,,ii #aafth ,,congress #b;d ,session ,s4 #ejaa ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,december #aa1 #bjbj,mrs4 ,loeffler 7for herself1 ,mr4 ,crapo1 and ,mr4 ,rubio7 introduced the following bill2 which was read twice and referred to the ,committee on ,finance ,a ,,bill ,to codify the ,minority ,business ,development ,agency of the ,department of ,commerce1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,economic ,empowerment for ,underserved ,communities ,act4 #b4 ,purposes ,the purposes of this ,act1 and the amendments made by this ,act1 are to-- 7#a7 ensure that underserved communities have access to capital to promote economic revitalization2 7#b7 respond to the unprecedented loss of jobs and minority-owned businesses as a result of the ,,covid-#ai pandemic2 and 7#c7 further encourage long-term investments in low-income and minority communities4 #c4 ,supporting the ,,cdfi ,fund 7a7 ,appropriations ,of the amounts made available to the ,secretary of the ,treasury under section #djbg of the ,,cares ,act 7#ae ,u4,s4,c4 #ijfa71 #g1jjj1jjj1jjj shall be made available to the ,fund to carry out this section4 7b7 ,set asides ,of the amounts made available under subsection 7a71 the following amounts shall be set aside3 7#a7 ,up to #a1jjj1jjj1jjj1 to remain available until ,september #cj1 #bjbb1 to support1 prepare for1 and respond to the economic impact of the coronavirus1 provided that the ,fund shall-- 7,a7 provide grants funded under this paragraph using a formula that takes into account criteria such as certification status1 financial and compliance performance1 portfolio and balance sheet strength1 a diversity of ,,cdfi business model types1 and program capacity1 of which not less than #cj1jjj1jjj may be for grants to benefit ,native ,american1 ,native ,hawaiian1 and ,alaska ,native communities2 and 7,b7 make funds available under this paragraph not later than #fj days after the date of enactment of this ,act4 7#b7 ,up to #d1jjj1jjj1jjj1 to remain available until ,september #cj1 #bjbe1 to provide grants to ,c,d,f,is-- 7,a7 to expand lending or investment activity in low- or moderate-income minority communities and to minorities that have significant unmet capital or financial services needs2 and 7,b7 using a formula that takes into account criteria such as certification status1 financial and compliance performance1 portfolio and balance sheet strength1 a diversity of ,,cdfi business model types1 and program capacity1 as well as experience making loans and investments to those areas and populations identified in this paragraph4 7#c7 ,up to #ejj1jjj1jjj1 to remain available until expended1 for technical assistance1 technology1 and training under sections #ajh7;a77#a77;,b7 and #aji1 respectively1 of the ,community ,development ,banking and ,financial ,institutions ,act of #aiid 7#ab ,u4,s4,c4 #dgjg7;a77#a77;,b71 #dgjh71 with a preference for minority-led and minority-owned ,c,d,f,is that primarily serve low- and moderate-income communities4 7#d7 ,up to #ejj1jjj1jjj1 to remain available until expended1 to provide grants to recipients that are minority-led and minority-owned ,c,d,f,is4 7c7 ,administrative expenses ,funds made available under this section may be used for administrative expenses1 including administration of ,fund programs and the ,new ,markets ,tax ,credit ,program under section #de;,d of the ,internal ,revenue ,code of #aihf4 7d7 ,emergency designation 7#a7 ,in general ,the amounts provided under this section are designated as an emergency requirement pursuant to section #d7;g7 of the ,statutory ,pay-,as-,you-,go ,act of #bjaj 7#b ,u4,s4,c4 #icc7;g774 7#b7 ,designation in senate ,in the ,senate1 this section is designated as an emergency requirement pursuant to section #daab7;a7 of ,h4 ,con4 ,res4 #ga 7#aaeth ,congress71 the concurrent resolution on the budget for fiscal year #bjah4 7e7 ,definitions ,in this section3 7#a7 ,,cdfi ,the term ,,cdfi means a community development financial institution1 as defined in section #ajc of the ,community ,development ,banking and ,financial ,institutions ,act of #aiid 7#ab ,u4,s4,c4 #dgjb74 7#b7 ,fund ,the term ,fund means the ,community ,development ,financial ,institutions ,fund established under section #ajd7;a7 of the ,community ,development ,banking and ,financial ,institutions ,act of #aiid 7#ab ,u4,s4,c4 #dgjc7;a774 7#c7 ,minority ,the term minority means any ,black ,american1 ,native ,american1 ,hispanic ,american1 or ,asian ,american4 #d4 ,permanent extension of new markets tax credit 7a7 ,extension 7#a7 ,in general ,subparagraph 7,h7 of section #de;,d7f77#a7 of the ,internal ,revenue ,code of #aihf is amended by inserting and each calendar year thereafter after for #bjbj4 7#b7 ,conforming amendment ,section #de;,d7f77#c7 of such ,code is amended by striking the last sentence4 7b7 ,inflation adjustment ,subsection 7f7 of section #de;,d of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new paragraph3 7#d7 ,inflation adjustment 7,a7 ,in general ,in the case of any calendar year beginning after #bjbj1 the dollar amount in paragraph 7#a77;,g7 shall be increased by an amount equal to-- 7i7 such dollar amount1 multiplied by 7ii7 the cost-of-living adjustment determined under section #a7;f77#c7 for the calendar year1 determined by substituting calendar year #bjai for calendar year #bjaf in subparagraph 7,a77ii7 thereof4 7,b7 ,rounding rule ,any increase under subparagraph 7,a7 which is not a multiple of #a1jjj1jjj shall be rounded to the nearest multiple of #a1jjj1jjj4 4 7c7 ,alternative minimum tax relief ,subparagraph 7,b7 of section #ch7;c77#d7 of the ,internal ,revenue ,code of #aihf is amended-- 7#a7 by redesignating clauses 7vii7 through 7xii7 as clauses 7viii7 through 7xiii71 respectively1 and 7#b7 by inserting after clause 7vi7 the following new clause3 7vii7 the credit determined under section #de;,d1 but only with respect to credits determined with respect to qualified equity investments 7as defined in section #de;,d7b77 initially made after ,december #ca1 #bjai1 4 7d7 ,effective dates 7#a7 ,in general ,except as provided in paragraph 7#b71 the amendments made by this section shall apply to taxable years beginning after ,december #ca1 #bjai4 7#b7 ,alternative minimum tax relief ,the amendments made by subsection 7c7 shall apply to credits determined with respect to qualified equity investments 7as defined in section #de;,d7b7 of the ,internal ,revenue ,code of #aihf7 initially made after ,december #ca1 #bjbj4 #e4 ,opportunity zone program representatives ,section #d of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcc7 is amended by adding at the end the following3 7i7 ,opportunity zone program representatives 7#a7 ,in general ,the ,administrator1 through each district office of the ,administration1 small business development center1 women's business center described in section #bi1 chapter of the ,service ,corps of ,retired ,executives authorized by section #h7;b77#a71 and ,veteran ,business ,outreach ,center described in section #cb1 shall train and educate field representatives on investments in areas that have been designated as qualified opportunity zones under section #adjj,z-#a of the ,internal ,revenue ,code of #aihf4 7#b7 ,duties ,a field representative trained under paragraph 7#a7 shall-- 7,a7 serve as a point of contact for questions and resources on the investments described in paragraph 7#a7 for the area served by the district office1 small business development center1 women's business center1 chapter of the ,service ,corps of ,retired ,executives1 and ,veteran ,business ,outreach ,center1 as applicable2 7,b7 educate elected leaders within such area on those investments2 and 7,c7 hold an annual seminar in each ,state to educate managers of qualified opportunity funds 7as defined in section #adjj,z-#b7;d7 of the ,internal ,revenue ,code of #aihf71 qualified opportunity zone businesses 7as defined in such section71 ,state and local government officials1 accountants1 lawyers1 and other interested persons on how to benefit from such investments4 7#c7 ,report 7,a7 ,in general ,not later than #a year after the date of enactment of this subsection1 and annually thereafter through #bjbf1 the director of each regional office of the ,administration shall submit to the ,administrator a report on the success of the efforts of the field representatives trained under paragraph 7#a71 including any problems faced by1 and best practices of1 the field representatives4 7,b7 ,submission by ,administrator ,the ,administrator shall submit each report received under subparagraph 7,a7 to the ,committee on ,small ,business and ,entrepreneurship of the ,senate and the ,committee on ,small ,business of the ,house of ,representatives4 4 #f4 ,small business investment company program 7a7 ,in general ,part ,a of title ,,iii of the ,small ,business ,investment ,act of #aieh 7#ae ,u4,s4,c4 #fha et seq47 is amended-- 7#a7 in section #cjb7;a7 7#ae ,u4,s4,c4 #fhb7;a77-- 7,a7 in paragraph 7#a7-- 7i7 in subparagraph 7,a71 by striking or at the end2 7ii7 in subparagraph 7,b71 by striking the period at the end and inserting 2 or2 and 7iii7 by adding at the end the following3 7,c7 #bj1jjj1jjj1 adjusted every #e years for inflation1 with respect to each licensee authorized or seeking authority to sell bonds to ,administration as a participating investment company under section #cba4 2 and 7#b7 by adding at the end the following3 #cba4 ,small business and domestic production recovery investment facility 7a7 ,definitions ,in this section3 7#a7 ,covered population census tract ,the term covered population census tract means a population census tract for which-- 7,a7 in the case of a tract that is not located within a metropolitan area1 the median income does not exceed #hj percent of the statewide 7or1 with respect to a possession or territory of the ,united ,states1 the possession- or territory-wide7 median family income2 or 7,b7 in the case of a tract that is located within a metropolitan area1 the median family income does not exceed #hj percent of the greater of the statewide 7or1 with respect to a possession or territory of the ,united ,states1 the possession- or territory-wide7 median family income and the metropolitan area median family income4 7#b7 ,eligible small business concern ,the term eligible small business concern-- 7,a7 means a small business concern that-- 7i7 7,i7 except as provided in subclauses 7,,ii71 7,,iii71 and 7,,iv71 had gross receipts during the first or second quarter in #bjbj that are not less than #ej percent less than the gross receipts of the entity during the same quarter in #bjai2 7,,ii7 if the entity was not in business during the first or second quarter of #bjai1 but was in business during the third and fourth quarter of #bjai1 had gross receipts during the first or second quarter of #bjbj that are less than #ej percent of the amount of the gross receipts of the entity during the third or fourth quarter of #bjai2 7,,iii7 if the entity was not in business during the first1 second1 or third quarter of #bjai1 but was in business during the fourth quarter of #bjai1 had gross receipts during the first or second quarter of #bjbj that are less than #ej percent of the amount of the gross receipts of the entity during the fourth quarter of #bjai2 or 7,,iv7 if the entity was not in business during #bjai1 but was in operation on ,february #ae1 #bjbj1 had gross receipts during the second quarter of #bjbj that are less than #ej percent of the amount of the gross receipts of the entity during the first quarter of #bjbj2 7ii7 is a manufacturing business that is assigned a ,north ,american ,industry ,classification ,system code beginning with #ca1 #cb1 or #cc at the time at which the small business concern receives an investment from a participating investment company under the facility2 or 7iii7 is located in a small business low-income census tract2 and 7,b7 does not include-- 7i7 an issuer1 the securities of which are listed on an exchange registered a national securities exchange under section #f of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;f72 7ii7 any entity that-- 7,i7 is a type of business concern described in paragraph 7b71 7c71 7d71 7e71 7f71 7h71 7l71 7m71 7p71 7q71 7r71 or 7s7 of section #abj4aaj of title #ac1 ,code of ,federal ,regulations1 or any successor regulation2 7,,ii7 is a type of business concern described in section #abj4aaj7;g7 of title #ac1 ,code of ,federal ,regulations1 or any successor regulation1 except as otherwise provided in the interim final rule of the ,administration entitled ,business ,loan ,program ,temporary ,changes2 ,paycheck ,protection ,program--,additional ,eligibility ,criteria and ,requirements for ,certain ,pledges of ,loans 7#he ,fed4 ,reg4 #bagdg 7,april #bj1 #bjbj772 7,,iii7 is a type of business concern described in section #abj4aaj7;i7 of title #ac1 ,code of ,federal ,regulations1 or any successor regulation1 except if-- 7aa7 the business concern is described in section #eja7;c77#f7 of the ,internal ,revenue ,code and that is exempt from taxation under section #eja7;a7 of such ,code 7excluding professional football leagues and organizations with the purpose of promoting or participating in a political campaign or other activity72 7bb7 the business concern