ,development ,financial ,institutions ,fund 7in this section referred to as the ,,cdfi ,fund7 is an agency of the ,department of the ,treasury and was established by the ,community ,development ,banking and ,financial ,institutions ,act of #aiid4 ,the mission of the ,,cdfi ,fund is to expand economic opportunity for underserved people and communities by supporting the growth and capacity of a national network of community development lenders1 investors1 and financial service providers4 ,as of ,september #ae1 #bjbj1 there were #a1acg certified ,c,d,f,is in all #ej ,states1 the ,district of ,columbia1 ,guam1 and the ,commonwealth of ,puerto ,rico4 7#g7 ,following the #bjjh financial crisis and the disproportionate impact the ,great ,recession had on minority communities1 the number of ,m,d,is that are banks fell more than #cj percent over the following decade1 to #adc as of the second quarter of #bjbj4 ,meanwhile1 ,m,d,is that are credit unions have seen similar declines1 with more than one-third of such institutions disappearing since #bjac4 7b7 ,sense of ,congress ,the following is the sense of the ,congress3 7#a7 ,the ,department of the ,treasury1 ,board of ,governors of the ,federal ,reserve ,system1 ,small ,business ,administration1 ,office of the ,comptroller of the ,currency1 ,federal ,deposit ,insurance ,corporation1 ,national ,credit ,union ,administration1 and other ,federal agencies should take steps to support1 engage with1 and utilize ,m,d,is and ,c,d,f,is in the near term1 especially as they carry out programs to respond to the ,,covid-#ai pandemic1 and the long term4 7#b7 ,the ,board of ,governors of the ,federal ,reserve ,system should1 consistent with its mandates1 work to increase lending by ,m,d,is and ,c,d,f,is to underserved communities1 and when appropriate1 should work with the ,department of the ,treasury to increase lending by ,m,d,is and ,c,d,f,is to underserved communities4 7#c7 ,the ,department of the ,treasury and prudential regulators should establish a strategic plan identifying concrete steps that they can take to support existing ,m,d,is1 as well as the formation of new ,m,d,is consistent with the goals established in section #cjh of the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi 7#ab ,u4,s4,c4 #adfc note7 to preserve and promote ,m,d,is4 7#d7 ,congress should increase funding and make other enhancements1 including those provided by this legislation1 to enhance the effectiveness of the ,,cdfi ,fund1 especially reforms to support minority-owned and minority led ,c,d,f,is in times of crisis and beyond4 7#e7 ,congress should conduct robust and ongoing oversight of the ,department of the ,treasury1 the ,,cdfi ,fund1 ,federal prudential regulators1 the ,small ,business ,administration1 and other ,federal agencies to ensure they fulfill their obligations under the law as well as implement this title and other laws in a manner that supports and fully utilizes ,m,d,is and community development financial intuitions1 as appropriate4 7#f7 ,the investments made by the ,secretary of the ,treasury under this title and the amendments made by this title should be designed to maximize the benefit to low- and moderate-income and minority communities and contemplate losses to capital of the ,treasury4 #hjc4 ,purposes ,the purposes of this title are to-- 7#a7 establish programs to revitalize and provide long-term financial products and service availability for1 and provide investments in1 low- and moderate-income and minority communities2 7#b7 respond to the unprecedented loss of ,black-owned businesses and unemployment2 and 7#c7 otherwise enhance the stability1 safety and soundness of community development financial institutions that support low- and moderate-income and minority communities4 #hjd4 ,considerations2 requirements for creditors 7a7 ,in general ,in exercising the authorities under this title and the amendments made by this title1 the ,secretary of the ,treasury shall take into consideration-- 7#a7 increasing the availability of affordable credit for consumers1 small businesses1 and nonprofit organizations1 including for projects supporting affordable housing1 community-serving real estate1 and other projects1 that provide direct benefits to low- and moderate-income communities1 low-income and underserved individuals1 and minorities2 7#b7 providing funding to minority-owned or minority-led eligible institutions and other eligible institutions that have a strong track record of serving minority small businesses2 7#c7 protecting and increasing jobs in the ,united ,states2 7#d7 increasing the opportunity for small business1 affordable housing1 and community development in geographic areas and demographic segments with poverty and high unemployment rates that exceed the average in the ,united ,states2 7#e7 ensuring that all low- and moderate-income community financial institutions may apply to participate in the programs established under this title and the amendments made by this title1 without discrimination based on geography2 7#f7 providing transparency with respect to use of funds provided under this title and the amendments made by this title2 7#g7 promoting and engaging in financial education to would-be borrowers2 and 7#h7 providing funding to eligible institutions that serve consumers1 small businesses1 and nonprofit organizations to support affordable housing1 community-serving real estate1 and other projects that provide direct benefits to low- and moderate-income communities1 low-income individuals1 and minorities directly affected by the ,,covid-#ai pandemic4 7b7 ,requirement for creditors ,any creditor participating in a program established under this title or the amendments made by this title shall fully comply with all applicable statutory and regulatory requirements relating to fair lending4 #hje4 ,neighborhood ,capital ,investment ,program ,the ,coronavirus ,economic ,stabilization ,act of #bjbj 7#ae ,u4,s4,c4 #ijda et seq47 is amended-- 7#a7 in section #djjb 7#ae ,u4,s4,c4 #ijda7-- 7,a7 by redesignating paragraphs 7#g7 through 7#aj7 as paragraphs 7#i7 through 7#ab71 respectively2 and 7,b7 by inserting after paragraph 7#f7 the following3 7#g7 ,low- and moderate-income community financial institution ,the term low- and moderate-income community financial institution means any financial institution that is-- 7,a7 a community development financial institution1 as defined in section #ajc of the ,community ,development ,banking and ,financial ,institutions ,act of #aiid 7#ab ,u4,s4,c4 #dgjb72 or 7,b7 a minority depository institution4 7#h7 ,minority depository institution ,the term minority depository institution means-- 7,a7 a depository institution described in section #cjh7;b7 of the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi 7#ab ,u4,s4,c4 #adfc note72 7,b7 an entity considered to be a minority depository institution by-- 7i7 the appropriate ,federal banking agency 7as defined under section #c of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac772 or 7ii7 the ,national ,credit ,union ,administration1 in the case of an insured credit union1 as defined in section #aja of the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #ageb72 and 7,c7 an entity listed in the ,minority ,depository ,institutions ,list published by the ,federal ,deposit ,insurance ,corporation for the ,second ,quarter #bjbj4 2 and 7#b7 in section #djjc 7#ae ,u4,s4,c4 #ijdb71 by adding at the end the following3 7i7 ,neighborhood ,capital ,investment ,program 7#a7 ,definitions ,in this subsection-- 7,a7 the terms community development financial institution1 insured community development financial institution1 and minority lending institution have the meanings given such terms in section #ajc of the ,community ,development ,banking and ,financial ,institutions ,act of #aiid 7#ab ,u4,s4,c4 #dgjb72 7,b7 the term ,fund means the ,community ,development ,financial ,institutions ,fund established under section #ajd7;a7 of the ,community ,development ,banking and ,financial ,institutions ,act of #aiid 7#ab ,u4,s4,c4 #dgjc7;a772 7,c7 the term minority means any ,black ,american1 ,native ,american1 ,hispanic ,american1 or ,asian ,american2 7,d7 the term ,program means the ,neighborhood ,capital ,investment ,program established under paragraph 7#b72 and 7,e7 the term ,secretary means the ,secretary of the ,treasury4 7#b7 ,establishment ,the ,secretary shall establish a ,neighborhood ,capital ,investment ,program to support the efforts of low- and moderate-income community financial institutions to1 among other things1 provide loans and forbearances to small businesses1 minority-owned businesses1 and consumers1 especially in low-income and underserved communities1 by providing direct capital investments in low- and moderate-income community financial institutions4 7#c7 ,application 7,a7 ,acceptance ,the ,secretary shall begin accepting applications for capital investments under the ,program not later than the end of the #cj-;day period beginning on the date of enactment of this subsection1 with priority in distribution given to low- and moderate-income community financial institutions that are minority lending institutions4 7,b7 ,requirement to provide a neighborhood investment lending plan 7i7 ,in general ,at the time that an applicant submits an application to the ,secretary for a capital investment under the ,program1 the applicant shall provide the ,secretary1 along with the appropriate ,federal banking agency1 an investment and lending plan that-- 7,i7 demonstrates that not less than #cj percent of the lending of the applicant over the past #b fiscal years was made directly to low- and moderate income borrowers1 to borrowers that create direct benefits for low- and moderate-income populations1 to other targeted populations as defined by the ,fund1 or any combination thereof1 as measured by the total number and dollar amount of loans2 7,,ii7 describes how the business strategy and operating goals of the applicant will address community development needs1 including the needs of small businesses1 consumers1 nonprofit organizations1 community development1 and other projects providing direct benefits to low- and moderate-income communities1 low-income individuals1 and minorities within the minority1 rural1 and urban low-income and underserved areas served by the applicant2 7,,iii7 includes a plan to provide linguistically and culturally appropriate outreach1 where appropriate2 7,,iv7 includes an attestation by the applicant that the applicant does not own1 service1 or offer any financial products at an annual percentage rate of more than #cf percent interest1 as defined in section #ihg7;i77#d7 of title #aj1 ,united ,states ,code1 and is compliant with ,state interest rate laws2 and 7,v7 includes details on how the applicant plans to expand or maintain significant lending or investment activity in low- or moderate-income minority communities1 to historically disadvantaged borrowers1 and to minorities that have significant unmet capital or financial services needs4 7ii7 ,community development loan funds ,an applicant that is not an insured community development financial institution or otherwise regulated by a ,federal financial regulator shall submit the plan described in clause 7i7 only to the ,secretary4 7iii7 ,documentation ,in the case of an applicant that is certified as a community development financial institution as of the date of enactment of this subsection1 for purposes of clause 7i77,i71 the ,secretary may rely on documentation submitted the ,fund as part of certification compliance reporting4 7#d7 ,incentives to increase lending and provide affordable credit 7,a7 ,requirements on preferred stock and other financial instrument ,any financial instrument issued to the ,secretary by a low- and moderate-income community financial institution under the ,program shall comply with the following requirements3 7i7 ,no dividend1 interest or other payment shall exceed #b percent per annum4 7ii7 ,after the first #bd months after the date of the capital investment under the ,program1 annual payments may be required1 as determined by the ,secretary and in accordance with this section1 and be adjusted downward based on the amount of affordable credit provided by the low- and moderate-income community financial institution to borrowers in minority1 rural1 and urban low-income and underserved communities4 7iii7 ,during any calendar quarter after the initial #bd-month period referred to in clause 7ii71 the annual payment rate of a low- and moderate-income community financial institution shall be adjusted downward to reflect the following schedule1 based on lending by the institution relative to the baseline period3 7,i7 ,if the institution in the most recent annual period prior to the investment provides significant lending or investment activity in low- or moderate-income minority communities1 historically disadvantaged borrowers1 and to minorities that have significant unmet capital or financial services1 the annual payment rate shall not exceed #j4e percent per annum4 7,,ii7 ,if the amount of lending within minority1 rural1 and urban low-income and underserved communities and to low- and moderate-income borrowers has increased dollar for dollar based on the amount of the capital investment1 the annual payment rate shall not exceed #a percent per annum4 7,,iii7 ,if the amount of lending within minority1 rural1 and urban low-income and underserved communities and to low- and moderate-income borrowers has increased by twice the amount of the capital investment1 the annual payment rate shall not exceed #j4e percent per annum4 7,b7 ,contingency of payments based on certain financial criteria 7i7 ,deferral ,any annual payments under this subsection shall be deferred in any quarter or payment period if any of the following occur3 7,i7 ,the low- and moderate-income community institution fails to meet the ,tier #a capital ratio or similar ratio as determined by the ,secretary4 7,,ii7 ,the low- and moderate-income community financial institution fails to achieve positive net income for the quarter or payment period4 7,,iii7 ,the low- and moderate-income community financial institution determines that the payment would be detrimental to the financial health of the institution4 7ii7 ,testing during next payment period ,any deferred annual payment under this subsection shall-- 7,i7 be tested against the metrics described in clause 7i7 at the beginning of the next payment period2 and 7,,ii7 continue to be deferred until the metrics described in that clause are no longer applicable4 7#e7 ,restrictions 7,a7 ,in general ,each low- and moderate-income community financial institution may only issue financial instruments or senior preferred stock under this subsection with an aggregate principal amount that is-- 7i7 not more than #ae percent of risk-weighted assets for an institution with assets of more than #b1jjj1jjj1jjj2 7ii7 not more than #be percent of risk-weighted assets for an institution with assets of not less than #ejj1jjj1jjj and not more than #b1jjj1jjj1jjj2 and 7iii7 not more than #cj percent of risk-weighted assets for an institution with assets of less than #ejj1jjj1jjj4 7,b7 ,holding of instruments ,holding any instrument of a low- and moderate-income community financial institution described in subparagraph 7,a7 shall not give the ,secretary or any successor that owns the instrument any rights over the management of the institution4 7,c7 ,sale of interest ,with respect to a capital investment made into a low- and moderate-income community financial institution under this subsection1 the ,secretary-- 7i7 except as provided in clause 7iv71 during the #aj-year period beginning on the date of the investment1 may not sell the interest of the ,secretary in the capital investment to a third party2 7ii7 shall provide the low- and moderate-income community financial institution a right of first refusal to buy back the investment under terms that do not exceed a value as determined by an independent third party2 7iii7 may not sell more than a #e percent ownership interest in the capital investment to a single third party2 and 7iv7 with the permission of the institution1 may gift or sell the interest of the ,secretary in the capital investment for a de minimis amount to a mission aligned nonprofit affiliate of an applicant that is an insured community development financial institution4 7v7 ,calculation of ownership for minority depository institutions ,the calculation and determination of ownership thresholds for a depository institution to qualify as a minority depository institution shall exclude any dilutive effect of equity investments by the ,federal ,government1 including under the ,program or through the ,fund4 7#f7 ,available amounts ,in carrying out the ,program1 the ,secretary shall use not more than #ac1jjj1jjj1jjj1 from amounts appropriated under section #djbg1 and shall use not less than #g1jjj1jjj1jjj of such amount for direct capital investments under the ,program4 7#g7 ,treatment of capital investments ,in making any capital investment under the ,program1 the ,secretary shall ensure that the terms of the investment are designed to ensure the investment receives ,tier #a capital treatment4 7#h7 ,outreach to minorities ,the ,secretary shall require low- and moderate-income community financial institutions receiving capital investments under the ,program to provide linguistically and culturally appropriate outreach and advertising describing the availability and application process of receiving loans made possible by the ,program through organizations1 trade associations1 and individuals that represent or work within or are members of minority communities4 7#i7 ,restrictions 7,a7 ,in general ,not later than the end of the #cj-;day period beginning on the date of enactment of this subsection1 