,,ii #aaf? ,,congress #b;d ,session ,s4 #dhah ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,octob] #bj 7legislative day1 ,octob] #ai71 #bjbj,mr4 ,c>d9 7= himself1 ,mrs4 ,%ahe51 ,mr4 ,s*um]1 ,ms4 ,ros51 ,ms4 ,duckwor?1 ,mr4 ,coons1 ,ms4 ,hirono1 ,ms4 ,cantwell1 ,mr4 ,m>key1 ,mr4 ,book]1 ,ms4 ,klobu*>1 ,mr4 ,van ,holl51 ,mr4 ,blum5?al1 ,mrs4 ,gillibr&1 ,mrs4 ,murray1 ,mr4 ,k+1 ,mr4 ,re$1 ,mr4 ,m55dez1 ,ms4 ,cortez ,ma/o1 ,ms4 ,baldw91 ,mr4 ,ka9e1 ,mr4 ,br[n1 ,ms4 ,w>r51 ,mr4 ,durb91 ,mr4 ,wyd51 ,mr4 ,m]kley1 ,mr4 ,he9ri*1 ,mr4 ,b5net1 ,mr4 ,:iteh\se1 ,mr4 ,udall1 ,mr4 ,s*atz1 ,ms4 ,/ab5[1 ,mrs4 ,fe9/e91 & ,mr4 ,pet]s7 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,f9ance ,a ,,bill ,to provide assi/ance to small bus9esses affect$ by ,,covid-#ai1 & = o!r purposes4 #a4 ,%ort title2 table ( cont5ts2 def9itions 7a7 ,%ort title ,?is ,act may be cit$ z ! ,h]oes ,small ,bus9ess ,lifel9e ,act4 7b7 ,table ( cont5ts ,! table ( cont5ts = ?is ,act is z foll[s3 ,sec4 #a4 ,%ort title2 table ( cont5ts2 def9itions4,,title ,i--,fund+ ,provisions,sec4 #aja4 ,am\nt au?oriz$ = commitm5ts4,sec4 #ajb4 ,fund+ = ! ,pay*eck ,protection ,program4,sec4 #ajc4 ,direct appropriations4,sec4 #ajd4 ,em]g5cy designation4,,title ,,ii--,modifications to ! ,pay*eck ,protection ,program,sec4 #bja4 ,p]iods = loan =giv5ess & application submission4,sec4 #bjb4 ,supplem5tal cov]$ loans = c]ta9 bus9ess conc]ns4,sec4 #bjc4 ,c]tifications & docum5tation = /reaml9$ =giv5ess ( cov]$ loans4,sec4 #bjd4 ,eligibility ( c]ta9 organizations = loans "u ! ,pay*eck ,protection ,program4,sec4 #bje4 ,limit on aggregate loan am\nt = eligible recipi5ts ) m ?an #a physical location4,sec4 #bjf4 ,all[able uses ( cov]$ loans2 =giv5ess4,sec4 #bjg4 ,docum5tation requir$ = c]ta9 eligible recipi5ts4,sec4 #bjh4 ,exclusion ( c]ta9 publicly trad$ & =eign entities4,sec4 #bji4 ,election ( #ab-week p]iod by seasonal employ]s4,sec4 #baj4 ,inclusion ( c]ta9 ref9anc+ 9 nonrec\rse requirem5ts4,sec4 #baa4 ,cr$it else:]e requirem5ts4,sec4 #bab4 ,prohibition on receiv+ duplicative am\nts = payroll co/s4,sec4 #bac4 ,application ( c]ta9 t]ms ?r\gh life ( cov]$ loan4,sec4 #bad4 ,int]e/ calculation on cov]$ loans4,sec4 #bae4 ,reimbursem5t = process+4,sec4 #baf4 ,duplication requirem5ts = economic injury disa/] loan recipi5ts4,sec4 #bag4 ,reapplication = & modification to ,pay*eck ,protection ,program4,sec4 #bah4 ,treatm5t ( c]ta9 crim9al violations4,sec4 #bai4 ,eligibility & treatm5t ( ,f>m ,cr$it ,sy/em in/itutions4,,title ,,iii--,tax ,provisions,sec4 #cja4 ,improv$ coord9ation betwe5 ,pay*eck ,protection ,program & employee ret5tion tax cr$it4,,title ,,iv--,,covid-#ai ,economic ,injury ,disa/] ,loan ,program ,reform,sec4 #dja4 ,s5se ( ,congress4,sec4 #djb4 ,notices to applicants = economic injury disa/] loans or advances4,sec4 #djc4 ,modifications to em]g5cy ,,eidl advances4,sec4 #djd4 ,data transp>5cy1 v]ification1 & notices = economic injury disa/] loans4,sec4 #dje4 ,lifel9e fund+ = small bus9ess cont9uity1 adaptation1 & resili5cy4,sec4 #djf4 ,modifications to economic injury disa/] loans4,sec4 #djg4 ,pr9cipal & int]e/ paym5ts = c]ta9 disa/] loans4,sec4 #djh4 ,tra9+4,sec4 #dji4 ,outrea* plan4,sec4 #daj4 ,report on be/ practices4,sec4 #daa4 ,ext5sion ( p]iod ( availability = adm9i/rative funds4,,title ,v--,micro-,,sbic & ,equity ,inve/m5t ,enhancem5t ,sec4 #eja4 ,micro-,,sbic ,program4,,title ,,vi--,miscellaneous,sec4 #fja4 ,repeal ( ,,eidl advance d$uction4,sec4 #fjb4 ,ext5sion ( ! debt relief program4,sec4 #fjc4 ,modifications to #g7;a7 loan programs4,sec4 #fjd4 ,flexibility 9 def]ral ( paym5ts ( #g7;a7 loans4,sec4 #fje4 ,recov]y assi/ance "u ! microloan program4,sec4 #fjf4 ,maximum loan am\nt = #ejd loans4,sec4 #fjg4 ,tempor>y fee r$uctions4,sec4 #fjh4 ,ext5sion ( p>ticipation 9 #h7;a7 program4,sec4 #fji4 ,report on m9ority1 wom51 & rural l5d+4,sec4 #faj4 ,compreh5sive program guidance4,sec4 #faa4 ,reports on ,pay*eck ,protection ,program4,sec4 #fab4 ,prohibit+ conflicts ( int]e/ = small bus9ess programs "u ! ,,c>es ,act4,sec4 #fac4 ,inclusion ( ,,score & ,vet]an ,bus9ess ,outrea* ,c5t]s 9 entrepr5eurial developm5t programs4,sec4 #fad4 ,cl>ification ( use ( ,,c>es ,act funds = small bus9ess developm5t c5t]s4,sec4 #fae4 ,fund+ = ! ,(fice ( ,inspector ,g5]al ( ! ,small ,bus9ess ,adm9i/ration4,sec4 #faf4 ,ext5sion ( waiv] ( mat*+ funds requirem5t "u ! ,wom5's ,bus9ess ,c5t] program4,sec4 #fag4 ,access to ,small ,bus9ess ,adm9i/ration in=mation & databases4,sec4 #fah4 ,small bus9ess local relief program4,sec4 #fai4 ,grants = %utt]$ v5ue op]ators4,sec4 #fbj4 ,support = re/aurants4,,title ,,vii--,m9ority bus9ess developm5t ag5cy & community developm5t f9ancial in/itutions fund,sec4 #gja4 ,def9itions4,subtitle ,a--,codification ( ! m9ority bus9ess developm5t agency,sec4 #gaa4 ,%ort title4,sec4 #gab4 ,f9d+s & purposes4,sec4 #gac4 ,m9ority ,bus9ess ,developm5t ,ag5cy4,,"p ,i--,exi/+ initiatives,s,u,b,p,a,r,t ,a--,m>ket developm5t1 rese>*1 & information,sec4 #gba4 ,private sector developm5t4,sec4 #gbb4 ,public sector developm5t4,sec4 #gbc4 ,rese>* & in=mation4,,subp>t ,b--,m9ority ,bus9ess ,developm5t ,c5t] ,program,sec4 #gca4 ,purpose4,sec4 #gcb4 ,def9itions4,sec4 #gcc4 ,e/abli%m5t4,sec4 #gcd4 ,coop]ative agreem5ts4,sec4 #gce4 ,m9imiz+ disruptions to exi/+ bus9ess c5t]s program4,sec4 #gcf4 ,publicity4,sec4 #gcg4 ,em]g5cy appropriations4,,"p ,,ii--,new initiatives ,to promote economic resili5cy = m9ority businesses,sec4 #gda4 ,annual div]se bus9ess =um on capital =mation4,sec4 #gdb4 ,ag5cy /udy on alt]native f9anc+ solutions4,sec4 #gdc4 ,educational developm5t relat+ to managem5t & entrepr5eur%ip4,,"p ,,iii--,adm9i/rative & o!r p[]s ( ! ag5cy2 miscellane\s provisions,sec4 #gea4 ,adm9i/rative p[]s4,sec4 #geb4 ,f9ancial assi/ance4,sec4 #gec4 ,audits4,sec4 #ged4 ,review & report by comptroll] g5]al4,sec4 #gee4 ,annual reports2 recomm5dations4,sec4 #gef4 ,sep>ability4,sec4 #geg4 ,executive ,ord] #aafbe4,sec4 #geh4 ,am5dm5t to ! ,f$]al ,acquisition ,/reaml9+ ,act ( #aiid4,subtitle ,b--,o!r provisions,sec4 #gfa4 ,em]g5cy grants to m9ority bus9ess ent]prises4,,title ,,viii--,promot+ & ,advanc+ ,communities ( ,color ?r\gh ,inclusive ,lending,sec4 #hja4 ,%ort title4,sec4 #hjb4 ,f9d+s2 s5se ( ,congress4,sec4 #hjc4 ,purposes4,sec4 #hjd4 ,consid]ations2 requirem5ts = cr$itors4,sec4 #hje4 ,neighborhood ,capital ,inve/m5t ,program4,sec4 #hjf4 ,em]g5cy support = ,c,d,f,is & communities4,sec4 #hjg4 ,ensur+ div]sity 9 community bank+4,sec4 #hjh4 ,e/abli%m5t ( ,f9ancial ,ag5t ,p>tn]%ip ,program4,sec4 #hji4 ,/r5g!n+ m9ority l5d+ in/itutions4,sec4 #haj4 ,,cdfi ,bond ,gu>antee ,re=m4,sec4 #haa4 ,reports4,sec4 #hab4 ,inspector ,g5]al ov]sight4,sec4 #hac4 ,/udy & report ) respect to impact ( programs on l[- & mod]ate-income & m9ority communities4,sec4 #had4 ,community developm5t f9ancial in/itutions fund4 7c7 ,def9itions ,9 ?is ,act3 7#a7 ,adm9i/ration ,! t]m ,adm9i/ration means ! ,small ,bus9ess ,adm9i/ration4 7#b7 ,adm9i/rator ,! t]m ,adm9i/rator means ! ,adm9i/rator ( ! ,small ,bus9ess ,adm9i/ration4 7d7 ,effective date2 applicability ,except z o!rwise provid$ 9 ?is ,act1 ?is ,act & ! am5dm5ts made by ?is ,act %all take effect on ! date ( ! enactm5t ( ?is ,act & %all apply to loans made1 or o!r assi/ance provid$1 on or aft] ! date ( enactm5t ( ?is ,act4 ,i ,fund+ ,provisions #aja4 ,am\nt au?oriz$ = commitm5ts ,section #aajb7;b7 ( ! ,,c>es ,act 7,public ,law #aaf-acf7 is am5d$ to read z foll[s3 7b7 ,commitm5ts = ,,ppp & o!r #g7;a7 loans 7#a7 ,,ppp loans ,dur+ ! p]iod beg9n+ on ! date ( enactm5t ( ! ,h]oes ,small ,bus9ess ,lifel9e ,act & end+ on ,m>* #ca1 #bjba1 subject to ! availability ( appropriations1 ! ,adm9i/rator may make commitm5ts "u p>agraph 7#cf7 ( section #g7;a7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77 9 su* am\nts z ! ,adm9i/rator det]m9es necess>y1 b n less ?an #ggi1fdj1jjj1jjj4 7#b7 ,o!r #g7;a7 loans ,= fiscal ye> #bjba1 commitm5ts = g5]al bus9ess loans au?oriz$ "u p>agraphs 7#a7 ?r\gh 7#ce7 ( section #g7;a7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77 %all n exce$ #ge1jjj1jjj1jjj = a comb9ation ( amortiz+ t]m loans & ! aggregat$ maximum l9e ( cr$it provid$ by revolv+ loans4 4 #ajb4 ,fund+ = ! ,pay*eck ,protection ,program 7a7 ,direct appropriations ,!re is appropriat$1 out ( am\nts 9 ! ,treasury n o!rwise appropriat$1 to rema9 available until ,septemb] #cj1 #bjba1 su* sums z may be necess>y "u ! head+ ,small ,bus9ess ,adm9i/ration--,bus9ess ,loans ,program ,acc\nt1 ,,c>es ,act = ! co/ ( gu>ante$ loans z au?oriz$ "u section #g7;a77#cf7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf774 7b7 ,rema9+ unobligat$ balances ,subject to subsection 7d71 ! unobligat$ balances = ! co/ ( gu>ante$ loans z au?oriz$ "u section #g7;a77#cf7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77 9 ! appropriations acc\nt "u ! head+ ,small ,bus9ess ,adm9i/ration--,bus9ess ,loans ,program ,acc\nt1 ,,c>es ,act z ( ! day be=e ! date ( enactm5t ( ?is ,act %all rema9 available until ,septemb] #cj1 #bjba1 = ! co/ ( gu>ante$ loans z au?oriz$ "u section #g7;a77#cf7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf774 7c7 ,set aside = c]ta9 entities ,section #g7;a77#cf77,s7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77,s77 is am5d$ to read z foll[s3 7,s7 ,set aside = c]ta9 entities ,( ! am\nts available on or aft] ! date ( enactm5t ( ! ,h]oes ,small ,bus9ess ,lifel9e ,act 7includ+ am\nts t 7 made available be=e su* date ( enactm5t7 to gu>antee cov]$ loans "u ?is p>agraph1 ! ,adm9i/rator %all provide-- 7i7 a set aside ( n less ?an #aj p]c5t ( su* am\nts = cov]$ loans "u subp>agraph 7,b77i7 t are-- 7,i7 made to eligible recipi5ts ) #aj or few] employees1 includ+ individuals :o op]ate "u a sole proprietor%ip or z an indep5d5t contractor & eligible self-employ$ individuals2 or 7,,ii7 ( n m ?an #bej1jjj & made to an eligible recipi5t t is locat$ 9 neighborhood t is a l[-income neighborhood or mod]ate-income neighborhood1 = purposes ( ! ,community ,re9ve/m5t ,act ( #aigg 7#ab ,u4,s4,c4 #bija et seq472 7ii7 a set aside ( n m ?an #cj p]c5t ( su* am\nts = cov]$ loans "u subp>agraph 7,b77i7 t are made to cov]$ nonpr(it organizations1 cov]$ organizations1 organizations describ$ 9 subp>agraph 7,d77viii71 or h\s+ coop]atives2 & 7iii7 a set aside ( n m ?an #ej p]c5t ( su* am\nts = supplem5tal cov]$ loans t are made "u subp>agraph 7,b77ii71 ( :i* n less ?an #aj p]c5t %all be = su* supplem5tal cov]$ loans t are made to eligible recipi5ts ) #aj or few] employees1 includ+ individuals :o op]ate "u a sole proprietor%ip or z an indep5d5t contractor & eligible self-employ$ individuals4 4 7d7 ,set aside = community f9ancial in/itutions ,( ! am\nts available on or aft] ! date ( enactm5t ( ?is ,act 7includ+ am\nts t 7 made available be=e su* date ( enactm5t7 9 ! appropriations acc\nt "u ! head+ ,small ,bus9ess ,adm9i/ration--,bus9ess ,loans ,program ,acc\nt1 ,,c>es ,act1 ! less] ( #be p]c5t ( su* am\nts or #ae1jjj1jjj1jjj %all be set aside = ! co/ to gu>antee loans made "u section #g7;a77#cf7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77 by community f9ancial in/itutions 7z su* t]m is def9$ 9 subp>agraph 7,a77xi7 ( su* section74 7e7 ,am\nts return$ ,section #g7;a77#cf7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf771 z am5d$ by subsection 7c71 is am5d$ by add+ at ! end ! foll[+3 7,t7 ,am\nts return$ ,any am\nts return$ to ! ,secret>y ( ! ,treasury due to ! cancellation ( a cov]$ loan %all be solely us$ = ! co/ to gu>antee cov]$ loans made to eligible recipi5ts ) #aj or few] employees or cov]$ loans ( less ?an or equal to #bej1jjj made to an eligible recipi5t t is locat$ 9 a l[- or mod]ate-income neighborhoods 7z t t]m is us$ 9 ! ,community ,re9ve/m5t ,act ( #aigg 7#ab ,u4,s4,c4 #bija et seq4774 4 #ajc4 ,direct appropriations 7a7 ,9 g5]al ,!re is appropriat$1 out ( am\nts 9 ! ,treasury n o!rwise appropriat$1 = additional am\nts-- 7#a7 = ! co/ ( c>ry+ out section #djg ( ?is ,act1 #h1jjj1jjj1jjj2 7#b7 = ! co/ ( c>ry+ out title ,v ( ?is ,act1 #a1jjj1jjj1jjj2 7#c7 = ! co/ ( c>ry+ out section #fjc & #fjg ( ?is ,act & ! co/ ( gu>ante$ loans z au?oriz$ by p>agraphs 7#a7 ?r\gh 7#ce7 ( section #g7;a7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a771 #a1jjj1jjj1jjj2 7#d7 = ! co/ ( c>ry+ out section #fje ( ?is ,act1 #eg1jjj1jjj2 7#e7 = ! co/ ( c>ry+ out section #fah ( ?is ,act1 #ae1jjj1jjj1jjj2 7#f7 = ! co/ ( c>ry+ out section #fai ( ?is ,act1 #ae1jjj1jjj1jjj2 & 7#g7 = ! co/ ( c>ry+ out subtitle ,a ( title ,,vii ( ?is ,act1 #be1jjj1jjj4 7b7 ,em]g5cy ,,eidl grants 7#a7 ,9 g5]al ,!re is appropriat$1 out ( am\nts 9 ! ,treasury n o!rwise appropriat$1 = additional am\nts "u ! head+ ,small ,bus9ess ,adm9i/ration--,em]g5cy ,,eidl ,grants = ! co/ ( em]g5cy economic injury disa/] loan grants au?oriz$ "u section #aaaj ( ! ,,c>es ,act 7#ae ,u4,s4,c4 #ijji71 #ej1jjj1jjj1jjj1 to rema9 available until exp5d$4 7#b7 ,set aside ,( am\nts appropriat$ "u p>agraph 7#a71 #dj1jjj1jjj1jjj %all be = c>ry+ out subsection 7i7 ( section #aaaj ( ! ,,c>es ,act 7#ae ,u4,s4,c4 #ijji71 z add$ by section #dje ( ?is ,act1 ( :i* #bj1jjj1jjj1jjj %all be = provid+ fund+ to cov]$ entities describ$ 9 p>agraph 7#h7 ( su* subsection 7i74 #ajd4 ,em]g5cy designation 7a7 ,9 g5]al ,! am\nts provid$ "u ?is title are designat$ z an em]g5cy requirem5t pursuant to section #d7;g7 ( ! ,/atutory ,pay-,z-,y-,g ,act ( #bjaj 7#b ,u4,s4,c4 #icc7;g774 7b7 ,designation 9 s5ate ,9 ! ,s5ate1 ?is title is designat$ z an em]g5cy requirem5t pursuant to section #daab7;a7 ( ,h4 ,con4 ,res4 #ga 7#aae? ,congress71 ! concurr5t resolution on ! budget = fiscal ye> #bjah4 ,,ii ,modifications to ! ,pay*eck ,protection ,program #bja4 ,p]iods = loan =giv5ess & application submission 7a7 ,p]iod = co/s t are eligible = =giv5ess & application submission ,section #aajf ( ! ,,c>es ,act 7#ae ,u4,s4,c4 #ijje7 is am5d$-- 7#a7 9 subsection 7a71 by /rik+ p>agraph 7#c7 & ins]t+ ! foll[+3 7#c7 ! t]m cov]$ p]iod means ! p]iod beg9n+ on ! date ( ! orig9ation ( a cov]$ loan & end+ on a date select$ by ! eligible recipi5t ( ! cov]$ loan t-- 7,a7 is n e>li] ?an ! date t is #h weeks aft] su* date ( orig9ation2 & 7,b7 is n lat] ?an ! date t is #bd weeks aft] su* date ( orig9ation2 2 7#b7 9 subsection 7d71 by /rik+ ,decemb] #ca1 #bjbj ea* place x appe>s & ins]t+ ,septemb] #cj1 #bjba2 & 7#c7 by /rik+ subsection 7l7 & ins]t+ ! foll[+3 7l7 ,application deadl9e ,an eligible recipi5t may apply = =giv5ess "u ?is section ) respect to a cov]$ loan any "t aft] ! cov]$ p]iod applicable to ! cov]$ loan ends if-- 7#a7 proce$s f ! cov]$ loan h be5 sp5t2 & 7#b7 ! eligible recipi5t is 9 compliance ) subsections 7e7 & 7f74 4 7b7 ,applicability ( am5dm5ts ,! am5dm5ts made by subsection 7a7 %all be effective z if includ$ 9 ! ,,c>es ,act 7,public ,law #aaf-acf7 & %all apply to any loan made pursuant to section #g7;a77#cf7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77 or section #aaji ( ! ,,c>es ,act 7#ae ,u4,s4,c4 #ijjh74 #bjb4 ,supplem5tal cov]$ loans = c]ta9 bus9ess conc]ns ,section #g7;a77#cf77;,b7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77;,b77 is am5d$-- 7#a7 by /rik+ ,except & ins]t+ ! foll[+3 7i7 ,9 g5]al ,except 2 & 7#b7 by add+ at ! end ! foll[+3 7ii7 ,supplem5tal cov]$ loans 7,i7 ,def9itions ,9 ?is clause-- 7aa7 ! t]ms ex*ange1 issu]1 & security h ! mean+s giv5 ^? t]ms 9 section #c7;a7 ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;c7a772 7bb7 ! t]m gross receipts means gross receipts )9 ! mean+ ( section #ddh7;c7 ( ! ,int]nal ,rev5ue ,code ( #aihf2 7cc7 ! t]m national securities ex*ange means an ex*ange regi/]$ z a national securities ex*ange "u section #f ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;f72 7dd7 ! t]m publicly trad$ entity means an issu]1 ! securities ( :i* are li/$ on a national securities ex*ange2 7ee7 ! t]m significant loss 9 rev5ue means t1 due to ! impact ( ,,covid-#ai-- 7,,aa7 ! gross receipts ( ! eligible recipi5t dur+ ! fir/1 second1 or ?ird cal5d> qu>t] ( #bjbj are less ?an #ge p]c5t ( ! gross receipts ( ! eligible recipi5t dur+ ! same cal5d> qu>t] 9 #bjai2 7,,bb7 if ! eligible recipi5t 0 n 9 bus9ess on ,april #a1 #bjai1 ! gross receipts ( ! eligible recipi5t dur+ any #b-mon? p]iod dur+ ! fir/ #c cal5d> qu>t]s ( #bjbj are less ?an #ge p]c5t ( ! am\nt ( ! gross receipts ( ! eligible recipi5t dur+ any prior #b-mon? p]iod dur+ ! fir/ #c cal5d> qu>t]s ( #bjbj2 or 7,,cc7 if ! eligible recipi5t is seasonal employ]1 z det]m9$ by ! ,adm9i/rator1 ! gross receipts ( ! eligible recipi5t dur+ any #b-mon? p]iod dur+ ! fir/ #c cal5d> qu>t]s ( #bjbj are less ?an #ge p]c5t ( ! am\nt ( ! gross receipts ( ! eligible recipi5t dur+ ! same #b-mon? p]iod 9 #bjai2 & 7ff7 ! t]m small] conc]n means an eligible recipi5t t-- 7,,aa7 has n m ?an #bjj employees2 7,,bb7 op]ates "u a sole proprietor%ip or z an indep5d5t contractor2 or 7,,cc7 is an eligible self-employ$ individual4 7,,ii7 ,au?ority ,except z o!rwise provid$ 9 ?is clause1 = an eligible recipi5t t has receiv$ a cov]$ loan "u clause 7i71 ! ,adm9i/rator may gu>antee a s+le supplem5tal cov]$ loan to ! eligible recipi5t "u ! same t]ms1 conditions1 & processes z a cov]$ loan made "u clause 7i74 7,,iii7 ,*oice ( l5d] ,an eligible recipi5t may apply = a supplem5tal cov]$ loan "u ?is clause ) ! l5d] t made ! cov]$ loan "u clause 7i7 to ! eligible recipi5t or ano!r l5d]4 7,,iv7 ,eligibility 7aa7 ,9 g5]al ,a supplem5tal cov]$ loan "u ?is clause-- 7,,aa7 may only be made to an eligible recipi5t t is a small] conc]n t has _h a significant loss 9 rev5ue & has us$1 or is exp5d+ funds at a rate t ! eligible recipi5t w use on or be=e ! expect$ date ( ! disbursem5t ( ! supplem5tal cov]$ loan "u ?is clause1 ! full am\nt ( ! cov]$ loan receiv$ "u clause 7i72 & 7,,bb7 may n be made to a publicly trad$ or =eign own$ entity z describ$ 9 clause 7x7 ( subp>agraph 7,d74 7bb7 ,bus9ess conc]ns ) m ?an #a physical location 7,,aa7 ,9 g5]al ,= purposes ( a supplem5tal cov]$ loan "u ?is clause1 subp>agraph 7,d77iii77,i7 %all be appli$ by sub/itut+ n m ?an #bjj employees p] physical location = n m ?an #ejj employees p] physical location4 7,,bb7 ,limit = multiple locations ,= an eligible recipi5t ) m ?an #a physical location1 ! total am\nt ( all supplem5tal cov]$ loans made "u ?is clause to ! eligible recipi5t %all n be m ?an #b1jjj1jjj4 7,v7 ,maximum am\nt ,! maximum am\nt ( a supplem5tal cov]$ loan "u ?is clause is ! less] (-- 7aa7 ! product obta9$ by multiply+-- 7,,aa7 ! av]age total mon?ly paym5ts = payroll co/s by ! eligible recipi5t us$ to det]m9e ! maximum am\nt ( ! cov]$ loan "u clause 7i7 made to ! eligible recipi5t "u ?is p>agraph2 by 7,,bb7 #b4e2 or 7bb7 #b1jjj1jjj4 7,,vi7 ,exception f c]ta9 c]tification requirem5ts ,an eligible recipi5t apply+ = a supplem5tal cov]$ loan "u ?is clause %all n be requir$ to make ! c]tification describ$ 9 clause 7iii7 or 7iv7 ( subp>agraph 7,g74 7,,vii7 ,reimbursem5t = process+ supplem5tal ,,ppp ,= a supplem5tal cov]$ loan "u ?is clause ( n m ?an #ej1jjj1 ! reimbursem5t "u subp>agraph 7,p77i77,i7 by ! ,adm9i/rator %all n be less ?an #b1ejj4 4 #bjc4 ,c]tifications & docum5tation = /reaml9$ =giv5ess ( cov]$ loans ,section #aajf ( ! ,,c>es ,act 7#ae ,u4,s4,c4 #ijje7 is am5d$-- 7#a7 9 subsection 7e71 9 ! matt] prec$+ p>agraph 7#a71 by /rik+ ,an eligible recipi5t & all t foll[s ?r\gh an application1 & ins]t+ ,subject to subsection 7f71 an eligible recipi5t apply+ = loan =giv5ess "u ?is section %all provide pro( ( ! use ( cov]$ loan proce$s12 7#b7 by am5d+ subsection 7f7 to read z foll[s3 7f7 ,docum5tation requirem5ts ,to receive loan =giv5ess "u ?is section1 an eligible recipi5t %all comply ) ! foll[+ requirem5ts3 7#a7 ,) respect to a cov]$ loan 9 an am\nt t is n m ?an #ej1jjj1 ! eligible recipi5t-- 7,a7 %all c]tify to ! ,adm9i/rator t ! eligible recipi5t has us$ proce$s f ! cov]$ loan 9 compliance ) ! requirem5ts ( section #g7;a77#cf7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf771 includ+ a description ( ! am\nt ( proce$s us$ = payroll co/s & ! numb] ( employees ! eligible recipi5t 0 able to reta9 because ( ! cov]$ loan2 7,b7 is n requir$ to submit any docum5tation or application to receive =giv5ess "u ?is section2 7,c7 %all c]tify to ! ,adm9i/rator t ! eligible recipi5t c make ! docum5tation describ$ "u subsection 7e7 available1 ^u reque/1 = a p]iod ( "t det]m9$ by ! ,adm9i/rator1 :i* p]iod %all be n less ?an #c ye>s2 & 7,d7 may submit to ! ,adm9i/rator demographic in=mation ( ! own] ( ! eligible recipi5t1 includ+ ! sex1 race1 e?nicity1 & vet]an /atus ( ! own]1 ?r\gh a process e/abli%$ by ! ,adm9i/rator4 7#b7 ,) respect to a cov]$ loan 9 an am\nt t is m ?an #ej1jjj b n m ?an #aej1jjj1 ! eligible recipi5t-- 7,a7 %all submit to ! l5d] t is s]vic+ ! cov]$ loan ! c]tification describ$ 9 p>agraph 7#a77;,a7 & a simplifi$ "o-page application =m t does n require ! submission ( any docum5tation describ$ 9 subsection 7e72 7,b7 %all make ! c]tification describ$ 9 p>agraph 7#a77;,c72 & 7,c7 may submit to ! ,adm9i/rator demographic in=mation ( ! own] ( ! eligible recipi5t1 includ+ ! sex1 race1 e?nicity1 & vet]an /atus ( ! own]1 z e/abli%$ by ! ,adm9i/rator on ! application =m describ$ 9 subp>agraph 7,a74 7#c7 ,) respect to a cov]$ loan 9 an am\nt t is m ?an #aej1jjj1 ! eligible recipi5t-- 7,a7 %all submit to ! l5d] t is s]vic+ ! cov]$ loan ! docum5tation describ$ 9 subsection 7e72 & 7,b7 may submit to ! ,adm9i/rator demographic in=mation ( ! own] ( ! eligible recipi5t1 includ+ ! sex1 race1 e?nicity1 & vet]an /atus ( ! own]1 ?r\gh a process e/abli%$ by ! ,adm9i/rator4 2 & 7#c7 by am5d+ subsection 7g7 to read z foll[s3 7g7 ,l5d] submission ,n lat] ?an #fj days aft] ! date on :i* a l5d] receives an application = loan =giv5ess "u ?is section f an eligible recipi5t1 ! l5d] %all only be requir$ to review ! application to ensure completion1 includ+ t requir$ atte/ations h be5 made1 be=e submitt+ ! application to ! ,adm9i/rator4 4 #bjd4 ,eligibility ( c]ta9 organizations = loans "u ! ,pay*eck ,protection ,program ,section #g7;a77#cf7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77-- 7#a7 9 subp>agraph 7,a7-- 7,a7 9 clause 7vii71 by ins]t+ cov]$ be=e nonpr(it2 7,b7 9 clause 7viii77,,ii7-- 7i7 9 item 7dd71 by /rik+ or at ! end2 7ii7 9 item 7ee71 by add+ or at ! end2 & 7iii7 by add+ at ! end ! foll[+3 7ff7 any comp5sation ( an employee :o is a regi/]$ lobbyi/ "u ! ,lobby+ ,disclosure ,act ( #aiie 7#b ,u4,s4,c4 #afja et seq472 2 7,c7 by am5d+ clause 7ix7 to read z foll[s3 7ix7 ! t]m cov]$ organization means-- 7,i7 an organization describ$ 9 section #eja7;c7 ( ! ,int]nal ,rev5ue ,code ( #aihf & exempt f tax "u section #eja7;a7 ( su* ,code t is n a cov]$ nonpr(it organization2 7,,ii7 an entity creat$ by a ,/ate or local gov]nm5t t d]ives ! majority ( its op]at+ budget f ! production ( live ev5ts2 or 7,,iii7 a de/9ation m>ket+ organization2 2 7,d7 9 clause 7xi77,,iv71 by /rik+ & at ! end2 7,e7 9 clause 7xii71 by /rik+ ! p]iod at ! end & ins]t+ a semicolon2 & 7,f7 by add+ at ! end ! foll[+3 7xiii7 ! t]m h\s+ coop]ative means a coop]ative h\s+ corporation 7z def9$ 9 section #baf7;b7 ( ! ,int]nal ,rev5ue ,code ( #aihf72 & 7xiv7 ! t]m de/9ation m>ket+ organization means a nonpr(it entity t is an organization describ$ 9 section #eja7;c77#f7 ( ! ,int]nal ,rev5ue ,code ( #aihf & exempt f tax "u section #eja7;a7 ( su* ,code1 a ,/ate1 or a political subdivision ( a ,/ate 7includ+ any in/rum5tality ( su* entities7 engag$ 9 m>ket+ & promot+ communities & facilities to bus9esses & leisure travel]s ?r\gh a range ( activities1 includ+-- 7,i7 assi/+ ) ! location ( meet+ & conv5tion sites2 7,,ii7 provid+ travel in=mation on area attractions1 lodg+ accommodations1 & re/aurants2 7,,iii7 provid+ maps2 & 7,,iv7 organiz+ gr\p t\rs ( local hi/orical1 recreational1 & cultural attractions4 2 & 7#b7 9 subp>agraph 7,d7-- 7,a7 9 clause 7i7-- 7i7 by ins]t+ cov]$ be=e nonpr(it organization ea* place x appe>s2 & 7ii7 by /rik+ vet]ans organization ea* place x appe>s & ins]t+ h\s+ coop]ative1 cov]$ organization2 7,b7 9 clause 7iii7-- 7i7 by am5d+ ! clause head+ to read z foll[s3 ,requirem5ts = re/aurants & c]ta9 news organizations2 7ii7 by /rik+ ,dur+ ! cov]$ p]iod1 any bus9ess conc]n t employs & ins]t+ ! foll[+3 ,any bus9ess conc]n or o!r organization-- 7,i7 t1 dur+ ! cov]$ p]iod1 employs 2 7iii7 9 subclause 7,i71 z s designat$1 by /rik+ ! p]iod at ! end & ins]t+ a semicolon2 & 7iv7 by add+ at ! end ! foll[+3 7,,ii7 t-- 7aa7 0 n eligible to receive a cov]$ loan ! day be=e ! date ( enactm5t ( ?is subclause1 is assign$ a ,nor? ,am]ican ,indu/ry ,classification ,sy/em code beg9n+ ) #eaaaaj1 #eaeaab1 or #eaeabj1 & an individual physical location ( ! bus9ess conc]n at ! "t ( disbursal does n exce$ ! size /&>d e/abli%$ by ! ,adm9i/rator = ! applicable code %all1 not)/&+ clause 7x71 be eligible to receive a cov]$ loan = exp5ses associat$ ) an individual physical location ( t bus9ess conc]n to support ! cont9u$ provision ( local news1 in=mation1 cont5t1 or em]g5cy in=mation1 &1 at ! "t ( disbursal1 ! individual physical location2 or 7bb7 0 n eligible to receive a cov]$ loan ! day be=e ! date ( enactm5t ( ?is subclause1 has a trade or bus9ess t falls "u a ,nor? ,am]ican ,indu/ry ,classification ,sy/em code beg9n+ ) #eaea z a public broadca/ entity 7z def9$ 9 section #cig7aa7 ( ! ,communications ,act ( #aicd 7#dg ,u4,s4,c4 #cig7aa7771 & is a cov]$ nonpr(it organization or ano!r organization o!rwise subject to section #eaa7;a77#b7 ( ! ,int]nal ,rev5ue ,code ( #aihf1 %all be eligible to receive a cov]$ loan = exp5ses to support ! cont9u$ provision ( local news1 in=mation1 cont5t1 or em]g5cy in=mation by su* entity2 or 7,,iii7 t 0 n eligible to receive a cov]$ loan ! day be=e ! date ( enactm5t ( ?is subclause1 is assign$ a ,nor? ,am]ican ,indu/ry ,classification ,sy/em code ( #eaiacj1 is id5tifi$ z a ,int]net-only news publi%] or ,int]net-only p]iodical publi%]1 & is engag$ 9 ! collection & di/ribution ( local or regional & national news & in=mation %all be eligible to receive a cov]$ loan = exp5ses to support ! cont9u$ provision ( news1 in=mation1 cont5t1 or em]g5cy in=mation4 2 7,c7 9 clause 7iv7-- 7i7 9 subclause 7,,ii71 by /rik+ & at ! end2 7ii7 9 subclause 7,,iii71 by /rik+ ! p]iod at ! end & ins]t+ 2 &2 & 7iii7 by add+ at ! end ! foll[+3 7,,iv7 an individual physical location ( a bus9ess conc]n describ$ 9 clause 7iii77,,ii71 if su* conc]n does n pay1 di/ribute1 or o!rwise provide any portion ( ! cov]$ loan to any o!r entity o!r ?an ! individual physical location t is ! int5d$ recipi5t ( ! cov]$ loan4 2 7,d7 9 clause 7v71 by /rik+ nonpr(it organization1 vet]ans organization1 & ins]t+ cov]$ organization1 cov]$ nonpr(it organization1 h\s+ coop]ative12 7,e7 9 clause 7vi71 by /rik+ nonpr(it organization & a vet]ans organization & ins]t+ cov]$ organization1 a cov]$ nonpr(it organization1 & a h\s+ coop]ative2 & 7,f7 by add+ at ! end ! foll[+3 7vii7 ,additional requirem5ts & additional eligibility = cov]$ organizations & cov]$ nonpr(it organizations 7,i7 ,lobby+ re/riction on small] cov]$ organizations ,dur+ ! cov]$ p]iod1 a cov]$ organization describ$ 9 clause 7i7 may only receive a cov]$ loan if-- 7aa7 ! cov]$ organization does n receive m ?an #aj p]c5t ( its receipts f lobby+ activities2 7bb7 ! lobby+ activities ( ! cov]$ organization d n comprise m ?an #aj p]c5t ( ! total activities ( ! cov]$ organization2 & 7cc7 ) respect to a cov]$ organization describ$ 9 section #eja7;c77#d7 ( ! ,int]nal ,rev5ue ,code ( #aihf t is exempt f taxation "u subsection 7a7 ( su* section1 su* cov]$ organization has n made & w n make a contribution1 exp5diture1 indep5d5t exp5diture1 or electione]+ communication )9 ! mean+ ( ! ,f$]al ,election ,campaign ,act ( #aiga 7#eb ,u4,s4,c4 #cjaja et seq471 & has n und]tak5 & w n und]take simil> campaign f9ance activities 9 ,/ate & local elections1 dur+ ! election cycle :i* ends on ! date ( ! g5]al election 9 cal5d> ye> #bjbj4 7,,ii7 ,eligibility ( l>g] organizations 7aa7 ,cov]$ nonpr(it organizations ,dur+ ! cov]$ p]iod1 a cov]$ nonpr(it organization t employs m ?an ! maximum numb] ( employees all[$ "u clause 7i7 %all be eligible to receive a cov]$ loan if ! cov]$ nonpr(it organization has _h a significant loss 9 rev5ue 7z def9$ 9 subp>agraph 7,b77ii77,i77ee774 7bb7 ,cov]$ organizations ,dur+ ! cov]$ p]iod1 a cov]$ organization t employs m ?an ! maximum numb] ( employees all[$ "u clause 7i7 %all be eligible to receive a cov]$ loan if ! cov]$ organization-- 7,,aa7 meets ! requirem5ts ( items 7aa71 7bb71 & 7cc7 ( subclause 7,i72 & 7,,bb7 has _h a significant loss 9 rev5ue 7z def9$ 9 subp>agraph 7,b77ii77,i77ee774 7viii7 ,inclusion ( critical access hospitals ,dur+ ! cov]$ p]iod1 any cov]$ organization t is a critical access hospital 7z def9$ 9 section #ahfa7mm7 ( ! ,social ,security ,act 7#db ,u4,s4,c4 #aciex7mm777 %all be eligible to receive a cov]$ loan1 reg>dless ( ! /atus ( su* a hospital z a debtor 9 a case "u *apt] #aa ( title #aa1 ,unit$ ,/ates ,code1 or ! /atus ( any debts ow$ by su* a hospital to ! ,f$]al ,gov]nm5t4 7ix7 ,additional requirem5ts = c]ta9 news entities 7,i7 ,9 g5]al ,) respect to an individual physical location ( a bus9ess conc]n describ$ 9 item 7aa7 ( clause 7iii77,,ii71 ea* su* location %all be treat$ z an indep5d5t1 nonaffiliat$ entity = purposes ( ?is p>agraph4 7,,ii7 ,demon/ration ( ne$ ,any individual physical location ( a bus9ess conc]n describ$ 9 item 7aa7 ( clause 7iii77,,ii7 t is a fran*ise or affiliate (1 or own$ or controll$ by a p>5t company1 inve/m5t company1 or ! managem5t !re(1 %all demon/rate1 ^u reque/ ( ! ,adm9i/rator1 ! ne$ = a cov]$ loan to support ! cont9u$ provision ( local news1 in=mation1 cont5t1 or em]g5cy in=mation1 &1 at ! "t ( disbursal1 ! individual physical location4 7,,iii7 ,limitation on use ( funds ,a bus9ess conc]n1 or a p>5t company1 inve/m5t company1 or managem5t company ( #a or m physical locations ( a bus9ess conc]n1 describ$ 9 item 7aa7 ( clause 7iii77,,ii7 may n use any portion ( ! proce$s ( a cov]$ loan = any exp5se t is n directly relat$ to ! individual physical location describ$ 9 subclause 7,i7 ( ?is clause ) respect to :i* ! cov]$ loan 0 made4 7,,iv7 ,waiv] ( c]ta9 limitations ,= an organization describ$ 9 item 7bb7 ( clause 7iii77,,ii71 dur+ ! cov]$ p]iod1 ! provisions applicable to affiliations "u section #aba4ajc ( title #ac1 ,code ( ,f$]al ,regulations1 or any successor regulation1 ! provisions ( section #abj4aaj7;j7 ( title #ac1 ,code ( ,f$]al ,regulations1 or any successor regulation1 & any o!rwise applicable cov]$ loan limitations bas$ on numb] ( employees or loss 9 rev5ue are waiv$ ) respect to det]m9+ eligibility = a cov]$ loan "u su* item4 4 #bje4 ,limit on aggregate loan am\nt = eligible recipi5ts ) m ?an #a physical location ,section #g7;a77#cf77;,e7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77;,e77 is am5d$ by add+ at ! end ! foll[+ flu% matt]3 ,) respect to an eligible recipi5t ) m ?an #a physical location1 ! total am\nt ( all cov]$ loans made "u ?is clause to ! eligible recipi5t %all n be m ?an #aj1jjj1jjj4 4 #bjf4 ,all[able uses ( cov]$ loans2 =giv5ess 7a7 ,pay*eck protection program ,section #g7;a77#cf7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77 is am5d$-- 7#a7 9 subp>agraph 7,f77i7-- 7,a7 9 subclause 7,,vi71 by /rik+ & at ! end2 7,b7 9 subclause 7,,vii71 by /rik+ ! p]iod at ! end & ins]t+ a semicolon2 & 7,c7 by add+ at ! end ! foll[+3 7,,viii7 co/s relat$ to ! provision ( p]sonal protective equipm5t = employees or o!r equipm5t or supplies det]m9$ by ! employ] to be necess>y to protect ! heal? & safety ( employees & ! g5]al public2 7,,ix7 paym5ts = inv5tory1 raw mat]ials1 or supplies2 & 7,x7 co/s relat$ to prop]ty damage1 v&alism1 or loot+ due to public di/urbances t occurr$ dur+ #bjbj t 7 n cov]$ by insurance or o!r comp5sation4 2 & 7#b7 9 subp>agraph 7,g7-- 7,a7 9 ! subp>agraph head+1 by /rik+ ,borr[] requirem5ts & all t foll[s ?r\gh eligible recipi5t apply+ & ins]t+ ,borr[] c]tification requirem5ts4--,an eligible recipi5t apply+2 7,b7 by r$esignat+ subclauses 7,i7 ?r\gh 7,,iv7 z clauses 7i7 ?r\gh 7iv71 respectively1 & adju/+ ! m>g9s accord+ly2 & 7,c7 9 clause 7ii71 z s r$esignat$1 by /rik+ to reta9 work]s & all t foll[s ?r\gh utility paym5ts & ins]t+ = an all[able use describ$ 9 subp>agraph 7,f74 7b7 ,=giv5ess 7#a7 ,def9ition ( expect$ =giv5ess am\nt ,section #aajf7;a77#g7 ( ! ,,c>es ,act 7#ae ,u4,s4,c4 #ijje7;a77#g77 is am5d$-- 7,a7 9 subp>agraph 7,c71 by /rik+ & at ! end2 7,b7 9 subp>agraph 7,d71 by /rik+ & at ! end2 & 7,c7 by add+ at ! end ! foll[+3 7,e7 int]e/ on any o!r debt obligations t 7 incurr$ be=e ! cov]$ p]iod2 7,f7 any am\nt t 0 a loan made "u section #g7;b77#b7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;b77#b77 t 0 ref9anc$ z "p ( a cov]$ loan & au?oriz$ by section #g7;a77#cf77;,f77iv7 ( ! su* ,act2 7,g7 paym5ts made = ! provision ( p]sonal protective equipm5t = employees or o!r equipm5t or supplies det]m9$ by ! employ] to be necess>y to protect ! heal? & safety ( employees & ! g5]al public2 7,h7 paym5ts made = inv5tory1 raw mat]ials1 or supplies2 & 7,i7 paym5ts relat$ to prop]ty damage1 v&alism1 or loot+ due to public di/urbances t occurr$ dur+ #bjbj t 7 n cov]$ by insurance or o!r comp5sation2 & 4 7#b7 ,=giv5ess ,section #aajf7;b7 ( ! ,,c>es ,act 7#ae ,u4,s4,c4 #ijje7;b771 is am5d$ by add+ at ! end ! foll[+3 7#e7 ,any paym5t ( int]e/ on any o!r debt obligations t 7 incurr$ be=e ! cov]$ p]iod4 7#f7 ,any am\nt t 0 a loan made "u section #g7;b77#b7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;b77#b77 t 0 ref9anc$ z "p ( a cov]$ loan & au?oriz$ by section #g7;a77#cf77;,f77iv7 ( su* ,act4 7#g7 ,any paym5t made = ! provision ( p]sonal protective equipm5t = employees or o!r equipm5t or supplies det]m9$ by ! employ] to be necess>y to protect ! heal? & safety ( employees4 7#h7 ,any