does not receive more than #aj percent of its receipts from lobbying activities2 7cc7 the lobbying activities of the business concern do not comprise more than #aj percent of the total activities of the business concern2 and 7dd7 the business concern employs not more than #cjj employees2 7,,iv7 is a type of business concern described in section #abj4aaj7;j7 of title #ac1 ,code of ,federal ,regulations1 or any successor regulation1 except as otherwise provided in the interim final rules of the ,administration entitled ,business ,loan ,program ,temporary ,changes2 ,paycheck ,protection ,program--,eligibility of ,certain ,electric ,cooperatives 7#he ,fed4 ,reg4 #bihdg 7,may #ai1 #bjbj77 and ,business ,loan ,program ,temporary ,changes2 ,paycheck ,protection ,program--,eligibility of ,certain ,telephone ,cooperatives 7#he ,fed4 ,reg4 #ceeej 7,june #aa1 #bjbj77 or any other guidance or rule issued or that may be issued by the ,administrator2 7,v7 is a type of business concern described in section #abj4aaj7n7 of title #ac1 ,code of ,federal ,regulations1 or any successor regulation1 except as otherwise provided in the interim final rule of the ,administration entitled ,business ,loan ,program ,temporary ,changes2 ,paycheck ,protection ,program--,additional ,eligibility ,revisions to ,first ,interim ,final ,rule 7#he ,fed4 ,reg4 #chcja 7,june #bf1 #bjbj77 or any other guidance or rule issued or that may be issued by the ,administrator2 7,,vi7 is a type of business concern described in section #abj4aaj7o7 of title #ac1 ,code of ,federal ,regulations1 or any successor regulation1 except as otherwise provided in any guidance or rule issued or that may be issued by the ,administrator2 7,,vii7 is an entity that is organized for research or for engaging in advocacy in areas such as public policy or political strategy or otherwise describes itself as a think tank in any public documents2 7,,viii7 is an entity that would be described in the provisions listed in subclauses 7,i7 through 7,,vii7 if the entity were a business concern2 or 7,,ix7 is assigned1 or was approved for a loan under section #g7;a77#cf7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77 with1 a ,north ,american ,industry ,classification ,system code beginning with #eb2 7iii7 any business concern or entity primarily engaged in political or lobbying activities1 including any entity that is organized for research or for engaging in advocacy in areas such as public policy or political strategy or otherwise describes itself as a think tank in any public documents2 or 7iv7 any business concern or entity-- 7,i7 for which an entity created in or organized under the laws of the ,people's ,republic of ,china or the ,special ,administrative ,region of ,hong ,kong1 or that has significant operations in the ,people's ,republic of ,china or the ,special ,administrative ,region of ,hong ,kong1 owns or holds1 directly or indirectly1 not less than #bj percent of the economic interest of the business concern or entity1 including as equity shares or a capital or profit interest in a limited liability company or partnership2 or 7,,ii7 that retains1 as a member of the board of directors of the business concern1 a person who is a resident of the ,people's ,republic of ,china4 7#c7 ,facility ,the term facility means the facility established under subsection 7b74 7#d7 ,fund ,the term ,fund means the fund established under subsection 7h74 7#e7 ,participating investment company ,the term participating investment company means a small business investment company approved under subsection 7d7 to participate in the facility4 7#f7 ,protg investment company ,the term protg investment company means a small business investment company that-- 7,a7 is majority managed by new1 inexperienced1 or otherwise underrepresented fund managers2 and 7,b7 elects and is selected by the ,administration to participate in the pathway-protg program under subsection 7g74 7#g7 ,small business concern ,the term small business concern has the meaning given the term in section #c7;a7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcb7;a774 7#h7 ,small business low-income census tract ,the term small business low-income census tract-- 7,a7 means-- 7i7 a covered population census tract for which the poverty rate is not less than #bj percent2 or 7ii7 an area-- 7,i7 that is not tracted as a population census tract2 7,,ii7 for which the poverty rate in the equivalent