,,ii #aagth ,,congress #ast ,session ,s4 #cbg ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,february #ab1 #bjba,mr4 ,kelly 7for himself and ,mr4 ,cornyn7 introduced the following bill2 which was read twice and referred to the ,committee on ,finance ,a ,,bill ,to direct the ,administrator of the ,small ,business ,administration to establish a border closure recovery loan program for small businesses located near the ,united ,states border1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,border ,business ,,covid-#ai ,rescue ,act4 #b4 ,border closure recovery loan 7a7 ,definitions ,in this section3 7#a7 ,administrator ,the term ,administrator means the ,administrator of the ,small ,business ,administration4 7#b7 ,border business ,the term border business means an entity eligible for a loan under section #g7;b77#b7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;b77#b77 that-- 7,a7 has its principal office located in the contiguous ,united ,states2 7,b7 has-- 7i7 estimated or actual annual average gross receipts less than or equal to #a1jjj1jjj2 and 7ii7 fewer than #ej employees2 7,c7 7i7 except as provided in clauses 7ii71 7iii71 and 7iv71 had gross receipts during the first1 second1 third1 or fourth quarter in #bjbj that demonstrate a reduction from the gross receipts of the entity during the same quarter in #bjai2 7ii7 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 first1 second1 third1 or fourth quarter of #bjbj that demonstrate a reduction from the gross receipts of the entity during the third or fourth quarter of #bjai2 7iii7 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 first1 second1 third1 or fourth quarter of #bjbj that demonstrate a reduction from the gross receipts of the entity during the fourth quarter of #bjai2 or 7iv7 if the entity was not in business during #bjai1 but was in operation on ,february #ae1 #bjbj1 had gross receipts during the second1 third1 or fourth quarter of #bjbj that demonstrate a reduction from the gross receipts of the entity during the first quarter of #bjbj2 and 7,d7 is located within #be miles of the ,united ,states border4 7b7 ,border closure recovery loan program 7#a7 ,in general ,the ,administrator shall establish a program under which the ,administrator shall make loans to border businesses directly impacted by the ,,covid-#ai pandemic4 7#b7 ,application ,a border business desiring a loan under this subsection shall submit to the ,administrator an application at such time1 in such place1 and containing such information as the ,administrator determines necessary4 7#c7 ,terms 7,a7 ,amount2 ,interest rate ,a loan made under this subsection shall-- 7i7 be in an amount of not more than #ejj1jjj2 and 7ii7 have an interest rate of not more than #b percent4 7,b7 ,prohibited requirements ,with respect to a loan made under this subsection1 the ,administrator shall not establish-- 7i7 any rules related to a personal guarantee for loans of less than #bjj1jjj2 or 7ii7 any requirement that an applicant exhaust other loan options before applying for a loan under this subsection4 7#d7 ,use of funds ,a border business that receives a loan under this subsection-- 7,a7 shall use the loan proceeds for any allowable purpose for a loan made under section #g7;b77#b7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;b77#b771 including-- 7i7 providing paid sick leave to employees unable to work due to the direct effect of ,,covid-#ai2 7ii7 maintaining payroll to retain employees during business disruptions or substantial slowdowns2 7iii7 meeting increased costs to obtain materials unavailable from the original source of the border business due to interrupted supply chains2 7iv7 making rent or regular mortgage payments2 7v7 repaying obligations that cannot be met due to revenue losses2 7vi7 to pay for logistical expenses associated with border closures due to the ,,covid-#ai pandemic2 and 7vii7 to pay for improvements related to complying with public health guidelines1 including personal protective equipment1 signage1 temporary barriers1 and space heaters2 and 7,b7 may not use the loan proceeds-- 7i7 to purchase real estate2 7ii7 for payments of interest or principal on any loan originated after ,february #ae1 #bjbj2 7iii7 to invest or re-lend funds2 7iv7 for the prepayment of any mortgage or other debt obligation2 7v7 for any contribution or expenditure to1 or on behalf of1 any political party1 party committee1 or candidate for elective office2 or 7vi7 for any other use as the ,administrator may prohibit4 7c7 ,approval and ability ,to repay ,with respect to a loan made under subsection 7b71 the ,administrator may-- 7#a7 approve an applicant-- 7,a7 based solely on the credit score of the applicant2 or 