,i #aah? ,,congress #b;d ,session ,h4 ,r4 #gjfa ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,janu>y #bb1 #bjbd,mr4 ,case introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,small ,bus9ess1 & 9 addition to ! ,committees on ,ways & ,means1 & ,f9ancial ,s]vices1 = a p]iod to be subsequ5tly det]m9$ by ! ,speak]1 9 ea* case = consid]ation ( su* provisions z fall )9 ! jurisdiction ( ! committee conc]n$ ,a ,,bill ,to provide loans & o!r f9ancial assi/ance to small bus9esses affect$ by ! wildfires on ,maui1 & = o!r purpose4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,heal+ & ,economic ,advancem5t = ,local bus9esses 9 ,maui ,act or ! ,,heal ,maui ,act4 #b4 ,em]g5cy ,,eidl grants 7a7 ,def9itions ,9 ?is section-- 7#a7 ! t]m cov]$ entity means-- 7,a7 a bus9ess ) n m ?an #ejj employees2 7,b7 any individual :o op]ates "u a sole proprietor%ip1 ) or )\t employees1 or z an indep5d5t contractor2 7,c7 a coop]ative ) n m ?an #ejj employees2 7,d7 an ,,esop 7z def9$ 9 section #c ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcb77 ) n m ?an #ejj employees2 or 7,e7 a tribal small bus9ess conc]n1 z describ$ 9 section #ca7;b77#b77;,c7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #feg;a7b77#b77;,c771 ) n m ?an #ejj employees2 7#b7 ! t]m cov]$ p]iod means ! p]iod beg9n+ on ,augu/ #h1 #bjbc1 & end+ on ,may #aj1 #bjbd2 7#c7 ! t]m eligible entity means a cov]$ entity ! pr9cipal (fice ( :i* is locat$ on ,maui & n few] ?an #ce p]c5t ( ! employees ( :i* reside on ,maui2 & 7#d7 ! t]m ,hawai'i ,wildfires means wildfires occurr+ 9 ,hawai'i dur+ ! p]iod beg9n+ on ,augu/ #a1 #bjbc1 & end+ on ,septemb] #cj1 #bjbc4 7b7 ,eligible entities ,dur+ ! cov]$ p]iod1 9 addition to small bus9ess conc]ns1 private nonpr(it organizations1 & small agricultural coop]atives1 an eligible entity %all be eligible = a loan made "u section #g7;b77#b7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;b77#b774 7c7 ,t]ms2 cr$it else:]e ,) respect to a loan made "u section #g7;b77#b7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;b77#b77 dur+ ! cov]$ p]iod 9 response to ! ,hawai#8i ,wildfires1 ! ,adm9i/rator %all waive-- 7#a7 any rules relat$ to p]sonal gu>antee on advances & loans ( n m ?an #bjj1jjj dur+ ! cov]$ p]iod = all applicants2 7#b7 ! requirem5t t an applicant ne$s to be 9 bus9ess = ! #a-ye> p]iod be=e ! disa/]1 except t no waiv] may be made = a bus9ess t 0 n 9 op]ation on ,augu/ #h1 #bjbc2 & 7#c7 ! requirem5t 9 ! flu% matt] foll[+ subp>agraph 7,e7 ( section #g7;b77#b7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;b77#b77 t an applicant be unable to obta9 cr$it else:]e4 7d7 ,approval & ,ability ,to ,repay = ,small ,doll> ,loans ,) respect to a loan made "u section #g7;b77#b7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;b77#b77 dur+ ! cov]$ p]iod 9 response to ! ,hawai#8i ,wildfires1 ! ,adm9i/rator may-- 7#a7 approve an applicant bas$ solely on ! cr$it score ( ! applicant & %all n require an applicant to submit a tax return or a tax return transcript = su* approval2 or 7#b7 use alt]native appropriate me?ods to det]m9e an applicant's ability to repay4 7e7 ,em]g5cy grant 7#a7 ,9 g5]al ,dur+ ! cov]$ p]iod1 an entity made eligible = a loan "u section #g7;b77#b7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;b77#b77 by subsection 7b7 ( ?is ,act1 includ+ small bus9ess conc]ns1 private nonpr(it organizations1 & small agricultural coop]atives1 t applies = a loan "u su* section #g7;b77#b7 9 response to ! ,hawai#8i ,wildfires may reque/ t ! ,adm9i/rator provide to su* entity an advance t is1 subject to p>agraph 7#d71 9 ! am\nt reque/$ by su* entity4 7#b7 ,tim+ ,! ,adm9i/rator %all provide an advance "u ?is subsection to ! entity reque/+ su* advance n lat] ?an ?ree days aft] ! ,adm9i/rator receives f su* entity an application = a loan "u section #g7;b77#b7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;b77#b77 9 response to ! ,hawai#8i ,wildfires1 a reque/ = su* advance1 & ! self-c]tification requir$ by p>agraph 7#c74 7#c7 ,v]ification 7,a7 ,9 g5]al ,an entity seek+ an advance "u ?is subsection %all submit to ! ,adm9i/rator1 "u p5alty ( p]jury pursuant to section #agdf ( title #bh1 ,unit$ ,/ates ,code1 a self-c]tification t su* entity is an eligible entity4 7,b7 ,tim+ ,! ,adm9i/rator may n disburse any am\nts "u ?is subsection to an entity be=e su* entity submits a self-c]tification "u subp>agraph 7,a74 7#d7 ,am\nt ,! am\nt ( an advance provid$ "u ?is subsection %all be n m ?an #ae1jjj4 7#e7 ,prioritization 7,a7 ,9 g5]al ,! ,adm9i/rator %all prioritize provid+ advances "u ?is subsection to eligible entities t exp]i5c$ economic loss ( n less ?an #cj p]c5t4 7,b7 ,economic loss def9$ ,9 ?is p>agraph1 ! t]m economic loss means1 ) respect to an eligible entity-- 7i7 ! am\nt by :i* ! gross receipts ( ! eligible entity decl9$ dur+ an #h-week p]iod betwe5 ,augu/ #h1 #bjbc1 & ,may #aj1 #bjbd1 relative to a comp>able #h-week p]iod betwe5 ,janu>y #a1 #bjbb1 & ,augu/ #g1 #bjbc2 or 7ii7 if ! eligible entity is a seasonal bus9ess conc]n1 su* o!r am\nt det]m9$ appropriate by ! ,adm9i/rator4 7#f7 ,use ( funds ,an advance provid$ "u ?is subsection may be us$ to address any all[able purpose = a loan made "u section #g7;b77#b7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;b77#b771 includ+-- 7,a7 ma9ta9+ payroll to reta9 employees dur+ bus9ess disruptions or sub/antial sl[d[ns2 7,b7 pay+ increas$ co/s to obta9 mat]ials due to disruptions to supply *a9s2 7,c7 mak+ r5t or mortgage paym5ts2 & 7,d7 repay+ obligations t _c be met due to rev5ue losses4 7#g7 ,repaym5t 7,a7 ,9 g5]al ,an entity %all n be requir$ to repay any am\nts ( an advance provid$ "u ?is subsection1 ev5 if subsequ5tly d5i$ a loan "u section #g7;b77#b7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;b77#b774 7,b7 ,tax treatm5t ,= purposes ( ! ,int]nal ,rev5ue ,code ( #aihf-- 7i7 no am\nt %all be includ$ 9 ! gross income ( ! eligible recipi5t by reason ( subp>agraph 7,a71 7ii7 no d$uction %all be d5i$1 no tax attribute %all be r$uc$1 & no basis increase %all be d5i$1 by reason ( ! exclusion f gross income provid$ by clause 7i71 & 7iii7 9 ! case ( an eligible recipi5t t is a p>tn]%ip or ,s corporation-- 7,i7 any am\nt exclud$ f income by reason ( clause 7i7 %all be treat$ z tax exempt income = purposes ( sections #gje & #acff ( title #bf1 & 7,,ii7 except z provid$ by ! ,secret>y ( ! ,treasury 7or ! ,secret>y's delegate71 any increase 9 ! adju/$ basis ( a p>tn]'s int]e/ 9 a p>tn]%ip "u section #gje ( title #bf ) respect to any am\nt describ$ 9 subclause 7,i7 %all equal ! p>tn]'s di/ributive %>e ( d$uctions result+ f co/s paid 9 accordance ) p>agraph 7#f7 us+ am\nts f an advance provid$ "u ?is section4 7#h7 ,subsequ5t loan grant ,if an entity t receives an advance "u ?is subsection transf]s into1 or is approv$ =1 ! loan program "u p>agraph 7#ch7 ( section #g7;a7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a771 ! advance am\nt %all be r$uc$ f ! loan =giv5ess am\nt = a loan = payroll co/s made "u su* p>agraph 7#ch74 7#i7 ,au?orization ( appropriations ,!re is au?oriz$ to be appropriat$ to ! ,adm9i/ration #a1jjj1jjj1jjj to c>ry out ?is subsection4 7#aj7 ,t]m9ation ,! au?ority to make advances "u ?is subsection %all t]m9ate on ,may #aj1 #bjbd4 7f7 ,appropriations ,!re is appropriat$1 out ( am\nts 9 ! ,treasury n o!rwise appropriat$1 = ! fiscal ye> end+ ,septemb] #cj1 #bjbc1 to rema9 available until ,septemb] #cj1 #bjbd1 = additional am\nts #a1jjj1jjj1jjj "u ! head+ ,small ,bus9ess ,adm9i/ration--,em]g5cy ,,eidl ,grants = c>ry+ out ?is section4 #c4 ,maui ,wildfire ,pay*eck ,protection ,program 7a7 ,9 g5]al ,section #g7;a7 ( ! small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77 is am5d$-- 7#a7 9 p>agraph 7#b7-- 7,a7 9 subp>agraph 7,a71 9 ! matt] prec$+ clause 7i71 by /rik+ & 7,f7 & ins]t+ 7,f71 & 7,g72 & 7,b7 by add+ at ! end ! foll[+ new subp>agraph3 7,g7 ,p>ticipation 9 ! ,maui wildfire pay*eck protection program ,9 an agreem5t to p>ticipate 9 a loan on a def]r$ basis "u p>agraph 7#ch71 ! p>ticipation by ! ,adm9i/ration %all be #ajj p]c5t4 2 & 7#b7 by add+ at ! end ! foll[+ new p>agraph3 7#ch7 ,maui wildfire pay*eck protection program 7,a7 ,def9itions ,9 ?is p>agraph-- 7i7 ! t]ms appropriate ,f$]al bank+ ag5cy1 insur$ depository in/itution1 eligible self-employ$ individual1 insur$ cr$it union1 nonpr(it organization1 payroll co/s & vet]ans organization h ! mean+s giv5 su* t]ms "u p>agraph 7#cf77;,a72 7ii7 ! t]m cov]$ loan means a loan made "u ?is p>agraph dur+ ! cov]$ p]iod2 7iii7 ! t]m cov]$ p]iod means ! p]iod beg9n+ on ,augu/ #h1 #bjbc1 & end+ on ,may #aj1 #bjbd2 & 7iv7 ! t]m eligible recipi5t means an individual or entity t is eligible to receive a cov]$ loan4 7,b7 ,maui wildfire pay*eck protection program ,except z o!rwise provid$ 9 ?is p>agraph1 ! ,adm9i/rator may gu>antee cov]$ loans "u ! same t]ms1 conditions1 & processes z a loan made "u ?is subsection4 7,c7 ,regi/ration ( loans ,n lat] ?an #ae days aft] ! date on :i* a loan is made "u ?is p>agraph1 ! ,adm9i/ration %all regi/] ! loan us+ ! ,,t9 7z def9$ 9 section #ggja ( title #bf7 assign$ to ! borr[]4 7,d7 ,increas$ eligibility = c]ta9 small bus9ess & organizations 7i7 ,inclusion ( sole proprietors1 indep5d5t contractors1 & eligible self-employ$ individuals 7,i7 ,9 g5]al ,dur+ ! cov]$ p]iod1 individuals :o op]ate "u a sole proprietor%ip or z an indep5d5t contractor & eligible self-employ$ individuals %all be eligible to receive a cov]$ loan4 7,,ii7 ,docum5tation ,an eligible self-employ$ individual1 indep5d5t contractor1 or sole proprietor%ip seek+ a cov]$ loan %all submit su* docum5tation z det]m9$ necess>y by ! ,adm9i/rator & ! ,secret>y1 to e/abli% ! applicant z eligible4 7ii7 ,bus9ess conc]ns ) m ?an #a physical location ,dur+ ! cov]$ p]iod1 any bus9ess conc]n t employs n m ?an #ejj employees p] physical location ( ! bus9ess conc]n & t is assign$ a ,nor? ,am]ican ,indu/ry ,classification ,sy/em code beg9n+ ) #gb at ! "t ( disbursal %all be eligible to receive a cov]$ loan4 7iii7 ,waiv] ( affiliation rules ,dur+ ! cov]$ p]iod1 ! provisions applicable to affiliations "u section #aba4ajc ( title #ac1 ,code ( ,f$]al ,regulations1 or any successor regulation1 are waiv$ ) respect to eligibility = a cov]$ loan =-- 7,i7 any bus9ess conc]n ) n m ?an #ejj employees t1 z ( ! date on :i* ! cov]$ loan is disburs$1 is assign$ a ,nor? ,am]ican ,indu/ry ,classification ,sy/em code beg9n+ ) #gb2 7,,ii7 any bus9ess conc]n op]at+ z a fran*ise t is assign$ a fran*ise id5tifi] code by ! ,adm9i/ration2 & 7,,iii7 any bus9ess conc]n t receives f9ancial assi/ance f a company lic5s$ "u section #cja ( ! ,small ,bus9ess ,inve/m5t ,act ( #aieh 7#ae ,u4,s4,c4 #fha74 7iv7 ,affiliation ,! provisions applicable to affiliations "u section #aba4ajc ( title #ac1 ,code ( ,f$]al ,regulations1 or any successor !reto1 %all apply ) respect to a nonpr(it organization & a vet]ans organization 9 ! same mann] z ) respect to a small bus9ess conc]n4 7,e7 ,maximum loan am\nt ,dur+ ! cov]$ p]iod1 ) respect to a cov]$ loan1 ! maximum loan am\nt %all be ! less] (-- 7i7 7,i7 ! sum (-- 7aa7 ! product obta9$ by multiply+-- 7,,aa7 ! av]age total mon?ly paym5ts by ! applicant = payroll co/s incurr$ dur+ ! #a-ye> p]iod be=e ! date on :i* ! loan is made1 except t1 9 ! case ( an applicant t is seasonal employ]1 z det]m9$ by ! ,adm9i/rator1 ! av]age total mon?ly paym5ts = payroll %all be = any #ab-week p]iod select$ by ! seasonal employ] t is betwe5 ,augu/ #h1 #bjbc1 & ,may #aj1 #bjbd & ends be=e ! date on :i* ! loan is made2 by 7,,bb7 #b4e2 & 7bb7 ! out/&+ am\nt ( a loan "u subsection 7b77#b7 t 0 made dur+ ! p]iod beg9n+ on ,augu/ #h1 #bjbc1 & end+ on ! date on :i* cov]$ loans are made available to be ref9anc$ "u ! cov]$ loan2 or 7,,ii7 if reque/$ by an o!rwise eligible recipi5t t 0 n 9 bus9ess dur+ ! p]iod beg9n+ on ,augu/ #h1 #bjbb1 & end+ on ,may #aj1 #bjbc1 ! sum (-- 7aa7 ! product obta9$ by multiply+-- 7,,aa7 ! av]age total mon?ly paym5ts by ! applicant = payroll co/s incurr$ dur+ ! p]iod beg9n+ on ,may #aa1 #bjbc1 & end+ on ,augu/ #h1 #bjbc2 by 7,,bb7 #b4e2 & 7bb7 ! out/&+ am\nt ( a loan "u subsection 7b77#b7 t 0 made dur+ ! p]iod beg9n+ on ,augu/ #h1 #bjbc1 & end+ on ! date on :i* cov]$ loans are made available to be ref9anc$ "u ! cov]$ loan2 or 7ii7 ! co/s1 exp5ses1 & exp5ditures describ$ 9 subclauses 7,i7 ?r\gh 7,,xi7 ( subp>agraph 7,f77i7 t 7 incurr$ by ! applicant dur+ ! cov]$ p]iod ) respect to employees ( ! applicant on ,maui1 up to #aj1jjj1jjj4 7,f7 ,all[able uses ( cov]$ loans 7i7 ,9 g5]al ,dur+ ! cov]$ p]iod1 an eligible recipi5t may1 9 addition to ! all[able uses ( a loan made "u ?is subsection1 use ! proce$s ( ! cov]$ loan = any ( ! foll[+ co/s1 exp5ses1 or exp5ditures incurr$ ) respect to employees1 prop]ty1 or op]ations ( ! eligibility recipi5t on ,maui3 7,i7 ,payroll co/s4 7,,ii7 ,co/s relat$ to ! cont9uation ( gr\p heal? c>e b5efits dur+ p]iods ( paid sick1 m$ical1 or family leave1 & insurance premiums4 7,,iii7 ,employee sal>ies1 commissions1 or simil> comp5sations4 7,,iv7 ,paym5ts ( int]e/ on any mortgage obligation 7:i* %all n include any prepaym5t ( or paym5t ( pr9cipal on a mortgage obligation74 7,v7 ,r5t 7includ+ r5t "u a lease agreem5t74 7,,vi7 ,utilities4 7,,vii7 ,int]e/ on any o!r debt obligations t 7 incurr$ be=e ! cov]$ p]iod4 7,,viii7 ,cov]$ op]ations exp5ditures1 z def9$ 9 section #d7;a7 ( ! ,heal+ & ,economic ,advancem5t = ,local bus9esses 9 ,maui ,act4 7,,ix7 ,cov]$ prop]ty damage co/s1 z def9$ 9 su* section4 7,x7 ,cov]$ suppli] co/s1 z def9$ 9 su* section4 7,,xi7 ,cov]$ work] protection exp5ditures1 z def9$ 9 su* section4 7ii7 ,delegat$ au?ority 7,i7 ,9 g5]al ,= purposes ( mak+ cov]$ loans = ! purposes describ$ 