county division 7as defined by the ,bureau of the ,census7 is not less than #bj percent2 and 7,,iii7 for which the median income in the equivalent county division 7as defined by the ,bureau of the ,census7 does not exceed #hj percent of the statewide 7or1 with respect to a possession or territory of the ,united ,states1 the possession- or territory-wide7 median income2 and 7,b7 does not include any area or population census tract with a median family income that is not less than #abj percent of the median family income in the ,united ,states1 according to the most recent ,american ,communities ,survey data from the ,bureau of the ,census4 7b7 ,establishment 7#a7 ,facility ,the ,administrator shall establish and carry out a facility to improve the recovery of eligible small business concerns from the ,,covid-#ai pandemic1 increase resiliency in the manufacturing supply chain of eligible small business concerns1 and increase the economic development of small business low-income census tracts by providing financial assistance to participating investment companies that facilitate equity financings to eligible small business concerns in accordance with this section4 7#b7 ,administration of facility ,the facility shall be administered by the ,administrator acting through the ,associate ,administrator described in section #bja4 7c7 ,applications 7#a7 ,in general ,any small business investment company may submit to the ,administrator an application to participate in the facility4 7#b7 ,requirements for application ,an application to participate in the facility shall include the following3 7,a7 ,a business plan describing how the applicant intends to make successful equity investments in eligible small business concerns4 7,b7 ,information regarding the relevant investment qualifications and backgrounds of the individuals responsible for the management of the applicant4 7,c7 ,a description of the extent to which the applicant meets the selection criteria under subsection 7d77#b74 7#c7 ,exceptions to application for new licensees ,not later than #ij days after the date of enactment of this section1 the ,administrator shall reduce requirements for applicants applying to operate as a participating investment company under this section in order to encourage the participation of new small business investment companies in the facility under this section1 which may include the requirements established under part #ajg of title #ac1 ,code of ,federal ,regulations1 or any successor regulations1 relating to-- 7,a7 the approval of initial management expenses2 7,b7 the management ownership diversity requirement2 7,c7 the disclosure of general compensatory practices and fee structures2 or 7,d7 any other requirement that the ,administrator determines to be an obstacle to achieving the purposes described in this paragraph4 7d7 ,selection of participating investment companies 7#a7 ,determination 7,a7 ,in general ,except as provided in paragraph 7#c71 not later than #fj days after the date on which the ,administrator receives an application under subsection 7c71 the ,administrator shall-- 7i7 make a final determination to approve or disapprove such applicant to participate in the facility2 and 7ii7 transmit the determination to the applicant in writing4 7,b7 ,commitment amount ,except as provided in paragraph 7#c71 at the time of approval of an applicant1 the ,administrator shall make a determination of the amount of the commitment that may be awarded to the applicant under this section4 7#b7 ,selection criteria ,in making a determination under paragraph 7#a71 the ,administrator shall consider-- 7,a7 the probability that the investment strategy of the applicant will successfully repay any financial assistance provided by the ,administration1 including the probability of a return significantly in excess thereof2 7,b7 the probability that the investments made by the applicant will-- 7i7 provide capital to eligible small business concerns2 or 7ii7 create or preserve jobs in the ,united ,states2 7,c7 the probability that the applicant will meet the objectives in the business plan of the applicant1 including the financial goals1 and1 if applicable1 the pathway-protg program in accordance with subsection 7g72 and 7,d7 the probability that the applicant will assist eligible small business concerns in achieving profitability4 7#c7 ,approval of participating investment companies 7,a7 ,provisional approval 7i7 ,in general ,notwithstanding paragraph 7#a71 with respect to an application submitted by an applicant to operate as a participating investment company under this section1 the ,administrator may provide provisional approval for the applicant in lieu of a final determination of approval and determination of the amount of the commitment under that paragraph4 7ii7 ,purpose ,the purpose of a provisional approval under clause 7i7 is to-- 7,i7 encourage applications from investment companies with an investment mandate from the committed private market capital of the investment company that does not conform to the requirements described in this section at the time of application2 7,,ii7 allow the applicant to more effectively raise capital commitments in the private markets by referencing the intent of the ,administrator to award the applicant a commitment2 and 7,,iii7 allow the applicant to more precisely request the desired amount of commitment pending the securing of capital from private market investors4 7iii7 ,limit on period of the time ,the period between a provisional approval under clause 7i7 and the final determination of approval under paragraph 7#a7 shall not exceed #ab months4 7e7 ,commitments and ,,sbic bonds 7#a7 ,in general ,the ,administrator may1 out of amounts available in the ,fund1 purchase or commit to purchase from a participating investment company #a or more accruing bonds that include equity features as described in this subsection4 7#b7 ,bond terms ,a bond purchased by the ,administrator from a participating investment company under this subsection shall have the following terms and conditions3 7,a7 ,term and interest 7i7 ,in general ,the bond shall be issued for a term of not less than #ae years and shall bear interest at a rate determined by the ,administrator of not more than #b percent4 7ii7 ,accrual of interest ,interest on the bond shall accrue and shall be payable in accordance with subparagraph 7,d74 7iii7 ,prepayment ,the bond shall be prepayable without penalty after the end of the #a-year period beginning on the date on which the bond was purchased4 7,b7 ,profits 7i7 ,in general ,the ,administration shall be entitled to receive a share of the profits net of any profit sharing performance compensation of the participating investment company equal to the quotient obtained by dividing-- 7,i7 one-third of the commitment that the participating investment company is approved for under subsection 7d72 by 7,,ii7 the commitment approved under subsection 7d7 plus the regulatory capital of the participating investment company at the time of approval under that subsection4 7ii7 ,determination of percentage ,the share to which the ,administration is entitled under clause 7i7-- 7,i7 shall be determined at the time of approval under subsection 7d72 and 7,,ii7 without the approval of the ,administration1 shall not be revised1 including to reflect subsequent distributions of profits1 returns of capital1 or repayments of bonds1 or otherwise4 7,c7 ,profit sharing performance compensation 7i7 ,receipt by ,administration ,the ,administration shall receive a share of profits of not more than #b percent1 which shall be deposited into the ,fund and be available to make commitments under this subsection4 7ii7 ,receipt by managers ,the managers of the participating investment company may receive a maximum profit sharing performance compensation of #be percent minus the share of profits paid to the ,administration under clause 7i74 7,d7 ,prohibition on distributions ,no distributions on capital1 including profit distributions1 shall be made by the participating investment company to the investors or managers of the participating investment company until the ,administration has received payment of all accrued interest on the bond committed under this section4 7,e7 ,repayment of principal ,except as described in subparagraph 7,f71 repayments of principal of the bond of a participating investment company shall be-- 7i7 made at the same time as returns of private capital2 and 7ii7 in amounts equal to the pro rata share of the ,administration of the total amount being repaid or returned at such time4 7,f7 ,liquidation or default ,upon any liquidation event or default1 as defined by the ,administration1 any unpaid principal or accrued interest on the bond shall-- 7i7 have a priority over all equity of the participating investment company2 and 7ii7 be paid before any return