(a) Amendment to paycheck protection program.—Section 1106(a)(8) of the CARES Act (15 U.S.C. 9005(a)(8)) is amended by inserting “, except that such costs shall not include qualified wages taken into account in determining the credit allowed under section 2301 of this Act” before the period at the end.

(b) Amendments to employee retention tax credit.—

(1) IN GENERAL.—Section 2301(g) of the CARES Act (Public Law 116–136; 26 U.S.C. 3111 note) is amended to read as follows:

“(g) Election To not take certain wages into account.—

“(1) IN GENERAL.—This section shall not apply to so much of the qualified wages paid by an eligible employer as such employer elects (at such time and in such manner as the Secretary may prescribe) to not take into account for purposes of this section.

“(2) COORDINATION WITH PAYCHECK PROTECTION PROGRAM.—The Secretary, in consultation with the Administrator of the Small Business Administration, shall issue guidance providing that payroll costs paid or incurred during the covered period shall not fail to be treated as qualified wages under this section by reason of an election under paragraph (1) to the extent that a covered loan of the eligible employer is not forgiven under section 1106(b) by reason of such payroll costs. Terms used in the preceding sentence which are also used in section 1106 shall have the same meaning as when used in such section.”.

(2) CONFORMING AMENDMENTS.—

(A) Section 2301 of the CARES Act (Public Law 116–136; 26 U.S.C. 3111 note) is amended by striking subsection (j).

(B) Section 2301(l) of the CARES Act (Public Law 116–136; 26 U.S.C. 3111 note) is amended by striking paragraph (3) and by redesignating paragraphs (4) and (5) as paragraphs (3) and (4), respectively.

(c) Effective date.—The amendments made by this section shall take effect as if included in the provisions of the CARES Act (Public Law 116–136) to which they relate.

It is the sense of Congress that—

(1) many businesses that have received economic injury disaster loans under section 7(b)(2) of the Small Business Act (15 U.S.C. 636(b)(2)) continue to suffer from the effects of the COVID–19 pandemic and may not be in a position to make payments in the near term;

(2) the Administrator has the authority under the Small Business Act (15 U.S.C. 631 et seq.) to reduce the interest charged on loans and to offer borrowers up to 4 years of deferment on the payment of interest and principal; and

(3) the Congress encourages the Administrator to use this discretion to provide relief to the hardest hit small businesses that have received or will receive direct loans from the Administration under section 7(b)(2) of the Small Business Act (15 U.S.C. 636(b)(2)).

Section 7(b)(11) of the Small Business Act (15 U.S.C. 636(b)(11)) is amended—

(1) by striking “The Administrator” and inserting the following:

“(A) IN GENERAL.—The Administrator”; and

(2) by adding at the end the following:

“(B) ACCEPTANCE CRITERIA AND QUALIFICATIONS.—In carrying out subparagraph (A), the Administrator shall—

“(i) publish on the website of the Administration a description of the rules issued with respect to a loan made under this subsection, which shall be clear and easy to understand; and

“(ii) upon receiving an application for a loan under this subsection, provide to the loan applicant the description described in clause (i).

“(C) RIGHT TO EXPLANATION OF DECLINED LOAN OR ADVANCE.—

“(i) IN GENERAL.—The Administrator shall—

“(I) provide all applicants for a loan under this subsection or an advance under section 1110(e) of the CARES Act (15 U.S.C. 9009(e)) for which the loan or advance application was fully or partially denied with a complete written application of the reason for the denial at the time the decision is made;

“(II) establish a dedicated telephonic information line and e-mail address to respond to further inquiries about denied applications described in subclause (I); and

“(III) before fully or partially denying an application for a loan under this subsection or an advance under such section 1110(e) because the applicant submitted incomplete information—

“(aa) contact the applicant and give the applicant the opportunity to provide that information; and

“(bb) reconsider the application with any additional information provided.

“(ii) SUBMISSION OF ADDITIONAL INFORMATION.—An applicant for a loan under this subsection or an advance under section 1110(e) of the CARES Act (15 U.S.C. 9008(e)) that can remedy the grounds for denial of the application by submitting additional information under clause (i)(III)—

“(I) shall have the opportunity to do so directly with a loan officer; and

“(II) shall not be required to seek a remedy through the appeals process of the Administration.”.

Section 1110(e)(1) of the CARES Act (15 U.S.C. 9009(e)(1)) is amended to read as follows:

“(1) IN GENERAL.—During the covered period, an entity included for eligibility in subsection (b), including small business concerns, private nonprofit organizations, and small agricultural cooperatives, that applies for a loan under section 7(b)(2) of the Small Business Act (15 U.S.C. 636(b)(2)) in response to COVID–19 shall be provided an advance that is, subject to paragraph (3), disbursed within 3 days after the Administrator receives an application from the entity, unless the advance is specifically declined by the entity.”.

(a) In general.—Section 1110 of the CARES Act (15 U.S.C. 9009) is amended—

(1) by redesignating subsection (f) as subsection (j); and

(2) by inserting after subsection (e) the following:

“(f) Data transparency.—

“(1) IN GENERAL.—In this subsection, the term ‘covered application’ means an application submitted to the Administrator for a loan under section 7(b)(2) of the Small Business Act (15 U.S.C. 636(b)(2)), including an application for such a loan submitted by an eligible entity.

“(2) WEEKLY REPORTS.—Not later than 1 week after the date of enactment of the Heroes Small Business Lifeline Act, and weekly thereafter until the end of the covered period, the Administrator shall publish on the website of the Administration a report that contains the following information:

“(A) For the week covered by the report, the number of covered applications that the Administrator—

“(i) received;

“(ii) processed; and

“(iii) approved and rejected, including the percentage of covered applications that the Administrator approved.

“(B) With respect to the covered applications that the Administrator approved during the week covered by the report, the number and dollar amount of the loans made with respect to such applications as part of a response to COVID–19.

“(C) The identification number, or other indicator showing the order in which any application was received and intended to be processed, for the most recent covered application processed by the Administrator.

“(D) Demographic data with respect to applicants submitting covered applications during the week covered by the report and loans made pursuant to covered applications during the week covered by the report, which shall include—

“(i) with respect to each such applicant or loan recipient, as applicable, information regarding—

“(I) the geographic area in which the applicant or loan recipient operates;

“(II) if applicable, the sex, race, and ethnicity of each owner of the applicant or loan recipient, which the individual may decline to provide;

“(III) the annual revenue of the applicant or loan recipient;

“(IV) the number of employees employed by the applicant or loan recipient;

“(V) whether the applicant or loan recipient is a for-profit or nonprofit entity; and

“(VI) the industry in which the applicant or loan recipient operates;

“(ii) the number of such loans made to agricultural enterprises (as defined in section 18(b) of the Small Business Act (15 U.S.C. 647)(b))); and

“(iii) the average economic injury suffered by—

“(I) applicants, the covered applications of which the Administrator approved; and

“(II) applicants, the covered applications of which the Administrator rejected.