paym5t made = inv5tory1 raw mat]ials1 or supplies4 7#i7 ,any paym5t relat$ to prop]ty damage1 v&alism1 or loot+ due to public di/urbances t occurr$ dur+ #bjbj t 0 n cov]$ by insurance or o!r comp5sation4 4 7#c7 ,con=m+ am5dm5ts ,section #aajf ( ! ,,c>es ,act 7#ae ,u4,s4,c4 #ijje7 is am5d$-- 7,a7 9 subsection 7e71 z am5d$ by section #bjc-- 7i7 9 p>agraph 7#b71 by /rik+ paym5ts on cov]$ mortgage obligations1 paym5ts on cov]$ lease obligations1 & cov]$ utility paym5ts & ins]t+ paym5ts or am\nts ref9anc$ describ$ 9 subsection 7b7 7o!r ?an payroll co/s72 & 7ii7 9 p>agraph 7#c77;,b71 by /rik+ 1 make int]e/ paym5ts & all t foll[s ?r\gh or make cov]$ utility paym5ts & ins]t+ 1 make paym5ts describ$ 9 subsection 7b71 or t 0 ref9anc$ z "p ( a cov]$ loan & au?oriz$ by section #g7;a77#cf77;,f77iv7 ( ! ,small ,bus9ess ,act2 & 7,b7 9 subsection 7h71 by /rik+ paym5ts = payroll co/s1 paym5ts on cov]$ mortgage obligations1 paym5ts on cov]$ lease obligations1 or cov]$ utility paym5ts ea* place x appe>s & ins]t+ paym5ts or am\nts ref9anc$ describ$ 9 subsection 7b74 #bjg4 ,docum5tation requir$ = c]ta9 eligible recipi5ts ,section #g7;a77#cf77;,d77ii77,,ii7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77;,d77ii77,,ii77 is am5d$ by /rik+ z is necess>y & all t foll[s ?r\gh ! p]iod at ! end & ins]t+ z det]m9$ necess>y by ! ,adm9i/rator & ! ,secret>y1 to e/abli% su* individual z eligible44 #bjh4 ,exclusion ( c]ta9 publicly trad$ & =eign entities ,section #g7;a77#cf77;,d7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77;,d771 z am5d$ by section #bjd1 is am5d$ by add+ at ! end ! foll[+3 7x7 ,exclusion ( c]ta9 publicly trad$ & =eign entities ,effective on ! date ( enactm5t ( ?is clause-- 7,i7 a publicly trad$ entity1 z def9$ 9 subp>agraph 7,b77ii71 is n eligible to receive a cov]$ loan2 & 7,,ii7 an entity t is #ea p]c5t or m own$ by a =eign p]son1 or ! managem5t & daily bus9ess op]ations ( :i* are controll$ by a =eign p]son 7exclud+ an entity own$ & controll$ by a p]son domicil$ 9 a t]ritory or possession ( ! ,unit$ ,/ates71 is n eligible to receive a cov]$ loan4 4 #bji4 ,election ( #ab-week p]iod by seasonal employ]s ,section #g7;a77#cf77;,e77i77,i77aa77,,aa7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77;,e77i77,i77aa77,,aa77 is am5d$ by /rik+ 1 9 ! case ( an applicant & all t foll[s ?r\gh ,june #cj1 #bjai & ins]t+ ! foll[+3 an applicant t is a seasonal employ]1 z det]m9$ by ! ,adm9i/rator1 %all use ! av]age total mon?ly paym5ts = payroll = any #ab-week p]iod select$ by ! seasonal employ] betwe5 ,febru>y #ae1 #bjai1 & ,decemb] #ca1 #bjai4 #baj4 ,inclusion ( c]ta9 ref9anc+ 9 nonrec\rse requirem5ts ,section #g7;a77#cf77;,f77v7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77;,f77v77 is am5d$ by /rik+ clause 7i7 & ins]t+ clause 7i7 or 7iv74 #baa4 ,cr$it else:]e requirem5ts ,section #g7;a77#cf77;,i7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77;,i77 is am5d$ to read z foll[s3 7,i7 ,cr$it else:]e ,! requirem5t t a small bus9ess conc]n is unable to obta9 cr$it else:]e 7z def9$ 9 section #c7;h77-- 7i7 %all n apply to-- 7,i7 a cov]$ loan approv$ by ! ,adm9i/rator be=e ! date ( enactm5t ( ! ,h]oes ,small ,bus9ess ,lifel9e ,act2 or 7,,ii7 a cov]$ loan made to a cov]$ organization1 cov]$ nonpr(it organization1 or h\s+ coop]ative2 & 7ii7 %all only apply to cov]$ loans 9 an am\nt great] ?an #cej1jjj approv$ by ! ,adm9i/rator on or aft] ! date ( ! enactm5t ( ! ,h]oes ,small ,bus9ess ,lifel9e ,act4 4 #bab4 ,prohibition on receiv+ duplicative am\nts = payroll co/s 7a7 ,pay*eck protection program ,clause 7iv7 ( section #g7;a77#cf77;,g7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77;,g771 z r$esignat$ by section #bjf1 is am5d$-- 7#a7 by /rik+ ,decemb] #ca1 #bjbj & ins]t+ ,june #cj1 #bjbj2 & 7#b7 by /rik+ ! same purpose & & ins]t+ paym5ts = payroll co/s incurr$ dur+ su* p]iod4 7b7 ,treasury program ,section #aaji7;f7 ( ! ,,c>es ,act 7#ae ,u4,s4,c4 #ijjh7;f77 is am5d$-- 7#a7 9 p>agraph 7#a71 by /rik+ = ! same purpose & ins]t+ = paym5ts = payroll co/s 7z def9$ 9 section #g7;a77#cf77;,a77viii7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77;,a77viii7772 & 7#b7 9 p>agraph 7#b71 by /rik+ ,decemb] #ca1 #bjbj & ins]t+ ,june #cj1 #bjbj4 #bac4 ,application ( c]ta9 t]ms ?r\gh life ( cov]$ loan ,section #g7;a77#cf7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77 is am5d$-- 7#a7 9 subp>agraph 7,h71 9 ! matt] prec$+ clause 7i71 by /rik+ ,dur+ ! cov]$ p]iod1 ) & ins]t+ ,)2 7#b7 9 subp>agraph 7,j71 9 ! matt] prec$+ clause 7i71 by /rik+ ,dur+ ! cov]$ p]iod1 ) & ins]t+ ,)2 & 7#c7 9 subp>agraph 7,m7-- 7,a7 9 clause 7ii71 9 ! matt] prec$+ subclause 7,i71 by /rik+ ,dur+ ! cov]$ p]iod1 ! & ins]t+ ,!2 & 7,b7 9 clause 7iii71 by /rik+ ,dur+ ! cov]$ p]iod1 ) & ins]t+ ,)4 #bad4 ,int]e/ calculation on cov]$ loans ,section #g7;a77#cf77,l7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77,l77 is am5d$ by ins]t+ 1 calculat$ on a non-comp\nd+1 non-adju/able basis aft] #d p]c5t4 #bae4 ,reimbursem5t = process+ ,section #g7;a77#cf77,p7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77,p77 is am5d$-- 7#a7 9 clause 7ii71 by add+ at ! end ! foll[+3 ,su* fees %all be paid by ! eligible recipi5t & may n be paid out ( ! proce$s ( a cov]$ loan4 ,a l5d] %all only be responsible = pay+ fees to an ag5t = s]vices = :i* ! l5d] directly contracts ) ! ag5t42 & 7#b7 by am5d+ clause 7iii7 to read z foll[s3 7iii7 ,tim+ ,a reimbursem5t describ$ 9 clause 7i7 %all be made n lat] ?an #e days aft] ! report$ disbursem5t ( ! cov]$ loan & may n be requir$ to be repaid by a l5d] unless ! l5d] is f\nd guilty ( an act ( fraud 9 connection ) ! cov]$ loan4 4 #baf4 ,duplication requirem5ts = economic injury disa/] loan recipi5ts ,section #g7;a77#cf77,q7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77,q77 is am5d$ by /rik+ dur+ ! p]iod beg9n+ on ,janu>y #ca1 #bjbj1 & end+ on ! date on :i* cov]$ loans are made available4 #bag4 ,reapplication = & modification to ,pay*eck ,protection ,program 7a7 ,def9itions ,9 ?is section1 ! t]ms cov]$ loan & eligible recipi5t h ! mean+s giv5 ^? t]ms 9 #g7;a77#cf77;,a7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77;,a774 7b7 ,rules or guidance ,n lat] ?an #g days aft] ! date ( enactm5t ( ?is ,act1 ! ,adm9i/rator %all issue rules or guidance to ensure t an eligible recipi5t ( a cov]$ loan t returns am\nts disburs$ "u ! cov]$ loan or does n accept ! full am\nt ( ! cov]$ loan = :i* ! eligible recipi5t 0 approv$-- 7#a7 9 ! case ( an eligible recipi5t t return$ all or "p ( a cov]$ loan1 ! eligible recipi5t may reapply = a cov]$ loan = an am\nt equal to ! diff]5ce betwe5 ! am\nt reta9$ & ! maximum am\nt applicable2 & 7#b7 9 ! case ( an eligible recipi5t t did n accept ! full am\nt ( a cov]$ loan1 ! eligible recipi5t may reque/ a modification to increase ! am\nt ( ! cov]$ loan to ! maximum am\nt applicable1 subject to ! requirem5ts ( section #g7;a77#cf7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a774 #bah4 ,treatm5t ( c]ta9 crim9al violations 7a7 ,9 g5]al ,section #g7;a77#cf7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf771 z am5d$ by section #aja1 is am5d$ by add+ at ! end ! foll[+3 7,u7 ,treatm5t ( c]ta9 crim9al violations 7i7 ,f9ancial fraud or deception ,an entity t is a bus9ess1 organization1 coop]ative1 or ent]prise may n receive a cov]$ loan if an own] ( #bj p]c5t or m ( ! equity ( ! entity1 dur+ ! #e-ye> p]iod prec$+ ! date on :i* ! entity applies = a cov]$ loan1 has be5 convict$ ( a felony ( f9ancial fraud or deception "u ,f$]al1 ,/ate1 or ,tribal law4 7ii7 ,arre/s or convictions ,an entity t is a bus9ess1 organization1 coop]ative1 or ent]prise %all be an eligible recipi5t not)/&+ a prior arre/ or conviction "u ,f$]al1 ,/ate1 or ,tribal law ( an own] ( #bj p]c5t or m ( ! equity ( ! entity1 unless ! own] is curr5tly inc>c]at$4 7iii7 ,waiv] ,! ,adm9i/rator may waive ! requirem5ts ( clause 7i74 4 7b7 ,rulemak+ ,n lat] ?an #ae days aft] ! date ( enactm5t ( ?is ,act1 ! ,adm9i/rator %all make necess>y revisions to any rules to c>ry out ! am5dm5t made by ?is section4 #bai4 ,eligibility & treatm5t ( ,f>m ,cr$it ,sy/em in/itutions 7a7 ,def9ition ( ,f>m ,cr$it ,sy/em in/itution ,9 ?is section1 ! t]m ,f>m ,cr$it ,sy/em in/itution-- 7#a7 means an in/itution ( ! ,f>m ,cr$it ,sy/em *>t]$ "u ! ,f>m ,cr$it ,act ( #aiga 7#ab ,u4,s4,c4 #bjja et seq472 & 7#b7 does n include ! ,f$]al ,agricultural ,mortgage ,corporation4 7b7 ,facilitation ( p>ticipation 9 ,,ppp & second draw loans 7#a7 ,applicable rules ,solely ) respect to loans "u p>agraph 7#cf7 ( section #g7;a7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a771 ,f>m ,cr$it ,adm9i/ration regulations & guidance issu$ z ( ,july #ad1 #bjbj1 & compliance ) su* regulations & guidance1 %all be deem$ functionally equival5t to requirem5ts ref]5c$ 9 section #c7;a77iii77,,ii7 ( ! int]im f9al rule ( ! ,adm9i/ration entitl$ ,bus9ess ,loan ,program ,tempor>y ,*anges2 ,pay*eck ,protection ,program 7#he ,f$4 ,reg4 #bjhaa 7,april #ae1 #bjbj774 7#b7 ,applicability ( c]ta9 loan requirem5ts ,= purposes ( mak+ loans "u p>agraph 7#cf7 ( section #g7;a7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77 or =giv+ ^? loans 9 accordance ) section #aajf ( ! ,,c>es ,act 7#ae ,u4,s4,c4 #ijje71 sections #d4ac1 #d4ad1 & #d4ad;,a ( ! ,f>m ,cr$it ,act ( #aiga 7#ab ,u4,s4,c4 #baii1 #bbjb1 #bbjb;a7 7includ+ regulations issu$ "u ^? sections7 %all n apply4 7#c7 ,risk weight 7,a7 ,9 g5]al ,) respect to ! application ( ,f>m ,cr$it ,adm9i/ration capital requirem5ts1 a loan describ$ 9 subp>agraph 7,b7-- 7i7 %all receive a risk weight ( z]o p]c5t2 & 7ii7 %all n be includ$ 9 ! calculation ( any applicable lev]age ratio or o!r applicable capital ratio or calculation4 7,b7 ,loans describ$ ,a loan ref]r$ to 9 subp>agraph 7,a7 is-- 7i7 a loan made by a ,f>m ,cr$it ,bank describ$ 9 section #a4b7;a7 ( ! ,f>m ,cr$it ,act ( #aiga 7#ab ,u4,s4,c4 #bjjb7;a77 to a ,f$]al ,l& ,bank ,association1 a ,production ,cr$it ,association1 or an agricultural cr$it association describ$ 9 t section to make loans "u p>agraph 7#cf7 ( section #g7;a7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77 or =give ^? loans 9 accordance ) section #aajf ( ! ,,c>es ,act 7#ae ,u4,s4,c4 #ijje72 or 7ii7 a loan made by a ,f$]al ,l& ,bank ,association1 a ,production ,cr$it ,association1 an agricultural cr$it association1 or ! bank = coop]atives describ$ 9 section #a4b7;a7 ( ! ,f>m ,cr$it ,act ( #aiga 7#ab ,u4,s4,c4 #bjjb7;a77 "u p>agraph 7#cf7 ( section #g7;a7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a774 ,,iii ,tax ,provisions #cja4 ,improv$ coord9ation betwe5 ,pay*eck ,protection ,program & employee ret5tion tax cr$it 7a7 ,am5dm5t to pay*eck protection program ,section #aajf7;a77#h7 ( ! ,,c>es ,act 7#ae ,u4,s4,c4 #ijje7;a77#h77 is am5d$ by ins]t+ 1 except t su* co/s %all n include qualifi$ wages tak5 into acc\nt 9 det]m9+ ! cr$it all[$ "u section #bcja ( ?is ,act be=e ! p]iod at ! end4 7b7 ,am5dm5ts to employee ret5tion tax cr$it 7#a7 ,9 g5]al ,section #bcja7;g7 ( ! ,,c>es ,act 7,public ,law #aaf-acf2 #bf ,u4,s4,c4 #caaa note7 is am5d$ to read z foll[s3 7g7 ,election ,to n take c]ta9 wages into acc\nt 7#a7 ,9 g5]al ,?is section %all n apply to s mu* ( ! qualifi$ wages paid by an eligible employ] z su* employ] elects 7at su* "t & 9 su* mann] z ! ,secret>y may prescribe7 to n take into acc\nt = purposes ( ?is section4 7#b7 ,coord9ation ) pay*eck protection program ,! ,secret>y1 9 consultation ) ! ,adm9i/rator ( ! ,small ,bus9ess ,adm9i/ration1 %all issue guidance provid+ t payroll co/s paid or incurr$ dur+ ! cov]$ p]iod %all n fail to be treat$ z qualifi$ wages "u ?is section by reason ( an election "u p>agraph 7#a7 to ! ext5t t a cov]$ loan ( ! eligible employ] is n =giv5 "u section #aajf7;b7 by reason ( su* payroll co/s4 ,t]ms us$ 9 ! prec$+ s5t5ce :i* are also us$ 9 section #aajf %all h ! same mean+ z :5 us$ 9 su* section4 4 7#b7 ,con=m+ am5dm5ts 7,a7 ,section #bcja ( ! ,,c>es ,act 7,public ,law #aaf-acf2 #bf ,u4,s4,c4 #caaa note7 is am5d$ by /rik+ subsection 7j74 7,b7 ,section #bcja7l7 ( ! ,,c>es ,act 7,public ,law #aaf-acf2 #bf ,u4,s4,c4 #caaa note7 is am5d$ by /rik+ p>agraph 7#c7 & by r$esignat+ p>agraphs 7#d7 & 7#e7 z p>agraphs 7#c7 & 7#d71 respectively4 7c7 ,effective date ,! am5dm5ts made by ?is section %all take effect z if includ$ 9 ! provisions ( ! ,,c>es ,act 7,public ,law #aaf-acf7 to :i* !y relate4 ,,iv ,,covid-#ai ,economic ,injury ,disa/] ,loan ,program ,re=m #dja4 ,s5se ( ,congress ,x is ! s5se ( ,congress t-- 7#a7 _m bus9esses t h receiv$ economic injury disa/] loans "u section #g7;b77#b7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;b77#b77 cont9ue to suff] f ! effects ( ! ,,covid-#ai p&emic & may n be 9 a position to make paym5ts 9 ! ne> t]m2 7#b7 ! ,adm9i/rator has ! au?ority "u ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fca et seq47 to r$uce ! int]e/ *>g$ on loans & to (f] borr[]s up to #d ye>s ( def]m5t on ! paym5t ( int]e/ & pr9cipal2 & 7#c7 ! ,congress enc\rages ! ,adm9i/rator to use ?is discretion to provide relief to ! h>de/ hit small bus9esses t h receiv$ or w receive direct loans f ! ,adm9i/ration "u section #g7;b77#b7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;b77#b774 #djb4 ,notices to applicants = economic injury disa/] loans or advances ,section #g7;b77#aa7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;b77#aa77 is am5d$-- 7#a7 by /rik+ ,! ,adm9i/rator & ins]t+ ! foll[+3 7,a7 ,9 g5]al ,! ,adm9i/rator 2 & 7#b7 by add+ at ! end ! foll[+3 7,b7 ,acceptance crit]ia & qualifications ,9 c>ry+ out subp>agraph 7,a71 ! ,adm9i/rator %all-- 7i7 publi% on ! website ( ! ,adm9i/ration a description ( ! rules issu$ ) respect to a loan made "u ?is subsection1 :i* %all be cle> & easy to und]/&2 & 7ii7 ^u receiv+ an application = a loan "u ?is subsection1 provide to ! loan applicant ! description describ$ 9 clause 7i74 7,c7 ,"r to explanation ( decl9$ loan or advance 7i7 ,9 g5]al ,! ,adm9i/rator %all-- 7,i7 provide all applicants = a loan "u ?is subsection or an advance "u section #aaaj7;e7 ( ! ,,c>es ,act 7#ae ,u4,s4,c4 #ijji7;e77 = :i* ! loan or advance application 0 fully or p>tially d5i$ ) a complete writt5 application ( ! reason = ! d5ial at ! "t ! decision is made2 7,,ii7 e/abli% a d$icat$ telephonic in=mation l9e & e-mail address to respond to fur!r inquiries ab\t d5i$ applications describ$ 9 subclause 7,i72 & 7,,iii7 be=e fully or p>tially d5y+ an application = a loan "u ?is subsection or an advance "u su* section #aaaj7;e7 because ! applicant submitt$ incomplete in=mation-- 7aa7 contact ! applicant & give ! applicant ! opportunity to provide t in=mation2 & 7bb7 reconsid] ! application ) any additional in=mation provid$4 7ii7 ,submission ( additional in=mation ,an applicant = a loan "u ?is subsection or an advance "u section #aaaj7;e7 ( ! ,,c>es ,act 7#ae ,u4,s4,c4 #ijjh7;e77 t c rem$y ! gr\nds = d5ial ( ! application by submitt+ additional in=mation "u clause 7i77,,iii7-- 7,i7 %all h ! opportunity to d s directly ) a loan (fic]2 & 7,,ii7 %all n be requir$ to seek a rem$y ?r\gh ! appeals process ( ! ,adm9i/ration4 4 #djc4 ,modifications to em]g5cy ,,eidl advances ,section #aaaj7;e77#a7 ( ! ,,c>es ,act 7#ae ,u4,s4,c4 #ijji7;e77#a77 is am5d$ to read z foll[s3 7#a7 ,9 g5]al ,dur+ ! cov]$ p]iod1 an entity includ$ = eligibility 9 subsection 7b71 includ+ small bus9ess conc]ns1 private nonpr(it organizations1 & small agricultural coop]atives1 t applies = a loan "u section #g7;b77#b7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;b77#b77 9 response to ,,covid-#ai %all be provid$ an advance t is1 subject to p>agraph 7#c71 disburs$ )9 #c days aft] ! ,adm9i/rator receives an application f ! entity1 unless ! advance is specifically decl9$ by ! entity4 4 #djd4 ,data transp>5cy1 v]ification1 & notices = economic injury disa/] loans 7a7 ,9 g5]al ,section #aaaj ( ! ,,c>es ,act 7#ae ,u4,s4,c4 #ijji7 is am5d$-- 7#a7 by r$esignat+ subsection 7f7 z subsection 7j72 & 7#b7 by ins]t+ aft] subsection 7e7 ! foll[+3 7f7 ,data transp>5cy 7#a7 ,9 g5]al ,9 ?is subsection1 ! t]m cov]$ application means an application submitt$ to ! ,adm9i/rator = a loan "u section #g7;b77#b7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;b77#b771 includ+ an application = su* a loan submitt$ by an eligible entity4 7#b7 ,weekly reports ,n lat] ?an #a week aft] ! date ( enactm5t ( ! ,h]oes ,small ,bus9ess ,lifel9e ,act1 & weekly !reaft] until ! end ( ! cov]$ p]iod1 ! ,adm9i/rator %all publi% on ! website ( ! ,adm9i/ration a report t conta9s ! foll[+ in=mation3 7,a7 ,= ! week cov]$ by ! report1 ! numb] ( cov]$ applications t ! ,adm9i/rator-- 7i7 receiv$2 7ii7 process$2 & 7iii7 approv$ & reject$1 includ+ ! p]c5tage ( cov]$ applications t ! ,adm9i/rator approv$4 7,b7 ,) respect to ! cov]$ applications t ! ,adm9i/rator approv$ dur+ ! week cov]$ by ! report1 ! numb] & doll> am\nt ( ! loans made ) respect to su* applications z "p ( a response to ,,covid-#ai4 7,c7 ,! id5tification numb]1 or o!r indicator %[+ ! ord] 9 :i* any application 0 receiv$ & int5d$ to be process$1 = ! mo/ rec5t cov]$ application process$ by ! ,adm9i/rator4 7,d7 ,demographic data ) respect to applicants submitt+ cov]$ applications dur+ ! week cov]$ by ! report & loans made pursuant to cov]$ applications dur+ ! week cov]$ by ! report1 :i* %all include-- 7i7 ) respect to ea* su* applicant or loan recipi5t1 z applicable1 in=mation reg>d+-- 7,i7 ! geographic area 9 :i* ! applicant or loan recipi5t op]ates2 7,,ii7 if applicable1 ! sex1 race1 & e?nicity ( ea* own] ( ! applicant or loan recipi5t1 :i* ! individual may decl9e to provide2 7,,iii7 ! annual rev5ue ( ! applicant or loan recipi5t2 7,,iv7 ! numb] ( employees employ$ by ! applicant or loan recipi5t2 7,v7 :e!r ! applicant or loan recipi5t is a =-pr(it or nonpr(it entity2 & 7,,vi7 ! indu/ry 9 :i* ! applicant or loan recipi5t op]ates2 7ii7 ! numb] ( su* loans made to agricultural ent]prises 7z def9$ 9 section #ah7;b7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fdg77;b7772 & 7iii7 ! av]age economic injury suff]$ by-- 7,i7 applicants1 ! cov]$ applications ( :i* ! ,adm9i/rator approv$2 & 7,,ii7 applicants1 ! cov]$ applications ( :i* ! ,adm9i/rator reject$4 7g7 ,v]ification ( bus9ess eligibility 7#a7 ,9 g5]al ,) respect to an application submitt$ to ! ,adm9i/rator dur+ ! cov]$ p]iod = a loan "u section #g7;b77#b7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;b77#b77 9 response to ,,covid-#ai1 ! ,adm9i/rator %all v]ify t ea* su* applicant 0 9 op]ation on ,janu>y #ca1 #bjbj4 7#b7 ,report ,n lat] ?an #cj days aft] ! date ( enactm5t ( ?is subsection1 ! ,adm9i/rator %all submit to ,congress a report t describes ! /eps tak5 by ! ,adm9i/rator to p]=m ! v]ification requir$ "u p>agraph 7#a74 7#c7 ,s5se ( congress ,x is ! s5se ( ,congress t ! v]ification requir$ "u p>agraph 7#a7 con/itutes ov]sight t ! ,adm9i/rator is requir$ to p]=m "u p>agraph 7#ae7 ( section #g7;b7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;b77 ) respect to entities receiv+ loans "u p>agraph 7#b7 ( su* section #g7;b74 7h7 ,notifications to ,congress 7#a7 ,def9itions ,9 ?is subsection-- 7,a7 ! t]m appropriate committees ( ,congress means-- 7i7 ! ,committee on ,small ,bus9ess & ,entrepr5eur%ip & ! ,subcommittee on ,f9ancial ,s]vices & ,g5]al ,gov]nm5t ( ! ,committee on ,appropriations ( ! ,s5ate2 & 7ii7 ! ,committee on ,small ,bus9ess & ! ,subcommittee on ,f9ancial ,s]vices & ,g5]al ,gov]nm5t ( ! ,committee on ,appropriations ( ! ,h\se ( ,repres5tatives2 & 7,b7 ! t]m cov]$ program1 project1 or activity means-- 7i7 ! program "u ?is section2 7ii7 ! loan program "u section #g7;b77#b7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;b77#b772 7iii7 ! au?oriz$ activities = am\nts 7 appropriat$ 9 response to ! ,,covid-#ai p&emic "u ! head+ ,small ,bus9ess ,adm9i/ration--,sal>ies & ,exp5ses2 or 7iv7 any o!r program1 project1 or activity = :i* funds are made available to ! ,adm9i/ration to respond to ! ,,covid-#ai p&emic4 7#b7 ,notice ( approa*+ fund+ lapse ,! ,adm9i/rator %all submit to ! appropriate committees ( ,congress a notification n lat] ?an #b days aft] ! date on :i* unobligat$ balances ( am\nts appropriat$ = a fiscal ye> = any cov]$ program1 project1 or activity are less ?an #be p]c5t ( ! total am\nt appropriat$ = ! cov]$ program1 project1 or activity = su* fiscal ye>4 7#c7 ,mon?ly report ,! ,adm9i/rator %all submit to ! appropriate committees ( ,congress a mon?ly report detail+ ! curr5t & future plann$ uses ( am\nts appropriat$ 9 response to ! ,,covid-#ai p&emic "u ! head+ ,small ,bus9ess ,adm9i/ration--,sal>ies & ,exp5ses1 :i* %all include-- 7,a7 ! numb] ( employees hir$ & contractors reta9$ us+ su* am\nts2 7,b7 ! numb] ( contracts ) a total co/ ( m ?an #e1jjj1jjj ent]$ into us+ su* am\nts2 7,c7 a li/ ( all sole s\rce contracts ent]$ into us+ su* am\nts2 & 7,d7 any program *anges1 regulatory actions1 guidance issuances1 or o!r initiatives relat+ to ! response to ! ,,covid-#ai p&emic4 4 7b7 ,retroactive collection ,z soon z is practicable aft] ! date ( enactm5t ( ?is ,act1 ! ,adm9i/rator %all collect ! in=mation requir$ "u section #aaaj7;f7 ( ! ,,c>es ,act 7#ae ,u4,s4,c4 #ijji7;f771 z am5d$ by subsection 7a71 f applicants t submitt$ cov]$ applications 7z def9$ 9 su* section #aaaj7;f77 dur+ ! p]iod beg9n+ on ! date ( enactm5t ( ! ,,c>es ,act 7,public ,law #aaf-acf7 & end+ on ! date ( enactm5t ( ?is ,act4 #dje4 ,lifel9e fund+ = small bus9ess cont9uity1 adaptation1 & resili5cy ,section #aaaj ( ! ,,c>es ,act 7#ae ,u4,s4,c4 #ijji71 is am5d$ by ins]t+ aft] subsection 7h71 z add$ by section #djd1 ! foll[+3 7i7 ,lifel9e fund+ = small bus9ess cont9uity1 adaptation1 & resili5cy 7#a7 ,def9itions ,9 ?is subsection3 7,a7 ,agricultural ent]prise ,! t]m agricultural ent]prise has ! mean+ giv5 ! t]m 9 section #ah7;b7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fdg7;b774 7,b7 ,cov]$ entity ,! t]m cov]$ entity-- 7i7 means an eligible entity describ$ 9 subsection 7b7 ( ?is section1 if su* eligible entity-- 7,i7 has n m ?an #ej employees2 & 7,,ii7 has suff]$ an economic loss ( n less ?an #cj p]c5t2 & 7ii7 except ) respect to an entity includ$ "u section #abc4cjj7;c7 ( title #ac1 ,code ( ,f$]al ,regulations1 or any successor regulation1 does n include an agricultural ent]prise4 7,c7 ,economic loss ,! t]m economic loss means1 ) respect to a cov]$ entity1 ! am\nt by :i* ! gross receipts ( ! cov]$ entity decl9$ dur+ an #h-week p]iod betwe5 ,m>* #b1 #bjbj1 & ,decemb] #ca1 #bjbj 7z det]m9$ by ! cov]$ entity71 relative to a comp>able #h-week p]iod imm$iately prec$+ ,m>* #b1 #bjbj1 or dur+ #bjai 7z det]m9$ by ! cov]$ entity74 7,d7 ,economically disadvantag$ individual ,! t]m economically disadvantag$ individual means an economically disadvantag$ individual "u section #abd4ajd ( title #ac1 ,code ( ,f$]al ,regulations1 or any successor regulation4 7,e7 ,l[-income community ,! t]m l[-income community has ! mean+ giv5 ! t]m 9 section #de;,d7e7 ( ! ,int]nal ,rev5ue ,code ( #aihf4 7,f7 ,remote recreations ent]prise ,! t]m remote recreational ent]prise means a cov]$ entity t 0 9 op]ation on or be=e ,m>* #a1 #bjbj1 t c docum5t an economic loss caus$ by ! closure ( ! ,unit$ ,/ates & ,canadian bord] t re/rict$ ! ability ( ,am]ican cu/om]s to access ! location ( ! cov]$ entity4 7,g7 ,socially disadvantag$ individual ,! t]m socially disadvantag$ individual means a socially disadvantag$ individual "u section #abd4ajc ( title #ac1 ,code ( ,f$]al ,regulations1 or any successor regulation4 7,h7 ,vet]an ,! t]m vet]an has ! mean+ giv5 ! t]m 9 section #c7q7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcb7q774 7#b7 ,proc$ure ,dur+ ! cov]$ p]iod1 a cov]$ entity t applies = a loan "u section #g7;b77#b7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;b77#b77 may reque/ t ! ,adm9i/rator provide fund+ = ! purposes describ$ 9 p>agraph 7#f74 7#c7 ,v]ification ,) respect to ea* reque/ submitt$ by an entity "u p>agraph 7#b71 ! ,adm9i/rator %all-- 7,a7 n lat] ?an #ad days aft] ! date on :i* ! ,adm9i/rator receives ! reque/1 v]ify :e!r ! entity is a cov]$ entity2 & 7,b7 if ! ,adm9i/rator v]ifies t ! entity is a cov]$ entity "u subp>agraph 7,a71 & subject to p>agraph 7#h71 disburse ! fund+ reque/$ by ! cov]$ entity n lat] ?an #g days aft] ! date on :i* ! ,adm9i/rator completes ! v]ification4 7#d7 ,ord] ( process+ ,subject to p>agraph 7#h71 ! ,adm9i/rator %all process & approve reque/s submitt$ "u p>agraph 7#b7 9 ! ord] ! ,adm9i/rator receives ! reque/s4 7#e7 ,am\nt ( fund+ 7,a7 ,9 g5]al ,! am\nt ( fund+ provid$ to a cov]$ entity t submits a reque/ "u p>agraph 7#b7 %all be 9 an am\nt t is ! less] (-- 7i7 ! am\nt ( work+ capital ne$$ by ! cov]$ entity = ! #ahj-;day p]iod beg9n+ on ! date on :i* ! cov]$ entity w\ld receive ! fund+1 z det]m9$ by ! ,adm9i/rator us+ a me?odology t is id5tical to ! me?odology us$ by ! ,adm9i/rator to det]m9e work+ capital ne$s ) respect to an application = a loan submitt$ "u section #g7;b77#b7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;b77#b772 or 7ii7 #ej1jjj4 7,b7 ,entitlem5t to full am\nt ,a cov]$ entity t receives fund+ pursuant to a reque/ submitt$ "u p>agraph 7#b7 %all be entitl$ to receive ! full am\nt ( t fund+1 z det]m9$ "u subp>agraph 7,a71 )\t reg>d to-- 7i7 if ! applicable loan = :i* ! cov]$ entity has appli$ "u section #g7;b77#b7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;b77#b77 is approv$1 ! am\nt ( ! loan2 7ii7 :e!r ! cov]$ entity accepts ! (f] ( ! ,adm9i/rator ) respect to an approv$ loan describ$ 9 clause 7i72 or 7iii7 :e!r ! cov]$ entity has previ\sly receiv$ any am\nts "u subsection 7e74 7#f7 ,use ( funds ,a cov]$ entity t receives fund+ "u ?is subsection-- 7,a7 may use ! fund+-- 7i7 = any purpose = :i* a loan receiv$ "u section #g7;b77#b7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;b77#b77 may be us$2 7ii7 = work+ capital ne$s1 includ+ inve/m5ts to implem5t adaptive *anges or resili5cy /rategies to help ! eligible entity ma9ta9 bus9ess cont9uity dur+ ! ,,covid-#ai p&emic2 or 7iii7 to repay any unpaid am\nt (-- 7,i7 a loan receiv$ "u subsection 7a77#cf7 or 7b77#b7 ( section #g ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf72 or 7,,ii7 mortgage int]e/2 & 7,b7 may n use ! fund+ to pay any loan debt1 except z provid$ 9 subp>agraph 7,a77iii74 7#g7 ,applicability ,9 addition to any o!r re/riction impos$ "u ?is subsection1 any eligibility re/riction applicable to a loan made "u section #g7;b77#b7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;b77#b771 includ+ any re/riction "u section #abc4cjj or #abc4cja ( title #ac1 ,code ( ,f$]al ,regulations1 or any successor regulation1 %all apply ) respect to fund+ provid$ "u ?is subsection4 7#h7 ,priority ,dur+ ! #ef-;day p]iod beg9n+ on ! date ( enactm5t ( ?is subsection1 ! ,adm9i/rator may approve a reque/ = fund+ "u ?is subsection only if ! reque/ is submitt$ by-- 7,a7 a cov]$ entity locat$ 9 a l[-income community2 7,b7 a cov]$ entity own$ or controll$ by a vet]an or a memb] ( ! ,arm$ ,=ces2 7,c7 a cov]$ entity own$ or controll$ by an economically disadvantag$ individual or a socially disadvantag$ individual2 or 7,d7 a remote recreational ent]prise4 7#i7 ,adm9i/ration ,9 c>ry+ out ?is subsection1 ! ,adm9i/rator may rely on loan (fic]s & o!r p]sonnel ( ! ,(fice ( ,disa/] ,assi/ance ( ! ,adm9i/ration & o!r res\rces ( ! ,adm9i/ration1 includ+ contractors ( ! ,adm9i/ration4 7#aj7 ,retroactive effect ,any cov]$ entity t1 dur+ ! p]iod beg9n+ on ,janu>y #a1 #bjbj1 & end+ on ! day be=e ! date ( enactm5t ( ?is subsection1 appli$ = a loan "u section #g7;b77#b7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;b77#b77 may submit to ! ,adm9i/rator a reque/ "u p>agraph 7#b7 ) respect to t loan4 7#aa7 ,au?orization ( appropriations ,!re are au?oriz$ to be appropriat$ to ! ,adm9i/rator #dj1jjj1jjj1jjj to c>ry out ?is subsection1 :i* %all rema9 available ?r\gh ,decemb] #ca1 #bjba1 ( :i*-- 7,a7 #bj1jjj1jjj1jjj is au?oriz$ to be appropriat$ to provide fund+ to cov]$ entities describ$ 9 p>agraph 7#h72 & 7,b7 #bj1jjj1jjj is au?oriz$ to be appropriat$ to ! ,inspector ,g5]al ( ! ,adm9i/ration to prev5t wa/e1 fraud1 & abuse ) respect to fund+ provid$ "u ?is subsection4 4 #djf4 ,modifications to economic injury disa/] loans 7a7 ,loans = new borr[]s ,) respect to a loan made "u section #g7;b77#b7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;b77#b77 to a borr[] adv]sely impact$ by ,,covid-#ai dur+ ! p]iod beg9n+ on ! date ( enactm5t ( ?is ,act & end+ on ,decemb] #ca1 #bjbj-- 7#a7 ! borr[] %all be eligible = a loan 9 an am\nt equal to #f mon?s ( work+ capital if ! borr[] o!rwise meets ! und]writ+ /&>ds e/abli%$ by ! ,adm9i/ration2 & 7#b7 ! ,adm9i/rator-- 7,a7 %all n impose a maximum loan am\nt limit t is l[] ?an #b1jjj1jjj2 & 7,b7 %all n disqualify any applicant = su* a loan due to ! crim9al hi/ory or arre/ record ( ! applicant1 except 9 ! case ( an applicant t1 dur+ ! #e-ye> p]iod prec$+ ! date on :i* ! applicant submits an application1 has be5 convict$-- 7i7 ( a felony (f5se involv+ fraud1 brib]y1 or embezzlem5t 9 any ,/ate or ,f$]al c\rt2 or 7ii7 9 connection ) a false /atem5t made 9-- 7,i7 a loan application2 or 7,,ii7 an application = ,f$]al f9ancial assi/ance4 7b7 ,additional loan = exi/+ borr[]s 7#a7 ,9 g5]al ,a recipi5t ( a loan made "u section #g7;b77#b7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;b77#b77 to a borr[] adv]sely impact$ by ,,covid-#ai dur+ ! p]iod beg9n+ on ,janu>y #ca1 #bjbj1 & end+ on ! date ( enactm5t ( ?is ,act may submit to ! ,adm9i/rator a reque/ = an additional am\nt to increase 9 ! am\nt ( t loan1 provid$ t ! aggregate am\nt receiv$ "u su* section by ! recipi5t dur+ t p]iod %all be n m ?an ! less] (-- 7,a7 an am\nt equal to #f mon?s ( work+ capital = ! recipi5t2 & 7,b7 #b1jjj1jjj4 7#b7 ,consid]ation ,9 consid]+ a reque/ submitt$ "u p>agraph 7#a71 ! ,adm9i/rator-- 7,a7 may n recalculate ! economic injury or cr$itwor?9ess ( ! borr[]2 & 7,b7 %all issue a det]m9ation bas$ on ! docum5tation submitt$ by ! borr[] = ! initial loan "u section #g7;b77#b7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;b77#b771 any o!r new in=mation volunt>ily provid$ by ! borr[]1 & any in=mation obta9$ to prev5t fraud or abuse4 7#c7 ,additional docum5tation ,if ! ,adm9i/rator requires a borr[] mak+ a reque/ "u p>agraph 7#a7 to provide additional docum5tation1 ! ,adm9i/rator %all-- 7,a7 publi% ^? docum5tation requirem5ts on ! website ( ! ,adm9i/ration n lat] ?an #g days aft] ! date ( enactm5t ( ?is ,act2 & 7,b7 proactively provide ^? requirem5ts to any su* borr[] t receiv$ a loan describ$ 9 p>agraph 7#a74 #djg4 ,pr9cipal & int]e/ paym5ts = c]ta9 disa/] loans 7a7 ,def9itions ,9 ?is section3 7#a7 ,cov]$ ,,eidl loan ,! t]m cov]$ ,,eidl loan means a loan made "u section #g7;b77#b7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;b77#b77 t-- 7,a7 0 approv$ by ! ,adm9i/rator be=e ,febru>y #ae1 #bjbj2 & 7,b7 is 9 a regul> s]vic+ /atus4 7#b7 ,physical disa/] loan ,! t]m physical disa/] loan means a loan made "u section #g7;b77#a7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;b77#a77 9 a regul> s]vic+ /atus4 7b7 ,paym5t by ,adm9i/rator ,! ,adm9i/rator %all pay ! pr9cipal1 int]e/1 & any associat$ fees t are ow$ on a physical disa/] loan or a cov]$ ,,eidl loan z foll[s3 7#a7 ,) respect to a physical disa/] loan-- 7,a7 n 9 def]m5t1 = ! #ab-mon? p]iod beg9n+ ) ! next paym5t due on su* loan2 7,b7 9 def]m5t1 = ! #ab-mon? p]iod beg9n+ ) ! next paym5t due on su* loan aft] ! def]m5t p]iod2 & 7,c7 made on or aft] ! date ( enactm5t ( ?is ,act1 = ! #ab-mon? p]iod beg9n+ ) ! fir/ paym5t due on su* loan4 7#b7 ,) respect to a cov]$ ,,eidl loan-- 7,a7 n 9 def]m5t1 = ! #ab-mon? p]iod beg9n+ ) ! next paym5t due on su* loan2 & 7,b7 9 def]m5t1 = ! #ab-mon? p]iod beg9n+ ) ! next paym5t due on su* loan aft] ! def]m5t p]iod4 7c7 ,tim+ ( paym5t ,! ,adm9i/rator %all beg9 mak+ paym5ts "u subsection 7b7 n lat] ?an #cj days aft] ! date on :i* ! fir/ su* paym5t is due4 7d7 ,application ( paym5t ,any paym5t made by ! ,adm9i/rator "u subsection 7b7 %all be appli$ to ! physical disa/] loan or a cov]$ ,,eidl loan 7z applicable7 su* t ! borr[] is reliev$ ( ! obligation to pay t am\nt4 #djh4 ,tra9+ ,! ,adm9i/rator %all-- 7#a7 develop & implem5t a plan to tra9 any /aff responsible = implem5t+ or adm9i/]+ ! loan program e/abli%$ "u section #g7;b77#b7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;b77#b77 on specific responsibilities ) respect to su* program2 & 7#b7 submit ! plan to ! ,committee on ,small ,bus9ess & ,entrepr5eur%ip ( ! ,s5ate & ! ,committee on ,small ,bus9ess ( ! ,h\se ( ,repres5tatives4 #dji4 ,outrea* plan ,n lat] ?an #cj days aft] ! date ( enactm5t ( ?is ,act1 ! ,adm9i/rator %all submit to ! ,committee on ,small ,bus9ess & ,entrepr5eur%ip ( ! ,s5ate & ! ,committee on ,small ,bus9ess ( ! ,h\se ( ,repres5tatives an outrea* plan to cle>ly communicate program & policy *anges to all (fices ( ! ,adm9i/ration1 small bus9ess developm5t c5t]s 7z def9$ 9 section #c ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcb771 wom5's bus9ess c5t]s 7describ$ 9 section #bi ( su* ,act 7#ae ,u4,s4,c4 #fef771 *apt]s ( ! ,s]vice ,corps ( ,retir$ ,executives 7e/abli%$ "u section #h7;b77#a77;,b7 ( su* ,act 7#ae ,u4,s4,c4 #fcg7;b77#a77;,b7771 ,vet]an ,bus9ess ,outrea* ,c5t]s 7describ$ 9 section #cb ( su* ,act 7#ae ,u4,s4,c4 #feg;b771 ,memb]s ( ,congress1 congressional committees1 small bus9ess conc]ns 7z def9$ 9 section #c ( su* ,act 7#ae ,u4,s4,c4 #fcb771 & ! public4 #daj4 ,report on be/ practices ,n lat] ?an #fj days aft] ! date ( enactm5t ( ?is ,act1 ! ,adm9i/rator %all submit to ! ,committee on ,small ,bus9ess & ,entrepr5eur%ip ( ! ,s5ate & ! ,committee on ,small ,bus9ess ( ! ,h\se ( ,repres5tatives a report on outl9+ ! be/ practices to adm9i/] ! loan program e/abli%$ "u section #g7;b77#b7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;b77#b77 dur+ a p&emic4 #daa4 ,ext5sion ( p]iod ( availability = adm9i/rative funds ,section #aajg7;a7 ( ! ,,c>es ,act 7#ae ,u4,s4,c4 #ijjf7;a77 is am5d$1 9 ! matt] prec$+ p>agraph 7#a71 by /rik+ until ,septemb] #cj1 #bjba & ins]t+ until ,decemb] #ca1 #bjba1 = am\nts appropriat$ "u p>agraph 7#b71 & until ,septemb] #cj1 #bjba1 = all o!r am\nts appropriat$ "u ?is subsection4 ,v ,micro-,,sbic & ,equity ,inve/m5t ,enhancem5t #eja4 ,micro-,,sbic ,program ,title ,,iii ( ! ,small ,bus9ess ,inve/m5t ,act ( #aieh 7#ae ,u4,s4,c4 #fha et seq47 is am5d$ by add+ at ! end ! foll[+3 ,d ,micro-,,sbic ,program #cii;,a4 ,micro-,,sbic ,program 7a7 ,e/abli%m5t ,!re is e/abli%$ 9 ! ,adm9i/ration a program to be kn[n z ! ,micro-,,sbic ,program "u :i* ! ,adm9i/rator %all issue a lic5se to an applicant = ! purpose ( mak+ loans to & inve/m5ts 9 small bus9ess conc]ns4 ,an applicant lic5s$ "u ?is section %all h ! same b5efits z an applicant lic5s$ "u section #cja4 7b7 ,eligibility ,an applicant desir+ to receive a lic5se to op]ate z a micro-,,sbic %all submit an application to ! ,adm9i/rator at su* "t1 9 su* mann]1 & conta9+ su* in=mation z ! ,adm9i/rator may require1 includ+-- 7#a7 evid5ce t ! applicant holds private capital ( n less ?an #e1jjj1jjj2 7#b7 evid5ce t ! managem5t ( ! applicant is qualifi$ & has significant bus9ess exp]tise relevant to ! applicant's /rategy2 & 7#c7 an election to receive a se$ inve/m5t "u section #cii;,c or lev]age f ! ,adm9i/rator4 7c7 ,issuance ( ,lic5se 7#a7 ,proc$ures 7,a7 ,/atus ,n lat] ?an #ij days aft] ! initial receipt by ! ,adm9i/rator ( an application "u ?is section1 ! ,adm9i/rator %all provide ! applicant ) a writt5 report detail+ ! /atus ( ! application & any requirem5ts rema9+ = completion ( ! application4 7,b7 ,approval or disapproval ,except z provid$ 9 subp>agraph 7,c7 & )9 a reasonable "t aft] provid+ ! report "u subp>agraph 7,a71 & 9 accordance ) su* requirem5ts z ! ,adm9i/rator may prescribe by regulation1 ! ,adm9i/rator %all-- 7i7 approve ! application & issue to ! applicant a lic5se to op]ate z a micro-,,sbic2 or 7ii7 disapprove ! application & notify ! applicant 9 writ+ ( ! disapproval4 7,c7 ,provisional approval ,! ,adm9i/rator may provide provisional approval = an applicant = a p]iod ( n m ?an #ab mon?s be=e mak+ a f9al det]m9ation ( approval or disapproval "u subp>agraph 7,b74 7,d7 ,explanation ( disapproval ,an applicant may submit to ! ,adm9i/rator a reque/ = a writt5 explanation reg>d+ ! disapproval ( an application "u subp>agraph 7,b77ii74 7#b7 ,appeals 7,a7 ,disapprov$ applications ,) respect to an application t is disapprov$ "u p>agraph 7#a77;,b77ii7-- 7i7 n lat] ?an #cj days aft] ! date on :i* ! application is disapprov$1 ! applicant may submit an appeal to ! ,*air ( ! ,inve/m5t ,division ,lic5s+ ,committee ( ! ,adm9i/ration 7ref]r$ to 9 ?is p>agraph z ! ,*air72 & 7ii7 n lat] ?an #cj days aft] ! date on :i* ! applicant submits an appeal "u clause 7i71 ! ,*air %all issue a rul+ ) respect to ! appeal & notify ! applicant reg>d+ su* rul+4 7,b7 ,d5ial ( appeal ,) respect to an application t ! ,*air d5ies 9 an appeal submitt$ "u subp>agraph 7,a7-- 7i7 n lat] ?an #cj days aft] ! date on :i* ! ,*air submits ! notification requir$ "u subp>agraph 7,a77ii71 ! applicant may submit to ! ,adm9i/rator an appeal ( ! rul+ made by ! ,*air2 & 7ii7 n lat] ?an #cj days aft] ! date on :i* ! applicant submits an appeal "u clause 7i71 ! ,adm9i/rator %all issue a f9al rul+ ) respect to ! appeal & notify ! applicant reg>d+ su* rul+4 7#c7 ,priority ,9 review+ applications & issu+ lic5ses "u ?is section1 ! ,adm9i/rator %all give priority to an applicant ! managem5t ( :i* consi/s ( n few] ?an #b socially disadvantag$ individuals or economically disadvantag$ individuals & n few] ?an #a track record inve/m5t committee memb]4 7#d7 ,exp$it$ proc$ures ,! ,adm9i/rator %all e/abli% exp$it$ proc$ures = ! consid]ation ( an application submitt$ "u subsection 7b71 includ+ a writt5 report "u p>agraph 7#a77;,a7 n lat] ?an #de days aft] ! initial receipt ( an application1 =-- 7,a7 a small bus9ess inve/m5t company lic5s$ "u section #cja2 7,b7 a rural bus9ess inve/m5t company2 or 7,c7 a bank-own$ applicant4 7d7 ,maximum lev]age 7#a7 ,9 g5]al ,= a micro-,,sbic t elects to receive lev]age "u subsection 7b77#c71 ! maximum am\nt ( out/&+ lev]age made available to any "o micro-,,sbic may n exce$-- 7,a7 #ej p]c5t ( ! private capital ( ! micro-,,sbic1 n to exce$ #be1jjj1jjj2 or 7,b7 9 ! case ( a micro-,,sbic own$ by p]sons :o also own a small bus9ess inve/m5t company lic5s$ "u section #cja1 #ajj p]c5t ( ! private capital ( ! micro-,,sbic1 n to exce$ #ej1jjj1jjj4 7#b7 ,inve/m5ts 9 c]ta9 bus9esses ,9 calculat+ ! out/&+ lev]age ( a micro-,,sbic = purposes ( p>agraph 7#a71 ! ,adm9i/rator %all exclude ! am\nt ( ! co/ basis ( any inve/m5ts made 9 an e>ly-/age small bus9ess1 gr[?