,,ii #aag? ,,congress #a/ ,session ,s4 #bee ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,febru>y #d1 #bjba,mr4 ,wick] 7= himself & ,ms4 ,s9ema7 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,f9ance ,a ,,bill ,to e/abli% a #abj1jjj1jjj1jjj ,re/aurant ,revitalization ,fund to provide /ructur$ relief to food s]vice or dr9k+ e/abli%m5ts1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,real ,economic ,support ,t ,ackn[l$ges ,unique ,re/aurant ,assi/ance ,ne$$ ,to ,survive ,act ( #bjba or ! ,,re/aurants ,act ( #bjba4 #b4 ,def9itions ,9 ?is ,act3 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/5ce z ( ,m>* #ac1 #bjbj4 7#b7 ,cov]$ p]iod ,! t]m cov]$ p]iod means ! p]iod beg9n+ on ,febru>y #ae1 #bjbj & end+ on ! date t is #h mon?s aft] ! date ( enactm5t ( ?is ,act4 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$ facility or premise ( a bev]age alcohol produc] :]e ! public may ta/e1 sample1 or pur*ase products1 or o!r simil> place ( bus9ess 9 :i* ! public or patrons assemble = ! prim>y purpose ( be+ s]v$ food or dr9k2 7,b7 includes an entity describ$ 9 subp>agraph 7,a7 t is locat$ 9 an airport t]m9al2 & 7,c7 does n include an entity describ$ 9 subp>agraph 7,a7 t-- 7i7 is "p ( a ,/ate or local gov]nm5t facility1 n includ+ an airport2 or 7ii7 z ( ,m>* #ac1 #bjbj1 owns or op]ates 7toge!r ) any affiliat$ bus9ess7 m ?an #bj locations1 reg>dless ( :e!r ^? locations d bus9ess "u ! same or multiple names4 7#d7 ,fund ,! t]m ,fund means ! ,re/aurant ,revitalization ,fund e/abli%$ "u section #c4 7#e7 ,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#f7 ,secret>y ,! t]m ,secret>y means ! ,secret>y ( ! ,treasury4 #c4 ,re/aurant ,revitalization ,fund 7a7 ,9 g5]al ,!re is e/abli%$ 9 ! ,treasury ( ! ,unit$ ,/ates a fund to be kn[n z ! ,re/aurant ,revitalization ,fund4 7b7 ,appropriations 7#a7 ,9 g5]al ,!re is appropriat$ to ! ,fund1 out ( am\nts 9 ! ,treasury n o!rwise appropriat$1 #abj1jjj1jjj1jjj1 to rema9 available until ! date t is #h mon?s aft] ! date ( enactm5t ( ?is ,act4 7#b7 ,rema9d] to ,treasury ,any am\nts rema9+ 9 ! ,fund aft] ! date t is #h mon?s aft] ! date ( enactm5t ( ?is ,act %all be deposit$ 9 ! g5]al fund ( ! ,treasury4 7c7 ,use ( funds ,! ,secret>y %all use am\nts 9 ! ,fund to make grants describ$ 9 section #d4 #d4 ,re/aurant revitalization grants 7a7 ,9 g5]al ,! ,secret>y %all aw>d grants to eligible entities 9 ! ord] 9 :i* applications are receiv$ by ! ,secret>y4 7b7 ,regi/ration ,! ,secret>y %all regi/] ea* grant aw>d$ "u ?is section us+ ! employ] id5tification numb] ( ! eligible entity4 7c7 ,application 7#a7 ,9 g5]al ,an eligible entity desir+ a grant "u ?is section %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 section %all make a good fai? c]tification-- 7,a7 t ! unc]ta9ty ( curr5t economic conditions makes necess>y ! grant reque/ to support ! ongo+ op]ations ( ! eligible entity2 7,b7 ackn[l$g+ t funds w be us$ to reta9 work]s & ma9ta9 payroll or = o!r all[able exp5ses describ$ 9 subsection 7e7 & n = any o!r purposes2 7,c7 t ! eligible entity does n h an application p5d+ = a grant "u p>agraph 7#cf7 or 7#cg7 ( subsection 7a7 or subsection 7b77#b7 ( section #g ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7 = ! same purpose & duplicative ( am\nts appli$ = or receiv$ "u ?is section2 & 7,d7 t1 dur+ ! cov]$ p]iod1 ! eligible entity has n receiv$ am\nts "u p>agraph 7#cf7 or 7#cg7 ( subsection 7a7 or subsection 7b77#b7 ( section #g ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7 = ! same purpose & duplicative ( am\nts appli$ = or receiv$ "u ?is section4 7#c7 ,hold h>mless ,an eligible entity apply+ = a grant "u ?is section %all n be ineligible = a grant if ! eligible entity is able to docum5t-- 7,a7 an inability to