“(g) Verification of business eligibility.—

“(1) IN GENERAL.—With respect to an application submitted to the Administrator during the covered period for a loan under section 7(b)(2) of the Small Business Act (15 U.S.C. 636(b)(2)) in response to COVID–19, the Administrator shall verify that each such applicant was in operation on January 31, 2020.

“(2) REPORT.—Not later than 30 days after the date of enactment of this subsection, the Administrator shall submit to Congress a report that describes the steps taken by the Administrator to perform the verification required under paragraph (1).

“(3) SENSE OF CONGRESS.—It is the sense of Congress that the verification required under paragraph (1) constitutes oversight that the Administrator is required to perform under paragraph (15) of section 7(b) of the Small Business Act (15 U.S.C. 636(b)) with respect to entities receiving loans under paragraph (2) of such section 7(b).

“(h) Notifications to Congress.—

“(1) DEFINITIONS.—In this subsection—

“(A) the term ‘appropriate committees of Congress’ means—

“(i) the Committee on Small Business and Entrepreneurship and the Subcommittee on Financial Services and General Government of the Committee on Appropriations of the Senate; and

“(ii) the Committee on Small Business and the Subcommittee on Financial Services and General Government of the Committee on Appropriations of the House of Representatives; and

“(B) the term ‘covered program, project, or activity’ means—

“(i) the program under this section;

“(ii) the loan program under section 7(b)(2) of the Small Business Act (15 U.S.C. 636(b)(2));

“(iii) the authorized activities for amounts were appropriated in response to the COVID–19 pandemic under the heading ‘Small Business Administration—Salaries and Expenses’; or

“(iv) any other program, project, or activity for which funds are made available to the Administration to respond to the COVID–19 pandemic.

“(2) NOTICE OF APPROACHING FUNDING LAPSE.—The Administrator shall submit to the appropriate committees of Congress a notification not later than 2 days after the date on which unobligated balances of amounts appropriated for a fiscal year for any covered program, project, or activity are less than 25 percent of the total amount appropriated for the covered program, project, or activity for such fiscal year.

“(3) MONTHLY REPORT.—The Administrator shall submit to the appropriate committees of Congress a monthly report detailing the current and future planned uses of amounts appropriated in response to the COVID–19 pandemic under the heading ‘Small Business Administration—Salaries and Expenses’, which shall include—

“(A) the number of employees hired and contractors retained using such amounts;

“(B) the number of contracts with a total cost of more than $5,000,000 entered into using such amounts;

“(C) a list of all sole source contracts entered into using such amounts; and

“(D) any program changes, regulatory actions, guidance issuances, or other initiatives relating to the response to the COVID–19 pandemic.”.

(b) Retroactive collection.—As soon as is practicable after the date of enactment of this Act, the Administrator shall collect the information required under section 1110(f) of the CARES Act (15 U.S.C. 9009(f)), as amended by subsection (a), from applicants that submitted covered applications (as defined in such section 1110(f)) during the period beginning on the date of enactment of the CARES Act (Public Law 116–136) and ending on the date of enactment of this Act.

Section 1110 of the CARES Act (15 U.S.C. 9009), is amended by inserting after subsection (h), as added by section 404, the following:

“(i) Lifeline funding for small business continuity, adaptation, and resiliency.—

“(1) DEFINITIONS.—In this subsection:

“(A) AGRICULTURAL ENTERPRISE.—The term ‘agricultural enterprise’ has the meaning given the term in section 18(b) of the Small Business Act (15 U.S.C. 647(b)).

“(B) COVERED ENTITY.—The term ‘covered entity’—

“(i) means an eligible entity described in subsection (b) of this section, if such eligible entity—

“(I) has not more than 50 employees; and

“(II) has suffered an economic loss of not less than 30 percent; and

“(ii) except with respect to an entity included under section 123.300(c) of title 13, Code of Federal Regulations, or any successor regulation, does not include an agricultural enterprise.

“(C) ECONOMIC LOSS.—The term ‘economic loss’ means, with respect to a covered entity, the amount by which the gross receipts of the covered entity declined during an 8-week period between March 2, 2020, and December 31, 2020 (as determined by the covered entity), relative to a comparable 8-week period immediately preceding March 2, 2020, or during 2019 (as determined by the covered entity).

“(D) ECONOMICALLY DISADVANTAGED INDIVIDUAL.—The term ‘economically disadvantaged individual’ means an economically disadvantaged individual under section 124.104 of title 13, Code of Federal Regulations, or any successor regulation.

“(E) LOW-INCOME COMMUNITY.—The term ‘low-income community’ has the meaning given the term in section 45D(e) of the Internal Revenue Code of 1986.

“(F) REMOTE RECREATIONS ENTERPRISE.—The term ‘remote recreational enterprise’ means a covered entity that was in operation on or before March 1, 2020, that can document an economic loss caused by the closure of the United States and Canadian border that restricted the ability of American customers to access the location of the covered entity.

“(G) SOCIALLY DISADVANTAGED INDIVIDUAL.—The term ‘socially disadvantaged individual’ means a socially disadvantaged individual under section 124.103 of title 13, Code of Federal Regulations, or any successor regulation.

“(H) VETERAN.—The term ‘veteran’ has the meaning given the term in section 3(q) of the Small Business Act (15 U.S.C. 632(q)).

“(2) PROCEDURE.—During the covered period, a covered entity that applies for a loan under section 7(b)(2) of the Small Business Act (15 U.S.C. 636(b)(2)) may request that the Administrator provide funding for the purposes described in paragraph (6).

“(3) VERIFICATION.—With respect to each request submitted by an entity under paragraph (2), the Administrator shall—

“(A) not later than 14 days after the date on which the Administrator receives the request, verify whether the entity is a covered entity; and

“(B) if the Administrator verifies that the entity is a covered entity under subparagraph (A), and subject to paragraph (8), disburse the funding requested by the covered entity not later than 7 days after the date on which the Administrator completes the verification.

“(4) ORDER OF PROCESSING.—Subject to paragraph (8), the Administrator shall process and approve requests submitted under paragraph (2) in the order the Administrator receives the requests.

“(5) AMOUNT OF FUNDING.—

“(A) IN GENERAL.—The amount of funding provided to a covered entity that submits a request under paragraph (2) shall be in an amount that is the lesser of—

“(i) the amount of working capital needed by the covered entity for the 180-day period beginning on the date on which the covered entity would receive the funding, as determined by the Administrator using a methodology that is identical to the methodology used by the Administrator to determine working capital needs with respect to an application for a loan submitted under section 7(b)(2) of the Small Business Act (15 U.S.C. 636(b)(2)); or

“(ii) $50,000.