of equity or any other distributions to the investors or managers of the participating investment company4 7#c7 ,amount of commitments and purchases 7,a7 ,maximum amount ,the maximum amount of outstanding bonds and commitments to purchase bonds for any participating investment company under the facility shall be the lesser of-- 7i7 twice the amount of the regulatory capital of the participating investment company2 or 7ii7 #bjj1jjj1jjj4 7#d7 ,commitment process ,commitments by the ,administration to purchase bonds under the facility shall remain available to be sold by a participating investment company until the end of the fourth fiscal year following the year in which the commitment is made1 subject to review and approval by the ,administration based on regulatory compliance1 financial status1 change in management1 deviation from business plan1 and such other limitations as may be determined by the ,administration by regulation or otherwise4 7#e7 ,commitment conditions 7,a7 ,in general ,as a condition of receiving a commitment under the facility1 not less than #ej percent of amounts invested by the participating investment company shall be invested in eligible small business concerns4 7,b7 ,examinations ,in addition to the matters set forth in section #caj7;c71 the ,administration shall examine each participating investment company in such detail so as to determine whether the participating investment company has complied with the requirements under this subsection4 7f7 ,distributions and fees 7#a7 ,distribution requirements 7,a7 ,distributions ,as a condition of receiving a commitment under the facility1 a participating investment company shall make all distributions to the ,administrator in the same form and in a manner as are made to investors1 or otherwise at a time and in a manner consistent with regulations or policies of the ,administration4 7,b7 ,allocations ,a participating investment company shall make allocations of income1 gain1 loss1 deduction1 and credit to the ,administrator with respect to any outstanding bonds as if the ,administrator were an investor4 7#b7 ,fees ,the ,administrator may not charge fees for participating investment companies other than examination fees that are consistent with the license of the participating investment company4 7#c7 ,bifurcation ,losses on bonds issued by participating investment companies shall not be offset by fees or any other charges on debenture small business investment companies4 7g7 ,protg program ,the ,administrator shall establish a pathway-protg program in which a protg investment company may receive technical assistance and program support from a participating investment company on a voluntary basis and without penalty for non-participation4 7h7 ,loss limiting fund 7#a7 ,in general ,there is established in the ,treasury a fund for making commitments and purchasing bonds with equity features under the facility and receiving capital returned by participating investment companies4 7#b7 ,use of funds ,amounts appropriated to the ,fund or deposited in the ,fund under paragraph 7#c7 shall be available to the ,administrator1 without further appropriation1 for making commitments and purchasing bonds under the facility and expenses and payments1 excluding administrative expenses1 relating to the operations of the ,administrator under the facility4 7#c7 ,depositing of amounts 7,a7 ,in general ,all amounts received by the ,administrator from a participating investment company relating to the facility1 including any moneys1 property1 or assets derived by the ,administrator from operations in connection with the facility1 shall be deposited in the ,fund4 7,b7 ,period of availability ,amounts deposited under subparagraph 7,a7 shall remain available until expended4 7i7 ,application of other sections ,to the extent not inconsistent with requirements under this section1 the ,administrator may apply sections #cji1 #caa1 #cab1 #cac1 and #cad to activities under this section and an officer1 director1 employee1 agent1 or other participant in a participating investment company shall be subject to the requirements under such sections4 7j7 ,authorization of appropriations ,there is authorized to be appropriated for the first fiscal year beginning after the date of enactment of this section #aj1jjj1jjj1jjj to carry out the facility4 ,amounts appropriated pursuant to this subsection shall remain available until the end of the