,,ii #aag? ,,congress #b;d ,session ,s4 #ddga ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,june #bc1 #bjbb,mr4 ,c>d9 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,small ,bus9ess & ,entrepr5eur%ip ,a ,,bill ,to provide relief = small bus9esses suff]+ extraord9>y losses due to ! ,,covid-#ai p&emic4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,h>de/-,hit ,small ,bus9ess ,,covid ,relief ,act ( #bjbb4 #b4 ,table ( cont5ts ,! table ( cont5ts = ?is ,act is z foll[s3 ,sec4 #a4 ,%ort title4,sec4 #b4 ,table ( cont5ts4,sec4 #c4 ,def9itions4,sec4 #d4 ,h>de/-,hit ,small ,bus9ess ,relief ,fund4,sec4 #e4 ,grants f ,fund4,sec4 #f4 ,data transp>5cy & cu/om] s]vice4,sec4 #g4 ,bus9ess id5tifi]s4,sec4 #h4 ,ov]sight & audits4,sec4 #i4 ,gross receipts4,sec4 #aj4 ,rules4,sec4 #aa4 ,transf] ( funds4 #c4 ,def9itions ,9 ?is ,act3 7#a7 ,adm9i/rator ,! t]m ,adm9i/rator means ! ,adm9i/rator ( ! ,small ,bus9ess ,adm9i/ration4 7#b7 ,cov]$ mortgage obligation2 cov]$ r5t obligation2 cov]$ suppli] co/2 cov]$ utility paym5t2 cov]$ work] protection exp5diture ,! t]ms cov]$ mortgage obligation1 cov]$ r5t obligation1 cov]$ suppli] co/1 cov]$ utility paym5t1 & cov]$ work] protection exp5diture h ! mean+s giv5 ! t]ms 9 section #g;,a7a7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcfm7a774 7#c7 ,cov]$ p]iod ,! t]m cov]$ p]iod means ! p]iod-- 7,a7 beg9n+ on ,m>* #a1 #bjbj2 & 7,b7 end+ on ,m>* #ca1 #bjbc1 or a date to be det]m9$ by ! ,adm9i/rator t is n lat] ?an #b ye>s aft] ! date ( enactm5t ( ?is ,act4 7#d7 ,eligible entity ,! t]m eligible entity-- 7,a7 means a small bus9ess conc]n 7z def9$ 9 section #c ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcb77 t has exp]i5c$ sub/antial losses result+ f ! ,,covid-#ai p&emic1 z det]m9$ by ! ,adm9i/rator2 7,b7 may include-- 7i7 a ,tribally-own$ conc]n2 7ii7 a sole proprietor%ip2 7iii7 an indep5d5t contractor2 & 7iv7 an eligible self-employ$ individual2 & 7,c7 does n include-- 7i7 an entity describ$ 9 subp>agraph 7,a7 t-- 7,i7 is a ,/ate or local gov]nm5t-own$ or op]at$ bus9ess2 & 7,,ii7 has a p5d+ application = or has receiv$ a grant "u-- 7aa7 section #cbd ( ! ,economic ,aid to ,h>d-,hit ,small ,bus9esses1 ,nonpr(its1 & ,v5ues ,act 7#ae ,u4,s4,c4 #ijji;a72 or 7bb7 section #ejjc ( ! ,am]ican ,rescue ,plan ,act ( #bjba 7#ae ,u4,s4,c4 #ijji;c72 7ii7 a publicly-trad$ company2 7iii7 an entity t is own$ or op]at$ by a private equity fund2 7iv7 an entity t 0 n 9 op]ation be=e ,m>* #a1 #bjbj2 or 7v7 an entity t is n 9 op]ation on1 & does n int5d to reop5 on or be=e ! date t is #ahj days aft]1 ! date on :i* ! entity applies = a grant4 7#e7 ,eligible self-employ$ individual ,! t]m eligible self-employ$ individual has ! mean+ giv5 ! t]m 9 section #gjjb7;b7 ( ! ,families ,fir/ ,coronavirus ,response ,act 7#bf ,u4,s4,c4 #adja note74 7#f7 ,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#g7 ,fund ,! t]m ,fund means ! ,h>de/-,hit ,small ,bus9ess ,relief ,fund e/abli%$ "u section #d7;a74 7#h7 ,national securities ex*ange ,! t]m national securities ex*ange means an ex*ange t is regi/]$ 9 accordance ) section #f ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;f74 7#i7 ,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;,a771 