“(B) ENTITLEMENT TO FULL AMOUNT.—A covered entity that receives funding pursuant to a request submitted under paragraph (2) shall be entitled to receive the full amount of that funding, as determined under subparagraph (A), without regard to—

“(i) if the applicable loan for which the covered entity has applied under section 7(b)(2) of the Small Business Act (15 U.S.C. 636(b)(2)) is approved, the amount of the loan;

“(ii) whether the covered entity accepts the offer of the Administrator with respect to an approved loan described in clause (i); or

“(iii) whether the covered entity has previously received any amounts under subsection (e).

“(6) USE OF FUNDS.—A covered entity that receives funding under this subsection—

“(A) may use the funding—

“(i) for any purpose for which a loan received under section 7(b)(2) of the Small Business Act (15 U.S.C. 636(b)(2)) may be used;

“(ii) for working capital needs, including investments to implement adaptive changes or resiliency strategies to help the eligible entity maintain business continuity during the COVID–19 pandemic; or

“(iii) to repay any unpaid amount of—

“(I) a loan received under subsection (a)(36) or (b)(2) of section 7 of the Small Business Act (15 U.S.C. 636); or

“(II) mortgage interest; and

“(B) may not use the funding to pay any loan debt, except as provided in subparagraph (A)(iii).

“(7) APPLICABILITY.—In addition to any other restriction imposed under this subsection, any eligibility restriction applicable to a loan made under section 7(b)(2) of the Small Business Act (15 U.S.C. 636(b)(2)), including any restriction under section 123.300 or 123.301 of title 13, Code of Federal Regulations, or any successor regulation, shall apply with respect to funding provided under this subsection.

“(8) PRIORITY.—During the 56-day period beginning on the date of enactment of this subsection, the Administrator may approve a request for funding under this subsection only if the request is submitted by—

“(A) a covered entity located in a low-income community;

“(B) a covered entity owned or controlled by a veteran or a member of the Armed Forces;

“(C) a covered entity owned or controlled by an economically disadvantaged individual or a socially disadvantaged individual; or

“(D) a remote recreational enterprise.

“(9) ADMINISTRATION.—In carrying out this subsection, the Administrator may rely on loan officers and other personnel of the Office of Disaster Assistance of the Administration and other resources of the Administration, including contractors of the Administration.

“(10) RETROACTIVE EFFECT.—Any covered entity that, during the period beginning on January 1, 2020, and ending on the day before the date of enactment of this subsection, applied for a loan under section 7(b)(2) of the Small Business Act (15 U.S.C. 636(b)(2)) may submit to the Administrator a request under paragraph (2) with respect to that loan.

“(11) AUTHORIZATION OF APPROPRIATIONS.—There are authorized to be appropriated to the Administrator $40,000,000,000 to carry out this subsection, which shall remain available through December 31, 2021, of which—

“(A) $20,000,000,000 is authorized to be appropriated to provide funding to covered entities described in paragraph (8); and

“(B) $20,000,000 is authorized to be appropriated to the Inspector General of the Administration to prevent waste, fraud, and abuse with respect to funding provided under this subsection.”.

(a) Loans for new borrowers.—With respect to a loan made under section 7(b)(2) of the Small Business Act (15 U.S.C. 636(b)(2)) to a borrower adversely impacted by COVID–19 during the period beginning on the date of enactment of this Act and ending on December 31, 2020—

(1) the borrower shall be eligible for a loan in an amount equal to 6 months of working capital if the borrower otherwise meets the underwriting standards established by the Administration; and

(2) the Administrator—

(A) shall not impose a maximum loan amount limit that is lower than $2,000,000; and

(B) shall not disqualify any applicant for such a loan due to the criminal history or arrest record of the applicant, except in the case of an applicant that, during the 5-year period preceding the date on which the applicant submits an application, has been convicted—

(i) of a felony offense involving fraud, bribery, or embezzlement in any State or Federal court; or

(ii) in connection with a false statement made in—

(I) a loan application; or

(II) an application for Federal financial assistance.

(b) Additional loan for existing borrowers.—

(1) IN GENERAL.—A recipient of a loan made under section 7(b)(2) of the Small Business Act (15 U.S.C. 636(b)(2)) to a borrower adversely impacted by COVID–19 during the period beginning on January 31, 2020, and ending on the date of enactment of this Act may submit to the Administrator a request for an additional amount to increase in the amount of that loan, provided that the aggregate amount received under such section by the recipient during that period shall be not more than the lesser of—

(A) an amount equal to 6 months of working capital for the recipient; and

(B) $2,000,000.

(2) CONSIDERATION.—In considering a request submitted under paragraph (1), the Administrator—

(A) may not recalculate the economic injury or creditworthiness of the borrower; and

(B) shall issue a determination based on the documentation submitted by the borrower for the initial loan under section 7(b)(2) of the Small Business Act (15 U.S.C. 636(b)(2)), any other new information voluntarily provided by the borrower, and any information obtained to prevent fraud or abuse.

(3) ADDITIONAL DOCUMENTATION.—If the Administrator requires a borrower making a request under paragraph (1) to provide additional documentation, the Administrator shall—

(A) publish those documentation requirements on the website of the Administration not later than 7 days after the date of enactment of this Act; and

(B) proactively provide those requirements to any such borrower that received a loan described in paragraph (1).

(a) Definitions.—In this section:

(1) COVERED EIDL LOAN.—The term “covered EIDL loan” means a loan made under section 7(b)(2) of the Small Business Act (15 U.S.C. 636(b)(2)) that—

(A) was approved by the Administrator before February 15, 2020; and

(B) is in a regular servicing status.

(2) PHYSICAL DISASTER LOAN.—The term “physical disaster loan” means a loan made under section 7(b)(1) of the Small Business Act (15 U.S.C. 636(b)(1)) in a regular servicing status.

(b) Payment by Administrator.—The Administrator shall pay the principal, interest, and any associated fees that are owed on a physical disaster loan or a covered EIDL loan as follows:

(1) With respect to a physical disaster loan—

(A) not in deferment, for the 12-month period beginning with the next payment due on such loan;

(B) in deferment, for the 12-month period beginning with the next payment due on such loan after the deferment period; and

(C) made on or after the date of enactment of this Act, for the 12-month period beginning with the first payment due on such loan.

(2) With respect to a covered EIDL loan—

(A) not in deferment, for the 12-month period beginning with the next payment due on such loan; and

(B) in deferment, for the 12-month period beginning with the next payment due on such loan after the deferment period.

(c) Timing of payment.—The Administrator shall begin making payments under subsection (b) not later than 30 days after the date on which the first such payment is due.

(d) Application of payment.—Any payment made by the Administrator under subsection (b) shall be applied to the physical disaster loan or a covered EIDL loan (as applicable) such that the borrower is relieved of the obligation to pay that amount.

The Administrator shall—

(1) develop and implement a plan to train any staff responsible for implementing or administering the loan program established under section 7(b)(2) of the Small Business Act (15 U.S.C. 636(b)(2)) on specific responsibilities with respect to such program; and

(2) submit the plan to the Committee on Small Business and Entrepreneurship of the Senate and the Committee on Small Business of the House of Representatives.