the ,secretary shall issue rules setting restrictions on executive compensation1 share buybacks1 and dividend payments for recipients of capital investments under the ,program4 7,b7 ,rule of construction ,the provisions of section #djai apply to investments made under the ,program4 7#aj7 ,termination of investment authority ,the authority to make capital investments in low- and moderate-income community financial institutions1 including commitments to purchase preferred stock or other instruments1 provided under the ,program shall terminate on the date that is #cf months after the date of enactment of this subsection4 7#aa7 ,collection of data ,notwithstanding the ,equal ,credit ,opportunity ,act 7#ae ,u4,s4,c4 #afia et seq47-- 7,a7 any low- and moderate-income community financial institution may collect data described in section #gja7;a77#a7 of that ,act 7#ae ,u4,s4,c4 #afia7;a77#a77 from borrowers and applicants for credit for the purpose of monitoring compliance under the plan required under paragraph 7#d77;,b72 and 7,b7 a low- and moderate-income community financial institution that collects the data described in subparagraph 7,a7 shall not be subject to adverse action related to that collection by the ,bureau of ,consumer ,financial ,protection or any other ,federal agency4 7#ab7 ,deposit of funds ,all funds received by the ,secretary in connection with purchases made pursuant this subsection1 including interest payments1 dividend payments1 and proceeds from the sale of any financial instrument1 shall be deposited into the ,fund and used to provide financial and technical assistance pursuant to section #ajh of the ,community ,development and ,banking and ,financial ,institutions ,act of #aiid 7#ab ,u4,s4,c4 #dgjg71 except that subsection 7e7 of that section shall be waived4 7#ac7 ,equity ,equivalent ,investment ,option 7,a7 ,in general ,the ,secretary shall establish an ,equity ,equivalent ,investment ,option1 under which1 with respect to a specific investment in a low- and moderate-income community financial institution-- 7i7 #hj percent of such investment is made by the ,secretary under the ,program2 and 7ii7 #bj percent of such investment if made by a banking institution4 7,b7 ,requirement to follow similar terms and conditions ,the terms and conditions applicable to investments made by the ,secretary under the ,program shall apply to any investment made by a banking institution under this paragraph4 7,c7 ,limitations ,the amount of a specific investment described under subparagraph 7,a7 may not exceed #aj1jjj1jjj1 but the receipt of an investment under subparagraph 7,a7 shall not preclude the recipient from being eligible for other assistance under the ,program4 7,d7 ,banking institution defined ,in this paragraph1 the term banking institution means any entity with respect to which there is an appropriate ,federal banking agency under section #c of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac74 7j7 ,application of the ,military lending ,act 7#a7 ,in general ,no low- and moderate-income community financial institution that receives an equity investment under subsection 7i7 shall1 for so long as the investment or participation continues1 make any loan at an annualized percentage rate above #cf percent1 as determined in accordance with section #ihg7;b7 of title #aj1 ,united ,states ,code 7commonly known as the ,military ,lending ,act74 7#b7 ,no exemptions permitted ,the exemption authority of the ,bureau of ,consumer ,financial ,protection under section #aje7;f7 of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afjd7;f77 shall not apply with respect to this subsection4 4 #hjf4 ,emergency support for ,c,d,f,is and communities 7a7 ,authorization of appropriations ,there is authorized to be appropriated to the ,fund #b1jjj1jjj1jjj for fiscal year #bjba1 for providing financial assistance and technical assistance under subparagraphs 7,a7 and 7,b7 of section #ajh7;a77#a7 of the ,community ,development ,banking and ,financial ,institutions ,act of #aiid 7#ab ,u4,s4,c4 #dgjg7;a77#a771 except that subsections 7d7 and 7e7 of such section #ajh shall not apply to the provision of such assistance1 for the ,bank ,enterprise ,award program1 and for financial assistance1 technical assistance1 training1 and outreach programs designed to benefit ,native ,american1 ,native ,hawaiian1 and ,alaska ,native communities and provided primarily through qualified community development lender organizations with experience and expertise in community development banking and lending in ,indian country1 ,native ,american organizations1 ,tribes and ,tribal organizations1 and other suitable providers4 7b7 ,set asides ,of the amounts appropriated pursuant to the authorization under subsection 7a71 the following amounts shall be set aside3 7#a7 ,up to #djj1jjj1jjj1 to remain available until expended1 to provide grants to ,c,d,f,is-- 7,a7 to expand lending or investment activity in low- or moderate-income minority communities and to minorities that have significant unmet capital or financial services needs1 of which not less than #aj1jjj1jjj may be for grants to benefit ,native ,american1 ,native ,hawaiian1 and ,alaska ,native communities2 and 7,b7 using a formula that takes into account criteria such as certification status1 financial and compliance performance1 portfolio and balance sheet strength1 a diversity of ,,cdfi business model types1 and program capacity1 as well as experience making loans and investments to those areas and populations identified in this paragraph4 7#b7 ,up to #afj1jjj1jjj1 to remain available until expended1 for technical assistance1 technology1 and training under sections #ajh7;a77#a77;,b7 and #aji1 respectively1 of the ,community ,development ,banking and ,financial ,institutions ,act of #aiid 7#ab ,u4,s4,c4 #dgjg7;a77#a77;,b71 #dgjh71 with a preference for minority lending institutions4 7#c7 ,up to #hjj1jjj1jjj1 to remain available until expended1 shall be for providing financial assistance1 technical assistance1 awards1 training1 and outreach programs described under subsection 7a7 to recipients that are minority lending institutions4 7c7 ,administrative expenses ,funds appropriated pursuant to the authorization under subsection 7a7 may be used for administrative expenses1 including administration of ,fund programs and the ,new ,markets ,tax ,credit ,program under section #de;,d of the ,internal ,revenue ,code of #aihf4 7d7 ,definitions ,in this section3 7#a7 ,,cdfi ,the term ,,cdfi means a community development financial institution1 as defined in section #ajc of the ,community ,development ,banking and ,financial ,institutions ,act of #aiid 7#ab ,u4,s4,c4 #dgjb74 7#b7 ,fund ,the term ,fund means the ,community ,development ,financial ,institutions ,fund established under section #ajd7;a7 of the ,community ,development ,banking and ,financial ,institutions ,act of #aiid 7#ab ,u4,s4,c4 #dgjc7;a774 7#c7 ,minority2 minority lending institution ,the terms minority and minority lending institution have the meanings given those terms under section #ajc of the ,community ,development ,banking and ,financial ,institutions ,act of #aiid 7#ab ,u4,s4,c4 #dgjb71 as amended by section #hji of this ,act4 #hjg4 ,ensuring diversity in community banking 7a7 ,sense of ,congress on funding the loan-,loss reserve fund for small dollar loans ,the sense of ,congress is the following3 7#a7 ,the ,community ,development ,financial ,institutions ,fund 7in this subsection referred to as the ,,cdfi ,fund7 is an agency of the ,department of the ,treasury1 and was established by the ,community ,development ,banking and ,financial ,institutions of #aiid4 ,the mission of the ,,cdfi ,fund is to expand economic opportunity for underserved people and communities by supporting the growth and capacity of a national network of community development lenders1 investors1 and financial service providers4 ,a community development financial institution 7in this subsection referred to as a ,,cdfi7 is a specialized financial institution serving low-income communities and a ,community ,development ,entity 7in this subsection referred to as a ,,cde7 is a domestic corporation or partnership that is an intermediary vehicle for the provision of loans1 investments1 or financial counseling in low-income communities4 ,the ,,cdfi ,fund certifies ,c,d,f,is and ,c,d,es4 ,becoming a certified ,,cdfi or ,,cde allows organizations to participate in various ,,cdfi ,fund programs as follows3 7,a7 ,the ,bank ,enterprise ,award ,program1 which provides ,,fdic-insured depository institutions awards for a demonstrated increase in lending and investments in distressed communities and ,c,d,f,is4 7,b7 ,the ,,cdfi ,program1 which provides ,financial and ,technical ,assistance awards to ,c,d,f,is to reinvest in the ,,cdfi1 and to build the capacity of the ,,cdfi1 including financing product development and loan loss reserves4 7,c7 ,the ,native ,american ,,cdfi ,assistance ,program1 which provides ,c,d,f,is and sponsoring entities ,financial and ,technical ,assistance awards to increase lending and grow the number of ,c,d,f,is owned by ,native ,americans to help build capacity of such ,c,d,f,is4 7,d7 ,the ,new ,market ,tax ,credit ,program1 which provides tax credits for making equity investments in ,c,d,es that stimulate capital investments in low-income communities4 7,e7 ,the ,capital ,magnet ,fund1 which provides awards to ,c,d,f,is and nonprofit affordable housing organizations to finance affordable housing solutions and related economic development activities4 7,f7 ,the ,bond ,guarantee ,program1 a source of long-term1 patient capital for ,c,d,f,is to expand lending and investment capacity for community and economic development purposes4 7#b7 ,the ,department of the ,treasury is authorized to create multi-year grant programs designed to encourage low-to-moderate income individuals to establish accounts at federally insured banks1 and to improve low-to-moderate income individuals' access to such accounts on reasonable terms4 7#c7 ,under this authority1 grants to participants in ,,cdfi ,fund programs may be used for loan-loss reserves and to establish small-dollar loan programs by subsidizing related losses4 ,these grants also allow for the providing recipients with the financial counseling and education necessary to conduct transactions and manage their accounts4 ,these loans provide low-cost alternatives to payday loans and other nontraditional forms of financing that often impose excessive interest rates and fees on borrowers1 and lead millions of ,americans to fall into debt traps4 ,small-dollar loans can only be made pursuant to terms1 conditions1 and practices that are reasonable for the individual consumer obtaining the loan4 7#d7 ,program participation is restricted to eligible institutions1 which are limited to organizations listed in section #eja7;c77#c7 of the ,internal ,revenue ,code of #aihf and exempt from tax under #eja7;a7 of such ,code1 federally insured depository institutions1 community development financial institutions and ,state1 local1 or ,tribal government entities4 7#e7 ,since its founding1 the ,,cdfi ,fund has awarded over #c1cjj1jjj1jjj to ,c,d,f,is and ,c,d,es and has allocated #ed1jjj1jjj1jjj in tax credits and #a1eaj1jjj1jjj in bond guarantees4 ,according to the ,,cdfi ,fund1 some programs attract as much as #aj in private capital for every #a invested by the ,,cdfi ,fund4 ,the ,administration and the ,congress should prioritize appropriation of funds for the loan loss reserve fund and technical assistance programs administered by the ,community ,development ,financial ,institution ,fund4 7b7 ,definitions ,in this section3 7#a7 ,community development financial institution ,the term community development financial institution has the meaning given under section #ajc of the ,community ,development ,banking and ,financial ,institutions ,act of #aiid 7#ab ,u4,s4,c4 #dgjb74 7#b7 ,minority depository institution ,the term minority depository institution has the meaning given under section #cjh of the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi 7#ab ,u4,s4,c4 #adfc note74 7c7 ,establishment of impact bank designation 7#a7 ,in general ,each ,federal banking agency shall establish a program under which a depository institution with total consolidated assets of less than #aj1jjj1jjj1jjj may elect to be designated as an impact bank if the total dollar value of the loans extended by such depository institution to low-income borrowers is greater than or equal to #ej percent of the assets of such bank4 7#b7 ,notification of eligibility ,based on data obtained through examinations of depository institutions1 the appropriate ,federal banking agency shall notify a depository institution if the institution is eligible to be designated as an impact bank4 7#c7 ,application ,regardless of whether or not it has received a notice of eligibility under paragraph 7#b71 a depository institution may submit an application to the appropriate ,federal banking agency-- 7,a7 requesting to be designated as an impact bank2 and 7,b7 demonstrating that the depository institution meets the applicable qualifications4 7#d7 ,limitation on additional data requirements ,the ,federal banking agencies may only impose additional data collection requirements on a depository institution under this subsection if such data is-- 7,a7 necessary to process an application submitted by the depository institution to be designated an impact bank2 or 7,b7 with respect to a depository institution that is designated as an impact bank1 necessary to ensure the depository institution's ongoing qualifications to maintain such designation4 7#e7 ,removal of designation ,if the appropriate ,federal banking agency determines that a depository institution designated as an impact bank no longer meets the criteria for such designation1 the appropriate ,federal banking agency shall rescind the designation and notify the depository institution of such rescission4 7#f7 ,reconsideration of designation2 appeals ,under such procedures as the ,federal banking agencies may establish1 a depository institution may-- 7,a7 submit to the appropriate ,federal banking agency a request to reconsider a determination that such depository institution no longer meets the criteria for the designation2 or 7,b7 file an appeal of such determination4 7#g7 ,rulemaking ,not later than #a year after the date of the enactment of this ,act1 the ,federal banking agencies shall jointly issue rules to carry out the requirements of this subsection1 including by providing a definition of a low-income borrower4 7#h7 ,reports ,each ,federal banking agency shall submit an annual report to the ,congress containing a description of actions taken to carry out this subsection4 7#i7 ,federal ,deposit ,insurance ,act definitions ,in this subsection1 the terms depository institution1 appropriate ,federal banking agency1 and ,federal banking agency have the meanings given such terms1 respectively1 in section #c of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac74 7d7 ,minority ,depositories ,advisory ,committees 7#a7 ,establishment ,each covered regulator shall establish an advisory committee to be called the ,minority ,depositories ,advisory ,committee4 7#b7 ,duties ,each ,minority ,depositories ,advisory ,committee shall provide advice to the respective covered regulator on meeting the goals established by section #cjh of the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi 7#ab ,u4,s4,c4 #adfc note7 to preserve the present number of covered minority institutions1 preserve the minority character of minority-owned institutions in cases involving mergers or acquisitions1 provide technical assistance1 and encourage the creation of new covered minority institutions4 ,the scope of the work of each such ,minority ,depositories ,advisory ,committee shall include an assessment of the current condition of covered minority institutions1 what regulatory changes or other steps the respective agencies may be able to take to fulfill the requirements of such section #cjh1 and other issues of concern to covered minority institutions4 7#c7 ,membership 7,a7 ,in general ,each ,minority ,depositories ,advisory ,committee shall consist of no more than #aj members1 who-- 7i7 shall serve for one two-year term2 7ii7 shall serve as a representative of a depository institution or an insured credit union with respect to which the respective covered regulator is the covered regulator of such depository institution or insured credit union2 and 7iii7 shall not receive pay by reason of their service on the advisory committee1 but may receive travel or transportation expenses in accordance with section #egjc of title #e1 ,united ,states ,code4 7,b7 ,diversity ,to the extent practicable1 each covered regulator shall ensure that the members of the ,minority ,depositories ,advisory ,committee of such agency reflect the diversity of covered minority institutions4 7#d7 ,meetings 7,a7 ,in general ,each ,minority ,depositories ,advisory ,committee shall meet not less frequently than twice each year4 7,b7 ,notice and invitations ,each ,minority ,depositories ,advisory ,committee shall-- 7i7 notify the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate in advance of each meeting of the ,minority ,depositories ,advisory ,committee2 and 7ii7 invite the attendance at each meeting of the ,minority ,depositories ,advisory ,committee of-- 7,i7 one member of the majority party and one member of the minority party of the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate2 and 7,,ii7 one member of the majority party and one member of the minority party of any relevant subcommittees of such committees4 7#e7 ,no termination of advisory committees ,the termination requirements under section #ad of the ,federal ,advisory ,committee ,act 7#e ,u4,s4,c4 ,app47 