rehire individuals :o 7 employees ( ! eligible entity on ,febru>y #ae1 #bjbj2 & 7,b7 an inability to hire simil>ly qualifi$ employees = unfill$ positions on or be=e ! date t is #h mon?s aft] ! date ( enactm5t ( ?is ,act4 7#d7 ,prev5tion ( wa/e1 fraud1 & abuse ,! ,secret>y may impose requirem5ts on applicants = ! purpose ( r$uc+ wa/e1 fraud1 & abuse 9 ! application process = a grant "u ?is section 9 a mann] t is n unduly burd5some on applicants4 7d7 ,priority 9 aw>d+ grants ,dur+ ! initial #ad-;day p]iod 9 :i* ! ,secret>y aw>ds grants "u ?is section1 ! ,secret>y %all-- 7#a7 prioritize aw>d+ grants to m>g9aliz$ & und]repres5t$ communities1 ) a focus on wom51 vet]an1 & m9ority-own$ & op]at$ eligible entities2 & 7#b7 only aw>d grants to eligible entities ) annual rev5ues ( less ?an #a1ejj1jjj 9 #bjai4 7e7 ,grant am\nt 7#a7 ,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#b7 ,det]m9ation ( grant am\nt 7,a7 ,9 g5]al ,! am\nt ( a grant made to an eligible entity "u ?is section %all be equal to ! rev5ues ( ! eligible entity dur+ #bjbj subtract$ f ! rev5ues ( ! eligible entity 9 #bjai1 if su* sum is great] ?an z]o4 7,b7 ,eligible entities t 7 n op5 all ( #bjai ,9 ! case ( an eligible entity t 0 n op5 dur+ ! entirety ( #bjai1 ! am\nt ( a grant made to ! eligible entity "u ?is section %all be-- 7i7 equal to ! diff]5ce betwe5-- 7,i7 ! product obta9$ by multiply+ ! av]age mon?ly rev5ue ( ! eligible entity 9 #bjai by #ab2 & 7,,ii7 ! product obta9$ by multiply+ ! av]age mon?ly rev5ue ( ! eligible entity 9 #bjbj by #ab2 or 7ii7 bas$ on a =mula det]m9$ by ! ,secret>y4 7,c7 ,newly-op5$ eligible entities ,9 ! case ( an eligible entity-- 7i7 t op5$ aft] ,janu>y #a1 #bjbj1 ! am\nt ( a grant made to ! eligible entity "u ?is section %all be made bas$ on actual exp5ses describ$ 9 subsection 7f7 incurr$ by ! eligible entity m9us any rev5ues receiv$2 or 7ii7 t has n yet op5$ z ( ! date ( application = a grant "u ?is section b has v]ifi$ exp5ses describ$ 9 subsection 7f7 z ( t date1 ! am\nt ( a grant made to ! eligible entity "u ?is section %all be equal to ^? exp5ses4 7,d7 ,sick leave ,an eligible entity apply+ = a grant "u ?is section-- 7i7 may reque/ an additional grant am\nt bas$ on ! am\nt requir$ to provide #aj days ( paid sick leave to ea* employee ( ! eligible entity to-- 7,i7 c>e = !mselves or an imm$iate family memb] :o is ill2 or 7,,ii7 provide c>e = *ildr5 :5 s*ools or *ildc>e provid]s are %ut d[n due to ,,covid-#ai2 & 7ii7 %all1 if provid$ a grant "u ?is section t includes an additional am\nt = sick leave describ$ 9 clause 7i71 provide ea* employee ( ! entity ) su* #aj days ( paid sick leave4 7,e7 ,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 ?is p>agraph4 7#c7 ,no duplication ( b5efits ,an aw>d grant$ "u ?is section to an eligible entity t receiv$ a loan "u p>agraph 7#cf7 or 7#cg7 ( section #g7;a7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77 %all be r$uc$ by ! am\nt ( t loan4 7#d7 ,limitation ,an eligible entity may n receive m ?an #a grant "u ?is section4 7f7 ,use ( funds 7#a7 ,9 g5]al ,dur+ ! cov]$ p]iod1 an eligible entity t receives a grant "u ?is section may use ! grant funds = ! foll[+ exp5ses incurr$ z a direct result ( ! ,,covid-#ai p&emic3 7,a7 ,payroll co/s4 7,b7 ,paym5ts ( pr9cipal or int]e/ on any mortgage obligation 7:i* %all n include any prepaym5t ( pr9cipal on a mortgage obligation74 7,c7 ,r5t paym5ts1 includ+ r5t "u a lease agreem5t 7:i* %all n include any prepaym5t ( r5t74 7,d7 ,utilities4 7,e7 ,ma9t5ance exp5ses1 includ+-- 7i7 con/ruction to accommodate outdoor seat+2 & 7ii7 walls1 floors1 deck surfaces1 furniture1 fixtures1 & equipm5t4 7,f7 ,supplies1 includ+ protective equipm5t & clean+ mat]ials1 z requir$ by applicable public heal? dep>tm5ts4 