Not later than 30 days after the date of enactment of this Act, the Administrator shall submit to the Committee on Small Business and Entrepreneurship of the Senate and the Committee on Small Business of the House of Representatives an outreach plan to clearly communicate program and policy changes to all offices of the Administration, small business development centers (as defined in section 3 of the Small Business Act (15 U.S.C. 632)), women’s business centers (described in section 29 of such Act (15 U.S.C. 656)), chapters of the Service Corps of Retired Executives (established under section 8(b)(1)(B) of such Act (15 U.S.C. 637(b)(1)(B))), Veteran Business Outreach Centers (described in section 32 of such Act (15 U.S.C. 657b)), Members of Congress, congressional committees, small business concerns (as defined in section 3 of such Act (15 U.S.C. 632)), and the public.

Not later than 60 days after the date of enactment of this Act, the Administrator shall submit to the Committee on Small Business and Entrepreneurship of the Senate and the Committee on Small Business of the House of Representatives a report on outlining the best practices to administer the loan program established under section 7(b)(2) of the Small Business Act (15 U.S.C. 636(b)(2)) during a pandemic.

Section 1107(a) of the CARES Act (15 U.S.C. 9006(a)) is amended, in the matter preceding paragraph (1), by striking “until September 30, 2021” and inserting “until December 31, 2021, for amounts appropriated under paragraph (2), and until September 30, 2021, for all other amounts appropriated under this subsection”.

Title III of the Small Business Investment Act of 1958 (15 U.S.C. 681 et seq.) is amended by adding at the end the following:

Section 1110(e)(6) of the CARES Act (15 U.S.C. 9009(e)(6)) is repealed.

(a) In general.—Section 1112 of the CARES Act (15 U.S.C. 9011) is amended—

(1) in subsection (c)—

(A) in paragraph (1)—

(i) in the matter preceding subparagraph (A), by inserting “, without regard to the date on which the covered loan is fully disbursed and subject to availability of funds” after “status”;

(ii) by amending subparagraphs (A) and (B) to read as follows:

“(A) with respect to a covered loan approved by the Administration before the date of enactment of this Act and not on deferment—

“(i) except as provided in clauses (ii) and (iii), for the 6-month period beginning with the next payment due on the covered loan after the covered loan is fully disbursed;

“(ii) for the 11-month period beginning with the next payment due on the covered loan after the covered loan is fully disbursed, with respect to a covered loan that—

“(I) is described in subsection (a)(1)(B) or is a loan guaranteed by the Administration under section 7(a) of the Small Business Act (15 U.S.C. 636(a)) other than a loan described in clause (i) or (ii) of subsection (a)(1)(A); and

“(II) is made to a borrower operating primarily in an industry other than an industry that is assigned a North American Industry Classification System code described in item (aa) or (bb) of clause (iii)(II); and

“(iii) for the 18-month period beginning with the next payment due on the covered loan after the covered loan is fully disbursed, with respect to—

“(I) a covered loan described in paragraph (1)(A)(i) or paragraph (2) of subsection (a); or

“(II) any covered loan made to a borrower operating primarily in an industry that is assigned—

“(aa) a North American Industry Classification System code beginning with 61, 71, 72, or 487; or

“(bb) the North American Industry Classification System Code 485510, 511110, 515112, or 515120;

“(B) with respect to a covered loan approved by the Administration before the date of enactment of this Act and on deferment—

“(i) except as provided in clauses (ii) and (iii), for the 6-month period beginning with the next payment due on the covered loan after the deferment period and after the covered loan is fully disbursed;

“(ii) for the 11-month period beginning with the next payment due on the covered loan after the deferment period and after the covered loan is fully disbursed, with respect to a covered loan described in subclause (I) or (II) of subparagraph (A)(ii); and

“(iii) for the 18-month period beginning with the next payment due on the covered loan after the deferment period and after the covered loan is fully disbursed, with respect to a covered loan described in subclause (I) or (II) of subparagraph (A)(iii); and”; and

(iii) in subparagraph (C)—

(I) by striking “covered loan made” and inserting “covered loan approved by the Administration”;

(II) by striking “6 months after” and inserting “18 months after”;

(III) by inserting “(or, for a covered loan made by an intermediary to a small business concern using loans or grants received under section 7(m) of the Small Business Act (15 U.S.C. 636(m)) or guaranteed by the Administration under the Community Advantage Pilot Program of the Administration, for the 12-month period)” after “6-month period”; and

(IV) by inserting “after the covered loan is fully disbursed” after “due on the covered loan”; and

(B) by adding at the end the following:

“(4) ADDITIONAL PROVISIONS FOR NEW LOANS.—With respect to a loan described in paragraph (1)(C)—

“(A) the Administrator may further extend the 18-month period described in paragraph (1)(C) if there are sufficient funds to continue those payments; and

“(B) during the underwriting process, a lender of such a loan may consider the payments under this section as part of a comprehensive review to determine the ability to repay over the entire period of maturity of the loan.

“(5) ELIGIBILITY.—Eligibility for a covered loan to receive such payments of principal, interest, and any associated fees under this subsection shall be based on the date on which the covered loan is approved by the Administration.

“(6) AUTHORITY TO REVISE EXTENSIONS.—

“(A) IN GENERAL.—As part of preparing the reports under subsection (i)(5) that are required to be submitted not later than January 15, 2021, and not later than June 15, 2021, the Administrator conducts an evaluation of whether amounts made available to make payments under this subsection are sufficient to make the payments for the period described in paragraph (1).

“(B) PLAN.—If the Administrator determines under subparagraph (A) that the amounts made available to make payments under this subsection are insufficient, the Administrator shall—

“(i) develop a plan to proportionally reduce the number of months provided for each period described in paragraph (1), while ensuring all amounts made available to make payments under this subsection are fully expended; and

“(ii) before taking action under the plan developed under clause (i), include in the applicable report under subsection (i)(5) the plan and the data that informs the plan.

“(7) RULE OF CONSTRUCTION.—Nothing in this subsection shall preclude a borrower from receiving full payments of principal, interest, and any associated fees as authorized by subsection.”;

(2) by redesignating subsection (f) as subsection (k); and

(3) by inserting after subsection (e) the following:

“(f) Eligibility for new loans.—For each individual lending program under this section, the Administrator may establish a minimum loan maturity period, taking into consideration the normal underwriting requirements for each such program, with the goal of preventing abuse under the program.

“(g) Limitation on assistance.—A borrower may not receive assistance under subsection (c) for more than 1 covered loan of the borrower described in paragraph (1)(C) of that subsection.