shall not apply to a ,minority ,depositories ,advisory ,committee established pursuant to this subsection4 7#f7 ,definitions ,in this subsection3 7,a7 ,covered regulator ,the term covered regulator means the ,comptroller of the ,currency1 the ,board of ,governors of the ,federal ,reserve ,system1 the ,federal ,deposit ,insurance ,corporation1 and the ,national ,credit ,union ,administration4 7,b7 ,covered minority institution ,the term covered minority institution means a minority depository institution 7as defined in section #cjh7;b7 of the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi 7#ab ,u4,s4,c4 #adfc note774 7,c7 ,depository institution ,the term depository institution has the meaning given that term in section #c of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac74 7,d7 ,insured credit union ,the term insured credit union has the meaning given that term in section #aja of the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #ageb74 7#g7 ,technical amendment ,section #cjh7;b7 of the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi 7#ab ,u4,s4,c4 #adfc note7 is amended by adding at the end the following new paragraph3 7#c7 ,depository institution ,the term depository institution means an insured depository institution 7as defined in section #c of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac77 and an insured credit union 7as defined in section #aja of the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #ageb774 4 7e7 ,federal deposits in minority depository institutions 7#a7 ,in general ,section #cjh of the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi 7#ab ,u4,s4,c4 #adfc note7 is amended-- 7,a7 by adding at the end the following new subsection3 7d7 ,federal deposits ,the ,secretary of the ,treasury shall ensure that deposits made by ,federal agencies in minority depository institutions and impact banks are collateralized or insured1 as determined by the ,secretary4 ,such deposits shall include reciprocal deposits as defined in section #ccg4f7;e77#b77v7 of title #ab1 ,code of ,federal ,regulations 7as in effect on ,march #f1 #bjai74 2 and 7,b7 in subsection 7b71 as amended by subsection 7d77#g7 of this section1 by adding at the end the following new paragraph3 7#d7 ,impact bank ,the term impact bank means a depository institution designated by the appropriate ,federal banking agency pursuant to section #hjg7;c7 of the ,promoting and ,advancing ,communities of ,color through ,inclusive ,lending ,act4 4 7#b7 ,technical amendments ,section #cjh7;b7 of the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi 7#ab ,u4,s4,c4 #adfc note7 is amended-- 7,a7 in the matter preceding paragraph 7#a71 by striking section-- and inserting section32 and 7,b7 in the paragraph heading for paragraph 7#a71 by striking financial and inserting depository4 7f7 ,minority ,bank ,deposit ,program 7#a7 ,in general ,section #abjd of the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi 7#ab ,u4,s4,c4 #ahaa note7 is amended to read as follows3 #abjd4 ,expansion of use of minority depository institutions 7a7 ,minority ,bank ,deposit ,program 7#a7 ,establishment ,there is established a program to be known as the ,minority ,bank ,deposit ,program to expand the use of minority depository institutions4 7#b7 ,administration ,the ,secretary of the ,treasury1 acting through the ,bureau of the ,fiscal ,service1 shall-- 7,a7 on application by a depository institution or credit union1 certify whether such depository institution or credit union is a minority depository institution2 7,b7 maintain and publish a list of all depository institutions and credit unions that have been certified pursuant to subparagraph 7,a72 and 7,c7 periodically distribute the list described in subparagraph 7,b7 to-- 7i7 all ,federal departments and agencies2 7ii7 interested ,state and local governments2 and 7iii7 interested private sector companies4 7#c7 ,inclusion of certain entities on list ,a depository institution or credit union that1 on the date of the enactment of the ,promoting and ,advancing ,communities of ,color through ,inclusive ,lending ,act1 has a current certification from the ,secretary of the ,treasury stating that such depository institution or credit union is a minority depository institution shall be included on the list described under paragraph 7#b77;,b74 7b7 ,expanded use among ,federal departments and agencies 7#a7 ,in general ,not later than #a year after the establishment of the program described in subsection 7a71 the head of each ,federal department or agency shall develop and implement standards and procedures to prioritize1 to the maximum extent possible as permitted by law and consistent with principles of sound financial management1 the use of minority depository institutions to hold the deposits of each such department or agency4 7#b7 ,report to ,congress ,not later than #b years after the establishment of the program described in subsection 7a71 and annually thereafter1 the head of each ,federal department or agency shall submit to ,congress a report on the actions taken to increase the use of minority depository institutions to hold the deposits of each such department or agency4 7c7 ,definitions ,for purposes of this section3 7#a7 ,credit union ,the term credit union has the meaning given the term insured credit union in section #aja of the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #ageb74 7#b7 ,depository institution ,the term depository institution has the meaning given that term in section #c of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac74 7#c7 ,minority depository institution ,the term minority depository institution has the meaning given that term under section #cjh of this ,act4 4 7#b7 ,conforming ,amendments ,the following provisions are amended by inserting 1 as in effect on the day before the date of enactment of the ,promoting and ,advancing ,communities of ,color through ,inclusive ,lending ,act after section #abjd7;c77#c7 of the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi3 7,a7 ,section #hjh7;b77#c7 of the ,community ,reinvestment ,act of #aigg 7#ab ,u4,s4,c4 #bijg7;b77#c774 7,b7 ,section #dj7;g77#a77;,b7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahcaq7g77#a77;,b774 7,c7 ,section #gjd;,b7h77#d7 of the ,equal ,credit ,opportunity ,act 7#ae ,u4,s4,c4 #afia;c-#b7;h77#d774 7g7 ,diversity report and best practices 7#a7 ,annual report ,each covered regulator shall submit to ,congress an annual report on diversity including the following3 7,a7 ,data1 based on voluntary self-identification1 on the racial1 ethnic1 and gender composition of the examiners of each covered regulator1 disaggregated by length of time served as an examiner4 7,b7 ,the status of any examiners of covered regulators1 based on voluntary self-identification1 as a veteran4 7,c7 ,whether any covered regulator1 as of the date on which the report required under this section is submitted1 has adopted a policy1 plan1 or strategy to promote racial1 ethnic1 and gender diversity among examiners of the covered regulator4 7,d7 ,whether any special training is developed and provided for examiners related specifically to working with depository institutions and credit unions that serve communities that are predominantly minorities1 low income1 or rural1 and the key focus of such training4 7#b7 ,best practices ,each ,office of ,minority and ,women ,inclusion of a covered regulator shall develop1 provide to the head of the covered regulator1 and make publicly available best practices-- 7,a7 for increasing the diversity of candidates applying for examiner positions1 including through outreach efforts to recruit diverse candidates to apply for entry-level examiner positions2 and 7,b7 for retaining and providing fair consideration for promotions within the examiner staff for purposes of achieving diversity among examiners4 7#c7 ,covered regulator defined ,in this subsection1 the term covered regulator means the ,comptroller of the ,currency1 the ,board of ,governors of the ,federal ,reserve ,system1 the ,federal ,deposit ,insurance ,corporation1 and the ,national ,credit ,union ,administration4 7h7 ,investments in minority depository institutions and impact banks 7#a7 ,control for certain institutions ,section #g7;j77#h77;,b7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahag7;j77#h77;,b77 is amended to read as follows3 7,b7 control means the power1 directly or indirectly-- 7i7 to direct the management or policies of an insured depository institution2 or 7ii7 7,i7 to vote #be per centum or more of any class of voting securities of an insured depository institution2 or 7,,ii7 with respect to an insured depository institution that is an impact bank 7as designated pursuant to section #hjg7;c7 of the ,promoting and ,advancing ,communities of ,color through ,inclusive ,lending ,act7 or a minority depository institution 7as defined in section #cjh7;b7 of