except t su* t]m %all n include-- 7,a7 qualifi$ wages 7z def9$ 9 subsection 7c77#c7 ( section #bcja ( ! ,,c>es ,act 7#bf ,u4,s4,c4 #caaa note77 tak5 into acc\nt 9 det]m9+ ! cr$it all[$ "u su* section #bcja2 or 7,b7 premiums tak5 into acc\nt 9 det]m9+ ! cr$it all[$ "u section #fdcb ( ! ,int]nal ,rev5ue ,code ( #aihf4 7#aj7 ,private equity fund ,! t]m private equity fund has ! mean+ giv5 ! t]m 9 section #bbe4agc7;a7 ( title #ab1 ,code ( ,f$]al ,regulations1 or any successor regulation4 7#aa7 ,publicly-trad$ company ,! t]m publicly-trad$ company means an entity t is majority own$ or controll$ by an entity t is an issu]1 ! securities ( :i* are li/$ on a national securities ex*ange4 7#ab7 ,tribally-own$ conc]n ,! t]m ,tribally-own$ conc]n has ! mean+ giv5 ! t]m 9 section #abd4c ( title #ac1 ,code ( ,f$]al ,regulations1 or any successor regulation4 #d4 ,h>de/-,hit ,small ,bus9ess ,relief ,fund 7a7 ,e/abli%m5t ,!re is e/abli%$ 9 ! ,treasury ( ! ,unit$ ,/ates a fund to be kn[n z ! ,h>de/-,hit ,small ,bus9ess ,relief ,fund4 7b7 ,fund+ 7#a7 ,9 g5]al ,! ,fund %all consi/ (-- 7,a7 am\nts transf]r$ "u section #aa2 & 7,b7 o!r am\nt appropriat$ to ! ,fund4 7#b7 ,adm9i/rative exp5ses ,( ! am\nts transf]r$ "u section #aa1 #hj1jjj1jjj %all be = adm9i/rative exp5ses to c>ry out ! program "u ?is ,act1 ( :i* #bj1jjj1jjj %all be = ! ,inspector ,g5]al ( ! ,small ,bus9ess ,adm9i/ration = necess>y exp5ses ( ! ,(fice ( ,inspector ,g5]al4 #e4 ,grants f ,fund 7a7 ,9 g5]al ,except z provid$ 9 subsection 7c77#d71 ! ,adm9i/rator %all make grants "u ?is section to eligible entities 9 ! ord] 9 :i* applications are receiv$ by ! ,adm9i/rator4 7b7 ,applications 7#a7 ,c]tification ,an eligible entity apply+ = a grant "u ?is section %all make a good fai? c]tification t-- 7,a7 ! unc]ta9ty ( curr5t economic conditions makes necess>y ! reque/ = ! grant to support ! ongo+ op]ations ( ! eligible entity2 7,b7 ! eligible entity does n h a p5d+ application =1 & has n receiv$1 a grant "u-- 7i7 section #cbd ( ! ,economic ,aid to ,h>d-,hit ,small ,bus9esses1 ,nonpr(its1 & ,v5ues ,act 7#ae ,u4,s4,c4 #ijji;a72 or 7ii7 section #ejjc ( ! ,am]ican ,rescue ,plan ,act ( #bjba 7#ae ,u4,s4,c4 #ijji;c72 & 7,c7 conta9s any o!r in=mation t ! ,adm9i/rator may require4 7#b7 ,v]ification mat]ials ,! ,adm9i/rator %all use tax records & may1 9 addition1 use o!r reliable s\rces su* z c]tifi$ acc\nt+ /atem5ts ) respect to an applicant = a grant to det]m9e-- 7,a7 ! eligibility ( ! applicant = t grant2 & 7,b7 ! am\nt ( t grant to ! applicant4 7#c7 ,acceptance ( applications ,n lat] ?an #ij days aft] ! date ( enactm5t ( ?is ,act1 ! ,adm9i/rator %all beg9 accept+ applications = grants "u ?is section4 7c7 ,am\nt ( grant 7#a7 ,9 g5]al ,subject to p>agraph 7#d71 ! am\nt ( a grant "u ?is section made to an eligible entity %all be det]m9$ bas$ on a =mula to be e/abli%$ by ! ,adm9i/rator4 7#b7 ,r$uction ,any =mula e/abli%$ by ! ,adm9i/rator to det]m9e grant am\nts "u p>agraph 7#a7 %all r$uce aw>ds by am\nts a recipi5t has receiv$ "u-- 7,a7 section #aaaj ( ! ,coronavirus ,aid1 ,relief1 & ,economic ,security ,act 7#ae ,u4,s4,c4 #ijji72 7,b7 section #cca ( ! ,economic ,aid to ,h>d-,hit ,small ,bus9esses1 ,nonpr(its1 & ,v5ues ,act 7#ae ,u4,s4,c4 #ijji;b72 or 7,c7 section #ejjb ( ! ,am]ican ,rescue ,plan ,act ( #bjba 7#ae ,u4,s4,c4 #ijji note74 7#c7 ,det]m9ation ( rev5ue 7,a7 ,9 g5]al ,:5 calculat+ ! rev5ue ( an entity = purposes ( det]m9+ ! eligibility ( ! entity = a grant "u ?is section or ! am\nt ( su* a grant1 ! ,adm9i/rator %all treat z rev5ue-- 7i7 any am\nts receiv$ f a cov]$ loan made "u p>agraph 7#cf7 or 7#cg7 ( section #g7;a7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a771 9 #bjbj or #bjba2 & 7ii7 ! am\nt by :i* ! total ( all remun]ative paym5ts made to an individual1 includ+ any annual sal>y paid to an employee1 9 #bjbj1 or #bjba1 exce$s #bej1jjj4 7,b7 ,adm9i/rator au?ority ,! ,adm9i/rator may det]m9e ! types ( paym5ts & individuals to :i* subp>agraph 7,a77ii7 applies4 7#d7 ,insuffici5t fund+ 7,a7 ,9 g5]al ,if ! ,adm9i/rator det]m9es t ! am\nts made available to c>ry out ?is section are insuffici5t to make grants to ea* eligible entity 9 ! am\nt provid$ "u p>agraph 7#a71 ! ,adm9i/rator %all di/ribute grants to all eligible applicants t submit an application dur+ ! #ba-;day p]iod beg9n+ on ! date on :i* ! ,adm9i/rator beg9s accept+ ^? applications on ei!r-- 7i7 a pro rata basis2 or 7ii7 bas$ on a =mula to be det]m9$ by ! ,adm9i/rator4 7,b7 ,res]v+ funds ,no?+ 9 subp>agraph 7,a7 %all prev5t ! ,adm9i/rator f-- 7i7 res]v+ fund+ = applicants t may be det]m9$ to be eligible = a grant ^u reconsid]ation2 or 7ii7 mak+ p>tial aw>ds to eligible entities on a prelim9>y basis until ! am\nt ( fund+ requir$ to fund grants to all eligible entities t submit applications is e/abli%$ ^u ! completion ( ! reconsid]ation process4 7d7 ,use ( funds ,dur+ ! cov]$ p]iod1 an eligible entity t receives a grant "u ?is section may use am\nts receiv$ = ! foll[+ exp5ses incurr$ z a direct result (1 or dur+1 ! ,,covid-#ai p&emic3 7#a7 ,payroll co/s4 7#b7 ,paym5ts to indep5d5t contractors1 z report$ on ,=m #ajii-,,misc1 except t ea* paym5t "u ?is p>agraph %all be 9 an am\nt t is n m ?an #ajj1jjj4 7#c7 ,s*$ul$ paym5ts ( int]e/ or pr9cipal on any cov]$ mortgage obligation 7:i* may n include any prepaym5t ( pr9cipal on a cov]$ mortgage obligation74 7#d7 ,paym5ts on any cov]$ r5t obligation & common area ma9t5ance *>ges "u a lease agreem5t4 7#e7 ,cov]$ utility paym5ts4 7#f7 ,ma9t5ance exp5ses4 7#g7 ,cov]$ work] protection exp5ditures4 7#h7 ,supplies1 includ+ protective equipm5t & clean+ mat]ials4 7#i7 ,exp5ses t 7 )9 ! scope ( ! normal bus9ess practice ( ! eligible entity be=e ! cov]$ p]iod4 7#aj7 ,cov]$ suppli] co/s4 7#aa7 ,op]ational exp5ses4 7#ab7 ,paid sick leave4 7#ac7 ,any o!r exp5ses t ! ,adm9i/rator det]m9es to be ess5tial to ma9ta9+ ! eligible entity4 7e7 ,return+ funds ,if an eligible entity t receives a grant "u ?is section fails to use all ( ! am\nts receiv$ "u ! grant on or be=e ! la/ day ( ! cov]$ p]iod or p]man5tly ceases op]ations on or be=e ! la/ day ( ! cov]$ p]iod1 ! eligible entity %all return to ! ,treasury any funds t ! eligible entity did n use = ! all[able exp5ses "u subsection 7d74 #f4 ,data transp>5cy & cu/om] s]vice ,! ,adm9i/rator %all-- 7#a7 on a biweekly basis until ! am\nts made available "u ?is ,act are fully exp5d$1 publi% data t %[s1 = ! p]iod beg9n+ on ! date ( enactm5t ( ?is ,act & end+ on ! date on :i* ! in=mation is publi%$-- 7,a7 ) respect to applications = grants "u ?is ,act1 ! numb] ( ^? applications-- 7i7 t ! ,adm9i/rator has receiv$2 7ii7 t ! ,adm9i/rator has review$ or is 9 ! process ( review+2 & 7iii7 ) respect to :i* ! ,adm9i/rator has made a decision2 & 7,b7 ! numb] & doll> am\nt ( grants-- 7i7 t are aw>d$2 & 7ii7 t are disburs$2 7#b7 on a weekly basis until ! am\nts made available "u ?is ,act are fully exp5d$1 publi%1 ) respect to ! p]iod beg9n+ on ! date ( enactm5t ( ?is ,act1 & end+ on ! date on :i* ! in=mation is publi%$-- 7,a7 ) respect to ea* entity to :i* a grant "u ?is ,act has be5 made-- 7i7 ! "n ( ! entity1 includ+ ! "n "u :i* ! entity does bus9ess if t "n is diff]5t f ! "n ( ! entity2 7ii7 ! address ( ! entity2 & 7iii7 if ! physical location = ! eligible bus9ess li/$ on ! application is diff]5t f ! address ( ! entity1 ! address ( su* physical location2 & 7,b7 ! am\nt ( ea* grant describ$ 9 p>agraph 7#a72 & 7#c7 ) respect to an applicant t applies = a grant "u ?is ,act & is d5i$ by ! ,adm9i/rator-- 7,a7 make available to ! applicant a brief explanation id5tify+ ! reason :y ! ,adm9i/rator d5i$ ! application ( ! applicant1 :i* %all include1 :]e applicable1 a citation to ! /atutory1 regulatory1 or guidance provision ) :i* ! applicant fail$ to comply & t 0 ! basis = ! d5ial2 & 7,b7 e/abli% a reconsid]ation process ?r\gh :i* ! applicant may-- 7i7 submit to ! ,adm9i/rator additional cl>ify+ in=mation ! applicant det]m9es to be relevant to :e!r ! applicant is eligible = ! grant2 & 7ii7 receive a second review ( ! application submitt$ by ! applicant4 #g4 ,bus9ess id5tifi]s ,9 accept+ applications = grants "u ?is ,act1 ! ,adm9i/rator %all prioritize ! ability ( ea* applicant to use ! exi/+ bus9ess id5tifi] ( ! applicant ov] requir+ o!r =ms ( regi/ration or id5tification t may n be common to ! indu/ry ( ! applicant1 :i* may impose additional burd5s on ! applicant4 #h4 ,ov]sight & audits 7a7 ,9 g5]al ,! ,adm9i/rator %all in/itute an ov]sight & audit plan ) respect to entities receiv+ grants "u ?is ,act1 :i* %all include-- 7#a7 docum5tation requirem5ts t are consi/5t ) ! eligibility & o!r requirem5ts1 includ+ by requir+ an entity t receives a grant "u ?is ,act to reta9 records t demon/rate compliance ) ^? requirem5ts2 & 7#b7 reviews ( ! use by entities ( grants "u ?is ,act to ensure compliance ) ! requirem5ts "u ?is ,act1 :i* %all include-- 7,a7 ! review & audit1 by ! ,adm9i/rator1 ( grants made "u ?is ,act2 & 7,b7 9 ! case ( fraud or o!r mat]ial noncompliance ) respect to a grant made "u ?is ,act-- 7i7 a requirem5t t ! applicable entity repay to ! ,adm9i/rator ! am\nt ( ! missp5t funds2 or 7ii7 ! pursuit1 by ! ,adm9i/rator1 ( legal action to collect ! missp5t funds4 7b7 ,submission ( plan ,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 ! plan requir$ "u subsection 7a71 :i* %all describe-- 7#a7 ! policies & proc$ures ( ! ,adm9i/rator = conduct+ ov]sight & audits ( grants "u ?is ,act2 & 7#b7 ! metrics t ! ,adm9i/rator w use to det]m9e :i* grants w be audit$ "u t plan4 7c7 ,reports ,n lat] ?an #ij days aft] ! date ( enactm5t ( ?is ,act1 once e #cj days !reaft] until ! date t is #ahj days aft] ! date on :i* all am\nts made available