“(h) Taxability.—For purposes of the Internal Revenue Code of 1986—

“(1) any payment made under subsection (c) shall be treated as paid by the person on whose behalf such payment is made,

“(2) no amount shall be included in the gross income of the borrower by reason of a payment made under subsection (c), and

“(3) no deduction shall be denied or reduced, no tax attribute shall be reduced, and no basis increase shall be denied, by reason of the exclusion from gross income provided by paragraph (2).

“(i) Reporting and outreach.—

“(1) UPDATED INFORMATION.—

“(A) IN GENERAL.—Not later than 7 days after the date of enactment of the Heroes Small Business Lifeline Act, the Administrator shall make publicly available information regarding the modifications to the assistance provided under this section under the amendments made by such Act.

“(B) GUIDANCE.—Not later than 14 days after the date of enactment of the Heroes Small Business Lifeline Act the Administrator shall issue guidance on implementing the modifications to the assistance provided under this section under the amendments made by such Act.

“(2) PUBLICATION OF LIST.—Not later than 14 days after the date of enactment of the Heroes Small Business Lifeline Act, the Administrator shall transmit to each lender of a covered loan a list of each borrower of a covered loan that includes the North American Industry Classification System code assigned to the borrower, based on the records of the Administration, to assist the lenders in identifying which borrowers qualify for an extension of payments under subsection (c).

“(3) EDUCATION AND OUTREACH.—The Administrator shall provide education, outreach, and communication to lenders, borrowers, district offices, and resource partners of the Administration in order to ensure full and proper compliance with this section, encourage broad participation with respect to covered loans that have not yet been approved by the Administrator, and help lenders transition borrowers from subsidy payments under this section directly to a deferral when suitable for the borrower.

“(4) NOTIFICATION.—Not later than 30 days after the date of enactment of the Heroes Small Business Lifeline Act, the Administrator shall mail a letter to each borrower of a covered loan that includes—

“(A) an overview of assistance provided under this section;

“(B) the rights of the borrower to receive that assistance;

“(C) how to seek recourse with the Administrator or the lender of the covered loan if the borrower has not received that assistance; and

“(D) the rights of the borrower to request a loan deferral from a lender, and guidance on how to do successfully transition directly to a loan deferral once subsidy payments under this section are concluded.

“(5) MONTHLY REPORTING.—Not later than the 15th of each month beginning after the date of enactment of the Heroes Small Business Lifeline Act, the Administrator shall submit to Congress a report on assistance provided under this section, which shall include—

“(A) monthly and cumulative data on payments made under this section as of the date of the report, including a breakdown by—

“(i) the number of participating borrowers;

“(ii) the volume of payments made for each type of covered loan; and

“(iii) the volume of payments made for covered loans made before the date of enactment of this Act and loans made after such date of enactment;

“(B) the names of any lenders of covered loans that have not submitted information on the covered loans to the Administrator during the preceding month; and

“(C) an update on the education and outreach activities of the Administration carried out under paragraph (3).”.

(b) Effective date.—The amendments made by this section shall apply as if included in the enactment of section 1112 of the CARES Act (15 U.S.C. 9011).

(a) 7(a) loan guarantees.—

(1) IN GENERAL.—Section 7(a)(2)(A) of the Small Business Act (15 U.S.C. 636(a)(2)(A)) is amended by striking “), such participation by the Administration shall be equal to” and all that follows through the period at the end and inserting “or the Community Advantage Pilot Program of the Administration), such participation by the Administration shall be equal to 90 percent of the balance of the financing outstanding at the time of disbursement of the loan.”.

(2) PROSPECTIVE REPEAL.—Effective October 1, 2021, section 7(a)(2)(A) of the Small Business Act (15 U.S.C. 636(a)(2)(A)), as amended by paragraph (1), is amended to read as follows:

“(A) IN GENERAL.—Except as provided in subparagraphs (B), (D), (E), and (F), in an agreement to participate in a loan on a deferred basis under this subsection (including a loan made under the Preferred Lenders Program), such participation by the Administration shall be equal to—

“(i) 75 percent of the balance of the financing outstanding at the time of disbursement of the loan, if such balance exceeds $150,000; or

“(ii) 85 percent of the balance of the financing outstanding at the time of disbursement of the loan, if such balance is less than or equal to $150,000.”.

(b) Express loans.—

(1) LOAN AMOUNT.—Section 1102(c)(2) of the CARES Act (Public Law 116–36; 15 U.S.C. 636 note) is amended to read as follows:

“(2) PROSPECTIVE REPEAL.—Section 7(a)(31)(D) of the Small Business Act (15 U.S.C. 636(a)(31)(D)) is amended—

“(A) by striking ‘$1,000,000’ and inserting ‘$500,000’, effective during the period beginning on January 1, 2021, and ending on September 30, 2021; and

“(B) by striking ‘$500,000’ and inserting ‘$350,000’, effective October 1, 2021.”.

(2) GUARANTEE RATES.—

(A) TEMPORARY MODIFICATION.—Section 7(a)(31)(A)(iv) of the Small Business Act (15 U.S.C. 636(a)(31)(A)(iv)) is amended by striking “with a guaranty rate of not more than 50 percent.” and inserting the following: “with a guarantee rate—

“(I) for a loan in an amount less than or equal to $350,000, of not more than 75 percent; and

“(II) for a loan in an amount greater than $350,000, of not more than 50 percent.”.

(B) PROSPECTIVE REPEAL.—Effective October 1, 2021, section 7(a)(31)(A)(iv) of the Small Business Act (15 U.S.C. 636(a)(31)(iv)), as amended by subparagraph (A), is amended by striking “guarantee rate” and all that follows through the period at the end and inserting “guarantee rate of not more than 50 percent.”.

Section 7(a)(7) of the Small Business Act (15 U.S.C. 636(a)(7)) is amended—

(1) by striking “The Administration” and inserting “(A) In general.—The Administrator”;

(2) by inserting “and interest” after “principal”; and

(3) by adding at the end the following new subparagraphs:

“(B) DEFERRAL REQUIREMENTS.—With respect to a deferral provided under this paragraph, the Administrator may allow lenders under this subsection—

“(i) to provide full payment deferment relief (including payment of principal and interest) for a period of not more than 1 year; and

“(ii) to provide an additional deferment period if the borrower provides documentation justifying such additional deferment.

“(C) SECONDARY MARKET.—If an investor declines to approve a deferral or additional deferment requested by a lender under subparagraph (B), the Administrator shall exercise the authority to purchase the loan so that the borrower may receive full payment deferment relief (including payment of principal and interest) or an additional deferment as described in subparagraph (B).”.