-/age small bus9ess1 scale-up small bus9ess1 or cov]$ small bus9ess 9 an am\nt n to exce$-- 7,a7 #be1jjj1jjj2 or 7,b7 9 ! case ( a micro-,,sbic own$ by p]sons :o also own a small bus9ess inve/m5t company lic5s$ "u section #cja1 #ej1jjj1jjj4 #cii;,b4 ,micro-,,sbic ,program requirem5ts 7a7 ,surr5d] ( lic5se ,a micro-,,sbic t volunt>ily surr5d]s a lic5se issu$ "u ?is "p %all ent] into an agreem5t ) ,adm9i/rator = ! repaym5t ( lev]age receiv$4 ,su* agreem5t may n require ! micro-,,sbic to imm$iately repay all lev]age receiv$4 7b7 ,adm9i/ration ,to ! ext5t practicable1 = a micro-,,sbic t elects to receive lev]age "u section #cii;,a7b77#c71 ! ,adm9i/rator %all adm9i/] ! ,micro-,,sbic ,program 9 a simil> mann] to ! program "u section #cja4 #cii;,c4 ,se$ ,inve/m5t ,program 7a7 ,e/abli%m5t ,! ,adm9i/rator %all e/abli% & c>ry out an equity inve/m5t program 79 ?is "p ref]r$ to z ! ,se$ ,inve/m5t ,program7 to provide se$ inve/m5ts to a micro-,,sbic to inve/ 9 small bus9ess conc]ns4 7b7 ,application ,a micro-,,sbic t elects to receive a se$ inve/m5t "u section #cii;,a7b77#c7 %all submit to ! ,adm9i/rator an application t includes ! foll[+3 7#a7 ,a bus9ess plan describ+ h[ ! applicant int5ds to make successful inve/m5ts 9 e>ly-/age small bus9esses1 gr[?-/age small bus9esses1 scale-up small bus9esses1 or cov]$ small bus9esses1 z applicable4 7#b7 ,a description ( ! ext5t to :i* ! applicant meets ! selection crit]ia "u subsection 7c74 7c7 ,selection 7#a7 ,9 g5]al ,n lat] ?an #ij days aft] ! date ( receipt ( an application "u subsection 7b71 ! ,adm9i/rator %all make a f9al det]m9ation to approve or disapprove ! applicant z a p>ticipant 9 ! ,se$ ,inve/m5t ,program & %all submit su* det]m9ation to ! applicant 9 writ+4 7#b7 ,crit]ia ,9 mak+ a det]m9ation "u p>agraph 7#a71 ! ,adm9i/rator %all consid] ea* ( ! foll[+ crit]ia3 7,a7 ,! likelihood t ! applicant w meet ! goals specifi$ 9 ! bus9ess plan ( ! applicant4 7,b7 ,! likelihood t ! inve/m5ts ( ! applicant w directly & indirectly create or pres]ve jobs4 7,c7 ,! "* & fitness ( ! managem5t ( ! applicant4 7,d7 ,! exp]i5ce & backgr\nd ( ! managem5t ( ! applicant4 7,e7 ,! ext5t to :i* ! applicant w conc5trate inve/m5t activities on e>ly-/age small bus9esses1 gr[?-/age small bus9esses1 scale-up small bus9esses1 or cov]$ small bus9esses1 z applicable4 7,f7 ,! likelihood t ! applicant w a*ieve pr(itability4 7,g7 ,! exp]i5ce ( ! managem5t ( ! applicant ) respect to e/abli%+ a pr(itable inve/m5t track record4 #cii;,d4 ,requirem5ts = se$ inve/m5ts 7a7 ,9 g5]al ,! ,adm9i/rator may make #a se$ inve/m5t to a ,program p>ticipant1 :i* %all be held 9 an acc\nt f :i* ! ,program p>ticipant may make )drawals4 7b7 ,am\nts 7#a7 ,non-,f$]al capital ,a se$ inve/m5t made to a ,program p>ticipant may n exce$ ! am\nt ( capital ( ! ,program p>ticipant t-- 7,a7 is n f a ,f$]al s\rce2 & 7,b7 is available = inve/m5t1 includ+ ?r\gh legally b9d+ commitm5ts1 on or be=e ! date on :i* ! se$ inve/m5t is approv$4 7#b7 ,limitation on am\nt ,! am\nt ( a se$ inve/m5t made to a ,program p>ticipant may n exce$ ! less] (-- 7,a7 #be1jjj1jjj2 or 7,b7 #ajj p]c5t ( ! private capital committ$ to ! ,program p>ticipant4 7c7 ,process 7#a7 ,9 g5]al ,am\nts held 9 an acc\nt "u ?is section %all rema9 available to a ,program p>ticipant-- 7,a7 = initial se$ inve/m5ts1 dur+ ! #e-ye> p]iod beg9n+ on ! date on :i* ! ,program p>ticipant fir/ accesses am\nts f ! acc\nt2 & 7,b7 = foll[-on inve/m5ts & managem5t fees1 dur+ ! #aj-ye> p]iod beg9n+ on ! date on :i* ! ,program p>ticipant fir/ accesses am\nts f ! acc\nt4 7#b7 ,ext5sion ,^u reque/ by a ,program p>ticipant1 ! ,adm9i/rator may grant a #a-ye> ext5sion ( ! p]iod describ$ 9 p>agraph 7#a77;,b7 n m ?an #b times4 7#c7 ,use ( am\nts ,a ,program p>ticipant %all inve/ all am\nts held 9 an acc\nt "u ?is section dur+ ! #aj-ye> p]iod beg9n+ on ! date on :i* ! ,program p>ticipant fir/ accesses am\nts f ! acc\nt4 7d7 ,priority ,! ,adm9i/rator %all prioritize mak+ se$ inve/m5ts "u ?is section to ,program p>ticipants 9 und]lic5s$ ,/ates4 7e7 ,inve/m5ts 9 c]ta9 bus9esses 7#a7 ,9 g5]al ,a ,program p>ticipant t receives a se$ inve/m5t "u ?is "p %all make all ( ! inve/m5ts ( ! ,program p>ticipant 9 small bus9ess conc]ns1 ( :i* n less ?an #ej p]c5t %all be 9 cov]$ small bus9esses4 7#b7 ,m9ority positions 7,a7 ,9 g5]al ,on ! date on :i* a ,program p>ticipant fir/ accesses am\nts f a se$ inve/m5t receiv$ "u ?is ,"p1 ! ,program p>ticipant may n own or control n m ?an #ej p]c5t ( ! %>es ( any small bus9ess conc]n 9 :i* ! ,program p>ticipant inve/s4 7,b7 ,foll[-on inve/m5ts ,a ,program p>ticipant describ$ 9 subp>agraph 7,a7 %all n pursue a buy\t /rategy z a prim>y purpose ( an inve/m5t 9 a small bus9ess conc]n1 b may take control 9 foll[-on inve/m5ts if necess>y = ! success ( any su* small bus9ess conc]n4 7#c7 ,evaluation ( compliance ,! ,adm9i/rator %all evaluate ! compliance ( a ,program p>ticipant ) ! requirem5ts "u ?is section once ! ,program p>ticipant has exp5d$ #ge p]c5t ( ! am\nt ( a se$ inve/m5t made "u ?is "p4 7f7 ,se$ inve/m5t int]e/ 7#a7 ,9 g5]al 7,a7 ,9 g5]al ,subject to p>agraph 7#d71 a ,program p>ticipant t receives a se$ inve/m5t "u ?is "p %all convey a se$ inve/m5t int]e/ to ! ,adm9i/rator 9 accordance ) subp>agraph 7,b74 7,b7 ,effect ( conveyance 7i7 ,9 g5]al ,! se$ inve/m5t int]e/ convey$ "u p>agraph 7#a7 %all-- 7,i7 h all ! rights & attributes ( o!r inve/ors ) respect to ! ,program p>ticipant1 b %all n assign control or vot+ rights to ! ,adm9i/rator2 & 7,,ii7 entitle ! ,adm9i/rator to a pro rata portion ( any di/ributions made by ! ,program p>ticipant equal to ! p]c5tage ( capital 9 ! ,program p>ticipant t ! se$ inve/m5t comprises4 7ii7 ,di/ributions ,! ,adm9i/rator %all receive di/ributions f a ,program p>ticipant "u ?is p>agraph at ! same times & 9 ! same am\nts z any o!r inve/or 9 ! ,program p>ticipant ) a simil> int]e/4 7iii7 ,allocations ,a ,program p>ticipant %all make allocations ( income1 ga91 loss1 d$uction1 & cr$it to ! ,adm9i/rator ) respect to a se$ inve/m5t int]e/ receiv$ "u ?is "p z if ! ,adm9i/rator 7 an inve/or4 7#b7 ,manag] pr(its 7,a7 ,9 g5]al ,! manag] pr(its int]e/ payable to ! manag]s ( a ,program p>ticipant %all n exce$ #bj p]c5t ( pr(its1 exclusive ( any pr(its t may accrue z a result ( ! capital contributions ( any su* manag]s ) respect to ! ,program p>ticipant4 7,b7 ,return ( excess ,any excess ( ! am\nt describ$ 9 subp>agraph 7,a71 less taxes payable !reon1 %all be return$ by ! manag]s & paid to ! inve/ors & ! ,adm9i/rator 9 proportion to ! capital contributions & se$ inve/m5ts paid 94 7,c7 ,tim+ ,no manag] pr(its int]e/ 7o!r ?an a tax di/ribution7 %all be paid prior to ! repaym5t to ! inve/ors & ! ,adm9i/rator ( all contribut$ capital & se$ inve/m5ts made4 7,d7 ,fees ,a manag] ( a ,program p>ticipant may *>ge reasonable & cu/om>y managem5t & organizational fees4 7#c7 ,di/ribution requirem5ts ,a ,program p>ticipant t receives a se$ inve/m5t "u ?is "p %all make all di/ributions to all inve/ors 9 ca% & %all make di/ributions )9 a reasonable "t aft] exit+ inve/m5ts1 includ+ foll[+ a public (f]+ or m>ket sale ( und]ly+ inve/m5ts4 7#d7 ,limitation on grant pr(its ,once ! ,adm9i/rator has receiv$ an am\nt equal to #aaj p]c5t ( ! am\nt ( ! se$ inve/m5t made to a ,program p>ticipant1 ! requirem5t to convey se$ inve/m5t int]e/ "u ?is subsection %all be t]m9at$ & no fur!r di/ributions ( pr(its %all be made to ! ,adm9i/rator4 #cii;,e4 ,adm9i/ration 7a7 ,electronic submissions ,! ,adm9i/rator %all p]mit ! electronic submission ( any docum5t submitt$ "u ?is "p or pursuant to a regulation c>ry+ out ?is "p1 includ+ by p]mitt+ an electronic signature = any signature t is requir$ on su* a docum5t4 7b7 ,application ( p5alties ,to ! ext5t n inconsi/5t ) requirem5ts "u ?is "p1 ! ,adm9i/rator may take su* action z set =? 9 sections #cji1 #caa1 #cab1 #cac1 & #cad to activities "u ?is "p & an (fic]1 director1 employee1 ag5t1 or o!r p>ticipant 9 a micro-,,sbic %all be subject to ! requirem5ts "u su* sections4 #cii;,f4 ,report ,! ,adm9i/rator %all include 9 ! annual report requir$ "u section #aj7;a7 ( ! ,small ,bus9ess ,act a description (-- 7#a7 ! numb] ( applications receiv$ "u ?is "p1 includ+ ! numb] ( applications receiv$ f applicants = :i* ! managem5t consi/s ( at lea/ two socially disadvantag$ individuals or economically disadvantag$ individuals2 & 7#b7 ! numb] ( lic5ses issu$ "u section #cii;,a1 includ+ ! numb] ( su* lic5ses issu$ to applicants = :i* ! managem5t consi/s ( at lea/ two socially disadvantag$ individuals or economically disadvantag$ individuals4 #cii;,g4 ,def9itions ,9 ?is "p3 7#a7 ,applicant ,! t]m applicant means-- 7,a7 an incorporat$ body1 a limit$ liability corporation1 or a limit$ p>tn]%ip organiz$ & *>t]$ or o!rwise exi/+ "u ,/ate law solely = ! purpose ( p]=m+ ! functions & conduct+ ! activities contemplat$ "u ?is section2 or 7,b7 a bank-own$ applicant1 rural bus9ess inve/m5t company1 or small bus9ess inve/m5t company lic5s$ "u section #cja t submits an application to op]ate z a micro-,,sbic "u section #cii;,a4 7#b7 ,bank-own$ applicant ,! t]m bank-own$ applicant means an applicant = a lic5se to op]ate z a small bus9ess inve/m5t company "u ?is "p t-- 7,a7 is a national bank or any memb] bank ( ! ,f$]al ,res]ve ,sy/em or nonmemb] insur$ bank t be>s ! same "n z ! small bus9ess inve/m5t company t is ! subject ( ! application2 7,b7 is dome/ically domicil$ )9 ! ,unit$ ,/ates2 & 7,c7 has n _h a lic5se issu$ "u ?is ,act revok$ or involunt>ily surr5d]$ dur+ ! #aj-ye> p]iod prec$+ ! date on :i* ! application is submitt$4 7#c7 ,cov]$ small bus9ess ,! t]m cov]$ small bus9ess means a small bus9ess conc]n t-- 7,a7 is a small bus9ess conc]n own$ & controll$ by wom5 7z def9$ 9 section #c7n7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcb7n7771 small bus9ess conc]n own$ & controll$ by socially & economically disadvantag$ individuals 7z def9$ 9 section #h7;d77#c77;,c7 ( su* ,act 7#ae ,u4,s4,c4 #fcg7;d77#c77;,c7771 a small bus9ess conc]n own$ & controll$ by vet]ans 7z def9$ 9 section #c7q7 ( su* ,act 7#ae ,u4,s4,c4 #fcb7q777 or a ,tribal bus9ess conc]n 7z describ$ 9 section #ca7;b77#b77;,c7 ( su* ,act 7#ae ,u4,s4,c4 #feg;a7b77#b77;,c7772 7,b7 has its pr9cipal place ( bus9ess locat$ 9 a rural c5sus tract 7z det]m9$ "u ! mo/ rec5t rural urban commut+ area code z set =? by ! ,(fice ( ,managem5t & ,budget72 7,c7 is a dome/ic manufactur+ bus9ess t is assign$ a ,nor? ,am]ican ,indu/ry ,classification ,sy/em code beg9n+ ) #ca1 #cb1 or #cc at ! "t at :i* ! small bus9ess conc]n receives an inve/m5t f a micro-,,sbic "u ?is section2 or 7,d7 ei!r-- 7i7 _h gross receipts dur+ ! fir/ or second qu>t] 9 #bjbj t are n less ?an #ej p]c5t less ?an ! gross receipts ( ! conc]n dur+ ! same qu>t] 9 #bjai2 7ii7 if ! conc]n 0 n 9 bus9ess dur+ ! fir/ or second qu>t] ( #bjai1 b 0 9 bus9ess dur+ ! ?ird & f\r? qu>t] ( #bjai1 _h gross receipts dur+ ! fir/ or second qu>t] ( #bjbj t are less ?an #ej p]c5t ( ! am\nt ( ! gross receipts ( ! conc]n dur+ ! ?ird or f\r? qu>t] ( #bjai2 7iii7 if ! conc]n 0 n 9 bus9ess dur+ ! fir/1 second1 or ?ird qu>t] ( #bjai1 b 0 9 bus9ess dur+ ! f\r? qu>t] ( #bjai1 _h gross receipts dur+ ! fir/ or second qu>t] ( #bjbj t are less ?an #ej p]c5t ( ! am\nt ( ! gross receipts ( ! conc]n dur+ ! f\r? qu>t] ( #bjai2 or 7iv7 if ! conc]n 0 n 9 bus9ess dur+ #bjai1 b 0 9 op]ation on ,febru>y #ae1 #bjbj1 _h gross receipts dur+ ! second qu>t] ( #bjbj t are less ?an #ej p]c5t ( ! am\nt ( ! gross receipts ( ! conc]n dur+ ! fir/ qu>t] ( #bjbj4 7#d7 ,e>ly-/age small bus9ess ,! t]m e>ly-/age small bus9ess means a small bus9ess conc]n t-- 7,a7 is dome/ically domicil$ )9 ! ,unit$ ,/ates2 7,b7 dur+ ! #c-ye> p]iod prec$+ ! date ( application1 has n g5]at$ gross annual sales rev5ues exce$+ #ae1jjj1jjj2 7,c7 produces a majority ( its goods or provides a majority ( its s]vices 9 ! ,unit$ ,/ates2 & 7,d7 does n move production or employm5t outside ! ,unit$ ,/ates4 7#e7 ,economically disadvantag$ individual2 socially disadvantag$ individual ,! t]ms economically disadvantag$ individual & socially disadvantag$ individual h ! mean+s giv5 ^? t]ms 9 section #h7;a7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcg7;a774 7#f7 ,gr[?-/age small bus9ess ,! t]m gr[?-/age small bus9ess means a small bus9ess conc]n t-- 7,a7 is dome/ically domicil$ )9 ! ,unit$ ,/ates2 7,b7 dur+ ! #c-ye> p]iod prec$+ ! date ( application1 has n g5]at$ gross annual sales rev5ues exce$+ #cj1jjj1jjj2 7,c7 produces a majority ( its good or provides a majority ( its s]vices 9 ! ,unit$ ,/ates2 & 7,d7 does n move production or employm5t outside ! ,unit$ ,/ates4 7#g7 ,managem5t ,! t]m managem5t means a g5]al p>tn] ( an applicant or memb] ( ! inve/m5t committee ( an applicant4 7#h7 ,micro-,,sbic ,! t]m micro-,,sbic means an applicant lic5s$ "u section #cii;,a4 7#i7 ,program p>ticipant ,! t]m ,program p>ticipant means a micro-,,sbic t receiv$ a se$ inve/m5t "u ! ,se$ ,inve/m5t ,program e/abli%$ by section #cii;,c4 7#aj7 ,scale-up small bus9ess ,! t]m scale-up small bus9ess means a small bus9ess conc]n t-- 7,a7 is dome/ically domicil$ )9 ! ,unit$ ,/ates2 7,b7 dur+ ! #c-ye> p]iod prec$+ ! date ( application1 has n g5]at$ e>n+s be=e int]e/1 tax1 depreciation1 & amortization 9 excess ( #c1jjj1jjj2 7,c7 produces a majority ( its goods or provides a majority ( its s]vices 9 ! ,unit$ ,/ates2 & 7,d7 does n move production or employm5t outside ! ,unit$ ,/ates4 7#aa7 ,small bus9ess conc]n ,! t]m small bus9ess conc]n has ! mean+ giv5 ! t]m 9 section #c7;a7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcb7;a774 7#ab7 ,track record inve/m5t committee memb] ,! t]m track record inve/m5t committee memb] means a curr5t or =m] small bus9ess inve/m5t company lic5s$ "u section #cja1 a private small- & l[]-middle-m>ket v5ture capital firm1 or a private equity fund manag] ) ! k1 exp]i5ce1 & capability necess>y to s]ve z managem5t = an applicant4 7#ac7 ,unit$ ,/ates ,! t]m ,unit$ ,/ates means ea* ( ! sev]al ,/ates1 ! ,di/rict ( ,columbia1 ea* t]ritory or possession ( ! ,unit$ ,/ates1 & ea* f$]ally recogniz$ ,indian ,tribe4 #cii;,h4 ,fund+ 7a7 ,au?orization ( appropriations ,!re is au?oriz$ to be appropriat$ to ! revolv+ fund e/abli%$ "u subsection 7b7 #a1jjj1jjj1jjj = ! fir/ full fiscal ye> beg9n+ aft] ! date ( enactm5t ( ?is "p to c>ry out ! requirem5ts ( ?is "p4 7b7 ,revolv+ fund 7#a7 ,9 g5]al ,!re is creat$ )9 ! ,adm9i/ration a sep>ate revolv+ fund = ! ,se$ ,inve/m5t ,program e/abli%$ "u section #cii;,c1 :i* %all be available to ! ,adm9i/rator subject to annual appropriations4 7#b7 ,deposits ,all am\nts receiv$ by ! ,adm9i/rator1 includ+ any money1 prop]ty1 or assets d]iv$ by ! ,adm9i/rator f op]ations 9 connection ) ! ,se$ ,inve/m5t ,program1 includ+ repaym5ts ( se$ inve/m5ts1 %all be deposit$ 9 ! revolv+ fund describ$ 9 p>agraph 7#a74 7#c7 ,exp5ses & paym5ts ,all exp5ses & paym5ts1 exclud+ adm9i/rative exp5ses1 pursuant to ! op]ations ( ! ,adm9i/rator "u ! ,se$ ,inve/m5t ,program %all be paid f ! revolv+ fund describ$ 9 p>agraph 7#a74 4 ,,vi ,miscellane\s #fja4 ,repeal ( ,,eidl advance d$uction ,section #aaaj7;e77#f7 ( ! ,,c>es ,act 7#ae ,u4,s4,c4 #ijji7;e77#f77 is repeal$4 #fjb4 ,ext5sion ( ! debt relief program 7a7 ,9 g5]al ,section #aaab ( ! ,,c>es ,act 7#ae ,u4,s4,c4 #ijaa7 is am5d$-- 7#a7 9 subsection 7c7-- 7,a7 9 p>agraph 7#a7-- 7i7 9 ! matt] prec$+ subp>agraph 7,a71 by ins]t+ 1 )\t reg>d to ! date on :i* ! cov]$ loan is fully disburs$ & subject to availability ( funds aft] /atus2 7ii7 by am5d+ subp>agraphs 7,a7 & 7,b7 to read z foll[s3 7,a7 ) respect to a cov]$ loan approv$ by ! ,adm9i/ration be=e ! date ( enactm5t ( ?is ,act & n on def]m5t-- 7i7 except z provid$ 9 clauses 7ii7 & 7iii71 = ! #f-mon? p]iod beg9n+ ) ! next paym5t due on ! cov]$ loan aft] ! cov]$ loan is fully disburs$2 7ii7 = ! #aa-mon? p]iod beg9n+ ) ! next paym5t due on ! cov]$ loan aft] ! cov]$ loan is fully disburs$1 ) respect to a cov]$ loan t-- 7,i7 is describ$ 9 subsection 7a77#a77;,b7 or is a loan gu>ante$ by ! ,adm9i/ration "u section #g7;a7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77 o!r ?an a loan describ$ 9 clause 7i7 or 7ii7 ( subsection 7a77#a77;,a72 & 7,,ii7 is made to a borr[] op]at+ prim>ily 9 an indu/ry o!r ?an an indu/ry t is assign$ a ,nor? ,am]ican ,indu/ry ,classification ,sy/em code describ$ 9 item 7aa7 or 7bb7 ( clause 7iii77,,ii72 & 7iii7 = ! #ah-mon? p]iod beg9n+ ) ! next paym5t due on ! cov]$ loan aft] ! cov]$ loan is fully disburs$1 ) respect to-- 7,i7 a cov]$ loan describ$ 9 p>agraph 7#a77;,a77i7 or p>agraph 7#b7 ( subsection 7a72 or 7,,ii7 any cov]$ loan made to a borr[] op]at+ prim>ily 9 an indu/ry t is assign$-- 7aa7 a ,nor? ,am]ican ,indu/ry ,classification ,sy/em code beg9n+ ) #fa1 #ga1 #gb1 or #dhg2 or 7bb7 ! ,nor? ,am]ican ,indu/ry ,classification ,sy/em ,code #dheeaj1 #eaaaaj1 #eaeaab1 or #eaeabj2 7,b7 ) respect to a cov]$ loan approv$ by ! ,adm9i/ration be=e ! date ( enactm5t ( ?is ,act & on def]m5t-- 7i7 except z provid$ 9 clauses 7ii7 & 7iii71 = ! #f-mon? p]iod beg9n+ ) ! next paym5t due on ! cov]$ loan aft] ! def]m5t p]iod & aft] ! cov]$ loan is fully disburs$2 7ii7 = ! #aa-mon? p]iod beg9n+ ) ! next paym5t due on ! cov]$ loan aft] ! def]m5t p]iod & aft] ! cov]$ loan is fully disburs$1 ) respect to a cov]$ loan describ$ 9 subclause 7,i7 or 7,,ii7 ( subp>agraph 7,a77ii72 & 7iii7 = ! #ah-mon? p]iod beg9n+ ) ! next paym5t due on ! cov]$ loan aft] ! def]m5t p]iod & aft] ! cov]$ loan is fully disburs$1 ) respect to a cov]$ loan describ$ 9 subclause 7,i7 or 7,,ii7 ( subp>agraph 7,a77iii72 & 2 & 7iii7 9 subp>agraph 7,c7-- 7,i7 by /rik+ cov]$ loan made & ins]t+ cov]$ loan approv$ by ! ,adm9i/ration2 7,,ii7 by /rik+ #f mon?s aft] & ins]t+ #ah mon?s aft]2 7,,iii7 by ins]t+ 7or1 = a cov]$ loan made by an int]m$i>y to a small bus9ess conc]n us+ loans or grants receiv$ "u section #g7m7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7m77 or gu>ante$ by ! ,adm9i/ration "u ! ,community ,advantage ,pilot ,program ( ! ,adm9i/ration1 = ! #ab-mon? p]iod7 aft] #f-mon? p]iod2 & 7,,iv7 by ins]t+ aft] ! cov]$ loan is fully disburs$ aft] due on ! cov]$ loan2 & 7,b7 by add+ at ! end ! foll[+3 7#d7 ,additional provisions = new loans ,) respect to a loan describ$ 9 p>agraph 7#a77;,c7-- 7,a7 ! ,adm9i/rator may fur!r ext5d ! #ah-mon? p]iod describ$ 9 p>agraph 7#a77;,c7 if !re are suffici5t funds to cont9ue ^? paym5ts2 & 7,b7 dur+ ! und]writ+ process1 a l5d] ( su* a loan may consid] ! paym5ts "u ?is section z "p ( a compreh5sive review to det]m9e ! ability to repay ov] ! entire p]iod ( maturity ( ! loan4 7#e7 ,eligibility ,eligibility = a cov]$ loan to receive su* paym5ts ( pr9cipal1 int]e/1 & any associat$ fees "u ?is subsection %all be bas$ on ! date on :i* ! cov]$ loan is approv$ by ! ,adm9i/ration4 7#f7 ,au?ority to revise ext5sions 7,a7 ,9 g5]al ,z "p ( prep>+ ! reports "u subsection 7i77#e7 t are requir$ to be submitt$ n lat] ?an ,janu>y #ae1 #bjba1 & n lat] ?an ,june #ae1 #bjba1 ! ,adm9i/rator conducts an evaluation ( :e!r am\nts made available to make paym5ts "u ?is subsection are suffici5t to make ! paym5ts = ! p]iod describ$ 9 p>agraph 7#a74 7,b7 ,plan ,if ! ,adm9i/rator det]m9es "u subp>agraph 7,a7 t ! am\nts made available to make paym5ts "u ?is subsection are insuffici5t1 ! ,adm9i/rator %all-- 7i7 develop a plan to proportionally r$uce ! numb] ( mon?s provid$ = ea* p]iod describ$ 9 p>agraph 7#a71 :ile ensur+ all am\nts made available to make paym5ts "u ?is subsection are fully exp5d$2 & 7ii7 be=e tak+ action "u ! plan develop$ "u clause 7i71 include 9 ! applicable report "u subsection 7i77#e7 ! plan & ! data t in=ms ! plan4 7#g7 ,rule ( con/ruction ,no?+ 9 ?is subsection %all preclude a borr[] f receiv+ full paym5ts ( pr9cipal1 int]e/1 & any associat$ fees z au?oriz$ by subsection4 2 7#b7 by r$esignat+ subsection 7f7 z subsection 7k72 & 7#c7 by ins]t+ aft] subsection 7e7 ! foll[+3 7f7 ,eligibility = new loans ,= ea* individual l5d+ program "u ?is section1 ! ,adm9i/rator may e/abli% a m9imum loan maturity p]iod1 tak+ into consid]ation ! normal und]writ+ requirem5ts = ea* su* program1 ) ! goal ( prev5t+ abuse "u ! program4 7g7 ,limitation on assi/ance ,a borr[] may n receive assi/ance "u subsection 7c7 = m ?an #a cov]$ loan ( ! borr[] describ$ 9 p>agraph 7#a77;,c7 ( t subsection4 7h7 ,taxability ,= purposes ( ! ,int]nal ,rev5ue ,code ( #aihf-- 7#a7 any paym5t made "u subsection 7c7 %all be treat$ z paid by ! p]son on ^: behalf su* paym5t is made1 7#b7 no am\nt %all be includ$ 9 ! gross income ( ! borr[] by reason ( a paym5t made "u subsection 7c71 & 7#c7 no d$uction %all be d5i$ or r$uc$1 no tax attribute %all be r$uc$1 & no basis increase %all be d5i$1 by reason ( ! exclusion f gross income provid$ by p>agraph 7#b74 7i7 ,report+ & outrea* 7#a7 ,updat$ in=mation 7,a7 ,9 g5]al ,n lat] ?an #g days aft] ! date ( enactm5t ( ! ,h]oes ,small ,bus9ess ,lifel9e ,act1 ! ,adm9i/rator %all make publicly available in=mation reg>d+ ! modifications to ! assi/ance provid$ "u ?is section "u ! am5dm5ts made by su* ,act4 7,b7 ,guidance ,n lat] ?an #ad days aft] ! date ( enactm5t ( ! ,h]oes ,small ,bus9ess ,lifel9e ,act ! ,adm9i/rator %all issue guidance on implem5t+ ! modifications to ! assi/ance provid$ "u ?is section "u ! am5dm5ts made by su* ,act4 7#b7 ,publication ( li/ ,n lat] ?an #ad days aft] ! date ( enactm5t ( ! ,h]oes ,small ,bus9ess ,lifel9e ,act1 ! ,adm9i/rator %all transmit to ea* l5d] ( a cov]$ loan a li/ ( ea* borr[] ( a cov]$ loan t includes ! ,nor? ,am]ican ,indu/ry ,classification ,sy/em code assign$ to ! borr[]1 bas$ on ! records ( ! ,adm9i/ration1 to assi/ ! l5d]s 9 id5tify+ :i* borr[]s qualify = an ext5sion ( paym5ts "u subsection 7c74 7#c7 ,education & outrea* ,! ,adm9i/rator %all provide education1 outrea*1 & communication to l5d]s1 borr[]s1 di/rict (fices1 & res\rce p>tn]s ( ! ,adm9i/ration 9 ord] to ensure full & prop] compliance ) ?is section1 enc\rage broad p>ticipation ) respect to cov]$ loans t h n yet be5 approv$ by ! ,adm9i/rator1 & help l5d]s transition borr[]s f subsidy paym5ts "u ?is section directly to a def]ral :5 suitable = ! borr[]4 7#d7 ,notification ,n lat] ?an #cj days aft] ! date ( enactm5t ( ! ,h]oes ,small ,bus9ess ,lifel9e ,act1 ! ,adm9i/rator %all mail a lett] to ea* borr[] ( a cov]$ loan t includes-- 7,a7 an ov]view ( assi/ance provid$ "u ?is section2 7,b7 ! rights ( ! borr[] to receive t assi/ance2 7,c7 h[ to seek rec\rse ) ! ,adm9i/rator or ! l5d] ( ! cov]$ loan if ! borr[] has n receiv$ t assi/ance2 & 7,d7 ! rights ( ! borr[] to reque/ a loan def]ral f a l5d]1 & guidance on h[ to d successfully transition directly to a loan def]ral once subsidy paym5ts "u ?is section are conclud$4 7#e7 ,mon?ly report+ ,n lat] ?an ! #ae? ( ea* mon? beg9n+ aft] ! date ( enactm5t ( ! ,h]oes ,small ,bus9ess ,lifel9e ,act1 ! ,adm9i/rator %all submit to ,congress a report on assi/ance provid$ "u ?is section1 :i* %all include-- 7,a7 mon?ly & cumulative data on paym5ts made "u ?is section z ( ! date ( ! report1 includ+ a breakd[n by-- 7i7 ! numb] ( p>ticipat+ borr[]s2 7ii7 ! volume ( paym5ts made = ea* type ( cov]$ loan2 & 7iii7 ! volume ( paym5ts made = cov]$ loans made be=e ! date ( enactm5t ( ?is ,act & loans made aft] su* date ( enactm5t2 7,b7 ! names ( any l5d]s ( cov]$ loans t h n submitt$ in=mation on ! cov]$ loans to ! ,adm9i/rator dur+ ! prec$+ mon?2 & 7,c7 an update on ! education & outrea* activities ( ! ,adm9i/ration c>ri$ out "u p>agraph 7#c74 4 7b7 ,effective date ,! am5dm5ts made by ?is section %all apply z if includ$ 9 ! enactm5t ( section #aaab ( ! ,,c>es ,act 7#ae ,u4,s4,c4 #ijaa74 #fjc4 ,modifications to #g7;a7 loan programs 7a7 #g7;a7 loan gu>antees 7#a7 ,9 g5]al ,section #g7;a77#b77;,a7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#b77;,a77 is am5d$ by /rik+ 71 su* p>ticipation by ! ,adm9i/ration %all be equal to & all t foll[s ?r\gh ! p]iod at ! end & ins]t+ or ! ,community ,advantage ,pilot ,program ( ! ,adm9i/ration71 su* p>ticipation by ! ,adm9i/ration %all be equal to #ij p]c5t ( ! balance ( ! f9anc+ out/&+ at ! "t ( disbursem5t ( ! loan44 7#b7 ,prospective repeal ,effective ,octob] #a1 #bjba1 section #g7;a77#b77;,a7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#b77;,a771 z am5d$ by p>agraph 7#a71 is am5d$ to read z foll[s3 7,a7 ,9 g5]al ,except z provid$ 9 subp>agraphs 7,b71 7,d71 7,e71 & 7,f71 9 an agreem5t to p>ticipate 9 a loan on a def]r$ basis "u ?is subsection 7includ+ a loan made "u ! ,pref]r$ ,l5d]s ,program71 su* p>ticipation by ! ,adm9i/ration %all be equal to-- 7i7 #ge p]c5t ( ! balance ( ! f9anc+ out/&+ at ! "t ( disbursem5t ( ! loan1 if su* balance exce$s #aej1jjj2 or 7ii7 #he p]c5t ( ! balance ( ! f9anc+ out/&+ at ! "t ( disbursem5t ( ! loan1 if su* balance is less ?an or equal to #aej1jjj4 4 7b7 ,express loans 7#a7 ,loan am\nt ,section #aajb7;c77#b7 ( ! ,,c>es ,act 7,public ,law #aaf-cf2 #ae ,u4,s4,c4 #fcf note7 is am5d$ to read z foll[s3 7#b7 ,prospective repeal ,section #g7;a77#ca77;,d7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#ca77;,d77 is am5d$-- 7,a7 by /rik+ #a1jjj1jjj & ins]t+ #ejj1jjj1 effective dur+ ! p]iod beg9n+ on ,janu>y #a1 #bjba1 & end+ on ,septemb] #cj1 #bjba2 & 7,b7 by /rik+ #ejj1jjj & ins]t+ #cej1jjj1 effective ,octob] #a1 #bjba4 4 7#b7 ,gu>antee rates 7,a7 ,tempor>y modification ,section #g7;a77#ca77;,a77iv7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#ca77;,a77iv77 is am5d$ by /rik+ ) a gu>anty rate ( n m ?an #ej p]c5t4 & ins]t+ ! foll[+3 ) a gu>antee rate-- 7,i7 = a loan 9 an am\nt less ?an or equal to #cej1jjj1 ( n m ?an #ge p]c5t2 & 7,,ii7 = a loan 9 an am\nt great] ?an #cej1jjj1 ( n m ?an #ej p]c5t4 4 7,b7 ,prospective repeal ,effective ,octob] #a1 #bjba1 section #g7;a77#ca77;,a77iv7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#ca77;iv771 z am5d$ by subp>agraph 7,a71 is am5d$ by /rik+ gu>antee rate & all t foll[s ?r\gh ! p]iod at ! end & ins]t+ gu>antee rate ( n m ?an #ej p]c5t44 #fjd4 ,flexibility 9 def]ral ( paym5ts ( #g7;a7 loans ,section #g7;a77#g7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#g77 is am5d$-- 7#a7 by /rik+ ,! ,adm9i/ration & ins]t+ 7,a7 ,9 g5]al4--,! ,adm9i/rator2 7#b7 by ins]t+ & int]e/ aft] pr9cipal2 & 7#c7 by add+ at ! end ! foll[+ new subp>agraphs3 7,b7 ,def]ral requirem5ts ,) respect to a def]ral provid$ "u ?is p>agraph1 ! ,adm9i/rator may all[ l5d]s "u ?is subsection-- 7i7 to provide full paym5t def]m5t relief 7includ+ paym5t ( pr9cipal & int]e/7 = a p]iod ( n m ?an #a ye>2 & 7ii7 to provide an additional def]m5t p]iod if ! borr[] provides docum5tation ju/ify+ su* additional def]m5t4 7,c7 ,second>y m>ket ,if an inve/or decl9es to approve a def]ral or additional def]m5t reque/$ by a l5d] "u subp>agraph 7,b71 ! ,adm9i/rator %all ex]cise ! au?ority to pur*ase ! loan s t ! borr[] may receive full paym5t def]m5t relief 7includ+ paym5t ( pr9cipal & int]e/7 or an additional def]m5t z describ$ 9 subp>agraph 7,b74 4 #fje4 ,recov]y assi/ance "u ! microloan program 7a7 ,loans to int]m$i>ies 7#a7 ,9 g5]al ,section #g7m7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7m77 is am5d$-- 7,a7 9 p>agraph 7#c77;,c7-- 7i7 by /rik+ & #f1jjj1jjj & ins]t+ #aj1jjj1jjj 79 ! aggregate72 & 7ii7 by ins]t+ be=e ! p]iod at ! end ! foll[+3 1 & #d1ejj1jjj 9 any ( ^? rema9+ ye>s2 7,b7 9 p>agraph 7#d7-- 7i7 9 subp>agraph 7,a71 by /rik+ subp>agraph 7,c7 ea* place t t]m appe>s & ins]t+ subp>agraphs 7,c7 & 7,g72 7ii7 9 subp>agraph 7,c71 by am5d+ clause 7i7 to read z foll[s3 7i7 ,9 g5]al ,9 addition to grants made "u subp>agraph 7,a7 or 7,g71 ea* int]m$i>y %all be eligible to receive a grant equal to #e p]c5t ( ! total out/&+ balance ( loans made to ! int]m$i>y "u ?is subsection if-- 7,i7 ! int]m$i>y provides n less ?an #be p]c5t ( its loans to small bus9ess conc]ns locat$ 9 or own$ by #a or m resid5ts ( an economically di/ress$ area2 or 7,,ii7 ! int]m$i>y has a portfolio ( loans made "u ?is subsection-- 7aa7 t av]ages n m ?an #aj1jjj dur+ ! p]iod ( ! int]m$i>y's p>ticipation 9 ! program2 or 7bb7 ( :i* n less ?an #be p]c5t is s]v+ rural areas dur+ ! p]iod ( ! int]m$i>y's p>ticipation 9 ! program4 2 & 7iii7 by add+ at ! end ! foll[+3 7,g7 ,grant am\nts bas$ on appropriations ,9 any fiscal ye> 9 :i* ! am\nt appropriat$ to make grants "u subp>agraph 7,a7 is suffici5t to provide to ea* int]m$i>y t receives a loan "u p>agraph 7#a77;,b77i7 a grant ( n less ?an #be p]c5t ( ! total out/&+ balance ( loans made to ! int]m$i>y "u ?is subsection1 ! ,adm9i/ration %all make a grant "u subp>agraph 7,a7 to ea* int]m$i>y ( n less ?an #be p]c5t & n m ?an #cj p]c5t ( t total out/&+ balance = ! int]m$i>y4 2 7,c7 by /rik+ p>agraph 7#g7 & ins]t+ ! foll[+3 7#g7 ,program fund+ = microloans ,"u ! program au?oriz$ by ?is subsection1 ! ,adm9i/ration may fund1 on a competitive basis1 n m ?an #cjj int]m$i>ies4 2 & 7,d7 9 p>agraph 7#aa7-- 7i7 9 subp>agraph 7,c77ii71 by /rik+ all aft] ! semicolon & ins]t+ &2 & 7ii7 by /rik+ all aft] subp>agraph 7,c71 & ins]t+ ! foll[+3 7,d7 ! t]m economically