to c>ry out ?is ,act h be5 fully exp5d$1 & ^u reque/ !reaft]1 ! ,adm9i/rator %all submit to ! ,committee on ,small ,bus9ess & ,entrepr5eur%ip ( ! ,s5ate & ! ,committee on ,small ,bus9ess ( ! ,h\se ( ,repres5tatives a report on ! ov]sight & audit activities ( ! ,adm9i/rator "u ?is section1 :i* %all include-- 7#a7 ! total numb] ( grants "u ?is ,act approv$ & disburs$2 7#b7 ! total am\nt ( ea* grant "u ?is ,act receiv$ by ea* entity t receiv$ su* a paym5t2 7#c7 ! numb] ( active inve/igations & audits ( grants made "u ?is ,act2 7#d7 ! numb] ( complet$ reviews & audits ( grants "u ?is ,act1 includ+ a description (-- 7,a7 any f9d+s ( fraud or o!r mat]ial noncompliance2 7,b7 que/ionable co/s id5tifi$ by ! ,adm9i/rator2 & 7,c7 ! total am\nt rec\p$ f ineligible recipi5ts2 & 7#e7 a description ( any sub/antial *anges made to ! plan requir$ "u subsection 7a74 #i4 ,gross receipts ,! ,adm9i/rator may au?orize applicants = grants "u ?is ,act to measure annual gross receipts us+ ei!r ! cal5d> ye> or fiscal ye>4 #aj4 ,rules ,n lat] ?an #fj days aft] ! date ( enactm5t ( ?is ,act1 ! ,adm9i/rator %all issue rules to c>ry out ?is ,act1 )\t reg>d to ! notice requirem5ts "u section #eec7;b7 ( title #e1 ,unit$ ,/ates ,code4 #aa4 ,transf] ( funds 7a7 ,9 g5]al ,! unobligat$ balances ( am\nts made available "u ! head+ ,small ,bus9ess ,adm9i/ration--,bus9ess ,loans ,program ,acc\nt1 ,,c>es ,act 9 section #cbc7;d77#a77;,a7 ( division ,n ( ! ,consolidat$ ,appropriations ,act1 #bjba 7,public ,law #aaf-bfj2 #acd ,/at4 #bjai7 = ! co/ ( gu>ante$ loans z au?oriz$ "u p>agraphs 7#cf7 & 7#cg7 ( section #g7;a7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77 %all be transf]r$ to ! ,fund4 7b7 ,,c>es ,act ,! unexp5d$ balances ( am\nts made available "u ! head+ ,small ,bus9ess ,adm9i/ration--,bus9ess ,loans ,program ,acc\nt1 ,,c>es ,act 9 section #aajg7;a77#a7 ( ! ,coronavirus ,aid1 ,relief1 & ,economic ,security ,act 7#ae ,u4,s4,c4 #ijjf7;a77#a77 %all be transf]r$ to ! ,fund4 7c7 ,%utt]$ v5ues ,! unobligat$ balances 9 ! acc\nt appropriat$ "u ! head+ ,small ,bus9ess ,adm9i/ration--,%utt]$ ,v5ue ,op]ators %all be transf]r$ to ! ,fund4 7d7 ,am]ican ,rescue ,plan ,act 7#a7 ,9 g5]al ,if ! ,adm9i/rator submits to ,congress a c]tification describ$ 9 p>agraph 7#b71 effective on ! date ( ! c]tification1 ! unobligat$ balances ( am\nts made available "u section #ejjb7;b7 ( ! ,am]ican ,rescue ,plan ,act ( #bjba 7#ae ,u4,s4,c4 #ijji note71 includ+ any ( su* balances t 7 transf]r$ "u section #ijjjg7;b77#b7 ( ! ,infra/ructure ,inve/m5t & ,jobs ,act 7,public ,law #aag-eh2 #ace ,/at4 #acdg71 %all be transf]r$ to ! ,fund4 7#b7 ,c]tification ( suffici5cy ( funds = ,,eidl program ,a c]tification describ$ 9 ?is p>agraph is a c]tification t1 if ! balances describ$ 9 p>agraph 7#a7 are transf]r$1 ! ,adm9i/rator w /ill h suffici5t funds to make loans describ$ 9 section #g7;b77#b7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;b77#b77 to ea* entity describ$ 9 section #aaaj7;b7 ( ! ,,c>es ,act 7#ae ,u4,s4,c4 #ijji7;b77 t submitt$-- 7,a7 an application = su* a loan on or be=e ,decemb] #ca1 #bjba2 or 7,b7 a reque/ = a modification1 rehe>+1 or appeal 9 connection ) an application = su* a loan on or be=e ,may #f1 #bjbb4