9 clause 7i71 a l5d] approv$ to make loans "u ?is subsection %all be deem$ to h be5 delegat$ au?ority by ! ,adm9i/rator to make & approve cov]$ loans1 subject to ! provisions ( ?is p>agraph4 7,,ii7 ,consid]ations ,9 evaluat+ ! eligibility ( a borr[] = a cov]$ loan ) ! t]ms describ$ 9 ?is p>agraph1 a l5d] %all consid] :e!r ! borr[]-- 7aa7 0 9 op]ation on ,augu/ #h1 #bjbc2 & 7bb7 7,,aa7 _h employees = :om ! borr[] paid sal>ies & payroll taxes2 or 7,,bb7 paid indep5d5t contractors1 z report$ on a ,=m #ajii-,,misc4 7iii7 ,additional l5d]s ,! au?ority to make loans "u ?is p>agraph %all be ext5d$ to additional l5d]s det]m9$ by ! ,adm9i/rator & ! ,secret>y ( ! ,treasury to h ! necess>y qualifications to process1 close1 disburse & s]vice loans made ) ! gu>antee ( ! ,adm9i/ration4 7iv7 ,ref9ance ,a loan made "u subsection 7b77#b7 dur+ ! p]iod beg9n+ on ,augu/ #h1 #bjbc1 & end+ on ! date on :i* cov]$ loans are made available may be ref9anc$ z "p ( a cov]$ loan4 7v7 ,nonrec\rse ,not)/&+ ! waiv] ( ! p]sonal gu>antee requirem5t or collat]al "u subp>agraph 7,j71 ! ,adm9i/rator %all h no rec\rse aga9/ any individual %>ehold]1 memb]1 or p>tn] ( an eligible recipi5t ( a cov]$ loan = nonpaym5t ( any cov]$ loan1 except to ! ext5t t su* %>ehold]1 memb]1 or p>tn] uses ! cov]$ loan proce$s = a purpose n au?oriz$ "u clause 7i7 or 7iv74 7,g7 ,c]tification ,an eligible recipi5t apply+ = a cov]$ loan %all make a good fai? c]tification-- 7i7 t ! unc]ta9ty ( curr5t economic conditions makes necess>y ! loan reque/ to support ! ongo+ op]ations ( ! eligible recipi5t2 7ii7 ackn[l$g+ t funds w be us$ to reta9 work]s & ma9ta9 payroll or make mortgage paym5ts1 lease paym5ts1 & utility paym5ts2 7iii7 t ! eligible recipi5t does n h an application p5d+ = a loan "u ?is subsection = ! same purpose & duplicative ( am\nts appli$ = or receiv$ "u a cov]$ loan2 & 7iv7 dur+ ! cov]$ p]iod1 t ! eligible recipi5t has n receiv$ am\nts "u ?is subsection = ! same purpose & duplicative ( am\nts appli$ = or receiv$ "u a cov]$ loan4 7,h7 ,fee waiv] ,) respect to a cov]$ loan-- 7i7 9 lieu ( ! fee o!rwise applicable "u p>agraph 7#bc77;,a71 ! ,adm9i/rator %all collect no fee2 & 7ii7 9 lieu ( ! fee o!rwise applicable "u p>agraph 7#ah77;,a71 ! ,adm9i/rator %all collect no fee4 7,i7 ,cr$it else:]e ,dur+ ! cov]$ p]iod1 ! requirem5t t a small bus9ess conc]n is unable to obta9 cr$it else:]e1 z def9$ 9 section #c7;h71 %all n apply to a cov]$ loan4 7,j7 ,waiv] ( p]sonal gu>antee requirem5t ,) respect to a cov]$ loan-- 7i7 no p]sonal gu>antee %all be requir$ = ! cov]$ loan2 & 7ii7 no collat]al %all be requir$ = ! cov]$ loan4 7,k7 ,maturity = loans ) rema9+ balance aft] application ( =giv5ess ,) respect to a cov]$ loan t has a rema9+ balance aft] r$uction bas$ on ! loan =giv5ess am\nt "u section #d ( ! ,heal+ & ,economic ,advancem5t = ,local bus9esses 9 ,maui ,act-- 7i7 ! rema9+ balance %all cont9ue to be gu>ante$ by ! ,adm9i/ration "u ?is subsection2 & 7ii7 ! cov]$ loan %all h a maximum maturity ( #aj ye>s f ! date on :i* ! borr[] applies = loan =giv5ess "u t section4 7,l7 ,int]e/ rate requirem5ts ,a cov]$ loan %all be> an int]e/ rate n to exce$ #d p]c5t1 calculat$ on a non-comp\nd+1 non-adju/able basis4 7,m7 ,loan def]m5t 7i7 ,def9ition ( impact$ borr[] 7,i7 ,9 g5]al ,9 ?is subp>agraph1 ! t]m impact$ borr[] means an eligible recipi5t t-- 7aa7 0 9 op]ation on ,augu/ #h1 #bjbc2 & 7bb7 has an application = a cov]$ loan t is approv$ or p5d+ approval on or aft] ! date ( ! enactm5t ( ?is p>agraph4 7,,ii7 ,presumption ,= purposes ( ?is subp>agraph1 an impact$ borr[] is presum$ to h be5 adv]sely impact$ by ! ,hawai'i ,wildfires4 7ii7 ,def]ral ,dur+ ! cov]$ p]iod1 ! ,adm9i/rator %all-- 7,i7 consid] ea* eligible recipi5t t applies = a cov]$ loan to be an impact$ borr[]2 & 7,,ii7 require l5d]s "u ?is subsection to provide complete paym5t def]m5t relief = impact$ borr[]s ) cov]$ loans = a p]iod ( n less ?an #f mon?s1 includ+ paym5t ( pr9cipal1 int]e/1 & fees1 & n m ?an #a ye>4 7iii7 ,second>y m>ket ,dur+ ! cov]$ p]iod1 ) respect to a cov]$ loan t is sold on ! second>y m>ket1 if an inve/or decl9es to approve a def]ral reque/$ by a l5d] "u clause 7ii71 ! ,adm9i/rator %all ex]cise ! au?ority to pur*ase ! loan s t ! impact$ borr[] may receive a def]ral = a p]iod ( n less ?an #f mon?s1 includ+ paym5t ( pr9cipal1 int]e/1 & fees1 & n m ?an #a ye>4 7iv7 ,guidance ,n lat] ?an #cj days aft] ! date ( enactm5t ( ?is p>agraph1 ! ,adm9i/rator %all provide guidance to l5d]s "u ?is p>agraph on ! def]m5t process describ$ 9 ?is subp>agraph4 7,n7 ,second>y m>ket sales ,a