the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi 7#ab ,u4,s4,c4 #adfc note771 of an individual to vote #cj percent or more of any class of voting securities of such an impact bank or a minority depository institution4 4 7#b7 ,rulemaking ,the ,federal banking agencies 7as defined in section #c of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac77 shall jointly issue rules for de novo minority depository institutions to allow #c years to meet the capital requirements otherwise applicable to minority depository institutions 7as defined in section #cjh7;b7 of the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi 7#ab ,u4,s4,c4 #adfc note774 7#c7 ,report ,not later than #a year after the date of the enactment of this ,act1 the ,federal banking agencies shall jointly submit to ,congress a report on-- 7,a7 the principal causes for the low number of de novo minority depository institutions during the #aj-year period preceding the date of the report2 7,b7 the main challenges to the creation of de novo minority depository institutions2 and 7,c7 regulatory and legislative considerations to promote the establishment of de novo minority depository institutions4 7i7 ,report on covered mentor-,protege programs 7#a7 ,report ,not later than #f months after the date of the enactment of this ,act and annually thereafter1 the ,secretary of the ,treasury shall submit to ,congress a report on participants in a covered mentor-protege program1 including-- 7,a7 an analysis of outcomes of such program2 7,b7 the number of minority depository institutions that are eligible to participate in such program but do not have large financial institution mentors2 and 7,c7 recommendations for how to match such minority depository institutions with large financial institution mentors4 7#b7 ,definitions ,in this subsection3 7,a7 ,covered mentor-protege program ,the term covered mentor-protege program means a mentor-protege program established by the ,secretary of the ,treasury pursuant to section #de of the ,small ,business ,act 7#ae ,u4,s4,c4 #fegr74 7,b7 ,large financial institution ,the term large financial institution means any entity-- 7i7 regulated by the ,comptroller of the ,currency1 the ,board of ,governors of the ,federal ,reserve ,system1 the ,federal ,deposit ,insurance ,corporation1 or the ,national ,credit ,union ,administration2 and 7ii7 that has total consolidated assets greater than or equal to #ej1jjj1jjj1jjj4 7,c7 ,minority depository institution ,the term minority depository institution has the meaning given the term in section #cjh7;b7 of the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi 7#ab ,u4,s4,c4 #adfc note74 7j7 ,custodial deposit program for covered minority depository institutions and impact banks 7#a7 ,in general ,not later than #a year after the date of the enactment of this ,act1 the ,secretary of the ,treasury shall issue rules establishing a custodial deposit program under which a covered bank may receive deposits from a qualifying account4 7#b7 ,requirements ,in issuing rules under paragraph 7#a71 the ,secretary of the ,treasury shall-- 7,a7 consult with the ,federal banking agencies2 7,b7 ensure each covered bank participating in the program established under this subsection-- 7i7 has appropriate policies relating to management of assets1 including measures to ensure the safety and soundness of each such covered bank2 and 7ii7 is compliant with applicable law2 and 7,c7 ensure1 to the extent practicable1 that the rules do not conflict with goals described in section #cjh7;a7 of the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi 7#ab ,u4,s4,c4 #adfc note74 7#c7 ,limitations 7,a7 ,deposits ,with respect to the funds of an individual qualifying account1 an entity may not deposit an amount greater than the insured amount in a single covered bank4 7,b7 ,total deposits ,the total amount of funds deposited in a covered bank under the custodial deposit program described under this subsection may not exceed the lesser of-- 7i7 #aj percent of the average amount of deposits held by such covered bank in the previous quarter2 or 7ii7 #ajj1jjj1jjj 7as adjusted for inflation74 7#d7 ,report ,each quarter1 the ,secretary of the ,treasury shall submit to ,congress a report on the implementation of the program established under this subsection1 including information identifying participating covered banks and the total amount of deposits received by covered banks under the program4 7#e7 ,definitions ,in this subsection3 7,a7 ,appropriate ,federal banking agency2 ,federal banking agency ,the terms appropriate ,federal banking agency and ,federal banking agencies have the meanings given those terms in section #c of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac74 7,b7 ,covered bank ,the term covered bank means-- 7i7 a minority depository institution that is well capitalized1 as defined by the appropriate ,federal banking agency2 or 7ii7 a depository institution designated pursuant to subsection 7c7 that is well capitalized1 as defined by the appropriate ,federal banking agency4 7,c7 ,insured amount ,the term insured amount means the amount that is the greater of-- 7i7 the standard maximum deposit insurance amount 7as defined in section #aa7;a77#a77;,e7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahba7;a77#a77;,e7772 or 7ii7 such higher amount negotiated between the ,secretary of the ,treasury and the ,federal ,deposit ,insurance ,corporation under which the ,corporation will insure all deposits of such higher amount4 7,d7 ,minority depository institution ,the term minority depository institution has the meaning given the term in section #cjh7;b7 of the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi 7#ab ,u4,s4,c4 #adfc note74 7,e7 ,qualifying account ,the term qualifying account means any account established in the ,department of the ,treasury that-- 7i7 is controlled by the ,secretary2 and 7ii7 is expected to maintain a balance greater than #bjj1jjj1jjj for the following #bd-month period4 7k7 ,streamlined community development financial institution applications and reporting 7#a7 ,application processes ,not later than #ab months after the date of the enactment of this ,act and with respect to any person having assets under #c1jjj1jjj1jjj that submits an application for deposit insurance with the ,federal ,deposit ,insurance ,corporation that could also become a community development financial institution 7as defined in section #ajc of the ,community ,development ,banking and ,financial ,institutions ,act of #aiid 7#ab ,u4,s4,c4 #dgjb771 the ,federal ,deposit ,insurance ,corporation1 in consultation with the ,administrator of the ,community ,development ,financial ,institutions ,fund1 shall-- 7,a7 develop systems and procedures to record necessary information to allow the ,administrator to conduct preliminary analysis for such person to also become a community development financial institution2 and 7,b7 develop procedures to streamline the application and annual certification processes and to reduce costs for such person to become1 and maintain certification as1 a community development financial institution4 7#b7 ,implementation report ,not later than #ah months after the date of the enactment of this ,act1 the ,federal ,deposit ,insurance ,corporation shall submit to ,congress a report describing the systems and procedures required under paragraph 7#a74 7#c7 ,annual report 7,a7 ,in general ,section #ag7;a77#a7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbg7;a77#a77 is amended-- 7i7 in subparagraph 7,e71 by striking and at the end2 7ii7 by redesignating subparagraph 7,f7 as subparagraph 7,g72 and 7iii7 by inserting after subparagraph 7,e7 the following new subparagraph3 7,f7 applicants for deposit insurance that could also become a community development financial institution 7as defined in section #ajc of the ,community ,development ,banking and ,financial ,institutions ,act of #aiid 7#ab ,u4,s4,c4 #dgjb771 a minority depository institution 7as defined in section #cjh of the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi 7#ab ,u4,s4,c4 #adfc note771 or an impact bank 7as designated pursuant to section #hjg7;c7 of the ,promoting and ,advancing ,communities of ,color through ,inclusive ,lending ,act72 and 4 7,b7 ,application ,the amendment made by this paragraph shall apply with respect to the first report to be submitted after the date that is #b years after the date of the enactment of this ,act4 7l7 ,task force on lending to small business concerns 7#a7 ,definitions ,in this subsection3 7,a7 ,administration2 ,administrator ,the terms ,administration and ,administrator mean the ,small ,business ,administration and the ,administrator thereof1 respectively4 7,b7 ,community development financial institution ,the term community development financial institution has the meaning given the term in section #ajc of the ,community ,development ,banking and ,financial ,institutions ,act of #aiid 