(a) Loans to intermediaries.—

(1) IN GENERAL.—Section 7(m) of the Small Business Act (15 U.S.C. 636(m)) is amended—

(A) in paragraph (3)(C)—

(i) by striking “and $6,000,000” and inserting “$10,000,000 (in the aggregate)”; and

(ii) by inserting before the period at the end the following: “, and $4,500,000 in any of those remaining years”;

(B) in paragraph (4)—

(i) in subparagraph (A), by striking “subparagraph (C)” each place that term appears and inserting “subparagraphs (C) and (G)”;

(ii) in subparagraph (C), by amending clause (i) to read as follows:

“(i) IN GENERAL.—In addition to grants made under subparagraph (A) or (G), each intermediary shall be eligible to receive a grant equal to 5 percent of the total outstanding balance of loans made to the intermediary under this subsection if—

“(I) the intermediary provides not less than 25 percent of its loans to small business concerns located in or owned by 1 or more residents of an economically distressed area; or

“(II) the intermediary has a portfolio of loans made under this subsection—

“(aa) that averages not more than $10,000 during the period of the intermediary’s participation in the program; or

“(bb) of which not less than 25 percent is serving rural areas during the period of the intermediary’s participation in the program.”; and

(iii) by adding at the end the following:

“(G) GRANT AMOUNTS BASED ON APPROPRIATIONS.—In any fiscal year in which the amount appropriated to make grants under subparagraph (A) is sufficient to provide to each intermediary that receives a loan under paragraph (1)(B)(i) a grant of not less than 25 percent of the total outstanding balance of loans made to the intermediary under this subsection, the Administration shall make a grant under subparagraph (A) to each intermediary of not less than 25 percent and not more than 30 percent of that total outstanding balance for the intermediary.”;

(C) by striking paragraph (7) and inserting the following:

“(7) PROGRAM FUNDING FOR MICROLOANS.—Under the program authorized by this subsection, the Administration may fund, on a competitive basis, not more than 300 intermediaries.”; and

(D) in paragraph (11)—

(i) in subparagraph (C)(ii), by striking all after the semicolon and inserting “and”; and

(ii) by striking all after subparagraph (C), and inserting the following:

“(D) the term ‘economically distressed area’, as used in paragraph (4), means a county or equivalent division of local government of a State in which the small business concern is located, in which, according to the most recent data available from the Bureau of the Census, Department of Commerce, not less than 40 percent of residents have an annual income that is at or below the poverty level.”.

(2) PROSPECTIVE AMENDMENT.—Effective on October 1, 2021, section 7(m)(3)(C) of the Small Business Act (15 U.S.C. 636(m)(3)(C)), as amended by paragraph (1)(A), is amended—

(A) by striking “$10,000,000” and by inserting “$7,000,000”; and

(B) by striking “$4,500,000” and inserting “$3,000,000”.

(b) Temporary waiver of technical assistance grants matching requirements and flexibility on pre- and post-Loan assistance.—During the period beginning on the date of enactment of this Act and ending on September 30, 2021, the Administration shall waive—

(1) the requirement to contribute non-Federal funds under section 7(m)(4)(B) of the Small Business Act (15 U.S.C. 636(m)(4)(B)); and

(2) the limitation on amounts allowed to be expended to provide information and technical assistance under clause (i) of section 7(m)(4)(E) of the Small Business Act (15 U.S.C. 636(m)(4)(E)) and enter into third-party contracts to provide technical assistance under clause (ii) of such section 7(m)(4)(E).

(c) Temporary duration of loans to borrowers.—

(1) IN GENERAL.—During the period beginning on the date of enactment of this Act and ending on September 30, 2021, the duration of a loan made by an eligible intermediary under section 7(m) of the Small Business Act (15 U.S.C. 636(m))—

(A) to an existing borrower may be extended to not more than 8 years; and

(B) to a new borrower may be not more than 8 years.

(2) REVERSION.—On and after October 1, 2021, the duration of a loan made by an eligible intermediary to a borrower under section 7(m) of the Small Business Act (15 U.S.C. 636(m)) shall be 7 years or such other amount established by the Administrator.

(d) Funding.—Section 20 of the Small Business Act (15 U.S.C. 631 note) is amended by adding at the end the following:

“(h) Microloan program.—For each of fiscal years 2021 through 2025, the Administration is authorized to make—

“(1) $80,000,000 in technical assistance grants, as provided in section 7(m); and

“(2) $110,000,000 in direct loans, as provided in section 7(m).”.

(e) Authorization of appropriations.—In addition to amounts provided under the Consolidated Appropriations Act, 2020 (Public Law 116–93) for the program established under section 7(m) of the Small Business Act (15 U.S.C. 636(m)) and amounts provided for fiscal year 2021 for that program, there is authorized to be appropriated for fiscal year 2021, to remain available until expended—

(1) $50,000,000 to provide technical assistance grants under such section 7(m); and

(2) $7,000,000 to provide direct loans under such section 7(m).

(a) Permanent increase for small manufacturers.—Section 502(2)(A)(iii) of the Small Business Investment Act of 1958 (15 U.S.C. 696(2)(A)(iii)) is amended by striking “$5,500,000” and inserting “$6,500,000”.

(b) Low-Interest refinancing under the local development business loan program.—

(1) REPEAL.—Section 521(a) of title V of division E of the Consolidated Appropriations Act, 2016 (Public Law 114–113; 129 Stat. 2463; 15 U.S.C. 696 note) is repealed.

(2) REFINANCING.—Section 502(7) of the Small Business Investment Act of 1958 (15 U.S.C. 696) is amended—

(A) in subparagraph (B), in the matter preceding clause (i), by striking “50” and inserting “100”; and

(B) by adding at the end the following:

“(C) REFINANCING NOT INVOLVING EXPANSIONS.—

“(i) DEFINITIONS.—In this subparagraph—

“(I) the term ‘borrower’ means a small business concern that submits an application to a development company for financing under this subparagraph;

“(II) the term ‘eligible fixed asset’ means tangible property relating to which the Administrator may provide financing under this section; and

“(III) the term ‘qualified debt’ means indebtedness that—

“(aa) was incurred not less than 6 months before the date of the application for assistance under this subparagraph;

“(bb) is a commercial loan;

“(cc) the proceeds of which were used to acquire an eligible fixed asset;

“(dd) was incurred for the benefit of the small business concern; and

“(ee) is collateralized by eligible fixed assets.

“(ii) AUTHORITY.—A project that does not involve the expansion of a small business concern may include the refinancing of qualified debt if—

“(I) the amount of the financing is not more than 90 percent of the value of the collateral for the financing, except that, if the appraised value of the eligible fixed assets serving as collateral for the financing is less than the amount equal to 125 percent of the amount of the financing, the borrower may provide additional cash or other collateral to eliminate any deficiency;

“(II) the borrower has been in operation for all of the 2-year period ending on the date the loan application is submitted; and

“(III) for a financing for which the Administrator determines there will be an additional cost attributable to the refinancing of the qualified debt, the borrower agrees to pay a fee in an amount equal to the anticipated additional cost.

“(iii) FINANCING FOR BUSINESS EXPENSES.—

“(I) FINANCING FOR BUSINESS EXPENSES.—The Administrator may provide financing to a borrower that receives financing that includes a refinancing of qualified debt under clause (ii), in addition to the refinancing under clause (ii), to be used solely for the payment of business expenses.