cov]$ loan %all be eligible to be sold 9 ! second>y m>ket consi/5t ) ?is subsection4 ,! ,adm9i/rator may n collect any fee = any gu>antee sold into ! second>y m>ket "u ?is subp>agraph4 7,o7 ,regulatory capital requirem5ts 7i7 ,risk weight ,) respect to ! appropriate ,f$]al bank+ ag5cies or ! ,national ,cr$it ,union ,adm9i/ration ,bo>d apply+ capital requirem5ts "u _! respective risk-bas$ capital requirem5ts1 a cov]$ loan %all receive a risk weight ( z]o p]c5t4 7ii7 ,tempor>y relief f ,,tdr disclosures ,not)/&+ any o!r provision ( law1 an insur$ depository in/itution or an insur$ cr$it union t modifies a cov]$ loan 9 relation to ,hawai#8i ,wildfire-relat$ difficulties 9 a tr\bl$ debt re/ructur+ on or aft] ,augu/ #h1 #bjbc1 %all n be requir$ to comply ) ! ,f9ancial ,acc\nt+ ,/&>ds ,bo>d ,acc\nt+ ,/&>ds ,codification ,subtopic #caj-dj 7,receivables - ,tr\bl$ ,debt ,re/ructur+s by ,cr$itors7 = purposes ( compliance ) ! requirem5ts ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahaa et seq471 until su* "t & "u su* circum/ances z ! appropriate ,f$]al bank+ ag5cy or ! ,national ,cr$it ,union ,adm9i/ration ,bo>d1 z applicable1 det]m9es appropriate4 7,p7 ,reimbursem5t = process+ 7i7 ,9 g5]al ,! ,adm9i/rator %all reimburse a l5d] au?oriz$ to make a cov]$ loan at a rate1 bas$ on ! balance ( ! f9anc+ out/&+ at ! "t ( disbursem5t ( ! cov]$ loan1 (-- 7,i7 ! less] ( #ej p]c5t ( su* balance or #b1ejj = a cov]$ loan ( n m ?an #ej1jjj2 7,,ii7 #e p]c5t = a cov]$ loan ( m ?an #ej1jjj & n m ?an #cej1jjj2 7,,iii7 #c p]c5t = a cov]$ loan ( m ?an #cej1jjj & less ?an #b1jjj1jjj2 & 7,,iv7 #a p]c5t = a cov]$ loan ( n less ?an #b1jjj1jjj4 7ii7 ,fee limits ,an ag5t t assi/s an eligible recipi5t to prep>e an application = a cov]$ loan may n collect a fee 9 excess ( ! limits e/abli%$ by ! ,adm9i/rator4 ,if an eligible recipi5t has kn[+ly reta9$ an ag5t1 su* fees %all be paid by ! eligible recipi5t & may n be paid out ( ! proce$s ( a cov]$ loan4 ,a l5d] %all only be responsible = pay+ fees to an ag5t = s]vices = :i* ! l5d] directly contracts ) ! ag5t4 7iii7 ,tim+ ,a reimbursem5t describ$ 9 clause 7i7 %all be made n lat] ?an #e days aft] ! disbursem5t ( ! cov]$ loan4 7,q7 ,duplication ,no?+ 9 ?is p>agraph %all prohibit a recipi5t ( an economic injury disa/] loan made "u subsection 7b77#b7 dur+ ! p]iod beg9n+ on ,augu/ #h1 #bjbc1 & end+ on ! date on :i* cov]$ loans are made available t is = a purpose o!r ?an pay+ payroll co/s or any o!r purpose describ$ 9 subp>agraph 7,f7 f receiv+ assi/ance "u ?is p>agraph4 7,r7 ,waiv] ( prepaym5t p5alty ,not)/&+ any o!r provision ( law1 !re %all be no prepaym5t p5alty = any paym5t made on a cov]$ loan4 4 7b7 ,set-,asides = insur$ depository in/itutions1 cr$it unions1 & community f9ancial in/itutions 7#a7 ,insur$ depository in/itutions & cr$it unions ,9 mak+ loan gu>antees "u p>agraph 7#ch7 ( section #g7;a7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a771 ! ,adm9i/rator ( ! ,small ,bus9ess ,adm9i/ration %all gu>antee n less ?an #cj1jjj1jjj1jjj 9 loans made by-- 7,a7 insur$ depository in/itutions ) consolidat$ assets ( n less ?an #aj1jjj1jjj1jjj & less ?an #ej1jjj1jjj1jjj2 & 7,b7 cr$it unions ) consolidat$ assets ( n less ?an #aj1jjj1jjj1jjj & less ?an #ej1jjj1jjj1jjj4 7#b7 ,community f9ancial in/itutions1 small insur$ depository in/itutions1 & cr$it unions ,9 mak+ loan gu>antees "u p>agraph 7#ch7 ( section #g7;a7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a771 ! ,adm9i/rator ( ! ,small ,bus9ess ,adm9i/ration %all gu>antee n less ?an #cj1jjj1jjj1jjj 9 loans made by-- 7,a7 community f9ancial in/itutions2 7,b7 insur$ depository in/itutions ) consolidat$ assets ( less ?an #aj1jjj1jjj1jjj2 & 7,c7 cr$it unions ) consolidat$ assets ( less ?an #aj1jjj1jjj1jjj4 7#c7 ,def9itions ,9 ?is subsection1 ! t]ms community f9ancial in/itution1 cr$it union1 & insur$ depository in/itution h ! mean+s giv5 su* t]ms 9 section #g7;a77#cf77;,a7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77;,a774 7c7 ,commitm5ts = #g7;a7 loans ,dur+ ! p]iod beg9n+ on ,augu/ #h1 #bjbc1 & end+ on ,may #aj1 #bjbd-- 7#a7 ! am\nt au?oriz$ = commitm5ts = loans au?oriz$ "u p>agraph 7#ch7 ( section #g7;a7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a771 z add$ by subsection 7a7 ( ?is section1 %all be #djj1jjj1jjj1jjj2 & 7#b7 ! am\nt au?oriz$ = commitm5ts = g5]al bus9ess loans "u ! head+ ,bus9ess ,loans ,program ,acc\nt 9 title ,v ( ! ,f9ancial ,s]vices & ,g5]al ,gov]nm5t ,appropriations ,act1 #bjbc 7division ,e ( ,public ,law #aag-cbh7 %all n apply ) respect to ! loans describ$ 9 p>agraph 