7#ab ,u4,s4,c4 #dgjb74 7,c7 ,impact bank ,the term impact bank means a depository institution designated by the appropriate ,federal banking agency pursuant to section #hjg7;c7 of the ,promoting and ,advancing ,communities of ,color through ,inclusive ,lending ,act4 7,d7 ,minority depository institution ,the term minority depository institution has the meaning given the term in section #cjh of the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi 7#ab ,u4,s4,c4 #adfc note74 7,e7 ,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#b7 ,task force ,not later than #f months after the date of the enactment of this ,act1 the ,administrator shall establish a task force to examine methods for improving relationships between the ,administration and community development financial institutions1 minority depository institutions1 and impact banks to increase the volume of loans provided by such institutions to small business concerns4 7#c7 ,report to ,congress ,not later than #ah months after the establishment of the task force described in paragraph 7#b71 the ,administrator shall submit to ,congress a report on the findings of the task force4 #hjh4 ,establishment of ,financial ,agent ,partnership ,program 7a7 ,in general ,section #cjh of the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi 7#ab ,u4,s4,c4 #adfc note71 as amended by section #hjf7;e71 is further amended by adding at the end the following new subsection3 7e7 ,financial ,agent ,partnership ,program 7#a7 ,in general ,the ,secretary of the ,treasury shall establish a program to be known as the ,financial ,agent ,partnership ,program 7in this subsection referred to as the ,program7 under which a financial agent designated by the ,secretary or a large financial institution may serve as a mentor1 under guidance or regulations prescribed by the ,secretary1 to a small financial institution to allow such small financial institution-- 7,a7 to be prepared to perform as a financial agent2 or 7,b7 to improve capacity to provide services to the customers of the small financial institution4 7#b7 ,outreach ,the ,secretary shall hold outreach events to promote the participation of financial agents1 large financial institutions1 and small financial institutions in the ,program at least once a year4 7#c7 ,financial partnerships 7,a7 ,in general ,any large financial institution participating in a program with the ,department of the ,treasury1 if not already required to include a small financial institution1 shall offer not more than #e percent of every contract under that program to a small financial institution4 7,b7 ,acceptance of risk ,as a requirement of participation in a contract described under subparagraph 7,a71 a small financial institution shall accept the risk of the transaction equivalent to the percentage of any fee the institution receives under the contract4 7,c7 ,partner ,a large financial institution partner may work with small financial institutions1 if necessary1 to train professionals to understand any risks involved in a contract under the ,program4 7,d7 ,increased limit for certain institutions ,with respect to a program described under subparagraph 7,a71 if the ,secretary of the ,treasury determines that it would be appropriate and would encourage capacity building1 the ,secretary may alter the requirements under subparagraph 7,a7 to require both-- 7i7 a higher percentage of the contract be offered to a small financial institution2 and 7ii7 require the small financial institution to be a community development financial institution or a minority depository institution4 7#d7 ,exclusion ,the ,secretary shall issue guidance or regulations to establish a process under which a financial agent1 large financial institution1 or small financial institution may be excluded from participation in the ,program4 7#e7 ,report ,the ,office of ,minority and ,women ,inclusion of the ,department of the ,treasury shall include in the report submitted to ,congress under section #cdb7;e7 of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #edeb7;e77 information pertaining to the ,program1 including-- 7,a7 the number of financial agents1 large financial institutions1 and small financial institutions participating in the ,program2 and 7,b7 the number of outreach events described in paragraph 7#b7 held during the year covered by such report4 7#f7 ,definitions ,in this subsection3 7,a7 ,community development financial institution ,the term community development financial institution has the meaning given that term under section #ajc of the ,community ,development ,banking and ,financial ,institutions ,act of #aiid 7#ab ,u4,s4,c4 #dgjb74 7,b7 ,financial agent ,the term financial agent means any national banking association designated by the ,secretary of the ,treasury to be employed as a financial agent of the ,government4 7,c7 ,large financial institution ,the term large financial institution means any entity regulated by the ,comptroller of the ,currency1 the ,board of ,governors of the ,federal ,reserve ,system1 the ,federal ,deposit ,insurance ,corporation1 or the ,national ,credit ,union ,administration that has total consolidated assets greater than or equal to #ej1jjj1jjj1jjj4 7,d7 ,small financial institution ,the term small financial institution means-- 7i7 any entity regulated by the ,comptroller of the ,currency1 the ,board of ,governors of the ,federal ,reserve ,system1 the ,federal ,deposit ,insurance ,corporation1 or the ,national ,credit ,union ,administration that has total consolidated assets of not more than #b1jjj1jjj1jjj2 or 7ii7 a minority depository institution4 4 7b7 ,effective date ,this section and the amendments made by this section shall take effect #ij days after the date of the enactment of this ,act4 #hji4 ,strengthening minority lending institutions 7a7 ,minority lending institution set-,aside in providing assistance 7#a7 ,in general ,section #ajh of the ,community ,development ,banking and ,financial ,institutions ,act of #aiid 7#ab ,u4,s4,c4 #dgjg7 is amended by adding at the end the following3 7i7 ,minority lending institution set-,aside in providing assistance ,notwithstanding any other provision of law1 in providing any assistance1 the ,fund shall reserve #dj percent of such assistance for minority lending institutions4 4 7#b7 ,definitions 7,a7 ,in general ,section #ajc of the ,community ,development ,banking and ,financial ,institutions ,act of #aiid 7#ab ,u4,s4,c4 #dgjb7 is amended by adding at the end the following3 7#bb7 ,minority lending institution definitions 7,a7 ,minority ,the term minority means any ,black ,american1 ,hispanic ,american1 ,asian ,american1 ,native ,american1 ,native ,alaskan1 ,native ,hawaiian1 or ,pacific ,islander4 7,b7 ,minority lending institution ,the term minority lending institution means a community development financial institution-- 7i7 with respect to which a majority of the total number of loans and a majority of the value of investments of the community development financial institution are directed at minorities and other targeted populations2 7ii7 that is a minority depository institution1 as defined under section #cjh of the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi 7#ab ,u4,s4,c4 #adfc note71 or otherwise considered to be a minority depository institution by the appropriate ,federal banking agency2 or 7iii7 that is #ea percent owned by #a or more socially and economically disadvantaged individuals4 7,c7 ,additional definitions ,in this paragraph1 the terms other targeted populations and socially and economically disadvantaged individual shall have the meaning given those terms by the ,administrator4 4 7,b7 ,temporary safe harbor for certain institutions ,a community development financial institution that is a minority depository institution listed in the ,federal ,deposit ,insurance ,corporation's ,minority ,depository ,institutions ,list published for the ,second ,quarter #bjbj shall be deemed a minority lending institution under paragraph 7#bb7 of section #ajc of the ,community ,development ,banking and ,financial ,institutions ,act of #aiid 7#ab ,u4,s4,c4 #dgjb71 as added by subparagraph 7,a71 for purposes of-- 7i7 any program carried out using appropriations authorized for the ,community ,development ,financial ,institutions ,fund under section #hjf2 and 7ii7 the ,neighborhood ,capital ,investment ,program established under section #djjc7;i7 of the ,,cares ,act4 7b7 ,office of ,minority ,lending ,institutions ,section #ajd of the ,community ,development ,banking and ,financial ,institutions ,act of #aiid 7#ab ,u4,s4,c4 #dgjc7 is amended by adding at the end the following3 7l7 ,office of ,minority ,lending ,institutions 7#a7 ,establishment ,there is established within the ,fund an ,office of ,minority ,lending ,institutions1 which shall oversee assistance provided by the ,fund to minority lending institutions4 7#b7 ,deputy ,director ,the head of the ,office shall be the ,deputy ,director of ,minority ,lending ,institutions1 who shall report directly to the ,administrator4 4 7c7 ,reporting on minority lending institutions ,section #aag of the ,community ,development ,banking and ,financial ,institutions ,act of #aiid 7#ab ,u4,s4,c4 #dgaf7 is amended by adding at the end the following3 7g7 ,reporting on minority lending institutions ,each report required under subsection 7a7 shall include a description of the extent to which assistance from the ,fund is provided to minority lending institutions4 4 7d7 ,submission of data relating to diversity by community development financial institutions ,section #ajd of the ,community ,development ,banking and ,financial ,institutions ,act of #aiid 7#ab ,u4,s4,c4 #dgjc7 is amended by adding at the end the following3 7l7 ,submission of data relating to diversity 7#a7 ,definitions ,in this subsection-- 7,a7 the term executive officer has the meaning given that term in section #bcj4eja7;f7 of title #ag1 ,code of ,federal ,regulations1 as in effect on the date of enactment of this subsection2 and 7,b7 the term veteran has the meaning given that term in section #aja of title #ch1 ,united ,states ,code4 7#b7 ,submission of disclosure ,each ,fund applicant and recipient shall provide the following3 7,a7 ,data1 based on voluntary self-identification1 on the racial1 ethnic1 and gender composition of-- 7i7 the board of directors of the institution2 7ii7 nominees for the board of directors of the institution2 and 7iii7 the executive officers of the institution4 7,b7 ,the status of any member of the board of directors of the institution1 any nominee for the board of directors of the institution1 or any executive officer of the institution1 based on voluntary self-identification1 as a veteran4 7,c7 ,whether the board of directors of the institution1 or any committee of that board of directors1 has1 as of the date on which the institution makes a disclosure under this paragraph1 adopted any policy1 plan1 or strategy to promote racial1 ethnic1 and gender diversity among-- 7i7 the board of directors of the institution2 7ii7 nominees for the board of directors of the institution2 or 7iii7 the executive officers of the institution4 7#c7 ,annual report ,not later than #ah months after the date of enactment of this subsection1 and annually thereafter1 the ,fund shall submit to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives1 and make publicly available on the website of the ,fund1 a report-- 7,a7 on the data and trends of the diversity information made available pursuant to paragraph 7#b72 and 7,b7 containing all administrative or legislative recommendations of the ,fund to enhance the implementation of this title or to promote diversity and inclusion within community development financial institutions4 4 #haj4 ,,cdfi ,bond ,guarantee ,reform ,effective ,october #a1 #bjbj1 section #aad;,a7e77#b77;,b7 of the ,community ,development ,banking and ,financial ,institutions ,act of #aiid 7#ab ,u4,s4,c4 #dgac;a7e77#b77;,b77 is amended by striking #ajj1jjj1jjj and inserting #ej1jjj1jjj4 #haa4 ,reports 7a7 ,in general ,the ,secretary of the ,treasury shall provide to the appropriate committees of ,congress-- 7#a7 within #cj days of the end of each month commencing with the first month in which transactions are made under a program established under this title or the amendments made by this title1 a written report describing all of the transactions made during the reporting period pursuant to the authorities granted under this title or the amendments made by this title2 and 7#b7 after the end of ,march and the end of ,september1 commencing ,march #ca1 #bjba1 a written report on all projected costs and liabilities1 all operating expenses1 including compensation for financial agents1 and all transactions made by the ,community ,development ,financial ,institutions ,fund1 including participating institutions and amounts each institution has received under each program described in paragraph 7#a74 7b7 ,breakdown of funds ,each report required under subsection 7a7 shall specify the amount of funds under each program described under subsection 7a77#a7 that went to-- 7#a7 minority depository institutions that are depository institutions2 7#b7 minority depository institutions that are credit unions2 7#c7 minority lending institutions2 7#d7 community development financial institution loan funds2 7#e7 community development financial institutions that are depository institutions2 and 7#f7 community development financial institutions that are credit unions4 7c7 ,definitions ,in this section3 7#a7 ,appropriate committees of ,congress ,the term appropriate committees of ,congress means the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate4 7#b7 ,community development financial institution ,the term community development financial institution has the meaning given that term under section #ajc of the ,community ,development ,banking and ,financial ,institutions ,act of #aiid 7#ab ,u4,s4,c4 #dgjb74 7#c7 ,credit union ,the term credit union means a ,state credit union or a ,federal credit union1 as such terms are defined1 respectively1 under section #aja of the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #ageb74 7#d7 ,depository institution ,the term depository institution has the meaning given that term under section #c of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac74 7#e7 ,minority depository institution ,the term minority depository institution has the meaning given under section #cjh7;b7 of the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi 7#ab ,u4,s4,c4 #adfc note74 7#f7 ,minority lending institution ,the term minority lending institution has the meaning given that term under section #ajc of the ,community ,development ,banking and ,financial ,institutions ,act of #aiid1 as amended by section #hji of this ,act4 #hab4 ,inspector ,general oversight 7a7 ,in general ,the ,inspector ,general of the ,department of the ,treasury shall conduct1 supervise1 and coordinate audits and investigations of any program established under this title or the amendments made by this title4 7b7 ,reporting ,the ,inspector ,general of the ,department of the ,treasury shall issue a report not less frequently than #b times per year to ,congress and the ,secretary of the ,treasury relating to the oversight provided by the ,office of the ,inspector ,general1 including any recommendations for improvements to the programs described in subsection 7a74 #hac4 ,study and report with respect to impact of programs on low- and moderate-income and minority communities 7a7 ,study ,the ,secretary of the ,treasury shall conduct a study of the impact of the programs established under this title or any amendment made by this title on low- and moderate-income and minority communities4 7b7 ,report ,not later than #ah months after the date of enactment of this ,act1 the ,secretary shall submit to ,congress a report on the results of the study conducted pursuant to subsection 7a71 which shall include1 to the extent possible1 the results of the study disaggregated by ethnic group4 7c7 ,information provided to the ,secretary ,eligible institutions that participate in any of the programs described in subsection 7a7 shall provide the ,secretary of the ,treasury with such information as the ,secretary may require to carry out the study required by this section4 #had4 ,community ,development ,financial ,institutions ,fund 7a7 ,direct appropriations ,there is appropriated1 out of amounts in the ,treasury not otherwise appropriated1 for an additional amount for the ,community ,development ,financial ,institutions ,fund ,program ,account for the fiscal year ending ,september #cj1 #bjba1 #a1jjj1jjj1jjj to prevent1 prepare for1 and response to coronavirus1 domestically or internationally4 7b7 ,criteria ,the ,community ,development ,financial ,institutions ,fund 7in this section referred to as the ,fund7 shall1 using amounts provided under subsection 7a71 provide grants using a formula that takes into account criteria such as certification status1 financial and compliance performance1 portfolio and balance sheet strength1 and program capacity4 7c7 ,set aside ,of amounts appropriated under subsection 7a71 not less than #be1jjj1jjj shall be for financial assistance1 technical assistance1 and training and outreach programs designed to benefit ,native ,american1 ,native ,hawaiian1 and ,alaska ,native communities4 7d7 ,deadline ,the ,fund shall make amounts provided under this section available to grantees not later than #fj days after the date of enactment of this ,act4 7e7 ,administrative expenses ,the ,fund may use amounts appropriated under subsection 7a7 for administrative expenses1 including the administration of programs of the ,fund and the ,new ,markets ,tax ,credit ,program under section #de;,d of the ,internal ,revenue ,code of #aihf4 7f7 ,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