“(II) APPLICATION FOR FINANCING.—An application for financing under subclause (I) shall include—

“(aa) a specific description of the expenses for which the additional financing is requested; and

“(bb) an itemization of the amount of each expense.

“(III) CONDITION ON ADDITIONAL FINANCING.—A borrower may not use any part of the financing under this clause for non-business purposes.

“(iv) LOANS BASED ON JOBS.—

“(I) JOB CREATION AND RETENTION GOALS.—

“(aa) IN GENERAL.—The Administrator may provide financing under this subparagraph for a borrower that meets the job creation goals under subsection (d) or (e) of section 501.

“(bb) ALTERNATE JOB RETENTION GOAL.—The Administrator may provide financing under this subparagraph to a borrower that does not meet the goals described in item (aa) in an amount that is not more than the product obtained by multiplying the number of employees of the borrower by $75,000.

“(II) NUMBER OF EMPLOYEES.—For purposes of subclause (I), the number of employees of a borrower is equal to the sum of—

“(aa) the number of full-time employees of the borrower on the date on which the borrower applies for a loan under this subparagraph; and

“(bb) the product obtained by multiplying—

“(AA) the number of part-time employees of the borrower on the date on which the borrower applies for a loan under this subparagraph, by

“(BB) the quotient obtained by dividing the average number of hours each part time employee of the borrower works each week by 40.

“(v) TOTAL AMOUNT OF LOANS.—The Administrator may provide not more than a total of $7,500,000,000 of financing under this subparagraph for each fiscal year.”.

(c) Express loan authority for accredited lenders.—

(1) IN GENERAL.—Section 507 of the Small Business Investment Act of 1958 (15 U.S.C. 697d) is amended by striking subsection (e) and inserting the following:

“(e) Express loan authority.—A local development company designated as an accredited lender in accordance with subsection (b)—

“(1) may—

“(A) approve, authorize, close, and service covered loans that are funded with proceeds of a debenture issued by the company; and

“(B) authorize the guarantee of a debenture described in subparagraph (A); and

“(2) with respect to a covered loan, shall be subject to final approval as to eligibility of any guarantee by the Administration pursuant to section 503(a), but such final approval shall not include review of decisions by the lender involving creditworthiness, loan closing, or compliance with legal requirements imposed by law or regulation.

“(f) Definitions.—In this section—

“(1) the term ‘accredited lender certified company’ means a certified development company that meets the requirements under section 507(b), including a certified development company that the Administration has designated as an accredited lender under such section 507(b);

“(2) the term ‘covered loan’—

“(A) means a loan made under subsection (a) in an amount that is not more than $500,000; and

“(B) does not include a loan made to a borrower that is a franchise that, or is in an industry that, has a high rate of default, as annually determined by the Administrator; and

“(3) the term ‘qualified State or local development company’ has the meaning given the term in section 503(e).”.

(2) PROSPECTIVE REPEAL.—Effective on September 30, 2023, section 507 of the Small Business Investment Act of 1958 (15 U.S.C. 697d), as amended by paragraph (1), is amended by striking subsections (e) and (f) and inserting the following:

“(e) Definition.—In this section, the term ‘qualified State or local development company’ has the meaning given the term in section 503(e).”.

(d) Refinancing Senior Project Debt.—During the 1-year period beginning on the date of enactment of this Act, a development company described in title V of the Small Business Investment Act of 1958 (15 U.S.C. 695 et seq.) is authorized to allow the refinancing of a senior loan on an existing project in an amount that, when combined with the outstanding balance on the development company loan, is not more than 90 percent of the total loan to value. Proceeds of such refinancing can be used to support business operating expenses.

(a) Administrative fee waiver.—

(1) IN GENERAL.—During the period beginning on the date of enactment of this Act and ending on September 30, 2021, and to the extent that the cost of such elimination or reduction of fees is offset by appropriations, with respect to each loan guaranteed under section 7(a) of the Small Business Act (15 U.S.C. 636(a)) (including a recipient of assistance under the Community Advantage Pilot Program of the Administration) for which an application is approved or pending approval on or after the date of enactment of this Act, the Administrator shall—

(A) in lieu of the fee otherwise applicable under section 7(a)(23)(A) of the Small Business Act (15 U.S.C. 636(a)(23)(A)), collect no fee or reduce fees to the maximum extent possible; and

(B) in lieu of the fee otherwise applicable under section 7(a)(18)(A) of the Small Business Act (15 U.S.C. 636(a)(18)(A)), collect no fee or reduce fees to the maximum extent possible.

(2) APPLICATION OF FEE ELIMINATIONS OR REDUCTIONS.—To the extent that amounts are made available to the Administrator for the purpose of fee eliminations or reductions under paragraph (1), the Administrator shall—

(A) first use any amounts provided to eliminate or reduce fees paid by small business borrowers under clauses (i) through (iii) of section 7(a)(18)(A) of the Small Business Act (15 U.S.C. 636(a)(18)(A)), to the maximum extent possible; and

(B) then use any amounts provided to eliminate or reduce fees under 7(a)(23)(A) of the Small Business Act (15 U.S.C. 636(a)(23)(A)).

(b) Temporary fee elimination for the 504 loan program.—

(1) IN GENERAL.—During the period beginning on the date of enactment of this Act and ending on September 30, 2021, and to the extent the cost of such elimination in fees is offset by appropriations, with respect to each project or loan guaranteed by the Administrator pursuant to title V of the Small Business Investment Act of 1958 (15 U.S.C. 695 et seq.) for which an application is approved or pending approval on or after the date of enactment of this Act—

(A) the Administrator shall, in lieu of the fee otherwise applicable under section 503(d)(2) of the Small Business Investment Act of 1958 (15 U.S.C. 697(d)(2)), collect no fee; and

(B) a development company shall, in lieu of the processing fee under section 120.971(a)(1) of title 13, Code of Federal Regulations (relating to fees paid by borrowers), or any successor regulation, collect no fee.

(2) REIMBURSEMENT FOR WAIVED FEES.—

(A) IN GENERAL.—To the extent that the cost of such payments is offset by appropriations, the Administrator shall reimburse each development company that does not collect a processing fee pursuant to paragraph (1)(B).

(B) AMOUNT.—The payment to a development company under subparagraph (A) shall be in an amount equal to 1.5 percent of the net debenture proceeds for which the development company does not collect a processing fee pursuant to paragraph (1)(B).

(a) In general.—The Administrator shall ensure that a small business concern (as defined in section 3 of the Small Business Act (15 U.S.C. 632) participating in the program established under section 8(a) of the Small Business Act (15 U.S.C. 637(a)) on or before September 9, 2020, may elect to extend such participation by a period of 1 year, regardless of whether the small business concern previously elected to suspend participation in the program pursuant to guidance of the Administrator.

(b) Emergency rulemaking authority.—Not later than 15 days after the date of enactment of this section, the Administrator shall issue regulations to carry out this section without regard to the notice requirements under section 553(b) of title 5, United States Code.

