,,ii  #aaf? ,,congress  #b;d ,session   
,s4 #dhge  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,octob] #bf            
7legislative day1 ,octob] #ai71         
#bjbj,mr4 ,lee introduc$ ! foll[+ bill2 
:i* 0 read twice & ref]r$ to !          
,committee on ,bank+1 ,h\s+1 & ,urban   
,affairs  ,a ,,bill  ,to provide        
protections = good fai? borr[]s & l5d]s 
"u ! pay*eck protection program1 & = o!r
 purposes4  #a4 ,%ort title ,?is ,act   
may be cit$ z ! ,protections = ,good    
,fai? ,,ppp ,borr[]s & ,l5d]s ,act4  #b4
 ,hold+ h>mless good fai? borr[]s &     
l5d]s ,section #aajf ( ! ,,c>es ,act    
7#ae ,u4,s4,c4 #ijje7 is am5d$-- 7#a7 by
 /rik+ subsection 7h7 & ins]t+ ! foll[+3
  7h7 ,hold h>mless  7#a7 ,9 g5]al ,a   
l5d] may rely on all c]tifications &    
docum5tation submitt$ by an applicant or
 eligible recipi5t pursuant to any      
requirem5t 9 /atute reg>d+ cov]$ loans1 
or rules or guidance promulgat$ to c>ry 
out any action relat+ to cov]$ loans1 f 
an applicant or eligible recipi5t atte/+

 t ! applicant or eligible recipi5t has 
accurately v]ifi$ all docum5tation      
provid$ to ! l5d]4  7#b7 ,no en=cem5t   
action ,) respect to a l5d] t relies on 
! c]tifications & docum5tation describ$ 
9 p>agraph 7#a7-- 7,a7 no en=cem5t or   
o!r action may be tak5 aga9/ ! l5d]     
relat+ to loan orig9ation1 =giv5ess1 or 
gu>antee bas$ on su* reliance1 includ+  
claims "u-- 7i7 ! ,small ,bus9ess ,act  
7#ae ,u4,s4,c4 #fca et seq472  7ii7     
sections #cgbi ?r\gh #cgcc ( title #ca1 
,unit$ ,/ates ,code 7commonly kn[n z !  
,false ,claims ,act72  7iii7 ! ,f9ancial
 ,in/itutions ,re=m1 ,recov]y1 &        
,en=cem5t ,act ( #aihi 7,public ,law    
#aja-gc2 #aja ,/at4 #ahc72  7iv7 section
 #ba ( ! ,f$]al ,deposit ,insurance ,act
 7#ab ,u4,s4,c4 #ahbi;b71 *apt] #b (    
title ,i ( ,public ,law #ia-ejh 7#ab    
,u4,s4,c4 #aiea et seq471 & sub*apt]    
,,ii ( *apt] #ec ( title #ca1 ,unit$    
,/ates ,code 7collectively kn[n z !     
,bank ,secrecy ,act72 or  7v7 any o!r   
,f$]al1 ,/ate1 or o!r crim9al or civil  

law or regulation2 &  7,b7 ! l5d] %all n
 be subject to any p5alties relat+ to   
loan orig9ation1 =giv5ess1 or gu>antee  
bas$ on su* reliance4  2 &  7#b7 by add+
 at ! end ! foll[+3  7n7 ,en=cem5t      
action aga9/ borr[]s ,an eligible       
recipi5t ( a cov]$ loan may only be     
subject to an en=cem5t action or p5alty 
relat+ to loan orig9ation1 =giv5ess1 or 
gu>antee ( ! cov]$ loan if ! eligible   
recipi5t commits fraud or exp5ds cov]$  
loan proce$s on exp5ses t are n all[able
 "u section #g7;a77#cf77;,f7 ( ! ,small 
,bus9ess ,act 7#ae ,u4,s4,c4            
#fcf7;a77#cf77;,f774  4  #c4 ,exclusion 
( ,,ppp loans f ! calculation ( l5d+    
in/itution assets  7a7 ,def9itions ,9   
?is section-- 7#a7 ! t]ms bank & bank   
hold+ company h ! mean+s giv5 ^? t]ms 9 
section #b ( ! ,bank ,hold+ ,company    
,act ( #aief 7#ab ,u4,s4,c4 #ahda72     
7#b7 ! t]m cr$it union includes-- 7,a7  
an insur$ cr$it union1 z t t]m is def9$ 
9 section #aja ( ! ,f$]al ,cr$it ,union 
,act 7#ab ,u4,s4,c4 #ageb72 &  7,b7 any 

cr$it union t is eligible to make       
application to become an insur$ cr$it   
union pursuant to section #bja ( !      
,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4
 #agha72 &  7#c7 ! t]m l5d+ in/itution  
includes a bank1 a bank hold+ company1 &
 a cr$it union4  7b7 ,prohibition ,no   
loan made "u section #g7;a77#cf7 ( !    
,small ,bus9ess ,act 7#ae ,u4,s4,c4     
#fcf7;a77#cf77 may be includ$ 9 any     
asset ?re%old calculation = any l5d+    
in/itution1 includ+ a ?re%old describ$  
9-- 7#a7 section #aj7;d77#d77;,a7 ( !   
,f$]al ,deposit ,insurance ,act 7#ab    
,u4,s4,c4 #ahbj7;d77#d77;,a772  7#b7    
section #hji ( ! ,community ,re9ve/m5t  
,act ( #aigg 7#ab ,u4,s4,c4 #bijh72     
7#c7 section #ac7;h77#a77;,b77i7 ( !    
,bank ,hold+ ,company ,act ( #aief 7#ab 
,u4,s4,c4 #ahea7;h77#a77;,b77i772 &     
7#d7 any regulation promulgat$ "u a     
section describ$ 9 p>agraph 7#a71 7#b71 
or 7#c74  #d4 ,prohibition on ,,cfpb    
ov]sight ( l5d+ in/itutions p>ticipat+ 9
 ! ,,ppp ,! ,bureau ( ,consum] ,f9ancial

 ,protection %all n h ! au?ority to--   
7#a7 assess1 audit1 review1 or exam9e   
any "p ( ! p>ticipation ( a l5d] 9 !    
program e/abli%$ "u section #g7;a77#cf7 
( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 
#fcf7;a77#cf772 or  7#b7 levy fees or   
f9es aga9/ a l5d] due to any action ( ! 
l5d] "u ! program describ$ 9 p>agraph   
7#a74