7,b7 by using alternative appropriate methods to determine an applicant's ability to repay2 and 7#b7 use information from the ,department of the ,treasury to confirm that-- 7,a7 an applicant is eligible to receive the loan2 or 7,b7 the information contained in an application for the loan is accurate4 7d7 ,repayment ,the ,administrator shall establish the repayment terms with respect to each loan made under subsection 7b71 except that-- 7#a7 repayment shall not begin before the date that is #a year after the date on which the loan is made2 7#b7 the ,administrator shall establish a process by which a border business that continues to experience a reduction in gross receipts following receipt of the loan can apply to delay the repayment of the loan for a period of not more than #d years2 and 7#c7 the loan shall not accrue interest during the period in which repayment of the loan is deferred4 7e7 ,loan advance 7#a7 ,in general ,a border business that applies for a loan under subsection 7b7 may request that the ,administrator provide an advance in the amount requested by the applicant to the applicant not later than #ae business days after the date on which the ,administrator receives the request4 7#b7 ,amount ,the amount of an advance provided under this subsection shall be not less than #aj1jjj4 7#c7 ,verification ,before disbursing amounts under this subsection1 the ,administrator shall1 not later than #ae business days after the date on which the ,administrator receives the request for an advance by an applicant under this subsection-- 7,a7 perform the verification required under subsection 7c72 7,b7 if the ,administrator verifies that the applicant is eligible for an advance under subsection 7c71 provide to the applicant with a payment in the amount described in paragraph 7#b72 and 7,c7 with respect to an applicant that the ,administrator determines is not eligible for an advance under this subsection1 provide the applicant with a notification explaining the reasons for reaching that determination4 7#d7 ,use of funds ,an advance provided under this subsection may be used for any purpose described in subsection 7b77#d74 7#e7 ,repayment ,an applicant shall not be required to repay any amounts of an advance provided under this subsection1 even if the applicant is subsequently denied a loan under subsection 7b74 7f7 ,other benefits ,receipt of an advance under subsection 7e7 or a loan under subsection 7b7 shall not be construed as to prohibit receipt of any other ,federal grant1 loan1 or aid4 7g7 ,taxability ,for purposes of the ,internal ,revenue ,code of #aihf-- 7#a7 any advance described in paragraph 7e7 shall not be included in the gross income of the border business that receives the advance2 7#b7 no deduction shall be denied1 no tax attribute shall be reduced1 and no basis increase shall be denied1 by reason of the exclusion from gross income provided by paragraph 7#a72 and 7#c7 in the case of a partnership or ,s corporation that receives an advance described in subsection 7e7-- 7,a7 any amount excluded from income under this subsection shall be treated as tax exempt income for purposes of sections #gje and #acff of the ,internal ,revenue ,code of #aihf1 and 7,b7 the ,secretary of the ,treasury 7or the ,secretary's delegate7 shall prescribe rules for determining a partner's distributive share of any amount described in subparagraph 7,a7 for purposes of section #gje of the ,internal ,revenue ,code of #aihf4 7h7 ,outreach 7#a7 ,in general ,in carrying out the loan program under this section1 the ,administrator shall-- 7,a7 establish an advertising and outreach program in partnership with ,state and local governments1 community advocacy groups1 chambers of commerce1 and other ,state and local entities to help border businesses understand the availability of the loan program and to promote participation in the program by border businesses located in economically depressed areas2 and 7,b7 provide technical assistance to applicants1 including instructions on how to participate in the loan program1 assistance in preparing applications1 and assistance in applying for loan deferral4 7#b7 ,language access ,the ,administrator shall ensure that outreach and technical assistance activities described in this subsection are made available by the ,administration to border business concerns in the commonly spoken languages1 other than ,english1 in the ,states of the ,united ,states that border the international boundary with ,canada or ,mexico1 which shall include ,spanish and ,french4 7i7 ,authorization of appropriations ,there is authorized to be appropriated #ejj1jjj1jjj1 to remain available until ,december #ca1 #bjba1 to carry out the requirements of this ,act4