di/ress$ area1 z us$ 9 p>agraph 7#d71 means a c\nty or equival5t division ( local gov]nm5t ( a ,/ate 9 :i* ! small bus9ess conc]n is locat$1 9 :i*1 accord+ to ! mo/ rec5t data available f ! ,bureau ( ! ,c5sus1 ,dep>tm5t ( ,comm]ce1 n less ?an #dj p]c5t ( resid5ts h an annual income t is at or bel[ ! pov]ty level4 4 7#b7 ,prospective am5dm5t ,effective on ,octob] #a1 #bjba1 section #g7m77#c77;,c7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7m77#c77;,c771 z am5d$ by p>agraph 7#a77;,a71 is am5d$-- 7,a7 by /rik+ #aj1jjj1jjj & by ins]t+ #g1jjj1jjj2 & 7,b7 by /rik+ #d1ejj1jjj & ins]t+ #c1jjj1jjj4 7b7 ,tempor>y waiv] ( te*nical assi/ance grants mat*+ requirem5ts & flexibility on pre- & po/-,loan assi/ance ,dur+ ! p]iod beg9n+ on ! date ( enactm5t ( ?is ,act & end+ on ,septemb] #cj1 #bjba1 ! ,adm9i/ration %all waive-- 7#a7 ! requirem5t to contribute non-,f$]al funds "u section #g7m77#d77;,b7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7m77#d77;,b772 & 7#b7 ! limitation on am\nts all[$ to be exp5d$ to provide in=mation & te*nical assi/ance "u clause 7i7 ( section #g7m77#d77;,e7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7m77#d77;,e77 & ent] into ?ird-p>ty contracts to provide te*nical assi/ance "u clause 7ii7 ( su* section #g7m77#d77;,e74 7c7 ,tempor>y duration ( loans to borr[]s 7#a7 ,9 g5]al ,dur+ ! p]iod beg9n+ on ! date ( enactm5t ( ?is ,act & end+ on ,septemb] #cj1 #bjba1 ! duration ( a loan made by an eligible int]m$i>y "u section #g7m7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7m77-- 7,a7 to an exi/+ borr[] may be ext5d$ to n m ?an #h ye>s2 & 7,b7 to a new borr[] may be n m ?an #h ye>s4 7#b7 ,rev]sion ,on & aft] ,octob] #a1 #bjba1 ! duration ( a loan made by an eligible int]m$i>y to a borr[] "u section #g7m7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7m77 %all be #g ye>s or su* o!r am\nt e/abli%$ by ! ,adm9i/rator4 7d7 ,fund+ ,section #bj ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fca note7 is am5d$ by add+ at ! end ! foll[+3 7h7 ,microloan program ,= ea* ( fiscal ye>s #bjba ?r\gh #bjbe1 ! ,adm9i/ration is au?oriz$ to make-- 7#a7 #hj1jjj1jjj 9 te*nical assi/ance grants1 z provid$ 9 section #g7m72 & 7#b7 #aaj1jjj1jjj 9 direct loans1 z provid$ 9 section #g7m74 4 7e7 ,au?orization ( appropriations ,9 addition to am\nts provid$ "u ! ,consolidat$ ,appropriations ,act1 #bjbj 7,public ,law #aaf-ic7 = ! program e/abli%$ "u section #g7m7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7m77 & am\nts provid$ = fiscal ye> #bjba = t program1 !re is au?oriz$ to be appropriat$ = fiscal ye> #bjba1 to rema9 available until exp5d$-- 7#a7 #ej1jjj1jjj to provide te*nical assi/ance grants "u su* section #g7m72 & 7#b7 #g1jjj1jjj to provide direct loans "u su* section #g7m74 #fjf4 ,maximum loan am\nt = #ejd loans 7a7 ,p]man5t increase = small manufactur]s ,section #ejb7b77;,a77iii7 ( ! ,small ,bus9ess ,inve/m5t ,act ( #aieh 7#ae ,u4,s4,c4 #fif7b77;,a77iii77 is am5d$ by /rik+ #e1ejj1jjj & ins]t+ #f1ejj1jjj4 7b7 ,l[-,int]e/ ref9anc+ "u ! local developm5t bus9ess loan program 7#a7 ,repeal ,section #eba7;a7 ( title ,v ( division ,e ( ! ,consolidat$ ,appropriations ,act1 #bjaf 7,public ,law #aad-aac2 #abi ,/at4 #bdfc2 #ae ,u4,s4,c4 #fif note7 is repeal$4 7#b7 ,ref9anc+ ,section #ejb7g7 ( ! ,small ,bus9ess ,inve/m5t ,act ( #aieh 7#ae ,u4,s4,c4 #fif7 is am5d$-- 7,a7 9 subp>agraph 7,b71 9 ! matt] prec$+ clause 7i71 by /rik+ #ej & ins]t+ #ajj2 & 7,b7 by add+ at ! end ! foll[+3 7,c7 ,ref9anc+ n involv+ expansions 7i7 ,def9itions ,9 ?is subp>agraph-- 7,i7 ! t]m borr[] means a small bus9ess conc]n t submits an application to a developm5t company = f9anc+ "u ?is subp>agraph2 7,,ii7 ! t]m eligible fix$ asset means tangible prop]ty relat+ to :i* ! ,adm9i/rator may provide f9anc+ "u ?is section2 & 7,,iii7 ! t]m qualifi$ debt means indebt$ness t-- 7aa7 0 incurr$ n less ?an #f mon?s be=e ! date ( ! application = assi/ance "u ?is subp>agraph2 7bb7 is a comm]cial loan2 7cc7 ! proce$s ( :i* 7 us$ to acquire an eligible fix$ asset2 7dd7 0 incurr$ = ! b5efit ( ! small bus9ess conc]n2 & 7ee7 is collat]aliz$ by eligible fix$ assets4 7ii7 ,au?ority ,a project t does n involve ! expansion ( a small bus9ess conc]n may include ! ref9anc+ ( qualifi$ debt if-- 7,i7 ! am\nt ( ! f9anc+ is n m ?an #ij p]c5t ( ! value ( ! collat]al = ! f9anc+1 except t1 if ! apprais$ value ( ! eligible fix$ assets s]v+ z collat]al = ! f9anc+ is less ?an ! am\nt equal to #abe p]c5t ( ! am\nt ( ! f9anc+1 ! borr[] may provide additional ca% or o!r collat]al to elim9ate any defici5cy2 7,,ii7 ! borr[] has be5 9 op]ation = all ( ! #b-ye> p]iod end+ on ! date ! loan application is submitt$2 & 7,,iii7 = a f9anc+ = :i* ! ,adm9i/rator det]m9es !re w be an additional co/ attributable to ! ref9anc+ ( ! qualifi$ debt1 ! borr[] agrees to pay a fee 9 an am\nt equal to ! anticipat$ additional co/4 7iii7 ,f9anc+ = bus9ess exp5ses 7,i7 ,f9anc+ = bus9ess exp5ses ,! ,adm9i/rator may provide f9anc+ to a borr[] t receives f9anc+ t includes a ref9anc+ ( qualifi$ debt "u clause 7ii71 9 addition to ! ref9anc+ "u clause 7ii71 to be us$ solely = ! paym5t ( bus9ess exp5ses4 7,,ii7 ,application = f9anc+ ,an application = f9anc+ "u subclause 7,i7 %all include-- 7aa7 a specific description ( ! exp5ses = :i* ! additional f9anc+ is reque/$2 & 7bb7 an itemization ( ! am\nt ( ea* exp5se4 7,,iii7 ,condition on additional f9anc+ ,a borr[] may n use any "p ( ! f9anc+ "u ?is clause = non-bus9ess purposes4 7iv7 ,loans bas$ on jobs 7,i7 ,job creation & ret5tion goals 7aa7 ,9 g5]al ,! ,adm9i/rator may provide f9anc+ "u ?is subp>agraph = a borr[] t meets ! job creation goals "u subsection 7d7 or 7e7 ( section #eja4 7bb7 ,alt]nate job ret5tion goal ,! ,adm9i/rator may provide f9anc+ "u ?is subp>agraph to a borr[] t does n meet ! goals describ$ 9 item 7aa7 9 an am\nt t is n m ?an ! product obta9$ by multiply+ ! numb] ( employees ( ! borr[] by #ge1jjj4 7,,ii7 ,numb] ( employees ,= purposes ( subclause 7,i71 ! numb] ( employees ( a borr[] is equal to ! sum (-- 7aa7 ! numb] ( full-"t employees ( ! borr[] on ! date on :i* ! borr[] applies = a loan "u ?is subp>agraph2 & 7bb7 ! product obta9$ by multiply+-- 7,,aa7 ! numb] ( "p-"t employees ( ! borr[] on ! date on :i* ! borr[] applies = a loan "u ?is subp>agraph1 by 7,,bb7 ! quoti5t obta9$ by divid+ ! av]age numb] ( h\rs ea* "p "t employee ( ! borr[] works ea* week by #dj4 7v7 ,total am\nt ( loans ,! ,adm9i/rator may provide n m ?an a total ( #g1ejj1jjj1jjj ( f9anc+ "u ?is subp>agraph = ea* fiscal ye>4 4 7c7 ,express loan au?ority = accr$it$ l5d]s 7#a7 ,9 g5]al ,section #ejg ( ! ,small ,bus9ess ,inve/m5t ,act ( #aieh 7#ae ,u4,s4,c4 #fig;d7 is am5d$ by /rik+ subsection 7e7 & ins]t+ ! foll[+3 7e7 ,express loan au?ority ,a local developm5t company designat$ z an accr$it$ l5d] 9 accordance ) subsection 7b7-- 7#a7 may-- 7,a7 approve1 au?orize1 close1 & s]vice cov]$ loans t are fund$ ) proce$s ( a deb5ture issu$ by ! company2 & 7,b7 au?orize ! gu>antee ( a deb5ture describ$ 9 subp>agraph 7,a72 & 7#b7 ) respect to a cov]$ loan1 %all be subject to f9al approval z to eligibility ( any gu>antee by ! ,adm9i/ration pursuant to section #ejc7;a71 b su* f9al approval %all n include review ( decisions by ! l5d] involv+ cr$itwor?9ess1 loan clos+1 or compliance ) legal requirem5ts impos$ by law or regulation4 7f7 ,def9itions ,9 ?is section-- 7#a7 ! t]m accr$it$ l5d] c]tifi$ company means a c]tifi$ developm5t company t meets ! requirem5ts "u section #ejg7;b71 includ+ a c]tifi$ developm5t company t ! ,adm9i/ration has designat$ z an accr$it$ l5d] "u su* section #ejg7;b72 7#b7 ! t]m cov]$ loan-- 7,a7 means a loan made "u subsection 7a7 9 an am\nt t is n m ?an #ejj1jjj2 & 7,b7 does n include a loan made to a borr[] t is a fran*ise t1 or is 9 an indu/ry t1 has a high rate ( default1 z annually det]m9$ by ! ,adm9i/rator2 & 7#c7 ! t]m qualifi$ ,/ate or local developm5t company has ! mean+ giv5 ! t]m 9 section #ejc7;e74 4 7#b7 ,prospective repeal ,effective on ,septemb] #cj1 #bjbc1 section #ejg ( ! ,small ,bus9ess ,inve/m5t ,act ( #aieh 7#ae ,u4,s4,c4 #fig;d71 z am5d$ by p>agraph 7#a71 is am5d$ by /rik+ subsections 7e7 & 7f7 & ins]t+ ! foll[+3 7e7 ,def9ition ,9 ?is section1 ! t]m qualifi$ ,/ate or local developm5t company has ! mean+ giv5 ! t]m 9 section #ejc7;e74 4 7d7 ,ref9anc+ ,s5ior ,project ,debt ,dur+ ! #a-ye> p]iod beg9n+ on ! date ( enactm5t ( ?is ,act1 a developm5t company describ$ 9 title ,v ( ! ,small ,bus9ess ,inve/m5t ,act ( #aieh 7#ae ,u4,s4,c4 #fie et seq47 is au?oriz$ to all[ ! ref9anc+ ( a s5ior loan on an exi/+ project 9 an am\nt t1 :5 comb9$ ) ! out/&+ balance on ! developm5t company loan1 is n m ?an #ij p]c5t ( ! total loan to value4 ,proce$s ( su* ref9anc+ c be us$ to support bus9ess op]at+ exp5ses4 #fjg4 ,tempor>y fee r$uctions 7a7 ,adm9i/rative fee waiv] 7#a7 ,9 g5]al ,dur+ ! p]iod beg9n+ on ! date ( enactm5t ( ?is ,act & end+ on ,septemb] #cj1 #bjba1 & to ! ext5t t ! co/ ( su* elim9ation or r$uction ( fees is (fset by appropriations1 ) respect to ea* loan gu>ante$ "u section #g7;a7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77 7includ+ a recipi5t ( assi/ance "u ! ,community ,advantage ,pilot ,program ( ! ,adm9i/ration7 = :i* an application is approv$ or p5d+ approval on or aft] ! date ( enactm5t ( ?is ,act1 ! ,adm9i/rator %all-- 7,a7 9 lieu ( ! fee o!rwise applicable "u section #g7;a77#bc77;,a7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#bc77;,a771 collect no fee or r$uce fees to ! maximum ext5t possible2 & 7,b7 9 lieu ( ! fee o!rwise applicable "u section #g7;a77#ah77;,a7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#ah77;,a771 collect no fee or r$uce fees to ! maximum ext5t possible4 7#b7 ,application ( fee elim9ations or r$uctions ,to ! ext5t t am\nts are made available to ! ,adm9i/rator = ! purpose ( fee elim9ations or r$uctions "u p>agraph 7#a71 ! ,adm9i/rator %all-- 7,a7 fir/ use any am\nts provid$ to elim9ate or r$uce fees paid by small bus9ess borr[]s "u clauses 7i7 ?r\gh 7iii7 ( section #g7;a77#ah77;,a7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#ah77;,a771 to ! maximum ext5t possible2 & 7,b7 !n use any am\nts provid$ to elim9ate or r$uce fees "u #g7;a77#bc77;,a7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#bc77;,a774 7b7 ,tempor>y fee elim9ation = ! #ejd loan program 7#a7 ,9 g5]al ,dur+ ! p]iod beg9n+ on ! date ( enactm5t ( ?is ,act & end+ on ,septemb] #cj1 #bjba1 & to ! ext5t ! co/ ( su* elim9ation 9 fees is (fset by appropriations1 ) respect to ea* project or loan gu>ante$ by ! ,adm9i/rator pursuant to title ,v ( ! ,small ,bus9ess ,inve/m5t ,act ( #aieh 7#ae ,u4,s4,c4 #fie et seq47 = :i* an application is approv$ or p5d+ approval on or aft] ! date ( enactm5t ( ?is ,act-- 7,a7 ! ,adm9i/rator %all1 9 lieu ( ! fee o!rwise applicable "u section #ejc7;d77#b7 ( ! ,small ,bus9ess ,inve/m5t ,act ( #aieh 7#ae ,u4,s4,c4 #fig7;d77#b771 collect no fee2 & 7,b7 a developm5t company %all1 9 lieu ( ! process+ fee "u section #abj4iga7;a77#a7 ( title #ac1 ,code ( ,f$]al ,regulations 7relat+ to fees paid by borr[]s71 or any successor regulation1 collect no fee4 7#b7 ,reimbursem5t = waiv$ fees 7,a7 ,9 g5]al ,to ! ext5t t ! co/ ( su* paym5ts is (fset by appropriations1 ! ,adm9i/rator %all reimburse ea* developm5t company t does n collect a process+ fee pursuant to p>agraph 7#a77;,b74 7,b7 ,am\nt ,! paym5t to a developm5t company "u subp>agraph 7,a7 %all be 9 an am\nt equal to #a4e p]c5t ( ! net deb5ture proce$s = :i* ! developm5t company does n collect a process+ fee pursuant to p>agraph 7#a77;,b74 #fjh4 ,ext5sion ( p>ticipation 9 #h7;a7 program 7a7 ,9 g5]al ,! ,adm9i/rator %all ensure t a small bus9ess conc]n 7z def9$ 9 section #c ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcb7 p>ticipat+ 9 ! program e/abli%$ "u section #h7;a7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcg7;a77 on or be=e ,septemb] #i1 #bjbj1 may elect to ext5d su* p>ticipation by a p]iod ( #a ye>1 reg>dless ( :e!r ! small bus9ess conc]n previ\sly elect$ to susp5d p>ticipation 9 ! program pursuant to guidance ( ! ,adm9i/rator4 7b7 ,em]g5cy rulemak+ au?ority ,n lat] ?an #ae days aft] ! date ( enactm5t ( ?is section1 ! ,adm9i/rator %all issue regulations to c>ry out ?is section )\t reg>d to ! notice requirem5ts "u section #eec7;b7 ( title #e1 ,unit$ ,/ates ,code4 #fji4 ,report on m9ority1 wom51 & rural l5d+ ,n lat] ?an #ij days aft] ! date ( ! enactm5t ( ?is ,act1 ! ,adm9i/rator %all submit to ! ,committee on ,small ,bus9ess & ,entrepr5eur%ip ( ! ,s5ate & ! ,committee on ,small ,bus9ess ( ! ,h\se ( ,repres5tatives a report to det]m9e & quantify ! ext5t to :i* ! programs e/abli%$ "u subsections 7a7 & 7m7 ( section #g ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf71 titles ,,iii & ,v ( ! ,small ,bus9ess ,inve/m5t ,act ( #aieh 7#ae ,u4,s4,c4 #fha et seq41 #fie et seq471 & ! ,community ,advantage ,pilot ,program ( ! ,small ,bus9ess ,adm9i/ration h assi/$ 9 ! e/abli%m5t1 developm5t1 & p]=mance ( small bus9ess conc]ns own$ & controll$ by socially & economically disadvantag$ individuals 7z def9$ 9 section #h7;d77#c77;,c7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcg7;d77#c77;,c7771 small bus9ess conc]ns own$ & controll$ by wom5 7z def9$ 9 section #c ( su* ,act 7#ae ,u4,s4,c4 #fcb771 & rural small bus9esses1 includ+ recomm5dations to improve su* access to capital programs4 #faj4 ,compreh5sive program guidance ,n lat] ?an #g days aft] ! date ( enactm5t ( ?is ,act1 ! ,adm9i/rator %all-- 7#a7 e/abli% a process = accept+ applications = loan =giv5ess "u section #aajf ( ! ,,c>es ,act 7#ae ,u4,s4,c4 #ijje72 7#b7 issue a compreh5sive compilation ( rules & guidance issu$ relat$ to loans made "u section #g7;a77#cf7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf772 & 7#c7 to ! maximum ext5t practicable1 be=e accept+ applications = supplem5tal cov]$ loans "u clause 7ii7 ( section #g7;a77#cf77;,b7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77;,b771 z add$ by section #bjb ( ?is ,act1 ! ,adm9i/rator %all issue compreh5sive rules & guidance to ensure t borr[]s & l5d]s are aw>e ( eligibility & t]ms ( receiv+ a supplem5tal cov]$ loan & ! process = =giv5ess ( a supplem5tal cov]$ loan4 #faa4 ,reports on ,pay*eck ,protection ,program 7a7 ,report to ,congress ,n lat] ?an #cj days aft] ! date ( enactm5t ( ?is ,act1 & e #cj days !reaft] until ! end ( ! cov]$ p]iod describ$ 9 section #g7;a77#cf77;,a7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77;,a771 ! ,secret>y ( ! ,treasury & ! ,adm9i/rator %all submit to ! ,committee on ,small ,bus9ess & ,entrepr5eur%ip ( ! ,s5ate & ! ,committee on ,small ,bus9ess ( ! ,h\se ( ,repres5tatives a report1 9 a se>*able digital =mat1 t includes1 ) respect to ea* loan made "u su* section #g7;a77#cf7-- 7#a7 ! bus9ess "n1 address1 & ,,zip ,code ( ea* recipi5t ( ! loan2 7#b7 ! ,nor? ,am]ican ,indu/ry ,classification ,sy/em code & ! type ( entity ( ea* su* recipi5t2 7#c7 demographic data ( ea* su* recipi5t2 7#d7 ! numb] ( jobs support$ by ! loan2 7#e7 loan =giv5ess data2 & 7#f7 ! am\nt & orig9ation date ( ! loan4 7b7 ,publicly available report 7#a7 ,l>g] cov]$ loans ,n lat] ?an #cj days aft] ! date ( enactm5t ( ?is ,act1 & e #cj days !reaft] until ! end ( ! cov]$ p]iod describ$ 9 section #g7;a77#cf77;,a7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77;,a771 = ea* loan made "u su* section #g7;a77#cf7 9 an am\nt great] ?an or equal to #aej1jjj1 ! ,secret>y ( ! ,treasury & ! ,adm9i/rator %all make publicly available ! foll[+3 7,a7 ,! in=mation describ$ 9 p>agraphs 7#a7 ?r\gh 7#d7 ( subsection 7a74 7,b7 ,! loan size range1 ( ^? li/$ bel[1 to :i* ! loan belongs3 7i7 ,n less ?an #aej1jjj & less ?an #cej1jjj4 7ii7 ,n less ?an #cej1jjj & less ?an #a1jjj1jjj4 7iii7 ,n less ?an #a1jjj1jjj & less ?an #b1jjj1jjj4 7iv7 ,n less ?an #b1jjj1jjj & less ?an #e1jjj1jjj4 7v7 ,n less ?an #e1jjj1jjj & less ?an #aj1jjj1jjj4 7#b7 ,small] cov]$ loans ,n lat] ?an #cj days aft] ! date ( enactm5t ( ?is ,act1 & e #cj days !reaft] until ! end ( ! cov]$ p]iod describ$ 9 section #g7;a77#cf7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf771 = loans made "u su* section #g7;a77#cf7 9 an am\nt less ?an #aej1jjj1 ! ,secret>y ( ! ,treasury & ! ,adm9i/rator %all make publicly available ! total numb] ( loans made & ! am\nt ( ea* loan1 disaggregat$ by ,,zip ,code ( ea* recipi5t1 indu/ry ( ea* recipi5t1 bus9ess type ( ea* recipi5t1 & demographic categories ( ea* recipi5t4 7#c7 ,publication ,in=mation provid$ "u p>agraphs 7#a7 & 7#b7 %all be made publicly available 9 a se>*able digital =mat on websites ( ! ,dep>tm5t ( ! ,treasury & ! ,adm9i/ration4 #fab4 ,prohibit+ conflicts ( int]e/ = small bus9ess programs "u ! ,,c>es ,act ,section #djai ( ! ,,c>es ,act 7#ae ,u4,s4,c4 #ijed7 is am5d$-- 7#a7 9 subsection 7a71 by add+ at ! end ! foll[+3 7#g7 ,small bus9ess assi/ance ,! t]m small bus9ess assi/ance means assi/ance provid$ "u-- 7,a7 section #g7;a77#cf7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf772 7,b7 subsection 7b7 or 7c7 ( section #aajc ( ?is ,act2 7,c7 section #aaaj ( ?is ,act2 or 7,d7 section #aaab ( ?is ,act4 2 7#b7 9 subsection 7b7-- 7,a7 by ins]t+ or provisions relat+ to small bus9ess assi/ance aft] ?is subtitle2 & 7,b7 by ins]t+ or = any small bus9ess assi/ance be=e ! p]iod at ! end2 & 7#c7 9 subsection 7c7-- 7,a7 by ins]t+ or seek+ any small bus9ess assi/ance aft] section #djjc2 7,b7 by ins]t+ or small bus9ess assi/ance aft] t transaction2 7,c7 by ins]t+ or ! ,adm9i/rator ( ! ,small ,bus9ess ,adm9i/ration1 z applicable1 aft] ,f$]al ,res]ve ,sy/em2 & 7,d7 by ins]t+ or to receive ! small bus9ess assi/ance aft] 9 t transaction4 #fac4 ,inclusion ( ,,score & ,vet]an ,bus9ess ,outrea* ,c5t]s 9 entrepr5eurial developm5t programs 7a7 ,9 g5]al ,section #aajc7;a77#b7 ( ! ,,c>es ,act 7#ae ,u4,s4,c4 #ijjb7;a77#b77 is am5d$-- 7#a7 9 subp>agraph 7,a71 by /rik+ & at ! end2 & 7#b7 by add+ at ! end ! foll[+3 7,c7 a ,vet]an ,bus9ess ,outrea* ,c5t] 7z describ$ 9 section #cb7;d7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #feg;b7d7772 & 7,d7 ! ,s]vice ,corps ( ,retir$ ,executives ,association1 or any successor or o!r organization1 t receives a grant f ! ,adm9i/rator to op]ate ! ,,score program e/abli%$ "u section #h7;b77#a77;,b7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcg7;b77#a77;,b772 4 7b7 ,fund+ ,section #aajg7;a77#d7 ( ! ,,c>es ,act 7#ae ,u4,s4,c4 #ijjf7;a77#d77 is am5d$-- 7#a7 9 subp>agraph 7,a7-- 7,a7 by /rik+ #bdj1jjj1jjj & ins]t+ #bbj1jjj1jjj2 & 7,b7 by /rik+ & at ! end2 & 7#b7 by add+ at ! end ! foll[+3 7,c7 #aj1jjj1jjj %all be = a ,vet]an ,bus9ess ,outrea* ,c5t] describ$ 9 section #aajc7;a77#b77;,c7 ( ?is ,act to c>ry out activities "u su* section2 & 7,d7 #aj1jjj1jjj %all be = ! ,s]vice ,corps ( ,retir$ ,executives ,association describ$ 9 section #aajc7;a77#b77;,d7 ( ?is ,act to c>ry out activities "u su* section2 4 #fad4 ,cl>ification ( use ( ,,c>es ,act funds = small bus9ess developm5t c5t]s ,section #aajc7;b77#c77;,a7 ( ! ,,c>es ,act 7#ae ,u4,s4,c4 #ijjb7;b77#c77;,a77 is am5d$ by add+ at ! end ! foll[+3 ,funds aw>d$ "u ?is p>agraph %all be 9 addition to any am\nts appropriat$ = grants "u section #ba7;a7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fdh7;a771 & may be us$ to complem5t & support ^? appropriat$ program grants to assi/ cov]$ small bus9ess conc]ns1 ) prioritization ( su* conc]ns affect$ directly or indirectly by ,,covid-#ai z describ$ 9 p>agraph 7#b744 #fae4 ,fund+ = ! ,(fice ( ,inspector ,g5]al ( ! ,small ,bus9ess ,adm9i/ration ,section #aajg7;a77#c7 ( ! ,,c>es ,act 7#ae ,u4,s4,c4 #ijjf7;a77#c77 is am5d$ by /rik+ ,septemb] #cj1 #bjbd & ins]t+ exp5d$4 #faf4 ,ext5sion ( waiv] ( mat*+ funds requirem5t "u ! ,wom5's ,bus9ess ,c5t] program ,section #aaje ( ! ,,c>es ,act 7#ae ,u4,s4,c4 #ijjd7 is am5d$ by /rik+ ,dur+ ! #c-mon? p]iod beg9n+ on ! date ( enactm5t ( ?is ,act1 & ins]t+ ,until ,decemb] #ca1 #bjbj14 #fag4 ,access to ,small ,bus9ess ,adm9i/ration in=mation & databases ,section #aijaj ( division ,b ( ! ,,c>es ,act 7,public ,law #aaf-acf7 is am5d$-- 7#a7 by r$esignat+ subsection 7e7 z subsection 7f72 & 7#b7 by ins]t+ aft] subsection 7d7 ! foll[+3 7e7 ,small ,bus9ess ,adm9i/ration databases 7#a7 ,9 g5]al ,9 conduct+ monitor+ & ov]sight "u ?is section1 ! ,comptroll] ,g5]al1 ^u notice to ! ,adm9i/rator ( ! ,small ,bus9ess ,adm9i/ration1 %all h direct access to all in=mation collect$ or produc$ 9 connection ) ! adm9i/ration ( programs or provision ( assi/ance c>ri$ out by ! ,adm9i/rator1 includ+ direct access to any in=mation te*nology sy/ems ma9ta9$ or utiliz$ by ! ,adm9i/rator to collect1 process1 or analyze docum5ts or in=mation submitt$ by borr[]s1 l5d]s1 or o!rs 9 connection ) any su* program or provision ( assi/ance4 7#b7 ,in=mation te*nology sy/ems ,! ,adm9i/rator ( ! ,small ,bus9ess ,adm9i/ration %all appropriately id5tify & classify any s5sitive in=mation conta9$ 9 an in=mation te*nology sy/em access$ by ! ,comptroll] ,g5]al4 7#c7 ,def9ition ( direct access ,9 ?is subsection1 ! t]m direct access means secur$ access to ! in=mation te*nology sy/ems ma9ta9$ by ! ,adm9i/rator t w\ld enable ! ,comptroll] ,g5]al to indep5d5tly access1 view1 d[nload1 & retrieve data f su* sy/ems4 4 #fah4 ,small bus9ess local relief program 7a7 ,e/abli%m5t ,!re is e/abli%$ 9 ! ,dep>tm5t ( ! ,treasury a ,small ,bus9ess ,local ,relief ,program to allocate res\rces to ,/ates1 units ( g5]al local gov]nm5t1 & ,indian ,tribes to provide assi/ance to eligible entities & organizations t assi/ eligible entities4 7b7 ,fund+ 7#a7 ,fund+ to ,/ates1 localities1 & ,indian ,tribes 7,a7 ,9 g5]al ,! ,secret>y %all allocate-- 7i7 #aj1bej1jjj1jjj to ,/ates & units ( g5]al local gov]nm5t 9 accordance ) subp>agraph 7,b77i72 7ii7 #d1bej1jjj1jjj to ,/ates 9 accordance ) subp>agraph 7,b77ii72 & 7iii7 #ejj1jjj1jjj to ! ,secret>y ( ,h\s+ & ,urban ,developm5t = allocations to ,indian ,tribes 9 accordance ) subp>agraph 7,b77iii74 7,b7 ,allocations 7i7 ,=mula = ,/ates & units ( g5]al local gov]nm5t ,( ! am\nt describ$ 9 subp>agraph 7,a77i7-- 7,i7 #gj p]c5t %all be allocat$ to entitlem5t communities 9 accordance ) ! =mula "u section #ajf7;b7 ( ! ,h\s+ & ,community ,developm5t ,act ( #aigd 7#db ,u4,s4,c4 #ecjf7;b772 & 7,,ii7 #cj p]c5t %all be allocat$ to ,/ates1 = use 9 non5titlem5t areas1 9 accordance ) ! =mula "u section #ajf7;d77#a7 ( su* ,act 7#db ,u4,s4,c4 #ecjf7;d77#a774 7ii7 ,rural bonus =mula = ,/ates ,! ,secret>y %all allocate ! am\nt describ$ 9 subp>agraph 7,a77ii7 to ,/ates1 = use 9 non5titlem5t areas1 9 accordance ) ! =mula "u section #ajf7;d77#a7 ( su* ,act 7#db ,u4,s4,c4 #ecjf7;d77#a774 7iii7 ,competitive aw>ds to ,indian ,tribes 7,i7 ,9 g5]al ,! ,secret>y ( ,h\s+ & ,urban ,developm5t %all allocate to ,indian ,tribes on a competitive basis ! am\nt describ$ 9 subp>agraph 7,a77iii74 7,,ii7 ,requirem5ts ,9 mak+ allocations "u subclause 7,i71 ! ,secret>y ( ,h\s+ & ,urban ,developm5t %all1 to ! greate/ ext5t practicable1 ensure t ea* ,indian ,tribe t satisfies requirem5ts e/abli%$ by ! ,secret>y ( ,h\s+ & ,urban ,developm5t receives su* an allocation4 7,c7 ,/ate allocations = non5titlem5t areas 7i7 ,equitable allocation ,to ! greate/ ext5t practicable1 a ,/ate %all allocate am\nts = non5titlem5t areas "u clauses 7i77,,ii7 & 7ii7 ( subp>agraph 7,b7 on an equitable basis4 7ii7 ,di/ribution ( am\nts 7,i7 ,discretion ,n lat] ?an #ad days aft] ! date on :i* a ,/ate receives am\nts = use 9 a non5titlem5t area "u clause 7i77,,ii7 or 7ii7 ( subp>agraph 7,b71 ! ,/ate %all-- 7aa7 di/ribute ! am\nts1 or a portion !re(1 to a unit ( g5]al local gov]nm5t locat$ 9 ! non5titlem5t area or an entity designat$ !reby1 t has e/abli%$ or w e/abli% a small bus9ess em]g5cy fund1 = use "u p>agraph 7#b72 or 7bb7 elect to res]ve ! am\nts1 or a portion !re(1 = use by ! ,/ate "u p>agraph 7#b7 = ! b5efit ( eligible entities locat$ 9 ! non5titlem5t area4 7,,ii7 ,s5se ( ,congress ,x is ! s5se ( ,congress t1 9 di/ribut+ am\nts "u subclause 7,i71 9 ! case ( am\nts allocat$ = a non5titlem5t area 9 :i* a unit ( g5]al local gov]nm5t or an entity designat$ !reby has e/abli%$ a small bus9ess em]g5cy fund1 a ,/ate %\ld1 z quickly z is practicable1 di/ribute am\nts to t unit ( g5]al local gov]nm5t or entity1 respectively1 z describ$ 9 item 7aa7 ( su* subclause4 7iii7 ,treatm5t ( ,/ates n act+ z pass-?r\gh ag5ts "u ,,cdbg ,! ,secret>y %all allocate am\nts to a ,/ate "u ?is p>agraph )\t reg>d to :e!r ! ,/ate has elect$ to di/ribute am\nts allocat$ "u section #ajf7;d77#a7 ( ! ,h\s+ & ,community ,developm5t ,act ( #aigd 7#db ,u4,s4,c4 #ecjf7;d77#a774 7#b7 ,use ( funds 7,a7 ,9 g5]al ,a ,/ate1 unit ( g5]al local gov]nm5t1 or ,indian ,tribe t receives an allocation "u p>agraph 7#a71 or an entity designat$ by a unit ( g5]al local gov]nm5t "u p>agraph 7#a77;,c77ii77,i77aa71 :e!r directly or indirectly1 may use su* allocation1 n lat] ?an #fj days aft] receipt ( ! allocation-- 7i7 to provide fund+ to a small bus9ess em]g5cy fund e/abli%$ by t ,/ate 7or entity designat$ !reby71 t unit ( g5]al local gov]nm5t 7or entity designat$ !reby71 t entity designat$ by a unit ( g5]al local gov]nm5t1 or t ,indian ,tribe 7or entity designat$ !reby71 respectively2 7ii7 to provide fund+ to support organizations t provide te*nical assi/ance to eligible entities2 or 7iii7 subject to subp>agraph 7,b71 to pay = adm9i/rative co/s incurr$ by t ,/ate 7or entity designat$ !reby71 t unit ( g5]al local gov]nm5t 7or entity designat$ !reby71 t entity designat$ by a unit ( g5]al local gov]nm5t1 or t ,indian ,tribe 7or entity designat$ !reby71 respectively1 9 e/abli%+ & adm9i/]+ a small bus9ess em]g5cy fund4 7,b7 ,limitation ,a ,/ate1 unit ( g5]al local gov]nm5t1 or ,indian ,tribe1 or an entity designat$ by a unit ( g5]al local gov]nm5t "u p>agraph 7#a77;,c77ii77,i77aa71 may n use m ?an #c p]c5t ( an allocation receiv$ "u p>agraph 7#a7 = a purpose describ$ 9 subp>agraph 7,a77iii7 ( ?is p>agraph4 7,c7 ,obligation deadl9es 7i7 ,/ates ,( ! am\nts t a ,/ate elects "u p>agraph 7#a77;,c77ii77,i77bb7 to res]ve = use by ! ,/ate "u ?is p>agraph-- 7,i7 any am\nts t ! ,/ate provides to a small bus9ess em]g5cy fund "u subp>agraph 7,a77i7 ( ?is p>agraph %all be obligat$ by ! small bus9ess em]g5cy fund = exp5diture n lat] ?an #gd days aft] ! date on :i* ! ,/ate receiv$ ! am\nts f ! ,secret>y "u clause 7i7 or 7ii7 ( p>agraph 7#a77;,a72 & 7,,ii7 any am\nts t ! ,/ate *ooses to provide to an organization "u subp>agraph 7,a77ii7 ( ?is p>agraph1 or to use to pay = adm9i/rative co/s "u subp>agraph 7,a77iii7 ( ?is p>agraph1 %all be obligat$ by ! ,/ate = exp5diture n lat] ?an #gd days aft] ! date on :i* ! ,/ate receiv$ ! am\nts f ! ,secret>y "u clause 7i7 or 7ii7 ( p>agraph 7#a77;,a74 7ii7 ,entitlem5t communities ,( ! am\nts t an entitlem5t community receives f ! ,secret>y "u p>agraph 7#a77;,b77i77,i7-- 7,i7 any am\nts t ! entitlem5t community provides to a small bus9ess em]g5cy fund "u subp>agraph 7,a77i7 ( ?is p>agraph %all be obligat$ by ! small bus9ess em]g5cy fund = exp5diture n lat] ?an #gd days aft] ! date on :i* ! entitlem5t community receiv$ ! am\nts2 & 7,,ii7 any am\nts t ! entitlem5t community *ooses to provide to an organization "u subp>agraph 7,a77ii7 ( ?is p>agraph1 or to use to pay = adm9i/rative co/s "u subp>agraph 7,a77iii7 ( ?is p>agraph1 %all be obligat$ by ! entitlem5t community = exp5diture n lat] ?an #gd days aft] ! date on :i* ! entitlem5t community receiv$ ! am\nts4 7iii7 ,non5titlem5t communities ,( ! am\nts t a unit ( g5]al local gov]nm5t1 or an entity designat$ !reby1 locat$ 9 a non5titlem5t area receives f a ,/ate "u p>agraph 7#a77;,c77ii77,i77aa7-- 7,i7 any am\nts t ! unit ( g5]al local gov]nm5t or entity provides to a small bus9ess em]g5cy fund "u subp>agraph 7,a77i7 ( ?is p>agraph %all be obligat$ by ! small bus9ess em]g5cy fund = exp5diture n lat] ?an #fj days aft] ! date on :i* ! unit ( g5]al local gov]nm5t or entity receiv$ ! am\nts2 & 7,,ii7 any am\nts t ! unit ( g5]al local gov]nm5t or entity *ooses to provide to a support organization "u subp>agraph 7,a77ii7 ( ?is p>agraph or to use to pay = adm9i/rative co/s "u subp>agraph 7,a77iii7 ( ?is p>agraph %all be obligat$ by ! unit ( g5]al local gov]nm5t or entity = exp5diture n lat] ?an #fj days aft] ! date on :i* ! unit ( g5]al local gov]nm5t or entity receiv$ ! am\nts4 7,d7 ,recov]y ( unobligat$ funds ,if a ,/ate1 entitlem5t community1 o!r unit ( g5]al local gov]nm5t1 entity designat$ by a unit ( g5]al local gov]nm5t "u p>agraph 7#a77;,c77ii77,i77aa71 or small bus9ess em]g5cy fund fails to obligate am\nts by ! applicable deadl9e "u subp>agraph 7,c71 ! ,secret>y %all recov] ! am\nt ( ^? am\nts t rema9 unobligat$1 z ( t deadl9e4 7,e7 ,collaboration ,x is ! s5se ( ,congress t-- 7i7 an entitlem5t community t receives am\nts allocat$ "u p>agraph 7#a77;,b77i77,i7 %\ld collaborate ) ! applicable local entity responsible = economic developm5t & small bus9ess developm5t 9 e/abli%+ & adm9i/]+ a small bus9ess em]g5cy fund2 & 7ii7 ,/ates1 units ( g5]al local gov]nm5t1 & ,indian ,tribes t receive am\nts "u p>agraph 7#a7 & are locat$ 9 ! same region %\ld collaborate 9 e/abli%+ & adm9i/]+ "o or m small bus9ess em]g5cy funds4 7c7 ,small bus9ess em]g5cy funds ,) respect to a small bus9ess em]g5cy fund t receives funds f an allocation made "u subsection 7b7-- 7#a7 if ! small bus9ess em]g5cy fund makes a loan to an eligible entity ) ^? funds1 ! small bus9ess em]g5cy fund may use am\nts return$ to ! small bus9ess em]g5cy fund f ! repaym5t ( ! loan to provide fur!r assi/ance to eligible entities )\t reg>d to ! t]m9ation date describ$ 9 subsection 7g72 & 7#b7 ! small bus9ess em]g5cy fund %all conduct outrea* to eligible entities t are less likely to p>ticipate 9 programs e/abli%$ "u ! ,,c>es ,act 7,public ,law #aaf-acf7 & ! am5dm5ts made by t ,act1 includ+ m9ority-own$ entities1 bus9esses 9 l[-income communities1 bus9esses 9 rural & ,tribal areas1 & o!r bus9esses t are und]s]v$ by ! traditional bank+ sy/em4 7d7 ,in=mation ga!r+ 7#a7 ,9 g5]al ,:5 provid+ assi/ance to an eligible entity ) funds receiv$ f an allocation made "u subsection 7b71 ! ,/ate1 unit ( g5]al local gov]nm5t1 or ,indian ,tribe1 or ! entity designat$ by a ,/ate1 unit ( g5]al local gov]nm5t1 or ,indian ,tribe1 t provides assi/ance ?r\gh a small bus9ess em]g5cy fund %all-- 7,a7 inquire :e!r ! eligible entity is-- 7i7 9 ! case ( an eligible entity t is a bus9ess entity or a nonpr(it organization1 a wom5-own$ entity or a m9ority-own$ entity2 & 7ii7 9 ! case ( an eligible entity :o is an individual1 a woman or a m9ority2 & 7,b7 ma9ta9 a record ( ! responses to ea* inquiry conduct$ "u subp>agraph 7,a71 :i* ! entity %all promptly submit to ! applicable ,/ate1 unit ( g5]al local gov]nm5t1 or ,indian ,tribe4 7#b7 ,"r to refuse ,an eligible entity may refuse to provide any in=mation reque/$ "u p>agraph 7#a77;,a74 7e7 ,report+ 7#a7 ,9 g5]al ,n lat] ?an #cj days aft] ! date on :i* a ,/ate1 unit ( g5]al local gov]nm5t1 or ,indian ,tribe initially receives an allocation made "u subsection 7b71 & n lat] ?an #ad days aft] ! date on :i* t ,/ate1 unit ( local gov]nm5t1 or ,indian ,tribe completes ! full exp5diture ( t allocation1 t ,/ate1 unit ( g5]al local gov]nm5t1 or ,indian ,tribe %all submit to ! ,secret>y a report t includes-- 7,a7 ! numb] ( recipi5ts ( assi/ance made available f ! allocation2 7,b7 ! total am\nt1 & type1 ( assi/ance made available f ! allocation2 7,c7 to ! ext5t applicable1 ) respect to ea* recipi5t describ$ 9 subp>agraph 7,a71 in=mation reg>d+ ! indu/ry ( ! recipi5t1 ! am\nt ( assi/ance receiv$ by ! recipi5t1 ! annual sales ( ! recipi5t1 & ! numb] ( employees ( ! recipi5t2 7,d7 to ! ext5t available f in=mation collect$ "u subsection 7d71 in=mation reg>d+ ! numb] ( recipi5ts describ$ 9 subp>agraph 7,a7 t are m9ority-own$ entities1 m9orities1 wom51 & wom5-own$ entities2 7,e7 ! ,,zip ,code ( ea* recipi5t describ$ 9 subp>agraph 7,a72 & 7,f7 any o!r in=mation t ! ,secret>y1 9 ! sole discretion ( ! ,secret>y1 det]m9es to be necess>y to c>ry out ! ,program4 7#b7 ,public availability ,z soon z is practicable aft] receiv+ ea* report submitt$ "u p>agraph 7#a71 ! ,secret>y %all make all in=mation conta9$ 9 ! report publicly available4 7f7 ,rules & guidance ,! ,secret>y1 9 consultation ) ! ,adm9i/rator1 %all issue any rules & guidance t are necess>y to c>ry out ! ,program1 includ+ by e/abli%+ appropriate compliance & report+ requirem5ts 9 addition to ! report+ requirem5ts "u subsection 7e74 7g7 ,t]m9ation ,! ,program1 & any rules & guidance issu$ "u subsection 7f7 ) respect to ! ,program1 %all t]m9ate on ! date t is #a ye> aft] ! date ( enactm5t ( ?is ,act4 7h7 ,def9itions ,9 ?is section3 7#a7 ,eligible entity ,! t]m eligible entity-- 7,a7 means a bus9ess conc]n or a cov]$ nonpr(it organization 7z def9$ 9 section #g7;a77#cf77;,a77vii7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77;,a77vii777 t-- 7i7 employs-- 7,i7 n m ?an #bj full-"t equival5t employees2 or 7,,ii7 if ! entity or organization is locat$ 9 a l[-income community1 n m ?an #ej full-"t equival5t employees2 7ii7 has exp]i5c$ a loss ( rev5ue z a result ( ! ,,covid-#ai p&emic1 accord+ to crit]ia e/abli%$ by ! ,secret>y2 & 7iii7 ) respect to su* an entity or organization t receives assi/ance f a small bus9ess em]g5cy fund1 satisfies additional requirem5ts1 z det]m9$ by ! ,/ate1 unit ( g5]al local gov]nm5t1 ,indian ,tribe1 or o!r entity t has e/abli%$ ! small bus9ess em]g5cy fund2 & 7,b7 includes an individual :o op]ates "u a sole proprietor%ip1 an individual :o op]ates z an indep5d5t contractor1 & an eligible self-employ$ individual if su* an individual has exp]i5c$ a loss ( rev5ue z a result ( ! ,,covid-#ai p&emic1 accord+ to crit]ia e/abli%$ by ! ,secret>y4 7#b7 ,eligible self-employ$ individual ,! t]m eligible self-employ$ individual has ! mean+ giv5 ! t]m 9 section #g7;a77#cf77;,a7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77;,a774 7#c7 ,entitlem5t community ,! t]m entitlem5t community means a metropolitan city or urban c\nty1 z ^? t]ms are def9$ 9 section #ajb ( ! ,h\s+ & ,community ,developm5t ,act ( #aigd 7#db ,u4,s4,c4 #ecjb74 7#d7 ,full-"t equival5t employees 7,a7 ,9 g5]al ,! t]m full-"t equival5t employees means a numb] ( employees equal to ! numb] det]m9$ by divid+-- 7i7 ! total numb] ( h\rs ( s]vice = :i* wages 7 paid by ! employ] to employees dur+ ! taxable ye>2 by 7ii7 #b1jhj4 7,b7 ,r\nd+ ,! numb] det]m9$ "u subp>agraph 7,a7 %all be r\nd$ to ! next l[e/ :ole numb] if n o!rwise a :ole numb]4 7,c7 ,excess h\rs n c\nt$ ,if an employee works 9 excess ( #b1jhj h\rs ( s]vice dur+ any taxable ye>1 su* excess %all n be tak5 into acc\nt "u subp>agraph 7,a74 7,d7 ,h\rs ( s]vice ,! ,secret>y1 9 consultation ) ! ,secret>y ( ,labor1 %all prescribe su* regulations1 rules1 & guidance z may be necess>y to det]m9e ! h\rs ( s]vice ( an employee1 includ+ rules = ! application ( ?is p>agraph to employees :o are n comp5sat$ on an h\rly basis4 7#e7 ,indian ,tribe ,! t]m ,indian ,tribe has ! mean+ giv5 ! t]m ,indian tribe 9 section #ajb ( ! ,h\s+ & ,community ,developm5t ,act ( #aigd 7#db ,u4,s4,c4 #ecjb74 7#f7 ,l[-income community ,! t]m l[-income community has ! mean+ giv5 ! t]m 9 section #de;,d7e7 ( ! ,int]nal ,rev5ue ,code ( #aihf4 7#g7 ,m9ority ,! t]m m9ority has ! mean+ giv5 ! t]m 9 section #abjd7;c77#c7 ( ! ,f9ancial ,in/itutions ,re=m1 ,recov]y1 & ,en=cem5t ,act ( #aihi 7#ab ,u4,s4,c4 #ahaa note74 7#h7 ,m9ority-own$ entity ,! t]m m9ority-own$ entity means an entity-- 7,a7 m ?an #ej p]c5t ( ! own]%ip or control ( :i* is held by n less ?an #a m9ority2 & 7,b7 m ?an #ej p]c5t ( ! net pr(it or loss ( :i* accrues to n less ?an #a m9ority4 7#i7 ,non5titlem5t area2 ,/ate2 unit ( g5]al local gov]nm5t 7,a7 ,9 g5]al ,except z provid$ 9 subp>agraph 7,b71 ! t]ms non5titlem5t area1 ,/ate1 & unit ( g5]al local gov]nm5t h ! mean+s giv5 ^? t]ms 9 section #ajb ( ! ,h\s+ & ,community ,developm5t ,act ( #aigd 7#db ,u4,s4,c4 #ecjb74 7,b7 ,/ate ,= purposes ( subp>agraphs 7,a77ii7 & 7,b77ii7 ( subsection 7b77#a71 ! t]m ,/ate means any ,/ate ( ! ,unit$ ,/ates4 7#aj7 ,program ,! t]m ,program means ! ,small ,bus9ess ,local ,relief ,program e/abli%$ "u ?is section4 7#aa7 ,secret>y ,! t]m ,secret>y means ! ,secret>y ( ! ,treasury4 7#ab7 ,small bus9ess em]g5cy fund ,! t]m small bus9ess em]g5cy fund means a fund or program-- 7,a7 e/abli%$ by a ,/ate1 a unit ( g5]al local gov]nm5t1 an ,indian ,tribe1 or an entity designat$ by a ,/ate1 unit ( g5]al local gov]nm5t1 or ,indian ,tribe2 & 7,b7 t provides or adm9i/]s f9anc+ to eligible entities 9 ! =m ( grants1 loans1 or o!r means 9 accordance ) ! ne$s ( eligible entities & ! capacity ( ! fund or program4 7#ac7 ,wom5-own$ entity ,! t]m wom5-own$ entity means an entity-- 7,a7 m ?an #ej p]c5t ( ! own]%ip or control ( :i* is held by n less ?an #a woman2 & 7,b7 m ?an #ej p]c5t ( ! net pr(it or loss ( :i* accrues to n less ?an #a woman4 #fai4 ,grants = %utt]$ v5ue op]ators 7a7 ,def9itions ,9 ?is section3 7#a7 ,eligible live v5ue op]ator or promot]1 !atrical produc]1 motion picture !atre op]ator1 or tal5t repres5tative 7,a7 ,9 g5]al ,! t]m eligible live v5ue op]ator or promot]1 !atrical produc]1 motion picture !atre op]ator1 or tal5t repres5tative means a live v5ue op]ator or promot] or !atrical produc]1 a motion picture !atre op]ator1 or a tal5t repres5tative t meets ! foll[+ requirem5ts3 7i7 ,! live v5ue op]ator or promot] or !atrical produc]1 ! motion picture !atre op]ator1 or ! tal5t repres5tative 0 fully op]ational z a live v5ue op]ator or promot] or !atrical produc]1 motion picture !atre op]ator1 or tal5t repres5tative on ,febru>y #bi1 #bjbj4 7ii7 ,z ( ! date ( ! grant "u ?is section-- 7,i7 ! live v5ue op]ator or promot] or !atrical produc] is organiz+1 promot+1 produc+1 manag+1 or ho/+ future live ev5ts describ$ 9 p>agraph 7#c77;,a77i72 7,,ii7 ! motion picture !atre op]ator is op5 or int5ds to reop5 = ! prim>y purpose ( public exhibition ( motion pictures2 or 7,,iii7 ! tal5t repres5tative is repres5t+ or manag+ arti/s & ent]ta9]s4 7iii7 ,! v5ues at :i* ! live v5ue op]ator or promot] or !atrical produc] promotes1 produces1 manages1 or ho/s ev5ts describ$ 9 p>agraph 7#c77;,a77i7 or ! arti/s & ent]ta9]s repres5t$ or manag$ by ! tal5t repres5tative p]=m h ! foll[+ *>act]i/ics3 7,i7 ,a def9$ p]=mance & audi5ce space4 7,,ii7 ,mix+ equipm5t1 a public address sy/em1 & a light+ rig4 7,,iii7 ,engages #a or m individuals to c>ry out n less ?an #b ( ! foll[+ roles3 7aa7 ,a s\nd eng9e]4 7bb7 ,a book]4 7cc7 ,a promot]4 7dd7 ,a /age manag]4 7ee7 ,security p]sonnel4 7ff7 ,a box (fice manag]4 7,,iv7 ,!re is a paid ticket or cov] *>ge to att5d mo/ p]=mances & arti/s are paid fairly & d n play = free or solely = tips1 except = fundrais]s or simil> *>itable ev5ts4 7,v7 ,= a v5ue own$ or op]at$ by a nonpr(it entity t produces free ev5ts1 ! ev5ts are produc$ & manag$ by paid employees1 n by volunte]s4 7,,vi7 ,p]=mances are m>ket$ ?r\gh li/+s 9 pr9t$ or electronic publications1 on websites1 by mass email1 or on social m$ia4 7iv7 ,a motion picture !atre or motion picture !atres op]at$ by ! motion picture !atre op]ator h ! foll[+ *>act]i/ics3 7,i7 ,at lea/ #a auditorium t includes a motion picture scre5 & fix$ audi5ce seat+4 7,,ii7 ,a projection boo? or space conta9+ n less ?an #a motion picture projector4 7,,iii7 ,a paid ticket *>ge to att5d exhibition ( motion pictures4 7,,iv7 ,motion picture exhibitions are m>ket$ ?r\gh %[time li/+s 9 pr9t$ or electronic publications1 on websites1 by mass mail1 or on social m$ia4 7v7 ,! live v5ue op]ator or promot] or !atrical produc]1 ! motion picture !atre op]ator1 or ! tal5t repres5tative does n h1 or is n majority own$ or controll$ by an entity )1 m ?an #a ( ! foll[+ *>act]i/ics3 7,i7 ,be+ an issu]1 ! securities ( :i* are li/$ on a national securities ex*ange4 7,,ii7 ,own+ or op]at+ v5ues1 motion picture !atres1 or tal5t ag5cies or tal5t managem5t companies ) (fices 9 m ?an #a c\ntry4 7,,iii7 ,own+ or op]at+ v5ues or motion picture !atres 9 m ?an #aj ,/ates4 7,,iv7 ,employ+ m ?an #ejj employees1 det]m9$ on a full-"t equival5t basis 9 accordance ) subp>agraph 7,b74 7,v7 ,receiv+ m ?an #aj p]c5t ( gross rev5ue f ,f$]al fund+4 7,b7 ,calculation ( full-"t employees ,= purposes ( det]m9+ ! numb] ( full-"t equival5t employees "u subp>agraph 7,a77v77,,iv7-- 7i7 any employee work+ n few] ?an #cj h\rs p] week %all be consid]$ a full-"t employee2 & 7ii7 any employee work+ n few] ?an #aj h\rs & few] ?an #cj h\rs p] week %all be c\nt$ z "o-half ( a full-"t employee4 7,c7 ,multiple bus9ess entities ,ea* bus9ess entity ( an eligible live v5ue op]ator or promot]1 !atrical produc]1 motion picture !atre op]ator1 or tal5t repres5tative t also meets ! requirem5ts "u subp>agraph 7,a7 %all be treat$ by ! ,adm9i/rator z an indep5d5t1 non-affiliat$ entity = ! purposes ( ?is section4 7#b7 ,ex*ange2 issu]2 security ,! t]ms ex*ange1 issu]1 & security h ! mean+s giv5 ^? t]ms 9 section #c7;a7 ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;c7a774 7#c7 ,live v5ue op]ator or promot] or !atrical produc] ,! t]m live v5ue op]ator or promot] or !atrical produc]-- 7,a7 means-- 7i7 an individual or entity-- 7,i7 t1 z a pr9cipal bus9ess activity1 organizes1 promotes1 produces1 manages1 or ho/s live conc]ts1 com$y %[s1 !atrical productions1 or o!r ev5ts by p]=m+ arti/s = :i*-- 7aa7 a cov] *>ge ?r\gh ticket+ or front door entrance fee is appli$2 & 7bb7 p]=m]s are paid 9 an am\nt t is bas$ on a p]c5tage ( sales1 a gu>antee 79 writ+ or /&>d contract71 or ano!r mutually b5eficial =mal agreem5t2 & 7,,ii7 = :i* n less ?an #gj p]c5t ( ! e>n$ rev5ue ( ! individual or entity is g5]at$ ?r\gh1 to ! ext5t relat$ to a live ev5t describ$ 9 subclause 7,i71 cov] *>ges or ticket sales1 production fees or production reimbursem5ts1 nonpr(it educational initiatives1 or ! sale ( ev5t bev]ages1 food1 or m]*&ise2 or 7ii7 an individual or entity t1 z a pr9cipal bus9ess activity1 makes available = pur*ase by ! public an av]age ( n less ?an #fj days be=e ! date ( ! ev5t tickets to ev5ts-- 7,i7 describ$ 9 clause 7i77,i72 & 7,,ii7 = :i* p]=m]s are paid 9 an am\nt t is bas$ on a p]c5tage ( sales1 a gu>antee 79 writ+ or /&>d contract71 or ano!r mutually b5eficial =mal agreem5t2 & 7,b7 includes an individual or entity describ$ 9 subp>agraph 7,a7 t-- 7i7 op]ates = pr(it or z a nonpr(it2 7ii7 is gov]nm5t-own$2 or 7iii7 is a corporation1 limit$ liability company1 or p>tn]%ip or op]at$ z a sole proprietor%ip4 7#d7 ,motion picture !atre op]ator ,! t]m motion picture !atre op]ator means an individual or entity t-- 7,a7 z ! pr9cipal bus9ess activity ( ! individual or entity1 owns or op]ates at lea/ #a place ( public accommodation = ! purpose ( motion picture exhibition = a fee2 & 7,b7 includes an individual or entity describ$ 9 subp>agraph 7,a7 t-- 7i7 op]ates = pr(it or z a nonpr(it2 7ii7 is gov]nm5t-own$2 or 7iii7 is a corporation1 limit$ liability company1 or p>tn]%ip or op]at$ z a sole proprietor%ip4 7#e7 ,national securities ex*ange ,! t]m national securities ex*ange means an ex*ange regi/]$ z a national securities ex*ange "u section #f ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;f74 7#f7 ,/ate ,! t]m ,/ate means-- 7,a7 a ,/ate2 7,b7 ! ,di/rict ( ,columbia2 7,c7 ! ,commonweal? ( ,pu]to ,rico2 & 7,d7 any o!r t]ritory or possession ( ! ,unit$ ,/ates4 7#g7 ,tal5t repres5tative ,! t]m tal5t repres5tative-- 7,a7 means an ag5t or manag] t-- 7i7 z n less ?an #gj p]c5t ( ! op]ations ( ! ag5t or manag]1 is engag$ 9 repres5t+ or manag+ arti/s & ent]ta9]s2 7ii7 books or repres5ts musicians1 com$ians1 actors1 or simil> p]=m+ arti/s prim>ily at live ev5ts 9 v5ues or at fe/ivals2 & 7iii7 repres5ts p]=m]s describ$ 9 clause 7ii7 t are paid 9 an am\nt t is bas$ on ! numb] ( tickets sold1 or a simil> basis2 & 7,b7 includes an ag5t or manag] describ$ 9 subp>agraph 7,a7 t-- 7i7 op]ates = pr(it or z a nonpr(it2 7ii7 is gov]nm5t-own$2 or 7iii7 is a corporation1 limit$ liability company1 or p>tn]%ip or op]at$ z a sole proprietor%ip4 7b7 ,au?ority 7#a7 ,initial grants 7,a7 ,9 g5]al ,! ,adm9i/rator may make initial grants to eligible live v5ue op]ators or promot]s1 !atrical produc]s1 motion picture !atre op]ators1 or tal5t repres5tatives 9 accordance ) ?is section4 7,b7 ,fir/ priority 9 aw>d+ grants ,dur+ ! initial #ad-;day p]iod dur+ :i* ! ,adm9i/rator aw>ds grants "u ?is section1 ! ,adm9i/rator %all only aw>d grants to an eligible live v5ue op]ator or promot]1 !atrical produc]1 motion picture !atre op]ator1 or tal5t repres5tative ) rev5ue1 dur+ ! cal5d> qu>t] dur+ :i* ! ,adm9i/rator beg9s aw>d+ su* grants1 t is n m ?an #aj p]c5t ( ! rev5ue ( ! eligible live v5ue op]ator or promot]1 !atrical produc]1 motion picture !atre op]ator1 or tal5t repres5tative dur+ ! correspond+ cal5d> qu>t] dur+ #bjai due to ! ,,covid-#ai p&emic4 7,c7 ,second priority 9 aw>d+ grants ,dur+ ! #ad-;day p]iod imm$iately foll[+ ! #ad-;day p]iod describ$ 9 subp>agraph 7,b71 ! ,adm9i/rator %all only aw>d grants to an eligible live v5ue op]ator or promot]1 !atrical produc]1 motion picture !atre op]ator1 or tal5t repres5tative ) rev5ue1 dur+ ! cal5d> qu>t] dur+ :i* ! ,adm9i/rator beg9s aw>d+ su* grants1 t is n m ?an #cj p]c5t ( ! rev5ue ( ! eligible live v5ue op]ator or promot]1 !atrical produc]1 motion picture !atre op]ator1 or tal5t repres5tative dur+ ! correspond+ cal5d> qu>t] dur+ #bjai due to ! ,,covid-#ai p&emic4 7#b7 ,supplem5tal grants ,! ,adm9i/rator may make a supplem5tal grant 9 accordance ) ?is section to an eligible live v5ue op]ator or promot]1 !atrical produc]1 motion picture !atre op]ator1 or tal5t repres5tative t receives a grant "u p>agraph 7#a7 if1 z ( ,decemb] #a1 #bjbj1 ! rev5ues ( ! eligible live v5ue op]ator or promot]1 !atrical produc]1 motion picture !atre op]ator1 or tal5t repres5tative = ! mo/ rec5t cal5d> qu>t] are n m ?an #bj p]c5t ( ! rev5ues ( ! eligible live v5ue op]ator or promot]1 !atrical produc]1 motion picture !atre op]ator1 or tal5t repres5tative = ! correspond+ cal5d> qu>t] dur+ #bjai due to ! ,,covid-#ai p&emic4 7#c7 ,c]tification ,an eligible live v5ue op]ator or promot]1 !atrical produc]1 motion picture !atre op]ator1 or tal5t repres5tative apply+ = a grant "u ?is section t is an eligible bus9ess describ$ 9 ! matt] prec$+ subclause 7,i7 ( section #djjc7;c77#c77;,d77i7 ( ! ,,c>es ,act 7#ae ,u4,s4,c4 #ijdb7;c77#c77;,d77i771 %all make a good-fai? c]tification describ$ 9 subclauses 7,,ix7 & 7,x7 ( su* section4 7c7 ,am\nt 7#a7 ,initial grants ,a grant "u subsection 7b77#a7 %all be 9 ! am\nt equal to ! less] (-- 7,a7 ! am\nt equal to #de p]c5t ( ! gross e>n$ rev5ue ( ! eligible live v5ue op]ator or promot]1 !atrical produc]1 motion picture !atre op]ator1 or tal5t repres5tative dur+ #bjai2 7,b7 = an eligible live v5ue op]ator or promot]1 !atrical produc]1 motion picture !atre op]ator1 or tal5t repres5tative t began op]ations aft] ,janu>y #a1 #bjai1 ! am\nt equal to ! product obta9$ by multiply+-- 7i7 ! av]age mon?ly gross e>n$ rev5ue = ea* full mon? dur+ :i* ! entity 0 9 op]ation dur+ #bjai2 by 7ii7 #f2 or 7,c7 #ab1jjj1jjj4 7#b7 ,supplem5tal grants ,a grant "u subsection 7b77#b7 %all be 9 ! am\nt equal to #ej p]c5t ( ! grant receiv$ by ! eligible live v5ue op]ator or promot]1 !atrical produc]1 motion picture !atre op]ator1 or tal5t repres5tative "u subsection 7b77#a74 7d7 ,use ( funds 7#a7 ,tim+ 7,a7 ,exp5ses incurr$ 7i7 ,9 g5]al ,except z provid$ 9 clause 7ii71 am\nts receiv$ "u a grant "u ?is section may be us$ = co/s incurr$ dur+ ! p]iod beg9n+ on ,m>* #a1 #bjbj1 & end+ on ,decemb] #ca1 #bjba4 7ii7 ,ext5sion = supplem5tal grants ,if an eligible live v5ue op]ator or promot]1 !atrical produc]1 motion picture !atre op]ator1 or tal5t repres5tative receives a grant "u subsection 7b77#b71 am\nts receiv$ "u ei!r grant "u ?is section may be us$ = co/s incurr$ dur+ ! p]iod beg9n+ on ,m>* #a1 #bjbj1 & end+ on ,june #cj1 #bjbb4 7,b7 ,exp5diture 7i7 ,9 g5]al ,except z provid$ 9 clause 7ii71 an eligible live v5ue op]ator or promot]1 !atrical produc]1 motion picture !atre op]ator1 or tal5t repres5tative %all return to ! ,adm9i/rator any am\nts receiv$ "u a grant "u ?is section t are n exp5d$ on or be=e ! date t is #a ye> aft] ! date ( disbursem5t ( ! grant4 7ii7 ,ext5sion = supplem5tal grants ,if an eligible live v5ue op]ator or promot]1 !atrical produc]1 motion picture !atre op]ator1 or tal5t repres5tative receives a grant "u subsection 7b77#b71 ! eligible live v5ue op]ator or promot]1 !atrical produc]1 motion picture !atre op]ator1 or tal5t repres5tative %all return to ! ,adm9i/rator any am\nts receiv$ "u ei!r grant "u ?is section t are n exp5d$ on or be=e ! date t is #ah mon?s aft] ! date ( disbursem5t to ! eligible live v5ue op]ator or promot]1 !atrical produc]1 motion picture !atre op]ator1 or tal5t repres5tative ( ! grant "u subsection 7b77#a74 7#b7 ,all[able exp5ses ,an eligible live v5ue op]ator or promot]1 !atrical produc]1 motion picture !atre op]ator1 or tal5t repres5tative may use am\nts receiv$ "u a grant "u ?is section =-- 7,a7 payroll co/s = employees & furl\gh$ employees1 includ+-- 7i7 co/s = cont9uation cov]age provid$ pursuant to "p #f ( subtitle ,b ( title ,i ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd 7#bi ,u4,s4,c4 #aafa et seq47 7o!r ?an "u section #fji ( su* ,act 7#bi ,u4,s4,c4 #aafi771 title ,,xxii ( ! ,public ,heal? ,s]vice ,act 7#db ,u4,s4,c4 #cjj;bb-#a et seq471 section #dihj;,b ( ! ,int]nal ,rev5ue ,code ( #aihf 7o!r ?an subsection 7f77#a7 ( su* section ins(> z x relates to p$iatric vacc9es71 or section #hije;a ( title #e1 ,unit$ ,/ates ,code1 or "u a ,/ate program t provides comp>able cont9uation cov]age1 o!r ?an cov]age "u a heal? flexible sp5d+ arrangem5t "u a cafet]ia plan )9 ! mean+ ( section #abe ( ! ,int]nal ,rev5ue ,code ( #aihf2 or 7ii7 any o!r non-ca% b5efit2 7,b7 r5t2 7,c7 utilities2 7,d7 mortgage int]e/ paym5ts on exi/+ mortgages z ( ,febru>y #ae1 #bjbj2 7,e7 s*$ul$ int]e/ paym5ts on o!r s*$ul$ debt z ( ,febru>y #ae1 #bjbj2 7,f7 co/s relat$ to p]sonal protective equipm5t2 7,g7 paym5ts ( pr9cipal on out/&+ loans2 7,h7 paym5ts made to indep5d5t contractors1 z report$ on ,=m-#ajii ,,misc2 & 7,i7 o!r ord9>y & necess>y bus9ess exp5ses1 includ+-- 7i7 settl+ exi/+ debts ow$ to v5dors2 7ii7 ma9t5ance exp5ses2 7iii7 adm9i/rative co/s2 7iv7 taxes2 7v7 op]at+ leases2 7vi7 insurance2 7vii7 adv]tis+1 production transportation1 & capital exp5ditures relat$ to produc+ a !atrical production1 conc]t1 or com$y %[2 & 7viii7 any o!r capital exp5diture or exp5se requir$ "u any ,/ate1 local1 or ,f$]al law or guidel9e relat$ to social di/anc+4 7#c7 ,prohibit$ exp5ses ,an eligible live v5ue op]ator or promot]1 !atrical produc]1 motion picture !atre op]ator1 or tal5t repres5tative may n use am\nts receiv$ "u a grant "u ?is section-- 7,a7 to pur*ase real e/ate2 7,b7 = paym5ts ( int]e/ or pr9cipal on loans orig9at$ aft] ,febru>y #ae1 #bjbj2 7,c7 to inve/ or re-l5d funds2 7,d7 = contributions or exp5ditures to1 or on behalf (1 any political p>ty1 p>ty committee1 or c&idate = elective (fice2 or 7,e7 = any o!r use z may be prohibit$ by ! ,adm9i/rator4 #fbj4 ,support = re/aurants 7a7 ,%ort title ,?is section may be cit$ z ! ,real ,economic ,support ,t ,ackn[l$ges ,unique ,re/aurant ,assi/ance ,ne$$ ,to ,survive ,act ( #bjbj or ! ,,re/aurants ,act ( #bjbj4 7b7 ,def9itions ,9 ?is section3 7#a7 ,affiliat$ bus9ess ,! t]m affiliat$ bus9ess means a bus9ess 9 :i* an eligible entity has an equity or "r to pr(it di/ributions ( n less ?an #ej p]c5t1 or 9 :i* an eligible entity has ! contractual au?ority to control ! direction ( ! bus9ess1 provid$ t su* affiliation %all be det]m9$ z ( any arrangem5ts or agreem5ts 9 exi/5ce1 z ( ,m>* #ac1 #bjbj4 7#b7 ,cov]$ p]iod ,! t]m cov]$ p]iod means ! p]iod beg9n+ on ,febru>y #ae1 #bjbj1 & end+ on ,june #cj1 #bjba4 7#c7 ,eligible entity ,! t]m eligible entity-- 7,a7 means a re/aurant1 food /&1 food truck1 food c>t1 cat]]1 saloon1 inn1 tav]n1 b>1 l\nge1 brewpub1 ta/+ room1 taproom1 lic5s$ facility1 or premise ( a bev]age alcohol produc] :]e ! public may ta/e1 sample1 or pur*ase products1 or o!r simil> place ( bus9ess-- 7i7 9 :i* ! public or patrons assemble = ! prim>y purpose ( be+ s]v$ food or dr9k2 & 7ii7 t1 z ( ,m>* #ac1 #bjbj1 owns or op]ates 7toge!r ) any affiliat$ bus9ess7 n m ?an #bj locations1 reg>dless ( :e!r ^? locations d bus9ess "u ! same or multiple names2 7,b7 means an entity t is locat$ 9 an airport t]m9al & t1 z ( ,m>* #ac1 #bjbj1 sold any food & bev]age1 if1 z ( ,m>* #ac1 #bjbj1 ! entity owns or op]ates 7toge!r ) any affiliat$ bus9ess7 n m ?an #bj locations1 reg>dless ( :e!r ^? locations d bus9ess "u ! same or multiple names2 & 7,c7 does n include an entity describ$ 9 subp>agraph 7,a7 or 7,b7 t is "p ( a ,/ate or local gov]nm5t facility1 n includ+ an airport4 7#d7 ,fund ,! t]m ,fund means ! ,re/aurant ,revitalization ,fund e/abli%$ "u subsection 7c74 7#e7 ,imm$iate family memb] ,) respect to an individual1 ! t]m imm$iate family memb] means any p>5t or *ild ( ! individual4 7#f7 ,payroll co/s ,! t]m payroll co/s has ! mean+ giv5 ! t]m 9 section #g7;a77#cf77;,a7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77;,a774 7#g7 ,secret>y ,! t]m ,secret>y means ! ,secret>y ( ! ,treasury4 7c7 ,e/abli%m5t ( a ,re/aurant ,revitalization ,fund 7#a7 ,9 g5]al ,!re is e/abli%$ 9 ! ,treasury ( ! ,unit$ ,/ates a fund to be kn[n z ! ,re/aurant ,revitalization ,fund4 7#b7 ,appropriations 7,a7 ,9 g5]al ,!re is appropriat$ to ! ,fund1 out ( am\nts 9 ! ,treasury n o!rwise appropriat$1 #abj1jjj1jjj1jjj1 to rema9 available until ,june #cj1 #bjba4 7,b7 ,rema9d] to ,treasury ,any am\nts rema9+ 9 ! ,fund aft] ,june #cj1 #bjba1 %all be deposit$ 9 ! g5]al fund ( ! ,treasury4 7#c7 ,use ( funds ,! ,secret>y %all use am\nts 9 ! ,fund to make grants describ$ 9 section subsection 7d74 7d7 ,re/aurant revitalization grants 7#a7 ,9 g5]al ,! ,secret>y %all aw>d grants to eligible entities 9 ! ord] 9 :i* ! application is receiv$ by ! ,secret>y4 7#b7 ,regi/ration ,! ,secret>y %all regi/] ea* grant aw>d$ "u ?is subsection us+ ! employ] id5tification numb] ( ! eligible entity4 7#c7 ,application 7,a7 ,9 g5]al ,an eligible entity desir+ a grant "u ?is subsection %all submit to ! ,secret>y an application at su* "t1 9 su* mann]1 & conta9+ su* in=mation z ! ,secret>y may require4 7,b7 ,c]tification ,an eligible entity apply+ = a grant "u ?is subsection %all make a good fai? c]tification-- 7i7 t ! unc]ta9ty ( curr5t economic conditions makes necess>y ! grant reque/ to support ! ongo+ op]ations ( ! eligible entity2 7ii7 ackn[l$g+ t funds w be us$ to reta9 work]s1 = payroll co/s1 & = o!r all[able exp5ses describ$ 9 p>agraph 7#f7 & n = any o!r purposes2 7iii7 t ! eligible entity does n h an application p5d+ = a grant "u subsection 7a77#cf7 or 7b77#b7 ( section #g ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7 = ! same purpose & t is duplicative ( am\nts appli$ = or receiv$ "u ?is section2 & 7iv7 dur+ ! cov]$ p]iod1 t ! eligible entity has n receiv$ am\nts "u subsection 7a77#cf7 or 7b77#b7 ( section #g ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7 = ! same purpose & t is duplicative ( am\nts appli$ = or receiv$ "u ?is section4 7,c7 ,hold h>mless ,an eligible entity apply+ = a grant "u ?is subsection %all n be ineligible = a grant if ! eligible entity is able to docum5t-- 7i7 an inability to rehire individuals :o 7 employees ( ! eligible entity on ,febru>y #ae1 #bjbj2 & 7ii7 an inability to hire simil>ly qualifi$ employees = unfill$ positions on or be=e ,june #cj1 #bjba4 7#d7 ,priority 9 aw>d+ grants ,dur+ ! initial #ad-;day p]iod 9 :i* ! ,secret>y aw>ds grants "u ?is subsection1 ! ,secret>y %all-- 7,a7 prioritize aw>d+ grants to m>g9aliz$ & und]repres5t$ communities1 ) a focus on wom5-1 vet]an-1 & m9ority-own$1 & wom5-1 vet]an-1 & m9ority-op]at$ eligible entities2 & 7,b7 only aw>d grants to eligible entities ) annual rev5ues ( less ?an #a1ejj1jjj4 7#e7 ,grant am\nt 7,a7 ,det]m9ation ( grant am\nt 7i7 ,9 g5]al ,! am\nt ( a grant made to an eligible entity "u ?is subsection %all be equal to-- 7,i7 ! sum ( ! rev5ues or e/imat$ rev5ues ( ! eligible entity dur+ ea* cal5d> qu>t] 9 #bjbj subtract$ f ! sum ( su* rev5ues dur+ ! same cal5d> qu>t] 9 #bjai1 if su* sum is great] ?an z]o2 & 7,,ii7 if applicable1 ! additional am\nt requir$ to pay = sick leave describ$ "u clause 7ii74 7ii7 ,sick leave ,an eligible entity apply+ = a grant "u ?is section-- 7,i7 may reque/ an additional grant am\nt bas$ on ! am\nt requir$ to provide #aj days ( paid sick leave to ea* employee ( ! entity to-- 7aa7 c>e = !mselves or an imm$iate family memb] :o is ill2 or 7bb7 provide c>e = *ildr5 :5 s*ools or *ildc>e provid]s are %ut d[n due to ,,covid-#ai2 & 7,,ii7 %all1 if provid$ a grant "u ?is section t includes an additional am\nt = sick leave describ$ "u subclause 7,i71 provide ea* employee ( ! entity ) su* #aj days ( paid sick leave4 7iii7 ,v]ification ,an eligible entity %all submit to ! ,secret>y su* rev5ue v]ification docum5tation z ! ,secret>y may require to det]m9e ! am\nt ( a grant "u clause 7i74 7iv7 ,repaym5t ,any am\nt ( a grant made "u ?is subsection to an eligible entity bas$ on e/imat$ rev5ues 9 a cal5d> qu>t] 9 #bjbj t is great] ?an ! actual rev5ues ( ! eligible entity dur+ t cal5d> qu>t] %all be conv]t$ to a loan t has-- 7,i7 an int]e/ rate ( #a p]c5t2 & 7,,ii7 a maturity date ( #aj ye>s beg9n+ on ,janu>y #a1 #bjba4 7,b7 ,r$uction bas$ on ,,ppp =giv5ess or ,,eidl em]g5cy grant ,if an eligible entity has1 at ! "t ( application = a grant "u ?is subsection1 receiv$ an advance "u section #aaaj7;e7 ( ! ,,c>es ,act 7#ae ,u4,s4,c4 #ijji7;e77 or loan =giv5ess "u section #aajf ( su* ,act 7#ae ,u4,s4,c4 #ijje7 relat$ to exp5ses incurr$ dur+ ! cov]$ p]iod1 ! maximum am\nt ( a grant aw>d$ to ! eligible entity "u ?is subsection %all be r$uc$ by ! am\nt ( funds exp5d$ by or =giv5 = ! eligible entity = ^? exp5ses us+ am\nts receiv$ "u su* section #aaaj7;e7 or =giv5 "u su* section #aajf4 7,c7 ,limitation ,an eligible entity may n receive m ?an #a grant "u ?is subsection4 7,d7 ,aggregate maximum am\nt ,! aggregate am\nt ( grants made to an eligible entity & any affiliate bus9esses ( ! eligible entity "u ?is section %all n exce$ #aj1jjj1jjj4 7#f7 ,use ( funds 7,a7 ,9 g5]al ,dur+ ! cov]$ p]iod1 an eligible entity t receives a grant "u ?is subsection may use ! grant funds =-- 7i7 payroll co/s2 7ii7 paym5ts ( pr9cipal or int]e/ on any mortgage obligation2 7iii7 r5t paym5ts1 includ+ r5t "u a lease agreem5t2 7iv7 utilities2 7v7 ma9t5ance exp5ses1 includ+-- 7,i7 con/ruction to accommodate outdoor seat+2 & 7,,ii7 walls1 floors1 deck surfaces1 furniture1 fixtures1 & equipm5t2 7vi7 supplies1 includ+ protective equipm5t & clean+ mat]ials2 7vii7 food1 bev]age1 & op]ational exp5ses t are )9 ! scope ( ! normal bus9ess practice ( ! eligible entity be=e ! cov]$ p]iod2 7viii7 debt obligations to suppli]s t 7 incurr$ be=e ! cov]$ p]iod2 7ix7 co/s associat$ ) provid+ employees ) #aj days ( sick leave1 z describ$ 9 p>agraph 7#e77;,a77ii72 & 7x7 any o!r exp5ses t ! ,secret>y det]m9es to be ess5tial to ma9ta9+ ! eligible entity4 7,b7 ,return+ funds ,if an eligible entity t receives a grant "u ?is subsection p]man5tly ceases op]ations on or be=e ,june #cj1 #bjba1 ! eligible entity %all return to ! ,treasury any funds t ! eligible entity did n use = ! all[able exp5ses "u subp>agraph 7,a74 7,c7 ,conv]sion to loan ,any grant am\nts receiv$ by an eligible entity "u ?is subsection t are unus$ aft] ,june #cj1 #bjba1 %all be imm$iately conv]t$ to a loan )-- 7i7 an int]e/ rate ( #a p]c5t2 & 7ii7 a maturity date ( #aj ye>s4 7#g7 ,regulations ,n lat] ?an #ae days aft] ! date ( enactm5t ( ?is ,act1 ! ,secret>y %all issue regulations to c>ry out ?is subsection )\t reg>d to ! notice & comm5t requirem5ts "u section #eec ( title #e1 ,unit$ ,/ates ,code4 7#h7 ,appropriations = /aff+ & adm9i/rative exp5ses 7,a7 ,9 g5]al ,( ! am\nts provid$ by subsection 7c77#b77;,a71 #cjj1jjj1jjj %all be = /aff+ & adm9i/rative exp5ses relat$ to adm9i/]+ grants aw>d$ "u ?is subsection4 7,b7 ,set aside ,( am\nts provid$ "u subp>agraph 7,a71 #fj1jjj1jjj %all be allocat$ = outrea* to traditionally m>g9aliz$ & und]repres5t$ communities1 ) a focus on wom51 vet]an1 & m9ority-own$ & op]at$ eligible entities1 includ+ ! creation ( a res\rce c5t] t>get$ t[>d ^! communities4 7e7 ,limitation ) respect to private funds 7#a7 ,9 g5]al ,no am\nts receiv$ "u ?is section may be directly or indirectly us$ to pay di/ributions1 divid5ds1 consult+ fees1 advisory fees1 int]e/ paym5ts1 or any o!r fees1 exp5ses1 or *>ges to-- 7,a7 a p]son regi/]$ z an inve/m5t advis] "u ! ,inve/m5t ,advis]s ,act ( #aidj 7#ae ,u4,s4,c4 #hj;b-#a et seq47 :o advises a private fund2 7,b7 any affiliate ( su* advis]2 7,c7 any executive ( su* advis] or affiliate2 or 7,d7 any employee1 consultant1 or o!r p]son ) a contractual relation%ip to provide s]vices = or on behalf ( su* advis] or affiliate4 7#b7 ,anti-evasion ,no company 9 :i* a private fund holds an own]%ip int]e/ t has1 directly or indirectly1 receiv$ am\nts "u ?is title may pay any di/ributions1 divid5ds1 consult+ fees1 advisory fees1 int]e/ paym5ts1 or any o!r fees1 exp5ses1 or *>ges 9 excess ( #aj p]c5t ( su* company's net op]at+ pr(its = ! cal5d> ye> end+ ,decemb] #ca1 #bjbj 7& = ea* successive ye> until ! cov]$ p]iod has end$ & all loans creat$ "u ?is section h be5 repaid71 to-- 7,a7 a p]son regi/]$ z an inve/m5t advis] "u ! ,inve/m5t ,advis]s ,act ( #aidj 7#ae ,u4,s4,c4 #hj;b-#a et seq47 :o advises a private fund2 7,b7 any affiliate ( su* advis]2 7,c7 any executive ( su* advis] or affiliate2 or 7,d7 any employee1 consultant1 or o!r p]son ) a contractual relation%ip to provide s]vices = or on behalf ( su* advis] or affiliate4 7#c7 ,def9itions ,9 ?is section3 7,a7 ,affiliate 7i7 ,9 g5]al ,! t]m affiliate means1 ) respect to a p]son1 any o!r p]son directly or indirectly controll+1 controll$ by1 or "u direct or indirect common control ) su* p]son4 7ii7 ,control ,= purposes ( clause 7i71 a p]son %all be deem$ to control ano!r p]son if su* p]son possesses1 directly or indirectly1 ! p[] to direct or cause ! direction ( ! managem5t & policies ( su* o!r p]son1 :e!r ?r\gh ! own]%ip ( vot+ securities1 by contract1 or o!rwise4 7,b7 ,executive ,! t]m executive means-- 7i7 any individual :o s]ves an executive or director ( a p]son1 includ+ ! pr9cipal executive (fic]1 pr9cipal f9ancial (fic]1 comptroll] or pr9cipal acc\nt+ (fic]2 & 7ii7 an executive (fic]1 z def9$ 9 section #bcj4dje ( title #ag1 ,code ( ,f$]al ,regulations1 or any successor regulation4 7,c7 ,private fund ,! t]m private fund means an issu] t w\ld be an inve/m5t company1 z def9$ 9 section #c ( ! ,inve/m5t ,company ,act ( #aidj 7#ae ,u4,s4,c4 #hj;a-#c71 b = p>agraph 7#a7 or 7#g7 ( section #c7;c7 ( t ,act4 7f7 ,demographic data & transp>5cy 7#a7 ,demographic data ,9 e/abli%+ an application process = c>ry+ out ?is section1 ! ,secret>y %all include a volunt>y reque/ = c]ta9 demographic data ) respect to ! majority own]%ip ( eligible entities1 includ+ race1 e?nicity1 g5d]1 & vet]an-/atus4 7#b7 ,mon?ly reports ,n lat] ?an ! end ( ! fir/ mon? 9 :i* initial grants are disburs$ "u ?is section1 & e mon? !reaft] until ! date on :i* ! la/ grant has be5 disburs$ "u ?is section1 ! ,secret>y %all submit to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives a report provid+-- 7,a7 ! numb] & doll> am\nt ( grants approv$ = or disburs$ to all eligible entities1 includ+ a li/ ( eligible entities ) ! grant am\nt receiv$ by ! eligible entity2 & 7,b7 a break\t ( ! numb] & doll> ( grants by ,/ate1 congressional di/rict1 demographics 7includ+ race1 e?nicity1 g5d]1 & vet]an-/atus71 & bus9ess type4 7#c7 ,qu>t]ly reports ,beg9n+ on ,janu>y #a1 #bjba1 & e subsequ5t qu>t] until ! la/ grant t 0 conv]t$ to a loan "u ?is section is repaid1 ! ,secret>y %all submit to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives a report on-- 7,a7 ! numb] & doll> am\nt ( grants approv$ = or disburs$ to all eligible entities1 includ+ a break\t ( grants by ,/ate1 congressional di/rict1 demographics 7includ+ race1 e?nicity1 g5d]1 & vet]an-/atus71 & bus9ess type2 & 7,b7 ! numb] & doll> am\nt ( grants t conv]t$ to loans "u ?is section1 includ+ a break\t ( out/&+ loans by ,/ate1 congressional di/rict1 demographics 7includ+ race1 e?nicity1 g5d]1 & vet]an-/atus71 & bus9ess type4 7#d7 ,data transp>5cy ,n lat] ?an #cj days aft] ! date ( enactm5t ( ?is ,act1 ! ,secret>y %all make available on a publicly available website 9 a /&>diz$ & d[nloadable =mat1 & update on a mon?ly basis1 any data conta9$ 9 a report submitt$ "u ?is section4 ,,vii ,m9ority bus9ess developm5t ag5cy & community developm5t f9ancial in/itutions fund #gja4 ,def9itions ,9 ?is title3 7#a7 ,ag5cy ,! t]m ,ag5cy means ! ,m9ority ,bus9ess ,developm5t ,ag5cy ( ! ,dep>tm5t ( ,comm]ce4 7#b7 ,assi/ant secret>y ,! t]m ,assi/ant ,secret>y means ! ,assi/ant ,secret>y ( ,comm]ce = ,m9ority ,bus9ess ,developm5t :o is appo9t$ z describ$ 9 section #gad7;b7 to adm9i/] ?is subtitle4 7#c7 ,f$]al ag5cy ,! t]m ,f$]al ag5cy has ! mean+ giv5 ! t]m ag5cy 9 section #eea ( title #e1 ,unit$ ,/ates ,code4 7#d7 ,f$]ally recogniz$ area ( economic di/ress ,! t]m f$]ally recogniz$ area ( economic di/ress means-- 7,a7 a ,h,u,b,zone1 z t t]m is def9$ 9 section #ca7;b7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #feg;a7b772 7,b7 an area t-- 7i7 has be5 designat$ z-- 7,i7 an emp[]m5t zone "u section #acia ( ! ,int]nal ,rev5ue ,code ( #aihf2 or 7,,ii7 a ,promise ,zone by ! ,secret>y ( ,h\s+ & ,urban ,developm5t2 or 7ii7 is a l[ or mod]ate income area1 z det]m9$ by ! ,bureau ( ! ,c5sus2 7,c7 a qualifi$ opportunity zone1 z t t]m is def9$ 9 section #adjj,z-#a ( ! ,int]nal ,rev5ue ,code ( #aihf2 or 7,d7 any o!r political subdivision or un9corporat$ area ( a ,/ate det]m9$ by ! ,assi/ant ,secret>y to be an area ( economic di/ress4 7#e7 ,indian tribe 7,a7 ,9 g5]al ,subject to subp>agraph 7,b71 ! t]m ,indian ,tribe has ! mean+ giv5 ! t]m ,indian tribe 9 section #d ( ! ,indian ,self-,det]m9ation & ,education ,assi/ance ,act 7#be ,u4,s4,c4 #ecjd74 7,b7 ,native hawaiian organization ,! t]m ,indian ,tribe includes a ,native ,hawaiian organization4 7#f7 ,in/itution ( high] education ,! t]m in/itution ( high] education has ! mean+ giv5 ! t]m 9 section #aja ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajja74 7#g7 ,m9ority bus9ess ent]prise ,! t]m m9ority bus9ess ent]prise means a =-pr(it bus9ess ent]prise-- 7,a7 t is n less ?an #ea p]c5t-own$ by #a or m socially disadvantag$ individuals2 & 7,b7 ! managem5t & daily bus9ess op]ations ( :i* are controll$ by #a or m socially disadvantag$ individuals4 7#h7 ,private sector entity ,! t]m private sector entity-- 7,a7 means an entity t is n a public sector entity2 & 7,b7 does n include-- 7i7 ! ,f$]al ,gov]nm5t2 7ii7 any ,f$]al ag5cy2 or 7iii7 any in/rum5tality ( ! ,f$]al ,gov]nm5t4 7#i7 ,public sector entity ,! t]m public sector entity means-- 7,a7 a ,/ate2 7,b7 an ag5cy ( a ,/ate2 7,c7 a political subdivision ( a ,/ate2 or 7,d7 an ag5cy ( a political subdivision ( a ,/ate4 7#aj7 ,secret>y ,! t]m ,secret>y means ! ,secret>y ( ,comm]ce4 7#aa7 ,socially disadvantag$ individual 7,a7 ,9 g5]al ,! t]m socially disadvantag$ individual means an individual :o has be5 subject$ to racial or e?nic prejudice or cultural bias because ( ! id5tity ( ! individual z a memb] ( a gr\p1 )\t reg>d to any individual quality ( ! individual t is unrelat$ to t id5tity4 7,b7 ,presumption ,9 c>ry+ out ?is subtitle1 ! ,assi/ant ,secret>y %all presume t ! t]m socially disadvantag$ individual includes any individual :o is-- 7i7 ,black or ,african ,am]ican2 7ii7 ,hispanic or ,lat9o2 7iii7 ,am]ican ,indian or ,alaska ,native2 7iv7 ,asian2 7v7 ,native ,hawaiian or o!r ,pacific ,isl&]2 or 7vi7 a memb] ( a gr\p t ! ,m9ority ,bus9ess ,developm5t ,ag5cy det]m9es "u "p #adjj ( title #ae1 ,code ( ,f$]al ,regulations1 z 9 effect on ,novemb] #bc1 #aihd1 is a socially disadvantag$ gr\p eligible to receive assi/ance4 7#ab7 ,/ate ,! t]m ,/ate means-- 7,a7 ea* ( ! ,/ates ( ! ,unit$ ,/ates2 7,b7 ! ,di/rict ( ,columbia2 7,c7 ! ,commonweal? ( ,pu]to ,rico2 7,d7 ! ,unit$ ,/ates ,virg9 ,isl&s2 7,e7 ,guam2 7,f7 ,am]ican ,samoa2 7,g7 ! ,commonweal? ( ! ,nor!rn ,m>iana ,isl&s2 & 7,h7 ea* ,indian ,tribe4 ,a ,codification ( ! m9ority bus9ess developm5t ag5cy #gaa4 ,%ort title ,?is subtitle may be cit$ z ! ,m9ority ,bus9ess ,resili5cy ,act ( #bjbj4 #gab4 ,f9d+s & purposes 7a7 ,f9d+s ,congress f9ds ! foll[+3 7#a7 ,dur+ times ( economic d[nturn or recession1 communities ( color1 & bus9esses )9 ^? communities1 are g5]ally m adv]sely affect$1 :i* requires an expansion ( ! ability ( ! ,f$]al ,gov]nm5t to infuse res\rces into ^? communities4 7#b7 ,despite ! gr[? 