7#a74 7d7 ,express loans ,section #g7;a77#ca77;,d7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#ca77;,d77 is am5d$ by /rik+ #ejj1jjj & ins]t+ #a1jjj1jjj4 #d4 ,loan =giv5ess 7a7 ,def9itions ,9 ?is section3 7#a7 ,adm9i/ration ,! t]m ,adm9i/ration means ! ,small ,bus9ess ,adm9i/ration4 7#b7 ,adm9i/rator ,! t]m ,adm9i/rator means ! ,adm9i/rator ( ! ,small ,bus9ess ,adm9i/ration4 7#c7 ,cov]$ ,loan ,! t]m cov]$ loan means-- 7,a7 a loan ( m ?an #ejj made "u p>agraph 7#a7 or 7#b7 ( section #g7;b7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;b77 dur+ ! p]iod beg9n+ on ,augu/ #h1 #bjbc1 & end+ on ,may #aj1 #bjbd 9 response to ! ,hawai'i ,wildfires2 or 7,b7 a loan gu>ante$ "u p>agraph 7#ch7 ( section #g7;a7 ( su* ,act 7#ae ,u4,s4,c4 #fcf7;a771 z add$ by section #c7;a74 7#d7 ,cov]$ mortgage obligation ,! t]m cov]$ mortgage obligation means any indebt$ness or debt in/rum5t incurr$ 9 ! ord9>y c\rse ( bus9ess t-- 7,a7 is a liability ( ! borr[]2 7,b7 is a mortgage on real or p]sonal prop]ty2 & 7,c7 0 incurr$ be=e ,augu/ #h1 #bjbc4 7#e7 ,cov]$ op]ations exp5diture ,! t]m cov]$ op]ations exp5diture has ! mean+ giv5 su* t]m 9 section #g;,a7a7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcfm7a774 7#f7 ,cov]$ p]iod ,! t]m cov]$ p]iod means ! p]iod-- 7,a7 beg9n+ on ! date ( ! orig9ation ( a cov]$ loan2 & 7,b7 end+ on a date select$ by ! eligible recipi5t ( ! cov]$ loan t occurs dur+ ! p]iod-- 7i7 beg9n+ on ! date t is #h weeks aft] su* date ( orig9ation2 & 7ii7 end+ on ! date t is #bd weeks aft] su* date ( orig9ation4 7#g7 ,cov]$ prop]ty damage co/ ,! t]m cov]$ prop]ty damage co/ means a co/ relat$ to prop]ty damage & v&alism or loot+ due to public di/urbances t occurr$ dur+ ! p]iod beg9n+ on ,augu/ #h1 #bjbc1 & end+ on ,may #aj1 #bjbd t 0 n cov]$ by insurance or o!r comp5sation4 7#h7 ,cov]$ r5t obligation ,! t]m cov]$ r5t obligation means r5t obligat$ "u a leas+ agreem5t 9 =ce be=e ,augu/ #h1 #bjbc4 7#i7 ,cov]$ suppli] co/ ,! t]m cov]$ suppli] co/ means an exp5diture made by an entity to a suppli] ( goods = ! supply ( goods t-- 7,a7 are ess5tial to ! op]ations ( ! entity at ! "t at :i* ! exp5diture is made2 & 7,b7 is made pursuant to a contract1 ord]1 or pur*ase ord]-- 7i7 9 effect at any "t be=e ! cov]$ p]iod ) respect to ! applicable cov]$ loan2 or 7ii7 ) respect to p]i%able goods1 9 effect be=e or at any "t dur+ ! cov]$ p]iod ) respect to ! applicable cov]$ loan4 7#aj7 ,cov]$ utility paym5t ,! t]m cov]$ utility paym5t means paym5t = a s]vice = ! di/ribution ( electricity1 gas1 wat]1 transportation1 telephone1 or int]net access = :i* s]vice began be=e ,augu/ #h1 #bjbc4 7#aa7 ,eligible recipi5t ,! t]m eligible recipi5t means ! recipi5t ( a cov]$ loan4 7#ab7 ,expect$ =giv5ess am\nt ,! t]m expect$ =giv5ess am\nt means-- 7,a7 ) respect to a cov]$ loan describ$ 9 p>agraph 7#c77;,a71 ! am\nt ( pr9cipal ( su* loan t a l5d] reasonably expects a borr[] to exp5d dur+ ! cov]$ p]iod on co/s payable us+ su* cov]$ loan "u section #g7;b7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;b772 & 7,b7 ) respect to a cov]$ loan describ$ 9 p>agraph 7#c77;,b71 ! am\nt ( pr9cipal ( su* cov]$ loan t a l5d] reasonably expects a borr[] to exp5d dur+ ! cov]$ p]iod on ! sum ( any-- 7i7 payroll co/s2 7ii7 paym5ts ( int]e/ on any cov]$ mortgage obligation 7:i* %all n include any prepaym5t ( or paym5t ( pr9cipal on a cov]$ mortgage obligation72 7iii7 paym5ts on any cov]$ r5t obligation2 7iv7 cov]$ utility paym5ts2 7v7 cov]$ op]ations exp5ditures2 7vi7 cov]$ prop]ty damage co/s2 & 7vii7 cov]$ suppli] co/s4 7#ac7 ,hawai'i ,wildfires ,! t]m ,hawai'i ,wildfires has ! mean+s giv5 su* t]m 9 section #b7;a74 7#ad7 ,payroll co/s2 seasonal employ] 7,a7 ,9 g5]al ,except z provid$ 9 subp>agraph 7,b71 ! t]ms payroll co/s & seasonal employ] h ! mean+s giv5 ^? t]ms 9 section #g7;a77#cf77;,a7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77;,a774 7,b7 ,payroll co/s exclusions ,! t]m payroll co/s %all n include qualifi$ wages tak5 into acc\nt 9 det]m9+ ! cr$it all[$ "u section #bcja ( ! ,,c>es ,act 7#bf ,u4,s4,c4 #caaa note71 qualifi$ wages tak5 into acc\nt 9 det]m9+ ! cr$it all[$ "u subsection 7a7 or 7d7 ( section #cjc ( ! ,taxpay] ,c]ta9ty & ,disa/] ,relief ,act ( #bjbj 7,public ,law #aaf-bfj2 #acd ,/at4 #cjge71 or premiums tak5 into acc\nt 9 det]m9+ ! cr$it all[$ "u section #fdcb ( ! ,int]nal ,rev5ue ,code ( #aihf4 7#ae7 ,private s*ool ,! t]m private s*ool means an in/itution ( high] education 7z su* t]m is def9$ 9 section #aja7;a7 ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajja7;a77 t is n a public