second fiscal year beginning after the date of enactment of this section4 4 7b7 ,approval of bank-,owned1 non-,leveraged applicants ,section #cja7;c77#b7 of the ,small ,business ,investment ,act of #aieh 7#ae ,u4,s4,c4 #fha7;c77#b77 is amended-- 7#a7 in subparagraph 7,b71 in the matter preceding clause 7i71 by striking ,within and inserting ,except as provided in subparagraph 7,c71 within2 and 7#b7 by adding at the end the following3 7,c7 ,exception for bank-owned1 non-leveraged applicants ,not later than #de days after the date on which the ,administrator receives a completed application submitted by a bank-owned1 non-leveraged applicant in accordance with this subsection1 and in accordance with such requirements as the ,administrator may prescribe by regulation1 the ,administrator shall-- 7i7 review the application in its entirety2 and 7ii7 7,i7 approve the application and issue a license for such operation to the applicant if the requirements of this section are satisfied2 or 7,,ii7 disapprove the application and notify the applicant in writing of the disapproval4 4 7c7 ,electronic submissions ,part ,a of title ,,iii of the ,small ,business ,investment ,act of #aieh 7#ae ,u4,s4,c4 #fha et seq471 as amended by subsection 7a7 of this section1 is amended by adding at the end the following3 #cbb4 ,electronic submissions ,the ,administration shall permit any document submitted under this title1 or pursuant to a regulation carrying out this title1 to be submitted electronically1 including by permitting an electronic signature for any signature that is required on such a document4 4 #g4 ,minority ,business ,development ,agency 7a7 ,in general ,there is within the ,department of ,commerce the ,minority ,business ,development ,agency 7referred to in this section as the ,agency74 7b7 ,assistant ,secretary 7#a7 ,in general ,the ,agency shall be headed by an ,assistant ,secretary of ,commerce for ,minority ,business ,development1 who shall be appointed by the ,president4 7#b7 ,compensation ,the ,assistant ,secretary of ,commerce for ,minority ,business ,development shall be compensated at an annual rate of basic pay prescribed for level ,,iv of the ,executive ,schedule under section #ecae of title #e1 ,united ,states ,code4 7c7 ,duties ,in addition to the functions1 duties1 and programs carried out by the ,agency1 as of the day before the date of enactment of this ,act 7including the ,business ,center program of the ,agency71 the ,agency shall-- 7#a7 promote and administer programs in the public and private sectors that relate to the development of minority business enterprises2 and 7#b7 carry out programs that increase access to capital and technology for1 and provide assistance with respect to the management of1 minority business enterprises4 7d7 ,office of ,african ,american ,affairs 7#a7 ,establishment ,there is established within the ,agency the ,office of ,african ,american ,affairs4 7#b7 ,duties ,the ,office of ,african ,american ,affairs established under paragraph 7#a7 shall carry out such functions1 duties1 and programs as the ,assistant ,secretary of ,commerce for ,minority ,business ,development determines to be appropriate4 7e7 ,technical and conforming amendment ,section #ecae of title #e1 ,united ,states ,code1 is amended1 in the item relating to ,assistant ,secretaries of ,commerce1 by striking 7#aa7 and inserting 7#ab74 #h4 ,,hrsa grant program consideration ,in awarding grants for which faith-based entities are eligible1 the ,administrator of the ,health ,resources and ,services ,administration shall give special consideration to any application from an eligible entity that is located in a qualified opportunity zone 7as defined in section #adjj,z-#a7;a7 of the ,internal ,revenue ,code of #aihf7 or that serves a community located in such a qualified opportunity zone4 #i4 ,extension of subsidy for certain loan payments 7a7 ,in general ,section #aaab7;c77#a7 of the ,,cares ,act 7#ae ,u4,s4,c4 #ijaa7;c77#a77 is amended-- 7#a7 in subparagraph 7,a71 by striking #f-month and inserting #ab-month2 7#b7 in subparagraph 7,b71 by striking #f-month and inserting #ab-month2 and 7#c7 in subparagraph 7,c7-- 7,a7 by striking #f months and inserting #ab months2 and 7,b7 by striking #f-month and inserting #ab-month4 7b7 ,effective date ,the amendments made by subsection 7a7 shall take effect as if included in the enactment of section #aaab of the ,,cares ,act 7#ae ,u4,s4,c4 #ijaa74