9 ! numb] ( m9ority bus9ess ent]prises1 gaps rema9 ) respect to key metrics = ^? ent]prises1 su* z access to capital1 rev5ue1 numb] ( employees1 & survival rate4 ,specifically-- 7,a7 accord+ to ! ,dep>tm5t ( ,comm]ce1 m9ority bus9ess ent]prises are #b to #c times m likely to be d5i$ loans ?an non-m9ority bus9ess ent]prises2 7,b7 accord+ to ! ,bureau ( ! ,c5sus1 ! av]age non-m9ority bus9ess ent]prise reports receipts t are m ?an #c times high] ?an receipts report$ by ! av]age m9ority bus9ess ent]prise2 & 7,c7 accord+ to ! ,kauffman ,f\ndation-- 7i7 m9ority bus9ess ent]prises are z likely to employ individuals1 z comp>$ ) non-m9ority bus9ess ent]prises2 & 7ii7 if m9orities />t$ & own$ bus9esses at ! same rate z non-m9orities1 ! ,unit$ ,/ates economy w\ld h m ?an #a1jjj1jjj additional employ] bus9esses & m ?an #i1ejj1jjj additional jobs4 7#c7 ,because ( ! conditions describ$ 9 p>agraph 7#b71 x is 9 ! int]e/ ( ! ,unit$ ,/ates & ! economy ( ! ,unit$ ,/ates to exp$iti\sly ameliorate ! disp>ities t m9ority bus9ess ent]prises exp]i5ce4 7#d7 ,_m individuals :o own m9ority bus9ess ent]prises are socially disadvantag$ because ^? individuals id5tify z memb]s ( c]ta9 gr\ps t h suff]$ ! effects ( discrim9atory practices or simil> circum/ances ov] :i* ^? individuals h no control1 includ+ individuals :o are-- 7,a7 ,black or ,african ,am]ican2 7,b7 ,hispanic or ,lat9o2 7,c7 ,am]ican ,indian or ,alaska ,native2 7,d7 ,asian2 & 7,e7 ,native ,hawaiian or o!r ,pacific ,isl&]4 7#e7 ,discrim9atory practices & simil> circum/ances describ$ 9 p>agraph 7#d7 are a significant det]m9ant ( ov]all economic disadvantage 9 ! ,unit$ ,/ates1 :i* is evid5t 9 ! p]si/5t racial weal? gap 9 ! ,unit$ ,/ates4 7#f7 ,:ile o!r ,f$]al ag5cies focus only on small bus9esses & bus9esses t repres5t a broad] demographic ?an solely m9ority bus9ess ent]prises1 ! ,ag5cy focuses exclusively on-- 7,a7 ! unique ne$s ( m9ority bus9ess ent]prises2 & 7,b7 enhanc+ ! capacity ( m9ority bus9ess ent]prises4 7b7 ,purposes ,! purposes ( ?is subtitle are to-- 7#a7 require ! ,ag5cy to promote & adm9i/] programs 9 ! public & private sectors to assi/ ! developm5t ( m9ority bus9ess ent]prises2 & 7#b7 a*ieve ! developm5t describ$ 9 p>agraph 7#a7 by au?oriz+ ! ,assi/ant ,secret>y to c>ry out programs t w result 9 increas$ access to capital1 managem5t1 & te*nology = m9ority bus9ess ent]prises4 #gac4 ,m9ority ,bus9ess ,developm5t ,ag5cy 7a7 ,9 g5]al ,!re is )9 ! ,dep>tm5t ( ,comm]ce ! ,m9ority ,bus9ess ,developm5t ,ag5cy4 7b7 ,assi/ant secret>y 7#a7 ,appo9tm5t & duties ,! ,ag5cy %all be head$ by an ,assi/ant ,secret>y ( ,comm]ce = ,m9ority ,bus9ess ,developm5t1 :o %all be-- 7,a7 appo9t$ by ! ,presid5t1 by & ) ! advice & cons5t ( ! ,s5ate2 & 7,b7 except z o!rwise expressly provid$1 responsible = ! adm9i/ration ( ?is subtitle4 7#b7 ,comp5sation ,! ,assi/ant ,secret>y %all be comp5sat$ at an annual rate ( basic pay prescrib$ = level ,,iv ( ! ,executive ,s*$ule "u section #ecae ( title #e1 ,unit$ ,/ates ,code4 7c7 ,report to congress ,n lat] ?an #abj days aft] ! date ( enactm5t ( ?is ,act1 ! ,secret>y %all submit to ,congress a report t describes-- 7#a7 ! organizational /ructure ( ! ,ag5cy2 7#b7 ! organizational position ( ! ,ag5cy )9 ! ,dep>tm5t ( ,comm]ce2 & 7#c7 a description ( h[ ! ,ag5cy %all function 9 relation to ! op]ations c>ri$ out by ea* o!r compon5t ( ! ,dep>tm5t ( ,comm]ce4 7d7 ,(fice ( bus9ess c5t]s 7#a7 ,e/abli%m5t ,!re is e/abli%$ )9 ! ,ag5cy an ,(fice ( ,bus9ess ,c5t]s4 7#b7 ,director ,! ,(fice ( ,bus9ess ,c5t]s %all be adm9i/]$ by a ,director1 :o %all be appo9t$ by ! ,assi/ant ,secret>y4 7e7 ,(fices ( ! ag5cy 7#a7 ,9 g5]al ,! ,assi/ant ,secret>y %all e/abli% su* o!r (fices )9 ! ,ag5cy z are necess>y to c>ry out ?is subtitle4 7#b7 ,regional (fices 7,a7 ,9 g5]al ,9 ord] to c>ry out ?is subtitle1 ! ,assi/ant ,secret>y may e/abli% a regional (fice ( ! ,ag5cy = ea* ( ! regions ( ! ,unit$ ,/ates1 z det]m9$ by ! ,assi/ant ,secret>y4 7,b7 ,duties ,ea* regional (fice e/abli%$ "u subp>agraph 7,a7 %all exp& ! rea* ( ! ,ag5cy & enable ! ,f$]al ,gov]nm5t to bett] s]ve ! ne$s ( m9ority bus9ess ent]prises 9 ! region s]v$ by ! (fice1 includ+ by-- 7i7 und]/&+ & p>ticipat+ 9 ! bus9ess environm5t ( t region2 7ii7 work+ )-- 7,i7 ,c5t]s1 z t t]m is def9$ 9 section #gcb1 t are locat$ 9 t region2 & 7,,ii7 res\rce & l5d+ p>tn]s ( ! ,small ,bus9ess ,adm9i/ration t are locat$ 9 t region2 7iii7 be+ aw>e ( bus9ess ret5tion or expansion programs specific to t region2 7iv7 seek+ out opportunities to collaborate ) regional public & private programs t focus on m9ority bus9ess ent]prises2 & 7v7 promot+ bus9ess cont9uity & prep>$ness4 ,i ,exi/+ initiatives ,a ,m>ket developm5t1 rese>*1 & in=mation #gba4 ,private sector developm5t ,! ,assi/ant ,secret>y %all1 :5ev] ! ,assi/ant ,secret>y det]m9es su* action is necess>y or appropriate-- 7#a7 assi/ m9ority bus9ess ent]prises to p5etrate dome/ic & =eign m>kets by mak+ available to ^? bus9ess ent]prises1 ei!r directly or 9 coop]ation ) private sector entities1 includ+ community-bas$ organizations & national nonpr(it organizations-- 7,a7 res\rces relat+ to managem5t2 7,b7 te*nological assi/ance2 7,c7 f9ancial & m>ket+ s]vices2 & 7,d7 s]vices relat+ to work=ce developm5t2 7#b7 enc\rage m9ority bus9ess ent]prises to e/abli% jo9t v5tures & projects-- 7,a7 ) o!r m9ority bus9ess ent]prises2 or 7,b7 9 coop]ation ) public sector entities or private sector entities1 includ+ community-bas$ organizations & national nonpr(it organizations1 to increase ! %>e ( any m>ket activity be+ p]=m$ by m9ority bus9ess ent]prises2 & 7#c7 facilitate ! ef=ts ( private sector entities & ,f$]al ag5cies to advance ! gr[? ( m9ority bus9ess ent]prises4 #gbb4 ,public sector developm5t ,! ,assi/ant ,secret>y %all1 :5ev] ! ,assi/ant ,secret>y det]m9es su* action is necess>y or appropriate-- 7#a7 consult & coop]ate ) public sector entities = ! purpose ( lev]ag+ res\rces available 9 ! jurisdictions ( ^? public sector entities to promote ! position ( m9ority bus9ess ent]prises 9 ! local economies ( ^? public sector entities1 includ+ by assi/+ public sector entities to e/abli% or enhance-- 7,a7 programs to procure goods & s]vices ?r\gh m9ority bus9ess ent]prises & goals = t procurem5t2 7,b7 programs (f]+ assi/ance relat+ to-- 7i7 managem5t2 7ii7 te*nology2 7iii7 f9anc+2 7iv7 m>ket+2 & 7v7 work=ce developm5t2 & 7,c7 in=mational programs design$ to in=m m9ority bus9ess ent]prises locat$ 9 ! jurisdictions ( ^? public sector entities ab\t ! availability ( programs describ$ 9 ?is section2 7#b7 meet ) lead]s & (ficials ( public sector entities = ! purpose ( recomm5d+ & promot+ local adm9i/rative & legislative initiatives ne$$ to advance ! position ( m9ority bus9ess ent]prises 9 ! local economies ( ^? public sector entities2 & 7#c7 facilitate ! ef=ts ( public sector entities & ,f$]al ag5cies to advance ! gr[? ( m9ority bus9ess ent]prises4 #gbc4 ,rese>* & in=mation 7a7 ,9 g5]al ,9 ord] to a*ieve ! purposes ( ?is subtitle1 ! ,assi/ant ,secret>y-- 7#a7 %all-- 7,a7 collect & analyze data1 includ+ data relat+ to ! causes ( ! success or failure ( m9ority bus9ess ent]prises2 7,b7 p]=m evaluations ( programs c>ri$ out by ,f$]al ag5cies ) an emphasis on increas+ coord9ation betwe5 ,f$]al ag5cies ) respect to ! developm5t ( m9ority bus9ess ent]prises2 & 7,c7 conduct rese>*1 /udies1 & surveys (-- 7i7 economic conditions g5]ally 9 ! ,unit$ ,/ates2 & 7ii7 h[ ! conditions describ$ 9 clause 7i7 p>ticul>ly affect ! developm5t ( m9ority bus9ess ent]prises2 & 7#b7 may1 at ! reque/ ( a public sector entity or a private sector entity1 p]=m an evaluation ( programs c>ri$ out by ! entity t are design$ to assi/ ! developm5t ( m9ority bus9ess ent]prises4 7b7 ,in=mation cle>+h\se ,! ,assi/ant ,secret>y %all-- 7#a7 e/abli% & ma9ta9 an in=mation cle>+h\se = ! collection & dissem9ation ( demographic1 economic1 f9ancial1 manag]ial1 & te*nical data relat+ to m9ority bus9ess ent]prises2 & 7#b7 take su* /eps z ! ,assi/ant ,secret>y may det]m9e to be necess>y & desirable to se>* =1 collect1 classify1 coord9ate1 integrate1 record1 & catalog ! data describ$ 9 p>agraph 7#a74 ,b ,m9ority ,bus9ess ,developm5t ,c5t] ,program #gca4 ,purpose ,! purpose ( ! ,,mbdc ,program %all be to create a national network ( public-private p>tn]%ips t-- 7#a7 assi/ m9ority bus9ess ent]prises to-- 7,a7 access capital & contracts2 & 7,b7 create & ma9ta9 jobs2 7#b7 provide c\nsel+ & m5tor+ to m9ority bus9ess ent]prises2 & 7#c7 facilitate ! gr[? ( m9ority bus9ess ent]prises by promot+ trade4 #gcb4 ,def9itions ,9 ?is subp>t3 7#a7 ,c5t] ,! t]m ,c5t] means an eligible entity t ent]s into an ,,mbdc agreem5t ) ! ,assi/ant ,secret>y4 7#b7 ,eligible entity ,except z o!rwise expressly provid$1 ! t]m eligible entity-- 7,a7 means-- 7i7 a private sector entity2 or 7ii7 a public sector entity2 & 7,b7 includes an in/itution ( high] education4 7#c7 ,,mbdc agreem5t ,! t]m ,,mbdc agreem5t means a collaborative agreem5t ent]$ into betwe5 ! ,assi/ant ,secret>y & a ,c5t] "u ! ,,mbdc ,program4 7#d7 ,,mbdc program ,! t]m ,,mbdc ,program means ! program e/abli%$ "u section #gcc4 #gcc4 ,e/abli%m5t 7a7 ,9 g5]al ,subject to subsection 7b71 !re is e/abli%$ 9 ! ,ag5cy a program-- 7#a7 t %all be kn[n z ! ,m9ority ,bus9ess ,developm5t ,c5t]s ,program2 7#b7 t %all be sep>ate & di/9ct f ! ef=ts ( ! ,assi/ant ,secret>y "u section #gba2 & 7#c7 "u :i* ! ,assi/ant ,secret>y %all ent] into coop]ative agreem5ts ) eligible entities "u :i*1 9 accordance ) section #gcd-- 7,a7 ! eligible entities %all provide te*nical assi/ance & bus9ess developm5t s]vices to m9ority bus9ess ent]prises2 & 7,b7 ! ,assi/ant ,secret>y %all provide f9ancial assi/ance to ! eligible entities to c>ry out ! activities describ$ 9 subp>agraph 7,a74 7b7 ,cov]age ,! ,assi/ant ,secret>y %all take all necess>y actions to ensure t ! ,,mbdc ,program1 9 accordance ) section #gcd1 (f]s ! s]vices describ$ 9 subsection 7a77#c77;,a7 9 all regions ( ! ,unit$ ,/ates4 7c7 ,scope ( au?ority ,! au?ority ( ! ,assi/ant ,secret>y to ent] into ,,mbdc agreem5ts %all be effective ea* fiscal ye> only to ! ext5t t am\nts are made available to ! ,assi/ant ,secret>y "u applicable appropriations ,acts4 #gcd4 ,coop]ative agreem5ts 7a7 ,requirem5ts ,a ,c5t] %all1 us+ f9ancial assi/ance aw>d$ to ! ,c5t] "u an ,,mbdc agreem5t-- 7#a7 provide to m9ority bus9ess ent]prises programs & s]vices det]m9$ to be appropriate by ! ,assi/ant ,secret>y1 :i*-- 7,a7 %all include ref]ral s]vices to meet ! ne$s ( m9ority bus9ess ent]prises2 & 7,b7 may include programs & s]vices to accompli% ! goals describ$ 9 section #gba7a72 7#b7 develop1 cultivate1 & ma9ta9 a network ( /rategic p>tn]%ips ) organizations t fo/] access by m9ority bus9ess ent]prises to economic m>kets or contracts2 7#c7 cont9ue to upgrade & modify ! s]vices provid$ by ! ,c5t]1 z necess>y1 9 ord] to meet ! *ang+ & evolv+ ne$s ( ! bus9ess community2 7#d7 collaborate ) o!r ,c5t]s2 & 7#e7 9 provid+ programs & s]vices "u ! ,,mbdc agreem5t-- 7,a7 op]ate on a fee-=-s]vice basis2 & 7,b7 g5]ate income ?r\gh ! collection (-- 7i7 cli5t fees2 7ii7 memb]%ip fees2 7iii7 success fees2 & 7iv7 any o!r appropriate fees propos$ by ! ,c5t] 9 ! application submitt$ by ! ,c5t] = ! ,,mbdc agreem5t4 7b7 ,t]m ,subject to subsection 7g71 ! t]m ( an ,,mbdc agreem5t %all be #c ye>s4 7c7 ,f9ancial assi/ance 7#a7 ,m9imum am\nt ,subject to p>agraph 7#b71 ! am\nt ( f9ancial assi/ance provid$ by ! ,assi/ant ,secret>y "u an ,,mbdc agreem5t %all be n less ?an #bej1jjj = ! t]m ( ! ,,mbdc agreem5t4 7#b7 ,additional am\nts ,9 det]m9+ :e!r to aw>d f9ancial assi/ance "u an ,,mbdc agreem5t to a ,c5t] 9 an am\nt great] ?an #bej1jjj1 ! ,assi/ant ,secret>y %all take into consid]ation ! co/ ( liv+ & ! size ( ! population 9 ! area 9 :i* ! ,c5t] is locat$4 7#c7 ,mat*+ requirem5t 7,a7 ,9 g5]al ,a ,c5t] %all mat* n less ?an #a_/c ( ! am\nt ( ! f9ancial assi/ance aw>d$ to ! ,c5t] "u an ,,mbdc agreem5t4 7,b7 ,=m ( funds ,a ,c5t] may meet ! mat*+ requirem5t "u subp>agraph 7,a7 us+ ca% or 9-k9d contributions1 )\t reg>d to :e!r ! contribution is made by a ?ird p>ty4 7#d7 ,use ( f9ancial assi/ance & program income ,a ,c5t] %all use-- 7,a7 all f9ancial assi/ance aw>d$ to ! ,c5t] "u an ,,mbdc agreem5t to c>ry out ! requirem5ts "u subsection 7a72 & 7,b7 all income t ! ,c5t] g5]ates 9 c>ry+ out ! requirem5ts "u subsection 7a7-- 7i7 to meet ! mat*+ requirem5t "u p>agraph 7#c7 ( ?is subsection2 & 7ii7 if ! ,c5t] meets ! mat*+ requirem5t "u p>agraph 7#c7 ( ?is subsection1 to c>ry out ! requirem5ts "u subsection 7a74 7d7 ,crit]ia = selection ,! ,assi/ant ,secret>y %all-- 7#a7 e/abli%-- 7,a7 crit]ia t-- 7i7 ! ,assi/ant ,secret>y %all use 9 det]m9+ :e!r to ent] into an ,,mbdc agreem5t ) an eligible entity2 & 7ii7 may include crit]ia relat+ to :e!r an eligible entity is locat$ 9-- 7,i7 an area1 ! population ( :i* is compos$ ( n less ?an #ea p]c5t socially disadvantag$ individuals2 7,,ii7 a f$]ally recogniz$ area ( economic di/ress2 or 7,,iii7 a ,/ate t is und]s]v$ ) respect to ! ,,mbdc program1 z def9$ by ! ,assi/ant ,secret>y2 & 7,b7 /&>ds relat+ to ! consid]ation giv5 to ! crit]ia e/abli%$ "u subp>agraph 7,a72 & 7#b7 make ! crit]ia & /&>ds e/abli%$ "u p>agraph 7#a7 publicly available1 includ+-- 7,a7 on ! website ( ! ,ag5cy2 & 7,b7 9 ea* solicitation = applications = ,,mbdc agreem5ts4 7e7 ,applications ,an eligible entity desir+ to ent] into an ,,mbdc agreem5t %all submit to ! ,assi/ant ,secret>y an application t includes-- 7#a7 a /atem5t (-- 7,a7 h[ ! eligible entity w meet ! requirem5ts "u subsection 7a72 & 7,b7 any exp]i5ce ( ! eligible entity 9-- 7i7 assi/+ m9ority bus9ess ent]prises to-- 7,i7 obta9-- 7aa7 l>ge-scale contracts or procurem5ts2 or 7bb7 f9anc+2 7,,ii7 access e/abli%$ supply *a9s2 & 7,,iii7 engage 9-- 7aa7 jo9t v5tures1 team+ arrangem5ts1 & m]g]s & acquisitions2 or 7bb7 l>ge-scale transactions 9 global m>kets2 & 7ii7 advocat+ = m9ority bus9ess ent]prises2 & 7#b7 ! budget & correspond+ budget n>rative t ! eligible entity w use 9 c>ry+ out ! requirem5ts "u subsection 7a7 dur+ ! t]m ( ! ,,mbdc agreem5t4 7f7 ,notification ,if ! ,assi/ant ,secret>y grants an application ( an eligible entity submitt$ "u subsection 7e71 ! ,assi/ant ,secret>y %all notify ! eligible entity t ! application has be5 grant$ n lat] ?an #aej days aft] ! la/ day on :i* an application may be submitt$ "u t subsection4 7g7 ,program exam9ation2 accr$itation2 ext5sions 7#a7 ,exam9ation ,n lat] ?an #ahj days aft] ! date ( enactm5t ( ?is ,act1 & bi5nially !reaft]1 ! ,assi/ant ,secret>y %all conduct a programmatic f9ancial exam9ation ( ea* ,c5t]4 7#b7 ,accr$itation ,! ,assi/ant ,secret>y may provide f9ancial support1 by contract or o!rwise1 to an association1 n less ?an #ea p]c5t ( ! memb]s ( :i* are ,c5t]s1 to-- 7,a7 pursue matt]s ( common conc]n ) respect to ,c5t]s2 & 7,b7 develop an accr$itation program ) respect to ,c5t]s4 7#c7 ,ext5sions 7,a7 ,9 g5]al ,! ,assi/ant ,secret>y may ext5d ! t]m "u subsection 7b7 ( an ,,mbdc agreem5t to :i* a ,c5t] is a p>ty to a t]m ( #e ye>s1 if ! ,c5t] cons5ts to ! ext5sion4 7,b7 ,f9ancial assi/ance ,if ! ,assi/ant ,secret>y ext5ds ! t]m ( an ,,mbdc agreem5t "u p>agraph 7#a71 ! ,assi/ant ,secret>y %all1 9 ! same mann] & am\nt 9 :i* f9ancial assi/ance 0 provid$ dur+ ! initial t]m ( ! ,,mbdc agreem5t1 provide f9ancial assi/ance "u ! ,,mbdc agreem5t dur+ ! ext5d$ t]m ( ! ,,mbdc agreem5t4 7h7 ,priority ,9 ent]+ into ,,mbdc agreem5ts "u ! ,,mbdc ,program & ext5d+ ,,mbdc agreem5ts "u subsection 7g77#c71 ! ,assi/ant ,secret>y %all give priority to ext5d+ ,,mbdc agreem5ts "u subsection 7g77#c74 7i7 ,susp5sion1 t]m9ation1 & refusal ,to ext5d 7#a7 ,9 g5]al 7,a7 ,9 g5]al ,! ,assi/ant ,secret>y may susp5d1 t]m9ate1 or refuse to ext5d ! t]m ( an ,,mbdc agreem5t on ! basis ( ! poor p]=mance by a ,c5t] 9 meet+ ! p]=mance goals e/abli%$ by ! ,secret>y "u subp>agraph 7,b74 7,b7 ,p]=mance goals ,! ,assi/ant ,secret>y %all e/abli% p]=mance goals by :i* to evaluate ! p]=mance ( a ,c5t] 9 meet+ ! requirem5ts "u subsection 7a74 7#b7 ,notice ,be=e susp5d+1 t]m9at+1 or refus+ to ext5d ! t]m ( an ,,mbdc agreem5t "u p>agraph 7#a71 ! ,assi/ant ,secret>y %all provide to ! relevant ,c5t]-- 7,a7 a writt5 notice ( ! reasons = ! susp5sion1 t]m9ation1 or refusal2 & 7,b7 an opportunity = a he>+1 appeal1 or o!r adm9i/rative proce$+ to conte/ ! susp5sion1 t]m9ation1 or refusal4 7j7 ,,mbda involvem5t ,! ,assi/ant ,secret>y %all ensure t ! ,ag5cy is sub/antially involv$ 9 ! activities ( ,c5t]s 9 c>ry+ out ! requirem5ts "u subsection 7a71 includ+ by-- 7#a7 provid+ to ea* ,c5t] tra9+ relat+ to ! ,,mbdc ,program2 7#b7 requir+ t ! op]ator & /aff ( ea* ,c5t]-- 7,a7 att5d-- 7i7 a conf]5ce ) ! ,ag5cy to e/abli% ! s]vices & programs t ! ,c5t] w provide 9 c>ry+ out ! requirem5ts be=e ! date on :i* ! ,c5t] beg9s provid+ ^? s]vices & programs2 & 7ii7 tra9+ provid$ "u p>agraph 7#a72 7,b7 receive necess>y advis+ relat+ to c>ry+ out ! requirem5ts "u subsection 7a72 & 7,c7 "w 9 coord9ation & collaboration ) ! ,assi/ant ,secret>y to c>ry out ! ,,mbdc ,program & o!r programs ( ! ,ag5cy2 7#c7 facilitat+ connections betwe5 ,c5t]s &-- 7,a7 ,f$]al ag5cies o!r ?an ! ,ag5cy1 includ+ ! ,small ,bus9ess ,adm9i/ration & ! ,economic ,developm5t ,adm9i/ration ( ! ,dep>tm5t ( ,comm]ce2 & 7,b7 o!r in/itutions or entities t use ,f$]al res\rces1 includ+-- 7i7 small bus9ess developm5t c5t]s1 z t t]m is def9$ 9 section #c7t7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcb7t772 7ii7 wom5's bus9ess c5t]s describ$ 9 section #bi ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fef72 7iii7 eligible entities1 z t t]m is def9$ 9 section #bdaa ( title #aj1 ,unit$ ,/ates ,code1 t provide s]vices "u ! program c>ri$ out "u *apt] #adb ( t title2 & 7iv7 entities p>ticipat+ 9 ! ,holl+s ,manufactur+ ,ext5sion ,p>tn]%ip ,program e/abli%$ "u section #be ( ! ,national ,in/itute ( ,/&>ds & ,te*nology ,act 7#ae ,u4,s4,c4 #bghk72 7#d7 monitor+ projects c>ri$ out by ea* ,c5t]2 & 7#e7 e/abli%+ & en=c+ adm9i/rative & report+ requirem5ts = ea* ,c5t] to c>ry out ! requirem5ts "u subsection 7a74 7k7 ,regulations ,! ,assi/ant ,secret>y %all issue & publi% regulations t e/abli% m9imum /&>ds reg>d+ v]ification ( m9ority bus9ess ent]prise /atus = cli5ts ( entities op]at+ "u ! ,,mbdc ,program4 #gce4 ,m9imiz+ disruptions to exi/+ bus9ess c5t]s program ,! ,assi/ant ,secret>y %all ensure t ea* coop]ative agreem5t ent]$ into "u ! ,bus9ess ,c5t]s program ( ! ,ag5cy t is 9 effect on ! day be=e ! date ( enactm5t ( ?is ,act is c>ri$ out 9 a mann] t1 to ! greate/ ext5t practicable1 prev5ts disruption ( any activity c>ri$ out "u ! coop]ative agreem5t4 #gcf4 ,publicity ,9 c>ry+ out ! ,,mbdc ,program1 ! ,assi/ant ,secret>y %all widely publicize ! ,,mbdc ,program1 includ+-- 7#a7 on ! website ( ! ,ag5cy2 & 7#b7 via social m$ia outlets4 #gcg4 ,em]g5cy appropriations 7a7 ,9 g5]al ,!re is appropriat$1 out ( am\nts 9 ! ,treasury n o!rwise appropriat$1 = an additional am\nt = ,m9ority ,bus9ess ,developm5t1 #be1jjj1jjj1 = necess>y exp5ses = ! ,,mbdc ,program1 includ+ ! compon5t ( ! program relat+ to ,specialty ,c5t]s1 includ+ any co/ %>+ requirem5ts t may exi/1 = assi/+ m9ority bus9ess ent]prises to prev5t1 prep>e =1 & respond to coronavirus1 includ+ id5tify+ & access+ local1 ,/ate1 & ,f$]al ,gov]nm5t assi/ance relat$ to su* virus4 7b7 ,em]g5cy designation 7#a7 ,9 g5]al ,! am\nts provid$ "u ?is section are designat$ z an em]g5cy requirem5t pursuant to section #d7;g7 ( ! ,/atutory ,pay-,z-,y-,g ,act ( #bjaj 7#b ,u4,s4,c4 #icc7;g774 7#b7 ,designation 9 ,s5ate ,9 ! ,s5ate1 ?is section is designat$ z an em]g5cy requirem5t pursuant to section #daab7;a7 ( ,h4 ,con4 ,res4 #ga 7#aae? ,congress71 ! concurr5t resolution on ! budget = fiscal ye> #bjah4 ,,ii ,new initiatives to promote economic resili5cy = m9ority bus9esses #gda4 ,annual div]se bus9ess =um on capital =mation 7a7 ,responsibility ( ag5cy ,n lat] ?an #ah mon?s aft] ! date ( enactm5t ( ?is ,act1 & annually !reaft]1 ! ,ag5cy %all conduct a ,gov]nm5t-bus9ess =um to review ! curr5t /atus ( problems & programs relat+ to capital =mation by m9ority bus9ess ent]prises4 7b7 ,p>ticipation 9 =um plann+ ,! ,assi/ant ,secret>y %all invite ! heads ( o!r ,f$]al ag5cies1 su* z ! ,*airman ( ! ,securities & ,ex*ange ,commission1 ! ,secret>y ( ! ,treasury1 & ! ,*airman ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 organizations repres5t+ ,/ate securities commission]s1 repres5tatives ( lead+ m9ority *amb]s ( comm]ce1 bus9ess organizations1 & pr(essional organizations conc]n$ ) capital =mation to p>ticipate 9 ! plann+ ( ea* =um conduct$ "u subsection 7a74 7c7 ,prep>ation ( /atem5ts & reports 7#a7 ,reque/s ,! ,assi/ant ,secret>y may reque/ t any head ( a ,f$]al dep>tm5t1 ag5cy1 or organization1 includ+ ^? describ$ 9 subsection 7b71 or any o!r gr\p or individual1 prep>e a /atem5t or report to be deliv]$ at any =um conduct$ "u subsection 7a74 7#b7 ,coop]ation ,any head ( a ,f$]al dep>tm5t1 ag5cy1 or organization :o receives a reque/ "u p>agraph 7#a7 %all1 to ! greate/ ext5t practicable1 coop]ate ) ! ,assi/ant ,secret>y to fulfill t reque/4 7d7 ,transmittal ( proce$+s & f9d+s ,! ,assi/ant ,secret>y %all-- 7#a7 prep>e a summ>y ( ! proce$+s ( ea* =um conduct$ "u subsection 7a71 :i* %all include ! f9d+s & recomm5dations ( ! =um2 & 7#b7 transmit ! summ>y describ$ 9 p>agraph 7#a7 ) respect to ea* =um conduct$ "u subsection 7a7 to-- 7,a7 ! p>ticipants 9 ! =um2 7,b7 ,congress2 & 7,c7 ! public1 ?r\gh a publicly available website4 7e7 ,review ( f9d+s & recomm5dations2 public /atem5ts 7#a7 ,9 g5]al ,a ,f$]al ag5cy to :i* a f9d+ or recomm5dation describ$ 9 subsection 7d77#a7 relates %all-- 7,a7 review t f9d+ or recomm5dation2 & 7,b7 promptly aft] ! f9d+ or recomm5dation is transmitt$ "u p>agraph 7#b77;,c7 ( subsection 7d71 issue a public /atem5t-- 7i7 assess+ ! f9d+ or recomm5dation2 & 7ii7 disclos+ ! action1 if any1 ! ,f$]al ag5cy int5ds to take ) respect to ! f9d+ or recomm5dation4 7#b7 ,jo9t /atem5t p]mitt$ ,if a f9d+ or recomm5dation describ$ 9 subsection 7d77#a7 relates to m ?an #a ,f$]al ag5cy1 ! applicable ,f$]al ag5cies may1 = ! purposes ( ! public /atem5t requir$ "u p>agraph 7#a77;,b71 issue a jo9t /atem5t4 #gdb4 ,ag5cy /udy on alt]native f9anc+ solutions 7a7 ,purpose ,! purpose ( ?is section is to provide in=mation relat+ to alt]native f9anc+ solutions to m9ority bus9ess ent]prises1 z ^? bus9ess ent]prises are m likely to /ruggle 9 access+1 p>ticul>ly at af=dable rates1 traditional s\rces ( capital4 7b7 ,/udy & report ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act1 ! ,assi/ant ,secret>y %all-- 7#a7 conduct a /udy on opportunities = provid+ alt]native f9anc+ solutions to m9ority bus9ess ent]prises2 & 7#b7 submit to ,congress1 & publi% on ! website ( ! ,ag5cy1 a report describ+ ! f9d+s ( ! /udy c>ri$ out "u p>agraph 7#a74 #gdc4 ,educational developm5t relat+ to managem5t & entrepr5eur%ip 7a7 ,duties ,! ,assi/ant ,secret>y %all1 :5ev] ! ,assi/ant ,secret>y det]m9es su* action is necess>y or appropriate-- 7#a7 promote & provide assi/ance = ! education & tra9+ ( socially disadvantag$ individuals 9 subjects directly relat+ to bus9ess adm9i/ration & managem5t2 7#b7 jo9 )1 & enc\rage1 in/itutions ( high] education1 lead]s 9 bus9ess & indu/ry1 & o!r public sector & private sector entities1 p>ticul>ly m9ority bus9ess ent]prises1 to-- 7,a7 develop programs to (f] s*ol>%ips & fell[%ips1 appr5tice%ips1 & int]n%ips relat+ to bus9ess to socially disadvantag$ individuals2 & 7,b7 sponsor sem9>s1 conf]5ces1 & simil> activities relat+ to bus9ess = ! b5efit ( socially disadvantag$ individuals2 7#c7 /imulate & accel]ate curriculum design & improvem5t 9 support ( developm5t ( m9ority bus9ess ent]prises2 & 7#d7 enc\rage & assi/ private in/itutions & organizations & public sector entities to und]take activities simil> to ! activities describ$ 9 p>agraphs 7#a71 7#b71 & 7#c74 7b7 ,p>r5 ,j4 ,mit*ell entrepr5eur%ip education grants 7#a7 ,def9ition ,9 ?is subsection1 ! t]m eligible in/itution means an in/itution ( high] education describ$ 9 any ( p>agraphs 7#a7 ?r\gh 7#g7 ( section #cga7;a7 ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajfgq7a774 7#b7 ,grants ,! ,assi/ant ,secret>y %all aw>d grants to eligible in/itutions to develop & implem5t entrepr5eur%ip curricula4 7#c7 ,requirem5ts ,an eligible in/itution t receives a grant aw>d$ "u ?is subsection %all use ! grant funds to-- 7,a7 develop a curriculum t includes tra9+ 9 v>i\s skill sets ne$$ by contempor>y successful entrepr5eurs1 includ+-- 7i7 bus9ess managem5t & m>ket+2 7ii7 f9ancial managem5t & acc\nt+2 7iii7 m>ket analysis2 7iv7 competitive analysis2 7v7 innovation2 7vi7 /rategic plann+2 & 7vii7 any o!r skill set t ! eligible in/itution det]m9es is necess>y = ! /ud5ts s]v$ by ! eligible in/itution & ! community 9 :i* ! eligible in/itution is locat$2 & 7,b7 implem5t ! curriculum develop$ "u subp>agraph 7,a7 at ! eligible in/itution4 7#d7 ,implem5tation timel9e ,! ,assi/ant ,secret>y %all e/abli% & publi% a timel9e "u :i* an eligible in/itution t receives a grant "u ?is section %all c>ry out ! requirem5ts "u p>agraph 7#c74 7#e7 ,reports ,ea* ye>1 ! ,assi/ant ,secret>y %all submit to ! ,committee on ,comm]ce1 ,sci5ce1 & ,transportation ( ! ,s5ate & ! ,committee on ,en]gy & ,comm]ce ( ! ,h\se ( ,repres5tatives1 z "p ( ! annual budget submission ( ! ,presid5t "u section #aaje7;a7 ( title #ca1 ,unit$ ,/ates ,code1 a report evaluat+ ! aw>d+ & use ( grants "u ?is subsection dur+ ! fiscal ye> imm$iately prec$+ ! date on :i* ! report is submitt$1 :i* %all include1 ) respect to t fiscal ye>-- 7,a7 a description ( ea* curriculum develop$ & implem5t$ "u ea* grant aw>d$ "u ?is section2 7,b7 ! date on :i* ea* grant aw>d$ "u ?is section 0 aw>d$2 & 7,c7 ! numb] ( eligible entities t 7 recipi5ts ( grants aw>d$ "u ?is section4 ,,iii ,adm9i/rative & o!r p[]s ( ! ag5cy2 miscellane\s provisions #gea4 ,adm9i/rative p[]s 7a7 ,9 g5]al ,9 c>ry+ out ?is subtitle1 ! ,assi/ant ,secret>y may-- 7#a7 adopt & use a seal = ! ,ag5cy1 :i* %all be judicially notic$2 7#b7 hold he>+s1 sit & act1 & take te/imony z ! ,assi/ant ,secret>y may det]m9e to be necess>y or appropriate to c>ry out ?is subtitle2 7#c7 acquire1 9 any lawful mann]1 any prop]ty t ! ,assi/ant ,secret>y may det]m9e to be necess>y or appropriate to c>ry out ?is subtitle2 7#d7 make advance paym5ts "u grants1 contracts1 & coop]ative agreem5ts aw>d$ "u ?is subtitle2 7#e7 ent] into agreem5ts ) o!r ,f$]al ag5cies2 7#f7 coord9ate ) ! heads ( ! ,(fices ( ,small & ,disadvantag$ ,bus9ess ,utilization ( ,f$]al ag5cies2 7#g7 require a coord9at$ review ( all tra9+ & te*nical assi/ance activities t are propos$ to be c>ri$ out by ,f$]al ag5cies 9 direct support ( ! developm5t ( m9ority bus9ess ent]prises to-- 7,a7 ensure consi/5cy ) ! purposes ( ?is subtitle2 & 7,b7 avoid duplication ( exi/+ ef=ts2 & 7#h7 prescribe su* rules1 regulations1 & proc$ures z ! ,ag5cy may det]m9e to be necess>y or appropriate to c>ry out ?is subtitle4 7b7 ,employm5t ( c]ta9 exp]ts & consultants 7#a7 ,9 g5]al ,9 c>ry+ out ?is subtitle1 ! ,assi/ant ,secret>y may procure by contract ! tempor>y or int]mitt5t s]vices ( exp]ts or consultants or an organization !re(1 z au?oriz$ "u section #caji ( title #e1 ,unit$ ,/ates ,code4 7#b7 ,r5ewal ( contracts ,! ,assi/ant ,secret>y may annually r5ew a contract ent]$ into "u p>agraph 7#a74 7c7 ,donation ( prop]ty 7#a7 ,9 g5]al ,subject to p>agraph 7#b71 9 c>ry+ out ?is subtitle1 ! ,assi/ant ,secret>y may1 )\t co/ 7except = co/s ( c>e & h&l+71 donate = use by any public sector entity1 or by any recipi5t nonpr(it organization1 = ! purpose ( ! developm5t ( m9ority bus9ess ent]prises1 any real or tangible p]sonal prop]ty acquir$ by ! ,ag5cy 9 c>ry+ out ?is subtitle4 7#b7 ,t]ms1 conditions1 res]vations1 & re/rictions ,! ,assi/ant ,secret>y may impose reasonable t]ms1 conditions1 res]vations1 & re/rictions ^u ! use ( any prop]ty donat$ "u p>agraph 7#a74 #geb4 ,f9ancial assi/ance 7a7 ,9 g5]al 7#a7 ,provision ( f9ancial assi/ance ,to c>ry out sections #gba1 #gbb1 & #gbc7;a71 ! ,assi/ant ,secret>y may provide f9ancial assi/ance to public sector entities & private sector entities 9 ! =m ( contracts1 grants1 or coop]ative agreem5ts4 7#b7 ,notice ,n lat] ?an #abj days be=e ! fir/ day ( ea* fiscal ye>1 ! ,assi/ant ,secret>y %all1 9 accordance ) subsection 7b71 broadly publi% a /atem5t reg>d+ f9ancial assi/ance t w1 or may1 be made available "u p>agraph 7#a7 9 ! fir/ fiscal ye> t beg9s aft] ! date on :i* ! /atem5t is publi%$1 includ+-- 7,a7 ! actual1 or anticipat$1 am\nt ( f9ancial assi/ance t w1 or may1 be made available2 7,b7 ! types ( f9ancial assi/ance t w1 or may1 be made available2 7,c7 ! mann] 9 :i* f9ancial assi/ance w be allocat$ among public sector entities & private sector entities1 z applicable2 & 7,d7 ! me?odology us$ by ! ,assi/ant ,secret>y to make allocations "u subp>agraph 7,c74 7#c7 ,consultation ,! ,assi/ant ,secret>y %all consult ) public sector entities & private sector entities1 z applicable1 9 decid+ ! am\nts & types ( f9ancial assi/ance to make available "u p>agraph 7#a74 7b7 ,publicity ,9 c>ry+ out ?is section1 ! ,assi/ant ,secret>y %all broadly publicize all opportunities = f9ancial assi/ance available "u ?is section1 includ+-- 7#a7 on ! website ( ! ,ag5cy2 & 7#b7 via social m$ia outlets4 #gec4 ,audits 7a7 ,recordkeep+ requirem5t ,ea* recipi5t ( assi/ance "u ?is subtitle %all keep su* records z ! ,assi/ant ,secret>y %all prescribe1 includ+ records t fully disclose1 ) respect to ! assi/ance receiv$ by ! recipi5t "u ?is subtitle-- 7#a7 ! am\nt & nature ( t assi/ance2 7#b7 ! disposition by ! recipi5t ( ! proce$s ( t assi/ance2 7#c7 ! total co/ ( ! und]tak+ = :i* ! assi/ance is giv5 or us$2 7#d7 ! am\nt & nature ( ! portion ( ! co/ ( ! und]tak+ describ$ 9 p>agraph 7#c7 t is suppli$ by a s\rce o!r ?an ! ,ag5cy2 & 7#e7 any o!r records t w facilitate an effective audit ( ! assi/ance4 7b7 ,access by gov]nm5t (ficials ,! ,assi/ant ,secret>y1 ! ,inspector ,g5]al ( ! ,dep>tm5t ( ,comm]ce1 & ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates1 or any duly au?oriz$ repres5tative ( any su* individual1 %all h access1 = ! purpose ( audit1 inve/igation1 & exam9ation1 to any book1 docum5t1 pap]1 record1 or o!r mat]ial ( a recipi5t ( assi/ance "u ?is subtitle t p]ta9s to ! assi/ance receiv$ by ! recipi5t "u ?is subtitle4 #ged4 ,review & report by comptroll] g5]al ,n lat] ?an #d ye>s aft] ! date ( enactm5t ( ?is ,act1 ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all-- 7#a7 conduct a ?or\gh review ( ! programs c>ri$ out "u ?is subtitle2 & 7#b7 submit to ,congress a detail$ report ( ! f9d+s ( ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates "u ! review c>ri$ out "u p>agraph 7#a71 :i* %all include-- 7,a7 an evaluation ( ! effectiv5ess ( ! programs 9 a*iev+ ! purposes ( ?is subtitle2 7,b7 a description ( any failure by any recipi5t ( assi/ance "u ?is subtitle to comply ) ! requirem5ts "u ?is subtitle2 & 7,c7 recomm5dations = any legislative or adm9i/rative action t %\ld be tak5 to improve ! a*ievem5t ( ! purposes ( ?is subtitle4 #gee4 ,annual reports2 recomm5dations 7a7 ,annual report ,n lat] ?an #ij days aft] ! la/ day ( ea* fiscal ye>1 ! ,assi/ant ,secret>y %all submit to ,congress1 & publi% on ! website ( ! ,ag5cy1 a report ( ea* activity ( ! ,ag5cy c>ri$ out "u ?is subtitle dur+ ! fiscal ye> prec$+ ! date on :i* ! report is submitt$4 7b7 ,recomm5dations ,! ,assi/ant ,secret>y %all p]iodically submit to ,congress & ! ,presid5t recomm5dations = legislation or o!r actions t ! ,assi/ant ,secret>y det]m9es to be necess>y or appropriate to promote ! purposes ( ?is subtitle4 #gef4 ,sep>ability ,if a provision ( ?is subtitle1 or ! application ( a provision ( ?is subtitle to any p]son or circum/ance1 is held by a c\rt ( compet5t jurisdiction to be invalid1 t judgm5t-- 7#a7 %all n affect1 impair1 or invalidate-- 7,a7 any o!r provision ( ?is subtitle2 or 7,b7 ! application ( ?is subtitle to any o!r p]son or circum/ance2 & 7#b7 %all be conf9$ 9 its op]ation to-- 7,a7 ! provision ( ?is subtitle ) respect to :i* ! judgm5t is r5d]$2 or 7,b7 ! application ( ! provision ( ?is subtitle to ea* p]son or circum/ance directly involv$ 9 ! controv]sy 9 :i* ! judgm5t is r5d]$4 #geg4 ,executive ,ord] #aafbe ,! p[]s & duties ( ! ,ag5cy %all be det]m9$-- 7#a7 9 accordance ) ?is subtitle & ! requirem5ts ( ?is subtitle2 & 7#b7 )\t reg>d to ,executive ,ord] #aafbe 7#cf ,f$4 ,reg4 #aiifg2 relat+ to prescrib+ additional arrangem5ts = develop+ & coord9at+ a national program = m9ority bus9ess ent]prise74 #geh4 ,am5dm5t to ! ,f$]al ,acquisition ,/reaml9+ ,act ( #aiid ,section #gajd7;c7 ( ! ,f$]al ,acquisition ,/reaml9+ ,act ( #aiid 7#ae ,u4,s4,c4 #fdd;a7c77 is am5d$ by /rik+ p>agraph 7#b7 & ins]t+ ! foll[+3 7#b7 ,! ,assi/ant ,secret>y ( ,comm]ce = ,m9ority ,bus9ess ,developm5t4 4 ,b ,o!r