in/itution4 7b7 ,=giv5ess & waiv]s 7#a7 ,payroll loans ,a recipi5t ( a cov]$ loan describ$ 9 subsection 7a77#c77;,b7 %all be eligible = =giv5ess ( indebt$ness on su* cov]$ loan 9 an am\nt equal to ! sum ( ! foll[+ co/s incurr$ & paym5ts made dur+ ! cov]$ p]iod3 7,a7 ,payroll co/s4 7,b7 ,any paym5t ( int]e/ on any cov]$ mortgage obligation 7:i* %all n include any prepaym5t ( or paym5t ( pr9cipal on a cov]$ mortgage obligation74 7,c7 ,any paym5t on any cov]$ r5t obligation4 7,d7 ,any cov]$ utility paym5t4 7,e7 ,any cov]$ op]ations exp5diture4 7,f7 ,any cov]$ prop]ty damage co/4 7,g7 ,any cov]$ suppli] co/4 7#b7 ,disa/] loans 7,a7 ,9 g5]al ,except z provid$ by subp>agraph 7,b71 a recipi5t ( a cov]$ loan describ$ 9 subsection 7a77#c77;,a7 %all1 at ! election ( ! recipi5t1 be eligible =-- 7i7 =giv5ess ( indebt$ness on su* cov]$ loan 9 am\nt equal to ! less] (-- 7,i7 ! am\nt by :i* su* cov]$ loan exce$s #ejj2 & 7,,ii7 #ahjj2 or 7ii7 a waiv] ( int]e/ *>ges on su* cov]$ loan1 except t-- 7,i7 ! total am\nt ( int]e/ waiv$ "u su* waiv] may n exce$ #ahjj2 & 7,,ii7 su* waiv] may la/ n m ?an ?ree ye>s4 7,b7 ,private s*ools ,a recipi5t ( a cov]$ loan describ$ 9 subsection 7a77#c77;,a7 t is a private s*ool %all1 at ! election ( ! recipi5t1 be eligible =-- 7i7 =giv5ess ( indebt$ness on su* cov]$ loan z describ$ 9 subp>agraph 7,a77i72 or 7ii7 a waiv] ( int]e/ & pr9cipal *>ges on su* cov]$4 7c7 ,treatm5t ( am\nts =giv5 & waiv$ 7#a7 ,9 g5]al ,am\nts :i* h be5 =giv5 "u ?is section %all be consid]$ cancel$ indebt$ness by ! l5d]4 7#b7 ,pur*ase ( gu>antees ,= purposes ( ! pur*ase ( ! gu>antee = a cov]$ loan by ! ,adm9i/rator1 am\nts :i* are =giv5 "u ?is section %all be treat$ 9 accordance ) ! proc$ures t are o!rwise applicable to a loan gu>ante$ "u section #g7;a7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a774 7#c7 ,remittances 7,a7 ,=giv5 am\nts ,n lat] ?an #ij days aft] ! date on :i* ! am\nt ( =giv5ess "u ?is section is det]m9$ ) respect to a cov]$ loan describ$ 9 subsection 7a77#c77;,b71 & n lat] ! two weeks aft] ! date on :i* ! am\nt ( =giv5ess "u ?is section is det]m9$ ) respect to a cov]$ loan describ$ 9 subsection 7a77#c77;,a71 ! ,adm9i/rator %all remit to ! l5d] an am\nt equal to ! am\nt ( =giv5ess1 plus any int]e/ accru$ ?r\gh ! date ( paym5t4 7,b7 ,int]e/ waiv$ ,dur+ ! p]iod int]e/ *>ges are waiv$ "u subp>agraphs 7,a77ii7 or 7,b77ii7 ( subsection 7b77#b7 on a cov]$ loan 9 :i* any individual or entity o!r ?an ! ,adm9i/rator is p>ticipat+1 ! ,adm9i/rator %all pay to ea* individual & entity p>ticipat+ 9 ! cov]$ loan ! int]e/ t1 b = su* subsection1 w\ld be ow$ to su* individual or entity at ! "t su* int]e/ w\ld be due4 7#d7 ,advance pur*ase ( cov]$ loans 7,a7 ,report ,a l5d] au?oriz$ "u subsections 7a7 or 7b7 ( section #g ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf71 or1 at ! discretion ( ! ,adm9i/rator1 a ?ird p>ty p>ticipant 9 ! second>y m>ket1 may1 report to ! ,adm9i/rator an expect$ =giv5ess am\nt on a cov]$ loan or on a pool ( cov]$ loans ( up to #ajj p]c5t ( ! pr9cipal on ! cov]$ loan or pool ( cov]$ loans1 respectively4 7,b7 ,pur*ase ,! ,adm9i/rator %all pur*ase ! expect$ =giv5ess am\nt describ$ 9 subp>agraph 7,a7 z if ! am\nt 7 ! pr9cipal am\nt ( a loan gu>ante$ "u section #g7;a7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a774 7,c7 ,tim+ ,n lat] ?an #ae days aft] ! date on :i* ! ,adm9i/rator receives a report "u subp>agraph 7,a71 ! ,adm9i/rator %all pur*ase ! expect$ =giv5ess am\nt "u subp>agraph 7,b7 ) respect to ea* cov]$ loan to :i* ! report relates4 7d7 ,application 7#a7 #g7;a7 loans ,an eligible recipi5t seek+ loan =giv5ess ) respect to a cov]$ loan describ$ 9 subsection 7a77#c77;,b7 "u ?is section %all submit to ! l5d] t is s]vic+ ! cov]$ loan an application1 :i* %all include-- 7,a7 docum5tation v]ify+ ! numb] ( full-"t equival5t employees on payroll & pay rates to support su* loan =giv5ess1 includ+-- 7i7 payroll tax fil+s report$ to ! ,int]nal ,rev5ue ,s]vice2 & 7ii7 ,/ate income1 payroll1 & unemploym5t insurance fil+s2 7,b7 docum5tation1 includ+ cancell$ *ecks1 paym5t receipts1 transcripts ( acc\nts1 pur*ase ord]s1 ord]s1 invoices1 or o!r docum5ts v]ify+ paym5ts on cov]$ mortgage obligations1 paym5ts on cov]$ r5t obligations1 paym5ts on cov]$ op]ations exp5ditures1 paym5ts on cov]$ prop]ty damage co/s1 paym5ts on cov]$ suppli] co/s1 paym5ts on cov]$ work] protection exp5ditures1 & cov]$ utility paym5ts2 7,c7 a c]tification f a repres5tative ( ! eligible recipi5t au?oriz$ to make su* c]tifications t-- 7i7 ! docum5tation pres5t$ is true & correct2 & 