7,g7 ,food & bev]age exp5ses t are )9 ! scope ( ! normal bus9ess practice ( ! eligible entity be=e ! cov]$ p]iod4 7,h7 ,debt obligations to suppli]s t 7 incurr$ be=e ! cov]$ p]iod4 7,i7 ,op]ational exp5ses4 7,j7 ,paid sick leave4 7,k7 ,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 section p]man5tly ceases op]ations on or be=e ! date t is #h mon?s aft] ! date ( enactm5t ( ?is ,act1 ! eligible entity %all return to ! ,treasury any funds t ! eligible entity did n use = ! all[able exp5ses "u p>agraph 7#a74 7#c7 ,conv]sion to loan ,any grant am\nts receiv$ by an eligible entity "u ?is section t are unus$ aft] ! date t is #h mon?s aft] ! date ( enactm5t ( ?is ,act %all be imm$iately conv]t$ to a loan )-- 7,a7 an int]e/ rate ( #a p]c5t2 & 7,b7 a maturity date ( #aj ye>s beg9n+ on ! date t is #h mon?s aft] ! date ( enactm5t ( ?is ,act4 7g7 ,taxability 7#a7 ,9 g5]al ,= purposes ( ! ,int]nal ,rev5ue ,code ( #aihf-- 7,a7 ! am\nt ( a grant aw>d$ to an eligible entity "u ?is section %all be exclud$ f ! gross income ( ! eligible entity2 & 7,b7 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 ?is subsection4 7#b7 ,employee ret5tion tax cr$it ,payroll co/s = :i* grant funds are us$ "u ?is section %all n include qualifi$ wages tak5 into acc\nt 9 det]m9+ ! cr$it all[$ "u section #bcja ( ! ,,c>es ,act 7,public ,law #aaf-acf71 if ! co/s are us$ = diff]5t exp5ses4 7h7 ,regulations ,n lat] ?an #ae days aft] ! date ( enactm5t ( ?is ,act1 ! ,secret>y %all issue regulations to c>ry out ?is section )\t reg>d to ! notice & comm5t requirem5ts "u section #eec ( title #e1 ,unit$ ,/ates ,code4 7i7 ,appropriations = /aff+ & adm9i/rative exp5ses 7#a7 ,9 g5]al ,!re is appropriat$ to ! ,secret>y1 out ( am\nts 9 ! ,treasury n o!rwise appropriat$1 #cjj1jjj1jjj1 to rema9 available until ! date t is #h mon?s aft] ! date ( enactm5t ( ?is ,act1 = /aff+ & adm9i/rative exp5ses relat$ to adm9i/]+ grants aw>d$ "u ?is section4 7#b7 ,set aside ,( am\nts appropriat$ "u p>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 7j7 ,limitation ) respect to private funds 7#a7 ,def9itions ,9 ?is subsection3 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 ) ! p]son4 7ii7 ,control ,= purposes ( clause 7i71 a p]son %all be deem$ to control ano!r p]son if ! p]son possesses1 directly or indirectly1 ! p[] to direct or cause ! direction ( ! managem5t & policies ( ! 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 z 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$]al ,regulations4 7,c7 ,private fund ,! t]m private fund means an issu] t w\ld be an inve/m5t company1 z def9$ 9 ! ,inve/m5t ,company ,act ( #aidj 7#ae ,u4,s4,c4 #hj;a-#a et seq471 b = p>agraph 7#a7 or 7#g7 ( section #c7;c7 ( t ,act 7#ae ,u4,s4,c4 #hj;a-#c7;c774 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 section 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 ( ! net op]at+ pr(its ( ! company op]at+ pr(its = ! cal5d> ye> end+ ,decemb] #ca1 #bjba 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 7k7 ,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+ ! numb] & doll> am\nt ( grants approv$ = or disburs$ to all eligible entities1 includ+-- 7,a7 a li/ ( eligible entities ) ! grant am\nt receiv$ by ea* eligible entity2 & 7,b7 a break\t ( ! numb] & doll> am\nt ( grants by ,/ate1 congressional di/rict1 demographics 7includ+ race1 e?nicity1 g5d]1 & vet]an /atus71 & bus9ess type4 7#c7 ,qu>t]ly reports ,n lat] ?an ! end ( ! fir/ qu>t] beg9n+ aft] ! date ( enactm5t ( ?is ,act1 & 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 subsection4 #e4 ,em]g5cy designation 7a7 ,9 g5]al ,! am\nts provid$ by ?is ,act 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 ,act 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