provisions #gfa4 ,em]g5cy grants to m9ority bus9ess ent]prises 7a7 ,grants dur+ ! ,,covid-#ai p&emic ,! ,ag5cy %all provide grants to address ! ne$s ( m9ority bus9ess ent]prises impact$ by ! ,,covid-#ai p&emic4 7b7 ,recipi5ts ,! ,ag5cy may make grants ?r\gh nonpr(it organizations or directly to m9ority bus9ess ent]prises4 7c7 ,priority areas ,9 provid+ grants pursuant to subsection 7a71 ! ,ag5cy %all prioritize provid+ assi/ance to-- 7#a7 m9ority bus9ess ent]prises t h be5 unable to obta9 loans f ! pay*eck protection program "u section #g7;a77#cf7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77 & o!r programs e/abli%$ "u ! ,,c>es ,act 7,public ,law #aaf-acf72 7#b7 m9ority bus9ess ent]prises locat$ 9 l[-income areas or areas t h be5 significantly impact$ by ! ,,covid-#ai p&emic2 & 7#c7 m9ority bus9ess ent]prises t d n h access to capital & ^: bus9ess is sub/antially impair$ because ( ! impact ( /ay-at-home ord]s implem5t$ by ,/ate & local gov]nm5ts due to ! ,,covid-#ai p&emic4 7d7 ,t]ms & conditions 7#a7 ,9 g5]al ,! ,assi/ant ,secret>y %all set su* t]ms & conditions = ! grants made "u ?is section z ! ,assi/ant ,secret>y det]m9es appropriate4 7#b7 ,notification ,no lat] ?an #ae days prior to mak+ any grants "u ?is section1 ! ,assi/ant ,secret>y %all provide ! t]ms & conditions = grants made "u ?is section to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives4 7e7 ,,gao ov]sight ,n lat] ?an #f mon?s aft] ! date ( enactm5t ( ?is ,act1 ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all provide a report on ! effectiv5ess ( ! grants made "u ?is section1 includ+ ! mann] 9 :i* ! ,ag5cy implem5t$ ! priorities describ$ 9 subsection 7c74 7f7 ,au?orization ( appropriations ,!re are au?oriz$ to be appropriat$ #c1jjj1jjj1jjj to c>ry out ?is section1 to rema9 available until exp5d$4 ,,viii ,promot+ & ,advanc+ ,communities ( ,color ?r\gh ,inclusive ,l5d+ #hja4 ,%ort title ,?is title may be cit$ z ! ,promot+ & ,advanc+ ,communities ( ,color ?r\gh ,inclusive ,l5d+ ,act4 #hjb4 ,f9d+s2 s5se ( ,congress 7a7 ,f9d+s ,! ,congress f9ds ! foll[+3 7#a7 ,! ,coronavirus #bjai 7,,covid-#ai7 p&emic & ! result+ recession h l$ to-- 7,a7 m ?an #d1hjj1jjj cases & at lea/ #aeg1jjj dea?s 9 ! ,unit$ ,/ates z ( ,augu/ #f1 #bjbj2 7,b7 a #g4f p]c5t increase 9 ! unemploym5t rate f ,febru>y to ,june1 or approximately #ab1jjj1jjj m p]sons :o h lo/ _! job2 & 7,c7 an e/imat$ #cf p]c5t ( r5t]s & #d1ajj1jjj home[n]s :o are /ruggl+ to pay _! r5t & mortgages4 7#b7 ,accord+ to ! ,c5t]s = ,disease ,control & ,prev5tion1 long-/&+ sy/emic heal? & social inequities h put "s memb]s ( racial & e?nic m9ority gr\ps at increas$ risk ( gett+ ,,covid-#ai or exp]i5c+ sev]e illness4 7#c7 ,m9ority-own$ bus9esses are also fac+ m difficult economic circum/ances ?an o!rs z a result ( ! ,,covid-#ai p&emic4 ,9 ,april #bjbj1 ! ,f$]al ,res]ve ,bank ( ,new ,york report$ t m9ority- & wom5-own$ bus9esses 7 n only m likely to %[ signs ( limit$ f9ancial heal?1 b also twice z likely to be classifi$ z at risk or di/ress$ ?an _! non-m9ority c\nt]p>ts4 7#d7 ,dur+ ! ,coronavirus #bjai 7,,covid-#ai7 p&emic1 community developm5t f9ancial in/itutions 79 ?is section ref]r$ to z ,c,d,f,is7 & m9ority depository in/itutions 79 ?is section ref]r$ to z ,m,d,is7 h deliv]$ ne$$ capital & relief to und]s]v$ communities1 _m ( :i* h borne a disproportionate impact ( ! ,,covid-#ai p&emic4 ,?r\gh ,augu/ #h1 #bjbj1 ,c,d,f,is & ,m,d,is h provid$ m ?an #af1djj1jjj1jjj 9 loans "u ! ,pay*eck ,protection ,program "u section #g7;a77#cf7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77 to small bus9esses ) a small] m$ian loan size ( ab\t #gd1jjj comp>$ to ! ov]all program m$ian loan size ( #aja1jjj4 7#e7 ,9 addition to e/abli%+ relief funds & s]vices = local bus9esses & individuals exp]i5c+ loss ( income1 ,c,d,f,is & ,m,d,is h provid$ mortgage =be>ances1 loan def]m5ts1 & modifications to help address ! ne$s ( _! borr[]s4 ,c,d,f,is & ,m,d,is are rea*+ und]s]v$ communities & m9ority-own$ bus9esses at a critical "t4 7#f7 ,! ,community ,developm5t ,f9ancial ,in/itutions ,fund 79 ?is section ref]r$ to z ! ,,cdfi ,fund7 is an ag5cy ( ! ,dep>tm5t ( ! ,treasury & 0 e/abli%$ by ! ,community ,developm5t ,bank+ & ,f9ancial ,in/itutions ,act ( #aiid4 ,! mission ( ! ,,cdfi ,fund is to exp& economic opportunity = und]s]v$ p & communities by support+ ! gr[? & capacity ( a national network ( community developm5t l5d]s1 inve/ors1 & f9ancial s]vice provid]s4 ,z ( ,septemb] #ae1 #bjbj1 !re 7 #a1acg c]tifi$ ,c,d,f,is 9 all #ej ,/ates1 ! ,di/rict ( ,columbia1 ,guam1 & ! ,commonweal? ( ,pu]to ,rico4 7#g7 ,foll[+ ! #bjjh f9ancial crisis & ! disproportionate impact ! ,great ,recession _h on m9ority communities1 ! numb] ( ,m,d,is t are banks fell m ?an #cj p]c5t ov] ! foll[+ decade1 to #adc z ( ! second qu>t] ( #bjbj4 ,mean:ile1 ,m,d,is t are cr$it unions h se5 simil> decl9es1 ) m ?an "o-?ird ( su* in/itutions disappe>+ s9ce #bjac4 7b7 ,s5se ( ,congress ,! foll[+ is ! s5se ( ! ,congress3 7#a7 ,! ,dep>tm5t ( ! ,treasury1 ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 ,small ,bus9ess ,adm9i/ration1 ,(fice ( ! ,comptroll] ( ! ,curr5cy1 ,f$]al ,deposit ,insurance ,corporation1 ,national ,cr$it ,union ,adm9i/ration1 & o!r ,f$]al ag5cies %\ld take /eps to support1 engage )1 & utilize ,m,d,is & ,c,d,f,is 9 ! ne> t]m1 especially z !y c>ry out programs to respond to ! ,,covid-#ai p&emic1 & ! long t]m4 7#b7 ,! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em %\ld1 consi/5t ) its m&ates1 "w to increase l5d+ by ,m,d,is & ,c,d,f,is to und]s]v$ communities1 & :5 appropriate1 %\ld "w ) ! ,dep>tm5t ( ! ,treasury to increase l5d+ by ,m,d,is & ,c,d,f,is to und]s]v$ communities4 7#c7 ,! ,dep>tm5t ( ! ,treasury & prud5tial regulators %\ld e/abli% a /rategic plan id5tify+ concrete /eps t !y c take to support exi/+ ,m,d,is1 z well z ! =mation ( new ,m,d,is consi/5t ) ! goals e/abli%$ 9 section #cjh ( ! ,f9ancial ,in/itutions ,re=m1 ,recov]y1 & ,en=cem5t ,act ( #aihi 7#ab ,u4,s4,c4 #adfc note7 to pres]ve & promote ,m,d,is4 7#d7 ,congress %\ld increase fund+ & make o!r enhancem5ts1 includ+ ^? provid$ by ?is legislation1 to enhance ! effectiv5ess ( ! ,,cdfi ,fund1 especially re=ms to support m9ority-own$ & m9ority l$ ,c,d,f,is 9 times ( crisis & beyond4 7#e7 ,congress %\ld conduct robu/ & ongo+ ov]sight ( ! ,dep>tm5t ( ! ,treasury1 ! ,,cdfi ,fund1 ,f$]al prud5tial regulators1 ! ,small ,bus9ess ,adm9i/ration1 & o!r ,f$]al ag5cies to ensure !y fulfill _! obligations "u ! law z well z implem5t ?is title & o!r laws 9 a mann] t supports & fully utilizes ,m,d,is & community developm5t f9ancial intuitions1 z appropriate4 7#f7 ,! inve/m5ts made by ! ,secret>y ( ! ,treasury "u ?is title & ! am5dm5ts made by ?is title %\ld be design$ to maximize ! b5efit to l[- & mod]ate-income & m9ority communities & contemplate losses to capital ( ! ,treasury4 #hjc4 ,purposes ,! purposes ( ?is title are to-- 7#a7 e/abli% programs to revitalize & provide long-t]m f9ancial products & s]vice availability =1 & provide inve/m5ts 91 l[- & mod]ate-income & m9ority communities2 7#b7 respond to ! unprec$5t$ loss ( ,black-own$ bus9esses & unemploym5t2 & 7#c7 o!rwise enhance ! /ability1 safety & s\ndness ( community developm5t f9ancial in/itutions t support l[- & mod]ate-income & m9ority communities4 #hjd4 ,consid]ations2 requirem5ts = cr$itors 7a7 ,9 g5]al ,9 ex]cis+ ! au?orities "u ?is title & ! am5dm5ts made by ?is title1 ! ,secret>y ( ! ,treasury %all take into consid]ation-- 7#a7 increas+ ! availability ( af=dable cr$it = consum]s1 small bus9esses1 & nonpr(it organizations1 includ+ = projects support+ af=dable h\s+1 community-s]v+ real e/ate1 & o!r projects1 t provide direct b5efits to l[- & mod]ate-income communities1 l[-income & und]s]v$ individuals1 & m9orities2 7#b7 provid+ fund+ to m9ority-own$ or m9ority-l$ eligible in/itutions & o!r eligible in/itutions t h a /rong track record ( s]v+ m9ority small bus9esses2 7#c7 protect+ & increas+ jobs 9 ! ,unit$ ,/ates2 7#d7 increas+ ! opportunity = small bus9ess1 af=dable h\s+1 & community developm5t 9 geographic areas & demographic segm5ts ) pov]ty & high unemploym5t rates t exce$ ! av]age 9 ! ,unit$ ,/ates2 7#e7 ensur+ t all l[- & mod]ate-income community f9ancial in/itutions may apply to p>ticipate 9 ! programs e/abli%$ "u ?is title & ! am5dm5ts made by ?is title1 )\t discrim9ation bas$ on geography2 7#f7 provid+ transp>5cy ) respect to use ( funds provid$ "u ?is title & ! am5dm5ts made by ?is title2 7#g7 promot+ & engag+ 9 f9ancial education to w\ld-be borr[]s2 & 7#h7 provid+ fund+ to eligible in/itutions t s]ve consum]s1 small bus9esses1 & nonpr(it organizations to support af=dable h\s+1 community-s]v+ real e/ate1 & o!r projects t provide direct b5efits to l[- & mod]ate-income communities1 l[-income individuals1 & m9orities directly affect$ by ! ,,covid-#ai p&emic4 7b7 ,requirem5t = cr$itors ,any cr$itor p>ticipat+ 9 a program e/abli%$ "u ?is title or ! am5dm5ts made by ?is title %all fully comply ) all applicable /atutory & regulatory requirem5ts relat+ to fair l5d+4 #hje4 ,neighborhood ,capital ,inve/m5t ,program ,! ,coronavirus ,economic ,/abilization ,act ( #bjbj 7#ae ,u4,s4,c4 #ijda et seq47 is am5d$-- 7#a7 9 section #djjb 7#ae ,u4,s4,c4 #ijda7-- 7,a7 by r$esignat+ p>agraphs 7#g7 ?r\gh 7#aj7 z p>agraphs 7#i7 ?r\gh 7#ab71 respectively2 & 7,b7 by ins]t+ aft] p>agraph 7#f7 ! foll[+3 7#g7 ,l[- & mod]ate-income community f9ancial in/itution ,! t]m l[- & mod]ate-income community f9ancial in/itution means any f9ancial in/itution t is-- 7,a7 a community developm5t f9ancial in/itution1 z def9$ 9 section #ajc ( ! ,community ,developm5t ,bank+ & ,f9ancial ,in/itutions ,act ( #aiid 7#ab ,u4,s4,c4 #dgjb72 or 7,b7 a m9ority depository in/itution4 7#h7 ,m9ority depository in/itution ,! t]m m9ority depository in/itution means-- 7,a7 a depository in/itution describ$ 9 section #cjh7;b7 ( ! ,f9ancial ,in/itutions ,re=m1 ,recov]y1 & ,en=cem5t ,act ( #aihi 7#ab ,u4,s4,c4 #adfc note72 7,b7 an entity consid]$ to be a m9ority depository in/itution by-- 7i7 ! appropriate ,f$]al bank+ ag5cy 7z def9$ "u section #c ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac772 or 7ii7 ! ,national ,cr$it ,union ,adm9i/ration1 9 ! case ( an insur$ cr$it union1 z def9$ 9 section #aja ( ! ,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4 #ageb72 & 7,c7 an entity li/$ 9 ! ,m9ority ,depository ,in/itutions ,li/ publi%$ by ! ,f$]al ,deposit ,insurance ,corporation = ! ,second ,qu>t] #bjbj4 2 & 7#b7 9 section #djjc 7#ae ,u4,s4,c4 #ijdb71 by add+ at ! end ! foll[+3 7i7 ,neighborhood ,capital ,inve/m5t ,program 7#a7 ,def9itions ,9 ?is subsection-- 7,a7 ! t]ms community developm5t f9ancial in/itution1 insur$ community developm5t f9ancial in/itution1 & m9ority l5d+ in/itution h ! mean+s giv5 su* t]ms 9 section #ajc ( ! ,community ,developm5t ,bank+ & ,f9ancial ,in/itutions ,act ( #aiid 7#ab ,u4,s4,c4 #dgjb72 7,b7 ! t]m ,fund means ! ,community ,developm5t ,f9ancial ,in/itutions ,fund e/abli%$ "u section #ajd7;a7 ( ! ,community ,developm5t ,bank+ & ,f9ancial ,in/itutions ,act ( #aiid 7#ab ,u4,s4,c4 #dgjc7;a772 7,c7 ! t]m m9ority means any ,black ,am]ican1 ,native ,am]ican1 ,hispanic ,am]ican1 or ,asian ,am]ican2 7,d7 ! t]m ,program means ! ,neighborhood ,capital ,inve/m5t ,program e/abli%$ "u p>agraph 7#b72 & 7,e7 ! t]m ,secret>y means ! ,secret>y ( ! ,treasury4 7#b7 ,e/abli%m5t ,! ,secret>y %all e/abli% a ,neighborhood ,capital ,inve/m5t ,program to support ! ef=ts ( l[- & mod]ate-income community f9ancial in/itutions to1 among o!r ?+s1 provide loans & =be>ances to small bus9esses1 m9ority-own$ bus9esses1 & consum]s1 especially 9 l[-income & und]s]v$ communities1 by provid+ direct capital inve/m5ts 9 l[- & mod]ate-income community f9ancial in/itutions4 7#c7 ,application 7,a7 ,acceptance ,! ,secret>y %all beg9 accept+ applications = capital inve/m5ts "u ! ,program n lat] ?an ! end ( ! #cj-;day p]iod beg9n+ on ! date ( enactm5t ( ?is subsection1 ) priority 9 di/ribution giv5 to l[- & mod]ate-income community f9ancial in/itutions t are m9ority l5d+ in/itutions4 7,b7 ,requirem5t to provide a neighborhood inve/m5t l5d+ plan 7i7 ,9 g5]al ,at ! "t t an applicant submits an application to ! ,secret>y = a capital inve/m5t "u ! ,program1 ! applicant %all provide ! ,secret>y1 along ) ! appropriate ,f$]al bank+ ag5cy1 an inve/m5t & l5d+ plan t-- 7,i7 demon/rates t n less ?an #cj p]c5t ( ! l5d+ ( ! applicant ov] ! pa/ #b fiscal ye>s 0 made directly to l[- & mod]ate income borr[]s1 to borr[]s t create direct b5efits = l[- & mod]ate-income populations1 to o!r t>get$ populations z def9$ by ! ,fund1 or any comb9ation !re(1 z measur$ by ! total numb] & doll> am\nt ( loans2 7,,ii7 describes h[ ! bus9ess /rategy & op]at+ goals ( ! applicant w address community developm5t ne$s1 includ+ ! ne$s ( small bus9esses1 consum]s1 nonpr(it organizations1 community developm5t1 & o!r projects provid+ direct b5efits to l[- & mod]ate-income communities1 l[-income individuals1 & m9orities )9 ! m9ority1 rural1 & urban l[-income & und]s]v$ areas s]v$ by ! applicant2 7,,iii7 includes a plan to provide l+ui/ically & culturally appropriate outrea*1 :]e appropriate2 7,,iv7 includes an atte/ation by ! applicant t ! applicant does n own1 s]vice1 or (f] any f9ancial products at an annual p]c5tage rate ( m ?an #cf p]c5t int]e/1 z def9$ 9 section #ihg7;i77#d7 ( title #aj1 ,unit$ ,/ates ,code1 & is compliant ) ,/ate int]e/ rate laws2 & 7,v7 includes details on h[ ! applicant plans to exp& or ma9ta9 significant l5d+ or inve/m5t activity 9 l[- or mod]ate-income m9ority communities1 to hi/orically disadvantag$ borr[]s1 & to m9orities t h significant unmet capital or f9ancial s]vices ne$s4 7ii7 ,community developm5t loan funds ,an applicant t is n an insur$ community developm5t f9ancial in/itution or o!rwise regulat$ by a ,f$]al f9ancial regulator %all submit ! plan describ$ 9 clause 7i7 only to ! ,secret>y4 7iii7 ,docum5tation ,9 ! case ( an applicant t is c]tifi$ z a community developm5t f9ancial in/itution z ( ! date ( enactm5t ( ?is subsection1 = purposes ( clause 7i77,i71 ! ,secret>y may rely on docum5tation submitt$ ! ,fund z "p ( c]tification compliance report+4 7#d7 ,inc5tives to increase l5d+ & provide af=dable cr$it 7,a7 ,requirem5ts on pref]r$ /ock & o!r f9ancial in/rum5t ,any f9ancial in/rum5t issu$ to ! ,secret>y by a l[- & mod]ate-income community f9ancial in/itution "u ! ,program %all comply ) ! foll[+ requirem5ts3 7i7 ,no divid5d1 int]e/ or o!r paym5t %all exce$ #b p]c5t p] annum4 7ii7 ,aft] ! fir/ #bd mon?s aft] ! date ( ! capital inve/m5t "u ! ,program1 annual paym5ts may be requir$1 z det]m9$ by ! ,secret>y & 9 accordance ) ?is section1 & be adju/$ d[nw>d bas$ on ! am\nt ( af=dable cr$it provid$ by ! l[- & mod]ate-income community f9ancial in/itution to borr[]s 9 m9ority1 rural1 & urban l[-income & und]s]v$ communities4 7iii7 ,dur+ any cal5d> qu>t] aft] ! initial #bd-mon? p]iod ref]r$ to 9 clause 7ii71 ! annual paym5t rate ( a l[- & mod]ate-income community f9ancial in/itution %all be adju/$ d[nw>d to reflect ! foll[+ s*$ule1 bas$ on l5d+ by ! in/itution relative to ! basel9e p]iod3 7,i7 ,if ! in/itution 9 ! mo/ rec5t annual p]iod prior to ! inve/m5t provides significant l5d+ or inve/m5t activity 9 l[- or mod]ate-income m9ority communities1 hi/orically disadvantag$ borr[]s1 & to m9orities t h significant unmet capital or f9ancial s]vices1 ! annual paym5t rate %all n exce$ #j4e p]c5t p] annum4 7,,ii7 ,if ! am\nt ( l5d+ )9 m9ority1 rural1 & urban l[-income & und]s]v$ communities & to l[- & mod]ate-income borr[]s has increas$ doll> = doll> bas$ on ! am\nt ( ! capital inve/m5t1 ! annual paym5t rate %all n exce$ #a p]c5t p] annum4 7,,iii7 ,if ! am\nt ( l5d+ )9 m9ority1 rural1 & urban l[-income & und]s]v$ communities & to l[- & mod]ate-income borr[]s has increas$ by twice ! am\nt ( ! capital inve/m5t1 ! annual paym5t rate %all n exce$ #j4e p]c5t p] annum4 7,b7 ,cont+5cy ( paym5ts bas$ on c]ta9 f9ancial crit]ia 7i7 ,def]ral ,any annual paym5ts "u ?is subsection %all be def]r$ 9 any qu>t] or paym5t p]iod if any ( ! foll[+ occur3 7,i7 ,! l[- & mod]ate-income community in/itution fails to meet ! ,ti] #a capital ratio or simil> ratio z det]m9$ by ! ,secret>y4 7,,ii7 ,! l[- & mod]ate-income community f9ancial in/itution fails to a*ieve positive net income = ! qu>t] or paym5t p]iod4 7,,iii7 ,! l[- & mod]ate-income community f9ancial in/itution det]m9es t ! paym5t w\ld be detrim5tal to ! f9ancial heal? ( ! in/itution4 7ii7 ,te/+ dur+ next paym5t p]iod ,any def]r$ annual paym5t "u ?is subsection %all-- 7,i7 be te/$ aga9/ ! metrics describ$ 9 clause 7i7 at ! beg9n+ ( ! next paym5t p]iod2 & 7,,ii7 cont9ue to be def]r$ until ! metrics describ$ 9 t clause are no long] applicable4 7#e7 ,re/rictions 7,a7 ,9 g5]al ,ea* l[- & mod]ate-income community f9ancial in/itution may only issue f9ancial in/rum5ts or s5ior pref]r$ /ock "u ?is subsection ) an aggregate pr9cipal am\nt t is-- 7i7 n m ?an #ae p]c5t ( risk-weight$ assets = an in/itution ) assets ( m ?an #b1jjj1jjj1jjj2 7ii7 n m ?an #be p]c5t ( risk-weight$ assets = an in/itution ) assets ( n less ?an #ejj1jjj1jjj & n m ?an #b1jjj1jjj1jjj2 & 7iii7 n m ?an #cj p]c5t ( risk-weight$ assets = an in/itution ) assets ( less ?an #ejj1jjj1jjj4 7,b7 ,hold+ ( in/rum5ts ,hold+ any in/rum5t ( a l[- & mod]ate-income community f9ancial in/itution describ$ 9 subp>agraph 7,a7 %all n give ! ,secret>y or any successor t owns ! in/rum5t any rights ov] ! managem5t ( ! in/itution4 7,c7 ,sale ( int]e/ ,) respect to a capital inve/m5t made into a l[- & mod]ate-income community f9ancial in/itution "u ?is subsection1 ! ,secret>y-- 7i7 except z provid$ 9 clause 7iv71 dur+ ! #aj-ye> p]iod beg9n+ on ! date ( ! inve/m5t1 may n sell ! int]e/ ( ! ,secret>y 9 ! capital inve/m5t to a ?ird p>ty2 7ii7 %all provide ! l[- & mod]ate-income community f9ancial in/itution a "r ( fir/ refusal to buy back ! inve/m5t "u t]ms t d n exce$ a value z det]m9$ by an indep5d5t ?ird p>ty2 7iii7 may n sell m ?an a #e p]c5t own]%ip int]e/ 9 ! capital inve/m5t to a s+le ?ird p>ty2 & 7iv7 ) ! p]mission ( ! in/itution1 may gift or sell ! int]e/ ( ! ,secret>y 9 ! capital inve/m5t = a de m9imis am\nt to a mission align$ nonpr(it affiliate ( an applicant t is an insur$ community developm5t f9ancial in/itution4 7v7 ,calculation ( own]%ip = m9ority depository in/itutions ,! calculation & det]m9ation ( own]%ip ?re%olds = a depository in/itution to qualify z a m9ority depository in/itution %all exclude any dilutive effect ( equity inve/m5ts by ! ,f$]al ,gov]nm5t1 includ+ "u ! ,program or ?r\gh ! ,fund4 7#f7 ,available am\nts ,9 c>ry+ out ! ,program1 ! ,secret>y %all use n m ?an #ac1jjj1jjj1jjj1 f am\nts appropriat$ "u section #djbg1 & %all use n less ?an #g1jjj1jjj1jjj ( su* am\nt = direct capital inve/m5ts "u ! ,program4 7#g7 ,treatm5t ( capital inve/m5ts ,9 mak+ any capital inve/m5t "u ! ,program1 ! ,secret>y %all ensure t ! t]ms ( ! inve/m5t are design$ to ensure ! inve/m5t receives ,ti] #a capital treatm5t4 7#h7 ,outrea* to m9orities ,! ,secret>y %all require l[- & mod]ate-income community f9ancial in/itutions receiv+ capital inve/m5ts "u ! ,program to provide l+ui/ically & culturally appropriate outrea* & adv]tis+ describ+ ! availability & application process ( receiv+ loans made possible by ! ,program ?r\gh organizations1 trade associations1 & individuals t repres5t or "w )9 or are memb]s ( m9ority communities4 7#i7 ,re/rictions 7,a7 ,9 g5]al ,n lat] ?an ! end ( ! #cj-;day p]iod beg9n+ on ! date ( enactm5t ( ?is subsection1 ! ,secret>y %all issue rules sett+ re/rictions on executive comp5sation1 %>e buybacks1 & divid5d paym5ts = recipi5ts ( capital inve/m5ts "u ! ,program4 7,b7 ,rule ( con/ruction ,! provisions ( section #djai apply to inve/m5ts made "u ! ,program4 7#aj7 ,t]m9ation ( inve/m5t au?ority ,! au?ority to make capital inve/m5ts 9 l[- & mod]ate-income community f9ancial in/itutions1 includ+ commitm5ts to pur*ase pref]r$ /ock or o!r in/rum5ts1 provid$ "u ! ,program %all t]m9ate on ! date t is #cf mon?s aft] ! date ( enactm5t ( ?is subsection4 7#aa7 ,collection ( data ,not)/&+ ! ,equal ,cr$it ,opportunity ,act 7#ae ,u4,s4,c4 #afia et seq47-- 7,a7 any l[- & mod]ate-income community f9ancial in/itution may collect data describ$ 9 section #gja7;a77#a7 ( t ,act 7#ae ,u4,s4,c4 #afia7;a77#a77 f borr[]s & applicants = cr$it = ! purpose ( monitor+ compliance "u ! plan requir$ "u p>agraph 7#d77;,b72 & 7,b7 a l[- & mod]ate-income community f9ancial in/itution t collects ! data describ$ 9 subp>agraph 7,a7 %all n be subject to adv]se action relat$ to t collection by ! ,bureau ( ,consum] ,f9ancial ,protection or any o!r ,f$]al ag5cy4 7#ab7 ,deposit ( funds ,all funds receiv$ by ! ,secret>y 9 connection ) pur*ases made pursuant ?is subsection1 includ+ int]e/ paym5ts1 divid5d paym5ts1 & proce$s f ! sale ( any f9ancial in/rum5t1 %all be deposit$ into ! ,fund & us$ to provide f9ancial & te*nical assi/ance pursuant to section #ajh ( ! ,community ,developm5t & ,bank+ & ,f9ancial ,in/itutions ,act ( #aiid 7#ab ,u4,s4,c4 #dgjg71 except t subsection 7e7 ( t section %all be waiv$4 7#ac7 ,equity ,equival5t ,inve/m5t ,option 7,a7 ,9 g5]al ,! ,secret>y %all e/abli% an ,equity ,equival5t ,inve/m5t ,option1 "u :i*1 ) respect to a specific inve/m5t 9 a l[- & mod]ate-income community f9ancial in/itution-- 7i7 #hj p]c5t ( su* inve/m5t is made by ! ,secret>y "u ! ,program2 & 7ii7 #bj p]c5t ( su* inve/m5t if made by a bank+ in/itution4 7,b7 ,requirem5t to foll[ simil> t]ms & conditions ,! t]ms & conditions applicable to inve/m5ts made by ! ,secret>y "u ! ,program %all apply to any inve/m5t made by a bank+ in/itution "u ?is p>agraph4 7,c7 ,limitations ,! am\nt ( a specific inve/m5t describ$ "u subp>agraph 7,a7 may n exce$ #aj1jjj1jjj1 b ! receipt ( an inve/m5t "u subp>agraph 7,a7 %all n preclude ! recipi5t f be+ eligible = o!r assi/ance "u ! ,program4 7,d7 ,bank+ in/itution def9$ ,9 ?is p>agraph1 ! t]m bank+ in/itution means any entity ) respect to :i* !re is an appropriate ,f$]al bank+ ag5cy "u section #c ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac74 7j7 ,application ( ! ,milit>y l5d+ ,act 7#a7 ,9 g5]al ,no l[- & mod]ate-income community f9ancial in/itution t receives an equity inve/m5t "u subsection 7i7 %all1 = s long z ! inve/m5t or p>ticipation cont9ues1 make any loan at an annualiz$ p]c5tage rate above #cf p]c5t1 z det]m9$ 9 accordance ) section #ihg7;b7 ( title #aj1 ,unit$ ,/ates ,code 7commonly kn[n z ! ,milit>y ,l5d+ ,act74 7#b7 ,no exemptions p]mitt$ ,! exemption au?ority ( ! ,bureau ( ,consum] ,f9ancial ,protection "u section #aje7;f7 ( ! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4 #afjd7;f77 %all n apply ) respect to ?is subsection4 4 #hjf4 ,em]g5cy support = ,c,d,f,is & communities 7a7 ,au?orization ( appropriations ,!re is au?oriz$ to be appropriat$ to ! ,fund #b1jjj1jjj1jjj = fiscal ye> #bjba1 = provid+ f9ancial assi/ance & te*nical assi/ance "u subp>agraphs 7,a7 & 7,b7 ( section #ajh7;a77#a7 ( ! ,community ,developm5t ,bank+ & ,f9ancial ,in/itutions ,act ( #aiid 7#ab ,u4,s4,c4 #dgjg7;a77#a771 except t subsections 7d7 & 7e7 ( su* section #ajh %all n apply to ! provision ( su* assi/ance1 = ! ,bank ,ent]prise ,aw>d program1 & = f9ancial assi/ance1 te*nical assi/ance1 tra9+1 & outrea* programs design$ to b5efit ,native ,am]ican1 ,native ,hawaiian1 & ,alaska ,native communities & provid$ prim>ily ?r\gh qualifi$ community developm5t l5d] organizations ) exp]i5ce & exp]tise 9 community developm5t bank+ & l5d+ 9 ,indian c\ntry1 ,native ,am]ican organizations1 ,tribes & ,tribal organizations1 & o!r suitable provid]s4 7b7 ,set asides ,( ! am\nts appropriat$ pursuant to ! au?orization "u subsection 7a71 ! foll[+ am\nts %all be set aside3 7#a7 ,up to #djj1jjj1jjj1 to rema9 available until exp5d$1 to provide grants to ,c,d,f,is-- 7,a7 to exp& l5d+ or inve/m5t activity 9 l[- or mod]ate-income m9ority communities & to m9orities t h significant unmet capital or f9ancial s]vices ne$s1 ( :i* n less ?an #aj1jjj1jjj may be = grants to b5efit ,native ,am]ican1 ,native ,hawaiian1 & ,alaska ,native communities2 & 7,b7 us+ a =mula t takes into acc\nt crit]ia su* z c]tification /atus1 f9ancial & compliance p]=mance1 portfolio & balance %eet /r5g?1 a div]sity ( ,,cdfi bus9ess model types1 & program capacity1 z well z exp]i5ce mak+ loans & inve/m5ts to ^? areas & populations id5tifi$ 9 ?is p>agraph4 7#b7 ,up to #afj1jjj1jjj1 to rema9 available until exp5d$1 = te*nical assi/ance1 te*nology1 & tra9+ "u sections #ajh7;a77#a77;,b7 & #aji1 respectively1 ( ! ,community ,developm5t ,bank+ & ,f9ancial ,in/itutions ,act ( #aiid 7#ab ,u4,s4,c4 #dgjg7;a77#a77;,b71 #dgjh71 ) a pref]5ce = m9ority l5d+ in/itutions4 7#c7 ,up to #hjj1jjj1jjj1 to rema9 available until exp5d$1 %all be = provid+ f9ancial assi/ance1 te*nical assi/ance1 aw>ds1 tra9+1 & outrea* programs describ$ "u subsection 7a7 to recipi5ts t are m9ority l5d+ in/itutions4 7c7 ,adm9i/rative exp5ses ,funds appropriat$ pursuant to ! au?orization "u subsection 7a7 may be us$ = adm9i/rative exp5ses1 includ+ adm9i/ration ( ,fund programs & ! ,new ,m>kets ,tax ,cr$it ,program "u section #de;,d ( ! ,int]nal ,rev5ue ,code ( #aihf4 7d7 ,def9itions ,9 ?is section3 7#a7 ,,cdfi ,! t]m ,,cdfi means a community developm5t f9ancial in/itution1 z def9$ 9 section #ajc ( ! ,community ,developm5t ,bank+ & ,f9ancial ,in/itutions ,act ( #aiid 7#ab ,u4,s4,c4 #dgjb74 7#b7 ,fund ,! t]m ,fund means ! ,community ,developm5t ,f9ancial ,in/itutions ,fund e/abli%$ "u section #ajd7;a7 ( ! ,community ,developm5t ,bank+ & ,f9ancial ,in/itutions ,act ( #aiid 7#ab ,u4,s4,c4 #dgjc7;a774 7#c7 ,m9ority2 m9ority l5d+ in/itution ,! t]ms m9ority & m9ority l5d+ in/itution h ! mean+s giv5 ^? t]ms "u section #ajc ( ! ,community ,developm5t ,bank+ & ,f9ancial ,in/itutions ,act ( #aiid 7#ab ,u4,s4,c4 #dgjb71 z am5d$ by section #hji ( ?is ,act4 #hjg4 ,ensur+ div]sity 9 community bank+ 7a7 ,s5se ( ,congress on fund+ ! loan-,loss res]ve fund = small doll> loans ,! s5se ( ,congress is ! foll[+3 7#a7 ,! ,community ,developm5t ,f9ancial ,in/itutions ,fund 79 ?is subsection ref]r$ to z ! ,,cdfi ,fund7 is an ag5cy ( ! ,dep>tm5t ( ! ,treasury1 & 0 e/abli%$ by ! ,community ,developm5t ,bank+ & ,f9ancial ,in/itutions ( #aiid4 ,! mission ( ! ,,cdfi ,fund is to exp& economic opportunity = und]s]v$ p & communities by support+ ! gr[? & capacity ( a national network ( community developm5t l5d]s1 inve/ors1 & f9ancial s]vice provid]s4 ,a community developm5t f9ancial in/itution 79 ?is subsection ref]r$ to z a ,,cdfi7 is a specializ$ f9ancial in/itution s]v+ l[-income communities & a ,community ,developm5t ,entity 79 ?is subsection ref]r$ to z a ,,cde7 is a dome/ic corporation or p>tn]%ip t is an int]m$i>y vehicle = ! provision ( loans1 inve/m5ts1 or f9ancial c\nsel+ 9 l[-income communities4 ,! ,,cdfi ,fund c]tifies ,c,d,f,is & ,c,d,es4 ,becom+ a c]tifi$ ,,cdfi or ,,cde all[s organizations to p>ticipate 9 v>i\s ,,cdfi ,fund programs z foll[s3 7,a7 ,! ,bank ,ent]prise ,aw>d ,program1 :i* provides ,,fdic-insur$ depository in/itutions aw>ds = a demon/rat$ increase 9 l5d+ & inve/m5ts 9 di/ress$ communities & ,c,d,f,is4 7,b7 ,! ,,cdfi ,program1 :i* provides ,f9ancial & ,te*nical ,assi/ance aw>ds to ,c,d,f,is to re9ve/ 9 ! ,,cdfi1 & to build ! capacity ( ! ,,cdfi1 includ+ f9anc+ product developm5t & loan loss res]ves4 7,c7 ,! ,native ,am]ican ,,cdfi ,assi/ance ,program1 :i* provides ,c,d,f,is & sponsor+ entities ,f9ancial & ,te*nical ,assi/ance aw>ds to increase l5d+ & gr[ ! numb] ( ,c,d,f,is own$ by ,native ,am]icans to help build capacity ( su* ,c,d,f,is4 7,d7 ,! ,new ,m>ket ,tax ,cr$it ,program1 :i* provides tax cr$its = mak+ equity inve/m5ts 9 ,c,d,es t /imulate capital inve/m5ts 9 l[-income communities4 7,e7 ,! ,capital ,magnet ,fund1 :i* provides aw>ds to ,c,d,f,is & nonpr(it af=dable h\s+ organizations to f9ance af=dable h\s+ solutions & relat$ economic developm5t activities4 7,f7 ,! ,bond ,gu>antee ,program1 a s\rce ( long-t]m1 pati5t capital = ,c,d,f,is to exp& l5d+ & inve/m5t capacity = community & economic developm5t purposes4 7#b7 ,! ,dep>tm5t ( ! ,treasury is au?oriz$ to create multi-ye> grant programs design$ to enc\rage l[-to-mod]ate income individuals to e/abli% acc\nts at f$]ally insur$ banks1 & to improve l[-to-mod]ate income individuals' access to su* acc\nts on reasonable t]ms4 7#c7 ,"u ?is au?ority1 grants to p>ticipants 9 ,,cdfi ,fund programs may be us$ = loan-loss res]ves & to e/abli% small-doll> loan programs by subsidiz+ relat$ losses4 ,^! grants also all[ = ! provid+ recipi5ts ) ! f9ancial c\nsel+ & education necess>y to conduct transactions & manage _! acc\nts4 ,^! loans provide l[-co/ alt]natives to payday loans & o!r nontraditional =ms ( f9anc+ t (t5 impose excessive int]e/ rates & fees on borr[]s1 & lead millions ( ,am]icans to fall into debt traps4 ,small-doll> loans c only be made pursuant to t]ms1 conditions1 & practices t are reasonable = ! individual consum] obta9+ ! loan4 7#d7 ,program p>ticipation is re/rict$ to eligible in/itutions1 :i* are limit$ to organizations li/$ 9 section #eja7;c77#c7 ( ! ,int]nal ,rev5ue ,code ( #aihf & exempt f tax "u #eja7;a7 ( su* ,code1 f$]ally insur$ depository in/itutions1 community developm5t f9ancial in/itutions & ,/ate1 local1 or ,tribal gov]nm5t entities4 7#e7 ,s9ce its f\nd+1 ! ,,cdfi ,fund has aw>d$ ov] #c1cjj1jjj1jjj to ,c,d,f,is & ,c,d,es & has allocat$ #ed1jjj1jjj1jjj 9 tax cr$its & #a1eaj1jjj1jjj 9 bond gu>antees4 ,accord+ to ! ,,cdfi ,fund1 "s programs attract z mu* z #aj 9 private capital = e #a inve/$ by ! ,,cdfi ,fund4 ,! ,adm9i/ration & ! ,congress %\ld prioritize appropriation ( funds = ! loan loss res]ve fund & te*nical assi/ance programs adm9i/]$ by ! ,community ,developm5t ,f9ancial ,in/itution ,fund4 7b7 ,def9itions ,9 ?is section3 7#a7 ,community developm5t f9ancial in/itution ,! t]m community developm5t f9ancial in/itution has ! mean+ giv5 "u section #ajc ( ! ,community ,developm5t ,bank+ & ,f9ancial ,in/itutions ,act ( #aiid 7#ab ,u4,s4,c4 #dgjb74 7#b7 ,m9ority depository in/itution ,! t]m m9ority depository in/itution has ! mean+ giv5 "u section #cjh ( ! ,f9ancial ,in/itutions ,re=m1 ,recov]y1 & ,en=cem5t ,act ( #aihi 7#ab ,u4,s4,c4 #adfc note74 7c7 ,e/abli%m5t ( impact bank designation 7#a7 ,9 g5]al ,ea* ,f$]al bank+ ag5cy %all e/abli% a program "u :i* a depository in/itution ) total consolidat$ assets ( less ?an #aj1jjj1jjj1jjj may elect to be designat$ z an impact bank if ! total doll> value ( ! loans ext5d$ by su* depository in/itution to l[-income borr[]s is great] ?an or equal to #ej p]c5t ( ! assets ( su* bank4 7#b7 ,notification ( eligibility ,bas$ on data obta9$ ?r\gh exam9ations ( depository in/itutions1 ! appropriate ,f$]al bank+ ag5cy %all notify a depository in/itution if ! in/itution is eligible to be designat$ z an impact bank4 7#c7 ,application ,reg>dless ( :e!r or n x has receiv$ a notice ( eligibility "u p>agraph 7#b71 a depository in/itution may submit an application to ! appropriate ,f$]al bank+ ag5cy-- 7,a7 reque/+ to be designat$ z an impact bank2 & 7,b7 demon/rat+ t ! depository in/itution meets ! applicable qualifications4 7#d7 ,limitation on additional data requirem5ts ,! ,f$]al bank+ ag5cies may only impose additional data collection requirem5ts on a depository in/itution "u ?is subsection if su* data is-- 7,a7 necess>y to process an application submitt$ by ! depository in/itution to be designat$ an impact bank2 or 7,b7 ) respect to a depository in/itution t is designat$ z an impact bank1 necess>y to ensure ! depository in/itution's ongo+ qualifications to ma9ta9 su* designation4 7#e7 ,removal ( designation ,if ! appropriate ,f$]al bank+ ag5cy det]m9es t a depository in/itution designat$ z an impact bank no long] meets ! crit]ia = su* designation1 ! appropriate ,f$]al bank+ ag5cy %all resc9d ! designation & notify ! depository in/itution ( su* rescission4 7#f7 ,reconsid]ation ( designation2 appeals ,"u su* proc$ures z ! ,f$]al bank+ ag5cies may e/abli%1 a depository in/itution may-- 7,a7 submit to ! appropriate ,f$]al bank+ ag5cy a reque/ to reconsid] a det]m9ation t su* depository in/itution no long] meets ! crit]ia = ! designation2 or 7,b7 file an appeal ( su* det]m9ation4 7#g7 ,rulemak+ ,n lat] ?an #a ye> aft] ! date ( ! enactm5t ( ?is ,act1 ! ,f$]al bank+ ag5cies %all jo9tly issue rules to c>ry out ! requirem5ts ( ?is subsection1 includ+ by provid+ a def9ition ( a l[-income borr[]4 7#h7 ,reports ,ea* ,f$]al bank+ ag5cy %all submit an annual report to ! ,congress conta9+ a description ( actions tak5 to c>ry out ?is subsection4 7#i7 ,f$]al ,deposit ,insurance ,act def9itions ,9 ?is subsection1 ! t]ms depository in/itution1 appropriate ,f$]al bank+ ag5cy1 & ,f$]al bank+ ag5cy h ! mean+s giv5 su* t]ms1 respectively1 9 section #c ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac74 7d7 ,m9ority ,depositories ,advisory ,committees 7#a7 ,e/abli%m5t ,ea* cov]$ regulator %all e/abli% an advisory committee to be call$ ! ,m9ority ,depositories ,advisory ,committee4 7#b7 ,duties ,ea* ,m9ority ,depositories ,advisory ,committee %all provide advice to ! respective cov]$ regulator on meet+ ! goals e/abli%$ by section #cjh ( ! ,f9ancial ,in/itutions ,re=m1 ,recov]y1 & ,en=cem5t ,act ( #aihi 7#ab ,u4,s4,c4 #adfc note7 to pres]ve ! pres5t numb] ( cov]$ m9ority in/itutions1 pres]ve ! m9ority "* ( m9ority-own$ in/itutions 9 cases involv+ m]g]s or acquisitions1 provide te*nical assi/ance1 & enc\rage ! creation ( new cov]$ m9ority in/itutions4 ,! scope ( ! "w ( ea* su* ,m9ority ,depositories ,advisory ,committee %all include an assessm5t ( ! curr5t condition ( cov]$ m9ority in/itutions1 :at regulatory *anges or o!r /eps ! respective ag5cies may be able to take to fulfill ! requirem5ts ( su* section #cjh1 & o!r issues ( conc]n to cov]$ m9ority in/itutions4 7#c7 ,memb]%ip 7,a7 ,9 g5]al ,ea* ,m9ority ,depositories ,advisory ,committee %all consi/ ( no m ?an #aj memb]s1 :o-- 7i7 %all s]ve = "o two-ye> t]m2 7ii7 %all s]ve z a repres5tative ( a depository in/itution or an insur$ cr$it union ) respect to :i* ! respective cov]$ regulator is ! cov]$ regulator ( su* depository in/itution or insur$ cr$it union2 & 7iii7 %all n receive pay by reason ( _! s]vice on ! advisory committee1 b may receive travel or transportation exp5ses 9 accordance ) section #egjc ( title #e1 ,unit$ ,/ates ,code4 7,b7 ,div]sity ,to ! ext5t practicable1 ea* cov]$ regulator %all ensure t ! memb]s ( ! ,m9ority ,depositories ,advisory ,committee ( su* ag5cy reflect ! div]sity ( cov]$ m9ority in/itutions4 7#d7 ,meet+s 7,a7 ,9 g5]al ,ea* ,m9ority ,depositories ,advisory ,committee %all meet n less frequ5tly ?an twice ea* ye>4 7,b7 ,notice & invitations ,ea* ,m9ority ,depositories ,advisory ,committee %all-- 7i7 notify ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate 9 advance ( ea* meet+ ( ! ,m9ority ,depositories ,advisory ,committee2 & 7ii7 invite ! att5dance at ea* meet+ ( ! ,m9ority ,depositories ,advisory ,committee (-- 7,i7 "o memb] ( ! majority p>ty & "o memb] ( ! m9ority p>ty ( ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate2 & 7,,ii7 "o memb] ( ! majority p>ty & "o memb] ( ! m9ority p>ty ( any relevant subcommittees ( su* committees4 7#e7 ,no t]m9ation ( advisory committees ,! t]m9ation requirem5ts "u section #ad ( ! ,f$]al ,advisory ,committee ,act 7#e ,u4,s4,c4 ,app47 %all n apply to a ,m9ority ,depositories ,advisory ,committee e/abli%$ pursuant to ?is subsection4 7#f7 ,def9itions ,9 ?is subsection3 7,a7 ,cov]$ regulator ,! t]m cov]$ regulator means ! ,comptroll] ( ! ,curr5cy1 ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 ! ,f$]al ,deposit ,insurance ,corporation1 & ! ,national ,cr$it ,union ,adm9i/ration4 7,b7 ,cov]$ m9ority in/itution ,! t]m cov]$ m9ority in/itution means a m9ority depository in/itution 7z def9$ 9 section #cjh7;b7 ( ! ,f9ancial ,in/itutions ,re=m1 ,recov]y1 & ,en=cem5t ,act ( #aihi 7#ab ,u4,s4,c4 #adfc note774 7,c7 ,depository in/itution ,! t]m depository in/itution has ! mean+ giv5 t t]m 9 section #c ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac74 7,d7 ,insur$ cr$it union ,! t]m insur$ cr$it union has ! mean+ giv5 t t]m 9 section #aja ( ! ,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4 #ageb74 7#g7 ,te*nical am5dm5t ,section #cjh7;b7 ( ! ,f9ancial ,in/itutions ,re=m1 ,recov]y1 & ,en=cem5t ,act ( #aihi 7#ab ,u4,s4,c4 #adfc note7 is am5d$ by add+ at ! end ! foll[+ new p>agraph3 7#c7 ,depository in/itution ,! t]m depository in/itution means an insur$ depository in/itution 7z def9$ 9 section #c ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac77 & an insur$ cr$it union 7z def9$ 9 section #aja ( ! ,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4 #ageb774 4 7e7 ,f$]al deposits 9 m9ority depository in/itutions 7#a7 ,9 g5]al ,section #cjh ( ! ,f9ancial ,in/itutions ,re=m1 ,recov]y1 & ,en=cem5t ,act ( #aihi 7#ab ,u4,s4,c4 #adfc note7 is am5d$-- 7,a7 by add+ at ! end ! foll[+ new subsection3 7d7 ,f$]al deposits ,! ,secret>y ( ! ,treasury %all ensure t deposits made by ,f$]al ag5cies 9 m9ority depository in/itutions & impact banks are collat]aliz$ or insur$1 z det]m9$ by ! ,secret>y4 ,su* deposits %all include reciprocal deposits z def9$ 9 section #ccg4f7;e77#b77v7 ( title #ab1 ,code ( ,f$]al ,regulations 7z 9 effect on ,m>* #f1 #bjai74 2 & 7,b7 9 subsection 7b71 z am5d$ by subsection 7d77#g7 ( ?is section1 by add+ at ! end ! foll[+ new p>agraph3 7#d7 ,impact bank ,! t]m impact bank means a depository in/itution designat$ by ! appropriate ,f$]al bank+ ag5cy pursuant to section #hjg7;c7 ( ! ,promot+ & ,advanc+ ,communities ( ,color ?r\gh ,inclusive ,l5d+ ,act4 4 7#b7 ,te*nical am5dm5ts ,section #cjh7;b7 ( ! ,f9ancial ,in/itutions ,re=m1 ,recov]y1 & ,en=cem5t ,act ( #aihi 7#ab ,u4,s4,c4 #adfc note7 is am5d$-- 7,a7 9 ! matt] prec$+ p>agraph 7#a71 by /rik+ section-- & ins]t+ section32 & 7,b7 9 ! p>agraph head+ = p>agraph 7#a71 by /rik+ f9ancial & ins]t+ depository4 7f7 ,m9ority ,bank ,deposit ,program 7#a7 ,9 g5]al ,section #abjd ( ! ,f9ancial ,in/itutions ,re=m1 ,recov]y1 & ,en=cem5t ,act ( #aihi 7#ab ,u4,s4,c4 #ahaa note7 is am5d$ to read z foll[s3 #abjd4 ,expansion ( use ( m9ority depository in/itutions 7a7 ,m9ority ,bank ,deposit ,program 7#a7 ,e/abli%m5t ,!re is e/abli%$ a program to be kn[n z ! ,m9ority ,bank ,deposit ,program to exp& ! use ( m9ority depository in/itutions4 7#b7 ,adm9i/ration ,! ,secret>y ( ! ,treasury1 act+ ?r\gh ! ,bureau ( ! ,fiscal ,s]vice1 %all-- 7,a7 on application by a depository in/itution or cr$it union1 c]tify :e!r su* depository in/itution or cr$it union is a m9ority depository in/itution2 7,b7 ma9ta9 & publi% a li/ ( all depository in/itutions & cr$it unions t h be5 c]tifi$ pursuant to subp>agraph 7,a72 & 7,c7 p]iodically di/ribute ! li/ describ$ 9 subp>agraph 7,b7 to-- 7i7 all ,f$]al dep>tm5ts & ag5cies2 7ii7 int]e/$ ,/ate & local gov]nm5ts2 & 7iii7 int]e/$ private sector companies4 7#c7 ,inclusion ( c]ta9 entities on li/ ,a depository in/itution or cr$it union t1 on ! date ( ! enactm5t ( ! ,promot+ & ,advanc+ ,communities ( ,color ?r\gh ,inclusive ,l5d+ ,act1 has a curr5t c]tification f ! ,secret>y ( ! ,treasury /at+ t su* depository in/itution or cr$it union is a m9ority depository in/itution %all be includ$ on ! li/ describ$ "u p>agraph 7#b77;,b74 7b7 ,exp&$ use among ,f$]al dep>tm5ts & ag5cies 7#a7 ,9 g5]al ,n lat] ?an #a ye> aft] ! e/abli%m5t ( ! program describ$ 9 subsection 7a71 ! head ( ea* ,f$]al dep>tm5t or ag5cy %all develop & implem5t /&>ds & proc$ures to prioritize1 to ! maximum ext5t possible z p]mitt$ by law & consi/5t ) pr9ciples ( s\nd f9ancial managem5t1 ! use ( m9ority depository in/itutions to hold ! deposits ( ea* su* dep>tm5t or ag5cy4 7#b7 ,report to ,congress ,n lat] ?an #b ye>s aft] ! e/abli%m5t ( ! program describ$ 9 subsection 7a71 & annually !reaft]1 ! head ( ea* ,f$]al dep>tm5t or ag5cy %all submit to ,congress a report on ! actions tak5 to increase ! use ( m9ority depository in/itutions to hold ! deposits ( ea* su* dep>tm5t or ag5cy4 7c7 ,def9itions ,= purposes ( ?is section3 7#a7 ,cr$it union ,! t]m cr$it union has ! mean+ giv5 ! t]m insur$ cr$it union 9 section #aja ( ! ,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4 #ageb74 7#b7 ,depository in/itution ,! t]m depository in/itution has ! mean+ giv5 t t]m 9 section #c ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac74 7#c7 ,m9ority depository in/itution ,! t]m m9ority depository in/itution has ! mean+ giv5 t t]m "u section #cjh ( ?is ,act4 4 7#b7 ,con=m+ ,am5dm5ts ,! foll[+ provisions are am5d$ by ins]t+ 1 z 9 effect on ! day be=e ! date ( enactm5t ( ! ,promot+ & ,advanc+ ,communities ( ,color ?r\gh ,inclusive ,l5d+ ,act aft] section #abjd7;c77#c7 ( ! ,f9ancial ,in/itutions ,re=m1 ,recov]y1 & ,en=cem5t ,act ( #aihi3 7,a7 ,section #hjh7;b77#c7 ( ! ,community ,re9ve/m5t ,act ( #aigg 7#ab ,u4,s4,c4 #bijg7;b77#c774 7,b7 ,section #dj7;g77#a77;,b7 ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahcaq7g77#a77;,b774 7,c7 ,section #gjd;,b7h77#d7 ( ! ,equal ,cr$it ,opportunity ,act 7#ae ,u4,s4,c4 #afia;c-#b7;h77#d774 7g7 ,div]sity report & be/ practices 7#a7 ,annual report ,ea* cov]$ regulator %all submit to ,congress an annual report on div]sity includ+ ! foll[+3 7,a7 ,data1 bas$ on volunt>y self-id5tification1 on ! racial1 e?nic1 & g5d] composition ( ! exam9]s ( ea* cov]$ regulator1 disaggregat$ by l5g? ( "t s]v$ z an exam9]4 7,b7 ,! /atus ( any exam9]s ( cov]$ regulators1 bas$ on volunt>y self-id5tification1 z a vet]an4 7,c7 ,:e!r any cov]$ regulator1 z ( ! date on :i* ! report requir$ "u ?is section is submitt$1 has adopt$ a policy1 plan1 or /rategy to promote racial1 e?nic1 & g5d] div]sity among exam9]s ( ! cov]$ regulator4 7,d7 ,:e!r any special tra9+ is develop$ & provid$ = exam9]s relat$ specifically to work+ ) depository in/itutions & cr$it unions t s]ve communities t are pr$om9antly m9orities1 l[ income1 or rural1 & ! key focus ( su* tra9+4 7#b7 ,be/ practices ,ea* ,(fice ( ,m9ority & ,wom5 ,inclusion ( a cov]$ regulator %all develop1 provide to ! head ( ! cov]$ regulator1 & make publicly available be/ practices-- 7,a7 = increas+ ! div]sity ( c&idates apply+ = exam9] positions1 includ+ ?r\gh outrea* ef=ts to recruit div]se c&idates to apply = entry-level exam9] positions2 & 7,b7 = reta9+ & provid+ fair consid]ation = promotions )9 ! exam9] /aff = purposes ( a*iev+ div]sity among exam9]s4 7#c7 ,cov]$ regulator def9$ ,9 ?is subsection1 ! t]m cov]$ regulator means ! ,comptroll] ( ! ,curr5cy1 ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 ! ,f$]al ,deposit ,insurance ,corporation1 & ! ,national ,cr$it ,union ,adm9i/ration4 7h7 ,inve/m5ts 9 m9ority depository in/itutions & impact banks 7#a7 ,control = c]ta9 in/itutions ,section #g7;j77#h77;,b7 ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahag7;j77#h77;,b77 is am5d$ to read z foll[s3 7,b7 control means ! p[]1 directly or indirectly-- 7i7 to direct ! managem5t or policies ( an insur$ depository in/itution2 or 7ii7 7,i7 to vote #be p] c5tum or m ( any class ( vot+ securities ( an insur$ depository in/itution2 or 7,,ii7 ) respect to an insur$ depository in/itution t is an impact bank 7z designat$ pursuant to section #hjg7;c7 ( ! ,promot+ & ,advanc+ ,communities ( ,color ?r\gh ,inclusive ,l5d+ ,act7 or a m9ority depository in/itution 7z def9$ 9 section #cjh7;b7 ( ! ,f9ancial ,in/itutions ,re=m1 ,recov]y1 & ,en=cem5t ,act ( #aihi 7#ab ,u4,s4,c4 #adfc note771 ( an individual to vote #cj p]c5t or m ( any class ( vot+ securities ( su* an impact bank or a m9ority depository in/itution4 4 7#b7 ,rulemak+ ,! ,f$]al bank+ ag5cies 7z def9$ 9 section #c ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac77 %all jo9tly issue rules = de novo m9ority depository in/itutions to all[ #c ye>s to meet ! capital requirem5ts o!rwise applicable to m9ority depository in/itutions 7z def9$ 9 section #cjh7;b7 ( ! ,f9ancial ,in/itutions ,re=m1 ,recov]y1 & ,en=cem5t ,act ( #aihi 7#ab ,u4,s4,c4 #adfc note774 7#c7 ,report ,n lat] ?an #a ye> aft] ! date ( ! enactm5t ( ?is ,act1 ! ,f$]al bank+ ag5cies %all jo9tly submit to ,congress a report on-- 7,a7 ! pr9cipal causes = ! l[ numb] ( de novo m9ority depository in/itutions dur+ ! #aj-ye> p]iod prec$+ ! date ( ! report2 7,b7 ! ma9 *all5ges to ! creation ( de novo m9ority depository in/itutions2 & 7,c7 regulatory & legislative consid]ations to promote ! e/abli%m5t ( de novo m9ority depository in/itutions4 7i7 ,report on cov]$ m5tor-,protege programs 7#a7 ,report ,n lat] ?an #f mon?s aft] ! date ( ! enactm5t ( ?is ,act & annually !reaft]1 ! ,secret>y ( ! ,treasury %all submit to ,congress a report on p>ticipants 9 a cov]$ m5tor-protege program1 includ+-- 7,a7 an analysis ( outcomes ( su* program2 7,b7 ! numb] ( m9ority depository in/itutions t are eligible to p>ticipate 9 su* program b d n h l>ge f9ancial in/itution m5tors2 & 7,c7 recomm5dations = h[ to mat* su* m9ority depository in/itutions ) l>ge f9ancial in/itution m5tors4 7#b7 ,def9itions ,9 ?is subsection3 7,a7 ,cov]$ m5tor-protege program ,! t]m cov]$ m5tor-protege program means a m5tor-protege program e/abli%$ by ! ,secret>y ( ! ,treasury pursuant to section #de ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fegr74 7,b7 ,l>ge f9ancial in/itution ,! t]m l>ge f9ancial in/itution means any entity-- 7i7 regulat$ by ! ,comptroll] ( ! ,curr5cy1 ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 ! ,f$]al ,deposit ,insurance ,corporation1 or ! ,national ,cr$it ,union ,adm9i/ration2 & 7ii7 t has total consolidat$ assets great] ?an or equal to #ej1jjj1jjj1jjj4 7,c7 ,m9ority depository in/itution ,! t]m m9ority depository in/itution has ! mean+ giv5 ! t]m 9 section #cjh7;b7 ( ! ,f9ancial ,in/itutions ,re=m1 ,recov]y1 & ,en=cem5t ,act ( #aihi 7#ab ,u4,s4,c4 #adfc note74 7j7 ,cu/odial deposit program = cov]$ m9ority depository in/itutions & impact banks 7#a7 ,9 g5]al ,n lat] ?an #a ye> aft] ! date ( ! enactm5t ( ?is ,act1 ! ,secret>y ( ! ,treasury %all issue rules e/abli%+ a cu/odial deposit program "u :i* a cov]$ bank may receive deposits f a qualify+ acc\nt4 7#b7 ,requirem5ts ,9 issu+ rules "u p>agraph 7#a71 ! ,secret>y ( ! ,treasury %all-- 7,a7 consult ) ! ,f$]al bank+ ag5cies2 7,b7 ensure ea* cov]$ bank p>ticipat+ 9 ! program e/abli%$ "u ?is subsection-- 7i7 has appropriate policies relat+ to managem5t ( assets1 includ+ measures to ensure ! safety & s\ndness ( ea* su* cov]$ bank2 & 7ii7 is compliant ) applicable law2 & 7,c7 ensure1 to ! ext5t practicable1 t ! rules d n conflict ) goals describ$ 9 section #cjh7;a7 ( ! ,f9ancial ,in/itutions ,re=m1 ,recov]y1 & ,en=cem5t ,act ( #aihi 7#ab ,u4,s4,c4 #adfc note74 7#c7 ,limitations 7,a7 ,deposits ,) respect to ! funds ( an individual qualify+ acc\nt1 an entity may n deposit an am\nt great] ?an ! insur$ am\nt 9 a s+le cov]$ bank4 7,b7 ,total deposits ,! total am\nt ( funds deposit$ 9 a cov]$ bank "u ! cu/odial deposit program describ$ "u ?is subsection may n exce$ ! less] (-- 7i7 #aj p]c5t ( ! av]age am\nt ( deposits held by su* cov]$ bank 9 ! previ\s qu>t]2 or 7ii7 #ajj1jjj1jjj 7z adju/$ = inflation74 7#d7 ,report ,ea* qu>t]1 ! ,secret>y ( ! ,treasury %all submit to ,congress a report on ! implem5tation ( ! program e/abli%$ "u ?is subsection1 includ+ in=mation id5tify+ p>ticipat+ cov]$ banks & ! total am\nt ( deposits receiv$ by cov]$ banks "u ! program4 7#e7 ,def9itions ,9 ?is subsection3 7,a7 ,appropriate ,f$]al bank+ ag5cy2 ,f$]al bank+ ag5cy ,! t]ms appropriate ,f$]al bank+ ag5cy & ,f$]al bank+ ag5cies h ! mean+s giv5 ^? t]ms 9 section #c ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac74 7,b7 ,cov]$ bank ,! t]m cov]$ bank means-- 7i7 a m9ority depository in/itution t is well capitaliz$1 z def9$ by ! appropriate ,f$]al bank+ ag5cy2 or 7ii7 a depository in/itution designat$ pursuant to subsection 7c7 t is well capitaliz$1 z def9$ by ! appropriate ,f$]al bank+ ag5cy4 7,c7 ,insur$ am\nt ,! t]m insur$ am\nt means ! am\nt t is ! great] (-- 7i7 ! /&>d maximum deposit insurance am\nt 7z def9$ 9 section #aa7;a77#a77;,e7 ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahba7;a77#a77;,e7772 or 7ii7 su* high] am\nt negotiat$ betwe5 ! ,secret>y ( ! ,treasury & ! ,f$]al ,deposit ,insurance ,corporation "u :i* ! ,corporation w insure all deposits ( su* high] am\nt4 7,d7 ,m9ority depository in/itution ,! t]m m9ority depository in/itution has ! mean+ giv5 ! t]m 9 section #cjh7;b7 ( ! ,f9ancial ,in/itutions ,re=m1 ,recov]y1 & ,en=cem5t ,act ( #aihi 7#ab ,u4,s4,c4 #adfc note74 7,e7 ,qualify+ acc\nt ,! t]m qualify+ acc\nt means any acc\nt e/abli%$ 9 ! ,dep>tm5t ( ! ,treasury t-- 7i7 is controll$ by ! ,secret>y2 & 7ii7 is expect$ to ma9ta9 a balance great] ?an #bjj1jjj1jjj = ! foll[+ #bd-mon? p]iod4 7k7 ,/reaml9$ community developm5t f9ancial in/itution applications & report+ 7#a7 ,application processes ,n lat] ?an #ab mon?s aft] ! date ( ! enactm5t ( ?is ,act & ) respect to any p]son hav+ assets "u #c1jjj1jjj1jjj t submits an application = deposit insurance ) ! ,f$]al ,deposit ,insurance ,corporation t c\ld also become a community developm5t f9ancial in/itution 7z def9$ 9 section #ajc ( ! ,community ,developm5t ,bank+ & ,f9ancial ,in/itutions ,act ( #aiid 7#ab ,u4,s4,c4 #dgjb771 ! ,f$]al ,deposit ,insurance ,corporation1 9 consultation ) ! ,adm9i/rator ( ! ,community ,developm5t ,f9ancial ,in/itutions ,fund1 %all-- 7,a7 develop sy/ems & proc$ures to record necess>y in=mation to all[ ! ,adm9i/rator to conduct prelim9>y analysis = su* p]son to also become a community developm5t f9ancial in/itution2 & 7,b7 develop proc$ures to /reaml9e ! application & annual c]tification processes & to r$uce co/s = su* p]son to become1 & ma9ta9 c]tification z1 a community developm5t f9ancial in/itution4 7#b7 ,implem5tation report ,n lat] ?an #ah mon?s aft] ! date ( ! enactm5t ( ?is ,act1 ! ,f$]al ,deposit ,insurance ,corporation %all submit to ,congress a report describ+ ! sy/ems & proc$ures requir$ "u p>agraph 7#a74 7#c7 ,annual report 7,a7 ,9 g5]al ,section #ag7;a77#a7 ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbg7;a77#a77 is am5d$-- 7i7 9 subp>agraph 7,e71 by /rik+ & at ! end2 7ii7 by r$esignat+ subp>agraph 7,f7 z subp>agraph 7,g72 & 7iii7 by ins]t+ aft] subp>agraph 7,e7 ! foll[+ new subp>agraph3 7,f7 applicants = deposit insurance t c\ld also become a community developm5t f9ancial in/itution 7z def9$ 9 section #ajc ( ! ,community ,developm5t ,bank+ & ,f9ancial ,in/itutions ,act ( #aiid 7#ab ,u4,s4,c4 #dgjb771 a m9ority depository in/itution 7z def9$ 9 section #cjh ( ! ,f9ancial ,in/itutions ,re=m1 ,recov]y1 & ,en=cem5t ,act ( #aihi 7#ab ,u4,s4,c4 #adfc note771 or an impact bank 7z designat$ pursuant to section #hjg7;c7 ( ! ,promot+ & ,advanc+ ,communities ( ,color ?r\gh ,inclusive ,l5d+ ,act72 & 4 7,b7 ,application ,! am5dm5t made by ?is p>agraph %all apply ) respect to ! fir/ report to be submitt$ aft] ! date t is #b ye>s aft] ! date ( ! enactm5t ( ?is ,act4 7l7 ,task =ce on l5d+ to small bus9ess conc]ns 7#a7 ,def9itions ,9 ?is subsection3 7,a7 ,adm9i/ration2 ,adm9i/rator ,! t]ms ,adm9i/ration & ,adm9i/rator mean ! ,small ,bus9ess ,adm9i/ration & ! ,adm9i/rator !re(1 respectively4 7,b7 ,community developm5t f9ancial in/itution ,! t]m community developm5t f9ancial in/itution has ! mean+ giv5 ! t]m 9 section #ajc ( ! ,community ,developm5t ,bank+ & ,f9ancial ,in/itutions ,act ( #aiid 7#ab ,u4,s4,c4 #dgjb74 7,c7 ,impact bank ,! t]m impact bank means a depository in/itution designat$ by ! appropriate ,f$]al bank+ ag5cy pursuant to section #hjg7;c7 ( ! ,promot+ & ,advanc+ ,communities ( ,color ?r\gh ,inclusive ,l5d+ ,act4 7,d7 ,m9ority depository in/itution ,! t]m m9ority depository in/itution has ! mean+ giv5 ! t]m 9 section #cjh ( ! ,f9ancial ,in/itutions ,re=m1 ,recov]y1 & ,en=cem5t ,act ( #aihi 7#ab ,u4,s4,c4 #adfc note74 7,e7 ,small bus9ess conc]n ,! t]m small bus9ess conc]n has ! mean+ giv5 ! t]m 9 section #c7;a7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcb7;a774 7#b7 ,task =ce ,n lat] ?an #f mon?s aft] ! date ( ! enactm5t ( ?is ,act1 ! ,adm9i/rator %all e/abli% a task =ce to exam9e me?ods = improv+ relation%ips betwe5 ! ,adm9i/ration & community developm5t f9ancial in/itutions1 m9ority depository in/itutions1 & impact banks to increase ! volume ( loans provid$ by su* in/itutions to small bus9ess conc]ns4 7#c7 ,report to ,congress ,n lat] ?an #ah mon?s aft] ! e/abli%m5t ( ! task =ce describ$ 9 p>agraph 7#b71 ! ,adm9i/rator %all submit to ,congress a report on ! f9d+s ( ! task =ce4 #hjh4 ,e/abli%m5t ( ,f9ancial ,ag5t ,p>tn]%ip ,program 7a7 ,9 g5]al ,section #cjh ( ! ,f9ancial ,in/itutions ,re=m1 ,recov]y1 & ,en=cem5t ,act ( #aihi 7#ab ,u4,s4,c4 #adfc note71 z am5d$ by section #hjf7;e71 is fur!r am5d$ by add+ at ! end ! foll[+ new subsection3 7e7 ,f9ancial ,ag5t ,p>tn]%ip ,program 7#a7 ,9 g5]al ,! ,secret>y ( ! ,treasury %all e/abli% a program to be kn[n z ! ,f9ancial ,ag5t ,p>tn]%ip ,program 79 ?is subsection ref]r$ to z ! ,program7 "u :i* a f9ancial ag5t designat$ by ! ,secret>y or a l>ge f9ancial in/itution may s]ve z a m5tor1 "u guidance or regulations prescrib$ by ! ,secret>y1 to a small f9ancial in/itution to all[ su* small f9ancial in/itution-- 7,a7 to be prep>$ to p]=m z a f9ancial ag5t2 or 7,b7 to improve capacity to provide s]vices to ! cu/om]s ( ! small f9ancial in/itution4 7#b7 ,outrea* ,! ,secret>y %all hold outrea* ev5ts to promote ! p>ticipation ( f9ancial ag5ts1 l>ge f9ancial in/itutions1 & small f9ancial in/itutions 9 ! ,program at lea/ once a ye>4 7#c7 ,f9ancial p>tn]%ips 7,a7 ,9 g5]al ,any l>ge f9ancial in/itution p>ticipat+ 9 a program ) ! ,dep>tm5t ( ! ,treasury1 if n already requir$ to include a small f9ancial in/itution1 %all (f] n m ?an #e p]c5t ( e contract "u t program to a small f9ancial in/itution4 7,b7 ,acceptance ( risk ,z a requirem5t ( p>ticipation 9 a contract describ$ "u subp>agraph 7,a71 a small f9ancial in/itution %all accept ! risk ( ! transaction equival5t to ! p]c5tage ( any fee ! in/itution receives "u ! contract4 7,c7 ,p>tn] ,a l>ge f9ancial in/itution p>tn] may "w ) small f9ancial in/itutions1 if necess>y1 to tra9 pr(essionals to und]/& any risks involv$ 9 a contract "u ! ,program4 7,d7 ,increas$ limit = c]ta9 in/itutions ,) respect to a program describ$ "u subp>agraph 7,a71 if ! ,secret>y ( ! ,treasury det]m9es t x w\ld be appropriate & w\ld enc\rage capacity build+1 ! ,secret>y may alt] ! requirem5ts "u subp>agraph 7,a7 to require bo?-- 7i7 a high] p]c5tage ( ! contract be (f]$ to a small f9ancial in/itution2 & 7ii7 require ! small f9ancial in/itution to be a community developm5t f9ancial in/itution or a m9ority depository in/itution4 7#d7 ,exclusion ,! ,secret>y %all issue guidance or regulations to e/abli% a process "u :i* a f9ancial ag5t1 l>ge f9ancial in/itution1 or small f9ancial in/itution may be exclud$ f p>ticipation 9 ! ,program4 7#e7 ,report ,! ,(fice ( ,m9ority & ,wom5 ,inclusion ( ! ,dep>tm5t ( ! ,treasury %all include 9 ! report submitt$ to ,congress "u section #cdb7;e7 ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act 7#ab ,u4,s4,c4 #edeb7;e77 in=mation p]ta9+ to ! ,program1 includ+-- 7,a7 ! numb] ( f9ancial ag5ts1 l>ge f9ancial in/itutions1 & small f9ancial in/itutions p>ticipat+ 9 ! ,program2 & 7,b7 ! numb] ( outrea* ev5ts describ$ 9 p>agraph 7#b7 held dur+ ! ye> cov]$ by su* report4 7#f7 ,def9itions ,9 ?is subsection3 7,a7 ,community developm5t f9ancial in/itution ,! t]m community developm5t f9ancial in/itution has ! mean+ giv5 t t]m "u section #ajc ( ! ,community ,developm5t ,bank+ & ,f9ancial ,in/itutions ,act ( #aiid 7#ab ,u4,s4,c4 #dgjb74 7,b7 ,f9ancial ag5t ,! t]m f9ancial ag5t means any national bank+ association designat$ by ! ,secret>y ( ! ,treasury to be employ$ z a f9ancial ag5t ( ! ,gov]nm5t4 7,c7 ,l>ge f9ancial in/itution ,! t]m l>ge f9ancial in/itution means any entity regulat$ by ! ,comptroll] ( ! ,curr5cy1 ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 ! ,f$]al ,deposit ,insurance ,corporation1 or ! ,national ,cr$it ,union ,adm9i/ration t has total consolidat$ assets great] ?an or equal to #ej1jjj1jjj1jjj4 7,d7 ,small f9ancial in/itution ,! t]m small f9ancial in/itution means-- 7i7 any entity regulat$ by ! ,comptroll] ( ! ,curr5cy1 ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 ! ,f$]al ,deposit ,insurance ,corporation1 or ! ,national ,cr$it ,union ,adm9i/ration t has total consolidat$ assets ( n m ?an #b1jjj1jjj1jjj2 or 7ii7 a m9ority depository in/itution4 4 7b7 ,effective date ,?is section & ! am5dm5ts made by ?is section %all take effect #ij days aft] ! date ( ! enactm5t ( ?is ,act4 #hji4 ,/r5g!n+ m9ority l5d+ in/itutions 7a7 ,m9ority l5d+ in/itution set-,aside 9 provid+ assi/ance 7#a7 ,9 g5]al ,section #ajh ( ! ,community ,developm5t ,bank+ & ,f9ancial ,in/itutions ,act ( #aiid 7#ab ,u4,s4,c4 #dgjg7 is am5d$ by add+ at ! end ! foll[+3 7i7 ,m9ority l5d+ in/itution set-,aside 9 provid+ assi/ance ,not)/&+ any o!r provision ( law1 9 provid+ any assi/ance1 ! ,fund %all res]ve #dj p]c5t ( su* assi/ance = m9ority l5d+ in/itutions4 4 7#b7 ,def9itions 7,a7 ,9 g5]al ,section #ajc ( ! ,community ,developm5t ,bank+ & ,f9ancial ,in/itutions ,act ( #aiid 7#ab ,u4,s4,c4 #dgjb7 is am5d$ by add+ at ! end ! foll[+3 7#bb7 ,m9ority l5d+ in/itution def9itions 7,a7 ,m9ority ,! t]m m9ority means any ,black ,am]ican1 ,hispanic ,am]ican1 ,asian ,am]ican1 ,native ,am]ican1 ,native ,alaskan1 ,native ,hawaiian1 or ,pacific ,isl&]4 7,b7 ,m9ority l5d+ in/itution ,! t]m m9ority l5d+ in/itution means a community developm5t f9ancial in/itution-- 7i7 ) respect to :i* a majority ( ! total numb] ( loans & a majority ( ! value ( inve/m5ts ( ! community developm5t f9ancial in/itution are direct$ at m9orities & o!r t>get$ populations2 7ii7 t is a m9ority depository in/itution1 z def9$ "u section #cjh ( ! ,f9ancial ,in/itutions ,re=m1 ,recov]y1 & ,en=cem5t ,act ( #aihi 7#ab ,u4,s4,c4 #adfc note71 or o!rwise consid]$ to be a m9ority depository in/itution by ! appropriate ,f$]al bank+ ag5cy2 or 7iii7 t is #ea p]c5t own$ by #a or m socially & economically disadvantag$ individuals4 7,c7 ,additional def9itions ,9 ?is p>agraph1 ! t]ms o!r t>get$ populations & socially & economically disadvantag$ individual %all h ! mean+ giv5 ^? t]ms by ! ,adm9i/rator4 4 7,b7 ,tempor>y safe h>bor = c]ta9 in/itutions ,a community developm5t f9ancial in/itution t is a m9ority depository in/itution li/$ 9 ! ,f$]al ,deposit ,insurance ,corporation's ,m9ority ,depository ,in/itutions ,li/ publi%$ = ! ,second ,qu>t] #bjbj %all be deem$ a m9ority l5d+ in/itution "u p>agraph 7#bb7 ( section #ajc ( ! ,community ,developm5t ,bank+ & ,f9ancial ,in/itutions ,act ( #aiid 7#ab ,u4,s4,c4 #dgjb71 z add$ by subp>agraph 7,a71 = purposes (-- 7i7 any program c>ri$ out us+ appropriations au?oriz$ = ! ,community ,developm5t ,f9ancial ,in/itutions ,fund "u section #hjf2 & 7ii7 ! ,neighborhood ,capital ,inve/m5t ,program e/abli%$ "u section #djjc7;i7 ( ! ,,c>es ,act4 7b7 ,(fice ( ,m9ority ,l5d+ ,in/itutions ,section #ajd ( ! ,community ,developm5t ,bank+ & ,f9ancial ,in/itutions ,act ( #aiid 7#ab ,u4,s4,c4 #dgjc7 is am5d$ by add+ at ! end ! foll[+3 7l7 ,(fice ( ,m9ority ,l5d+ ,in/itutions 7#a7 ,e/abli%m5t ,!re is e/abli%$ )9 ! ,fund an ,(fice ( ,m9ority ,l5d+ ,in/itutions1 :i* %all ov]see assi/ance provid$ by ! ,fund to m9ority l5d+ in/itutions4 7#b7 ,deputy ,director ,! head ( ! ,(fice %all be ! ,deputy ,director ( ,m9ority ,l5d+ ,in/itutions1 :o %all report directly to ! ,adm9i/rator4 4 7c7 ,report+ on m9ority l5d+ in/itutions ,section #aag ( ! ,community ,developm5t ,bank+ & ,f9ancial ,in/itutions ,act ( #aiid 7#ab ,u4,s4,c4 #dgaf7 is am5d$ by add+ at ! end ! foll[+3 7g7 ,report+ on m9ority l5d+ in/itutions ,ea* report requir$ "u subsection 7a7 %all include a description ( ! ext5t to :i* assi/ance f ! ,fund is provid$ to m9ority l5d+ in/itutions4 4 7d7 ,submission ( data relat+ to div]sity by community developm5t f9ancial in/itutions ,section #ajd ( ! ,community ,developm5t ,bank+ & ,f9ancial ,in/itutions ,act ( #aiid 7#ab ,u4,s4,c4 #dgjc7 is am5d$ by add+ at ! end ! foll[+3 7l7 ,submission ( data relat+ to div]sity 7#a7 ,def9itions ,9 ?is subsection-- 7,a7 ! t]m executive (fic] has ! mean+ giv5 t t]m 9 section #bcj4eja7;f7 ( title #ag1 ,code ( ,f$]al ,regulations1 z 9 effect on ! date ( enactm5t ( ?is subsection2 & 7,b7 ! t]m vet]an has ! mean+ giv5 t t]m 9 section #aja ( title #ch1 ,unit$ ,/ates ,code4 7#b7 ,submission ( disclosure ,ea* ,fund applicant & recipi5t %all provide ! foll[+3 7,a7 ,data1 bas$ on volunt>y self-id5tification1 on ! racial1 e?nic1 & g5d] composition (-- 7i7 ! bo>d ( directors ( ! in/itution2 7ii7 nom9ees = ! bo>d ( directors ( ! in/itution2 & 7iii7 ! executive (fic]s ( ! in/itution4 7,b7 ,! /atus ( any memb] ( ! bo>d ( directors ( ! in/itution1 any nom9ee = ! bo>d ( directors ( ! in/itution1 or any executive (fic] ( ! in/itution1 bas$ on volunt>y self-id5tification1 z a vet]an4 7,c7 ,:e!r ! bo>d ( directors ( ! in/itution1 or any committee ( t bo>d ( directors1 has1 z ( ! date on :i* ! in/itution makes a disclosure "u ?is p>agraph1 adopt$ any policy1 plan1 or /rategy to promote racial1 e?nic1 & g5d] div]sity among-- 7i7 ! bo>d ( directors ( ! in/itution2 7ii7 nom9ees = ! bo>d ( directors ( ! in/itution2 or 7iii7 ! executive (fic]s ( ! in/itution4 7#c7 ,annual report ,n lat] ?an #ah mon?s aft] ! date ( enactm5t ( ?is subsection1 & annually !reaft]1 ! ,fund %all submit to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives1 & make publicly available on ! website ( ! ,fund1 a report-- 7,a7 on ! data & tr5ds ( ! div]sity in=mation made available pursuant to p>agraph 7#b72 & 7,b7 conta9+ all adm9i/rative or legislative recomm5dations ( ! ,fund to enhance ! implem5tation ( ?is title or to promote div]sity & inclusion )9 community developm5t f9ancial in/itutions4 4 #haj4 ,,cdfi ,bond ,gu>antee ,re=m ,effective ,octob] #a1 #bjbj1 section #aad;,a7e77#b77;,b7 ( ! ,community ,developm5t ,bank+ & ,f9ancial ,in/itutions ,act ( #aiid 7#ab ,u4,s4,c4 #dgac;a7e77#b77;,b77 is am5d$ by /rik+ #ajj1jjj1jjj & ins]t+ #ej1jjj1jjj4 #haa4 ,reports 7a7 ,9 g5]al ,! ,secret>y ( ! ,treasury %all provide to ! appropriate committees ( ,congress-- 7#a7 )9 #cj days ( ! end ( ea* mon? comm5c+ ) ! fir/ mon? 9 :i* transactions are made "u a program e/abli%$ "u ?is title or ! am5dm5ts made by ?is title1 a writt5 report describ+ all ( ! transactions made dur+ ! report+ p]iod pursuant to ! au?orities grant$ "u ?is title or ! am5dm5ts made by ?is title2 & 7#b7 aft] ! end ( ,m>* & ! end ( ,septemb]1 comm5c+ ,m>* #ca1 #bjba1 a writt5 report on all project$ co/s & liabilities1 all op]at+ exp5ses1 includ+ comp5sation = f9ancial ag5ts1 & all transactions made by ! ,community ,developm5t ,f9ancial ,in/itutions ,fund1 includ+ p>ticipat+ in/itutions & am\nts ea* in/itution has receiv$ "u ea* program describ$ 9 p>agraph 7#a74 7b7 ,breakd[n ( funds ,ea* report requir$ "u subsection 7a7 %all specify ! am\nt ( funds "u ea* program describ$ "u subsection 7a77#a7 t w5t to-- 7#a7 m9ority depository in/itutions t are depository in/itutions2 7#b7 m9ority depository in/itutions t are cr$it unions2 7#c7 m9ority l5d+ in/itutions2 7#d7 community developm5t f9ancial in/itution loan funds2 7#e7 community developm5t f9ancial in/itutions t are depository in/itutions2 & 7#f7 community developm5t f9ancial in/itutions t are cr$it unions4 7c7 ,def9itions ,9 ?is section3 7#a7 ,appropriate committees ( ,congress ,! t]m appropriate committees ( ,congress means ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate4 7#b7 ,community developm5t f9ancial in/itution ,! t]m community developm5t f9ancial in/itution has ! mean+ giv5 t t]m "u section #ajc ( ! ,community ,developm5t ,bank+ & ,f9ancial ,in/itutions ,act ( #aiid 7#ab ,u4,s4,c4 #dgjb74 7#c7 ,cr$it union ,! t]m cr$it union means a ,/ate cr$it union or a ,f$]al cr$it union1 z su* t]ms are def9$1 respectively1 "u section #aja ( ! ,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4 #ageb74 7#d7 ,depository in/itution ,! t]m depository in/itution has ! mean+ giv5 t t]m "u section #c ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac74 7#e7 ,m9ority depository in/itution ,! t]m m9ority depository in/itution has ! mean+ giv5 "u section #cjh7;b7 ( ! ,f9ancial ,in/itutions ,re=m1 ,recov]y1 & ,en=cem5t ,act ( #aihi 7#ab ,u4,s4,c4 #adfc note74 7#f7 ,m9ority l5d+ in/itution ,! t]m m9ority l5d+ in/itution has ! mean+ giv5 t t]m "u section #ajc ( ! ,community ,developm5t ,bank+ & ,f9ancial ,in/itutions ,act ( #aiid1 z am5d$ by section #hji ( ?is ,act4 #hab4 ,inspector ,g5]al ov]sight 7a7 ,9 g5]al ,! ,inspector ,g5]al ( ! ,dep>tm5t ( ! ,treasury %all conduct1 sup]vise1 & coord9ate audits & inve/igations ( any program e/abli%$ "u ?is title or ! am5dm5ts made by ?is title4 7b7 ,report+ ,! ,inspector ,g5]al ( ! ,dep>tm5t ( ! ,treasury %all issue a report n less frequ5tly ?an #b times p] ye> to ,congress & ! ,secret>y ( ! ,treasury relat+ to ! ov]sight provid$ by ! ,(fice ( ! ,inspector ,g5]al1 includ+ any recomm5dations = improvem5ts to ! programs describ$ 9 subsection 7a74 #hac4 ,/udy & report ) respect to impact ( programs on l[- & mod]ate-income & m9ority communities 7a7 ,/udy ,! ,secret>y ( ! ,treasury %all conduct a /udy ( ! impact ( ! programs e/abli%$ "u ?is title or any am5dm5t made by ?is title on l[- & mod]ate-income & m9ority communities4 7b7 ,report ,n lat] ?an #ah mon?s aft] ! date ( enactm5t ( ?is ,act1 ! ,secret>y %all submit to ,congress a report on ! results ( ! /udy conduct$ pursuant to subsection 7a71 :i* %all include1 to ! ext5t possible1 ! results ( ! /udy disaggregat$ by e?nic gr\p4 7c7 ,in=mation provid$ to ! ,secret>y ,eligible in/itutions t p>ticipate 9 any ( ! programs describ$ 9 subsection 7a7 %all provide ! ,secret>y ( ! ,treasury ) su* in=mation z ! ,secret>y may require to c>ry out ! /udy requir$ by ?is section4 #had4 ,community ,developm5t ,f9ancial ,in/itutions ,fund 7a7 ,direct appropriations ,!re is appropriat$1 out ( am\nts 9 ! ,treasury n o!rwise appropriat$1 = an additional am\nt = ! ,community ,developm5t ,f9ancial ,in/itutions ,fund ,program ,acc\nt = ! fiscal ye> end+ ,septemb] #cj1 #bjba1 #a1jjj1jjj1jjj to prev5t1 prep>e =1 & response to coronavirus1 dome/ically or int]nationally4 7b7 ,crit]ia ,! ,community ,developm5t ,f9ancial ,in/itutions ,fund 79 ?is section ref]r$ to z ! ,fund7 %all1 us+ am\nts provid$ "u subsection 7a71 provide grants us+ a =mula t takes into acc\nt crit]ia su* z c]tification /atus1 f9ancial & compliance p]=mance1 portfolio & balance %eet /r5g?1 & program capacity4 7c7 ,set aside ,( am\nts appropriat$ "u subsection 7a71 n less ?an #be1jjj1jjj %all be = f9ancial assi/ance1 te*nical assi/ance1 & tra9+ & outrea* programs design$ to b5efit ,native ,am]ican1 ,native ,hawaiian1 & ,alaska ,native communities4 7d7 ,deadl9e ,! ,fund %all make am\nts provid$ "u ?is section available to grantees n lat] ?an #fj days aft] ! date ( enactm5t ( ?is ,act4 7e7 ,adm9i/rative exp5ses ,! ,fund may use am\nts appropriat$ "u subsection 7a7 = adm9i/rative exp5ses1 includ+ ! adm9i/ration ( programs ( ! ,fund & ! ,new ,m>kets ,tax ,cr$it ,program "u section #de;,d ( ! ,int]nal ,rev5ue ,code ( #aihf4 7f7 ,em]g5cy designation 7#a7 ,9 g5]al ,! am\nts provid$ "u ?is section are designat$ z an em]g5cy requirem5t pursuant to section #d7;g7 ( ! ,/atutory ,pay-,z-,y-,g ,act ( #bjaj 7#b ,u4,s4,c4 #icc7;g774 7#b7 ,designation 9 s5ate ,9 ! ,s5ate1 ?is section is designat$ z an em]g5cy requirem5t pursuant to section #daab7;a7 ( ,h4 ,con4 ,res4 #ga 7#aae? ,congress71 ! concurr5t resolution on ! budget = fiscal ye> #bjah4