7ii7 ! am\nt = :i* =giv5ess is reque/$ 0 us$ to reta9 employees1 make int]e/ paym5ts on a cov]$ mortgage obligation1 make paym5ts on a cov]$ r5t obligation1 make paym5ts on cov]$ op]ations exp5ditures1 make paym5ts on cov]$ prop]ty damage co/s1 make paym5ts on cov]$ suppli] co/s1 make paym5ts on cov]$ work] protection exp5ditures1 or make cov]$ utility paym5ts2 & 7,d7 any o!r docum5tation ! ,adm9i/rator det]m9es necess>y4 7#b7 ,disa/] loans 7,a7 ,9 g5]al ,an eligible recipi5t seek+ loan =giv5ess ) respect to a cov]$ loan describ$ 9 subsection 7a77#c77;,a7 "u ?is section %all submit to ! appropriate entity an application at su* "t1 9 su* mann]1 & conta9+ su* in=mation z ! ,adm9i/rator det]m9es appropriate4 7,b7 ,appropriate entity def9$ ,9 ?is p>agraph1 ! t]m appropriate entity means-- 7i7 ) respect to a cov]$ loan describ$ 9 subsection 7a77#c77;,a7 9 :i* ! ,adm9i/rator is p>ticipat+ on a gu>ante$ basis1 ! l5d] t is s]vic+ ! cov]$ loan2 & 7ii7 9 all o!r cases1 ! ,adm9i/rator4 7e7 ,prohibition on =giv5ess )\t docum5tation ,no eligible recipi5t %all receive =giv5ess "u ?is section )\t submitt+ ! docum5tation requir$ "u subsection 7d74 7f7 ,decision ,n lat] ?an #fj days aft] ! date on :i* a l5d] or ! ,adm9i/rator receives an application "u subsection 7e7 = loan =giv5ess "u ?is section f an eligible recipi5t1 ! l5d] or ! ,adm9i/rator1 z applicable1 %all issue a decision on ! application4 7g7 ,hold h>mless 7#a7 ,reliance ,a l5d] may rely on any c]tification or docum5tation submitt$ by an applicant = a cov]$ loan or an eligible recipi5t or eligible entity receiv+ a cov]$ loan t-- 7,a7 is submitt$ pursuant to all applicable /atutory requirem5ts1 regulations1 & guidance relat$ to su* cov]$ loan1 includ+ "u subsections 7a77#ch71 z add$ by section #c7;a7 ( ?is ,act1 & 7b7 section #g ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7 & "u ?is section2 & 7,b7 atte/s t ! applicant1 eligible recipi5t1 or eligible entity1 z applicable1 has accurately provid$ ! c]tification or docum5tation to ! l5d] 9 accordance ) ! /atutory requirem5ts1 regulations1 & guidance describ$ 9 subp>agraph 7,a74 7#b7 ,no en=cem5t action ,) respect to a l5d] t relies on a c]tification or docum5tation describ$ 9 p>agraph 7#a7 relat$ to cov]$ loan1 an en=cem5t action may n be tak5 aga9/ ! l5d]1 & ! l5d] %all n be subject to any p5alties relat+ to loan orig9ation or =giv5ess ( ! cov]$ loan1 if-- 7,a7 ! l5d] acts 9 good fai? relat+ to loan orig9ation or =giv5ess ( ! cov]$ loan bas$ on t reliance2 & 7,b7 all o!r relevant ,f$]al1 ,/ate1 local1 & o!r /atutory & regulatory requirem5ts applicable to ! l5d] are satisfi$ ) respect to ! cov]$ loan4 7h7 ,tax treatm5t ,= purposes ( ! ,int]nal ,rev5ue ,code ( #aihf-- 7#a7 no am\nt %all be includ$ 9 ! gross income ( ! eligible recipi5t by reason ( =giv5ess ( indebt$ness or waiv]s describ$ 9 subsection 7b71 7#b7 no d$uction %all be d5i$1 no tax attribute %all be r$uc$1 & no basis increase %all be d5i$1 by reason ( ! exclusion f gross income provid$ by p>agraph 7#a71 & 7#c7 9 ! case ( an eligible recipi5t t is a p>tn]%ip or ,s corporation-- 7,a7 any am\nt exclud$ f income by reason ( p>agraph 7#a7 %all be treat$ z tax exempt income = purposes ( sections #gje & #acff ( ! ,int]nal ,rev5ue ,code ( #aihf1 & 7,b7 except z provid$ by ! ,secret>y ( ! ,treasury 7or ! ,secret>y's delegate71 any increase 9 ! adju/$ basis ( a p>tn]'s int]e/ 9 a p>tn]%ip "u section #gje ( ! ,int]nal ,rev5ue ,code ( #aihf ) respect to any am\nt describ$ 9 subp>agraph 7,a7 %all equal ! p>tn]'s di/ributive %>e ( d$uctions result+ f co/s giv+ rise to =giv5ess describ$ 9 subsection 7b7 or f *>ges waiv$ z describ$ 9 su* subsection4 7i7 ,rule ( ,con/ruction ,! cancellation ( indebt$ness on a cov]$ loan "u ?is section %all n o!rwise modify ! t]ms & conditions ( ! cov]$ loan4 7j7 ,regulations ,n lat] ?an #cj days aft] ! date ( enactm5t ( ?is ,act1 ! ,adm9i/rator %all issue guidance & regulations implem5t+ ?is section4 #e4 ,maui wildfire pay*eck protection program loan facility ,! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em %all1 "u section #ac7c7 ( ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #cdc7c771 e/abli% a ,maui ,wildfire ,pay*eck ,protection ,program ,liquidity ,facility to provide loans to entities mak+ loans gu>ante$ "u ! ,maui ,wildfire ,pay*eck ,protection ,program4 ,9 e/abli%+ ! requirem5ts = ! ,maui ,wildfire ,pay*eck ,protection ,program1 ! ,bo>d ( ,gov]nors %all make ! requirem5ts z close z practicable to ! requirem5ts applicable to ! ,pay*eck ,protection ,program ,liquidity ,facility4