Not later than 90 days after the date of the enactment of this Act, the Administrator shall submit to the Committee on Small Business and Entrepreneurship of the Senate and the Committee on Small Business of the House of Representatives a report to determine and quantify the extent to which the programs established under subsections (a) and (m) of section 7 of the Small Business Act (15 U.S.C. 636), titles III and V of the Small Business Investment Act of 1958 (15 U.S.C. 681 et seq., 695 et seq.), and the Community Advantage Pilot Program of the Small Business Administration have assisted in the establishment, development, and performance of small business concerns owned and controlled by socially and economically disadvantaged individuals (as defined in section 8(d)(3)(C) of the Small Business Act (15 U.S.C. 637(d)(3)(C))), small business concerns owned and controlled by women (as defined in section 3 of such Act (15 U.S.C. 632)), and rural small businesses, including recommendations to improve such access to capital programs.

Not later than 7 days after the date of enactment of this Act, the Administrator shall—

(1) establish a process for accepting applications for loan forgiveness under section 1106 of the CARES Act (15 U.S.C. 9005);

(2) issue a comprehensive compilation of rules and guidance issued related to loans made under section 7(a)(36) of the Small Business Act (15 U.S.C. 636(a)(36)); and

(3) to the maximum extent practicable, before accepting applications for supplemental covered loans under clause (ii) of section 7(a)(36)(B) of the Small Business Act (15 U.S.C. 636(a)(36)(B)), as added by section 202 of this Act, the Administrator shall issue comprehensive rules and guidance to ensure that borrowers and lenders are aware of eligibility and terms of receiving a supplemental covered loan and the process for forgiveness of a supplemental covered loan.

(a) Report to Congress.—Not later than 30 days after the date of enactment of this Act, and every 30 days thereafter until the end of the covered period described in section 7(a)(36)(A) of the Small Business Act (15 U.S.C. 636(a)(36)(A)), the Secretary of the Treasury and the Administrator shall submit to the Committee on Small Business and Entrepreneurship of the Senate and the Committee on Small Business of the House of Representatives a report, in a searchable digital format, that includes, with respect to each loan made under such section 7(a)(36)—

(1) the business name, address, and ZIP Code of each recipient of the loan;

(2) the North American Industry Classification System code and the type of entity of each such recipient;

(3) demographic data of each such recipient;

(4) the number of jobs supported by the loan;

(5) loan forgiveness data; and

(6) the amount and origination date of the loan.

(b) Publicly available report.—

(1) LARGER COVERED LOANS.—Not later than 30 days after the date of enactment of this Act, and every 30 days thereafter until the end of the covered period described in section 7(a)(36)(A) of the Small Business Act (15 U.S.C. 636(a)(36)(A)), for each loan made under such section 7(a)(36) in an amount greater than or equal to $150,000, the Secretary of the Treasury and the Administrator shall make publicly available the following:

(A) The information described in paragraphs (1) through (4) of subsection (a).

(B) The loan size range, of those listed below, to which the loan belongs:

(i) Not less than $150,000 and less than $350,000.

(ii) Not less than $350,000 and less than $1,000,000.

(iii) Not less than $1,000,000 and less than $2,000,000.

(iv) Not less than $2,000,000 and less than $5,000,000.

(v) Not less than $5,000,000 and less than $10,000,000.

(2) SMALLER COVERED LOANS.—Not later than 30 days after the date of enactment of this Act, and every 30 days thereafter until the end of the covered period described in section 7(a)(36) of the Small Business Act (15 U.S.C. 636(a)(36)), for loans made under such section 7(a)(36) in an amount less than $150,000, the Secretary of the Treasury and the Administrator shall make publicly available the total number of loans made and the amount of each loan, disaggregated by ZIP Code of each recipient, industry of each recipient, business type of each recipient, and demographic categories of each recipient.

(3) PUBLICATION.—Information provided under paragraphs (1) and (2) shall be made publicly available in a searchable digital format on websites of the Department of the Treasury and the Administration.

Section 4019 of the CARES Act (15 U.S.C. 9054) is amended—

(1) in subsection (a), by adding at the end the following:

“(7) SMALL BUSINESS ASSISTANCE.—The term ‘small business assistance’ means assistance provided under—

“(A) section 7(a)(36) of the Small Business Act (15 U.S.C. 636(a)(36));

“(B) subsection (b) or (c) of section 1103 of this Act;

“(C) section 1110 of this Act; or

“(D) section 1112 of this Act.”;

(2) in subsection (b)—

(A) by inserting “or provisions relating to small business assistance” after “this subtitle”; and

(B) by inserting “or for any small business assistance” before the period at the end; and

(3) in subsection (c)—

(A) by inserting “or seeking any small business assistance” after “section 4003”;

(B) by inserting “or small business assistance” after “that transaction”;

(C) by inserting “or the Administrator of the Small Business Administration, as applicable,” after “Federal Reserve System”; and

(D) by inserting “or to receive the small business assistance” after “in that transaction”.

(a) In general.—Section 1103(a)(2) of the CARES Act (15 U.S.C. 9002(a)(2)) is amended—

(1) in subparagraph (A), by striking “and” at the end; and

(2) by adding at the end the following:

“(C) a Veteran Business Outreach Center (as described in section 32(d) of the Small Business Act (15 U.S.C. 657b(d))); and

“(D) the Service Corps of Retired Executives Association, or any successor or other organization, that receives a grant from the Administrator to operate the SCORE program established under section 8(b)(1)(B) of the Small Business Act (15 U.S.C. 637(b)(1)(B));”.

(b) Funding.—Section 1107(a)(4) of the CARES Act (15 U.S.C. 9006(a)(4)) is amended—

(1) in subparagraph (A)—

(A) by striking “$240,000,000” and inserting “$220,000,000”; and

(B) by striking “and” at the end; and

(2) by adding at the end the following:

“(C) $10,000,000 shall be for a Veteran Business Outreach Center described in section 1103(a)(2)(C) of this Act to carry out activities under such section; and

“(D) $10,000,000 shall be for the Service Corps of Retired Executives Association described in section 1103(a)(2)(D) of this Act to carry out activities under such section;”.

Section 1103(b)(3)(A) of the CARES Act (15 U.S.C. 9002(b)(3)(A)) is amended by adding at the end the following: “Funds awarded under this paragraph shall be in addition to any amounts appropriated for grants under section 21(a) of the Small Business Act (15 U.S.C. 648(a)), and may be used to complement and support those appropriated program grants to assist covered small business concerns, with prioritization of such concerns affected directly or indirectly by COVID–19 as described in paragraph (2).”.

Section 1107(a)(3) of the CARES Act (15 U.S.C. 9006(a)(3)) is amended by striking “September 30, 2024” and inserting “expended”.

Section 1105 of the CARES Act (15 U.S.C. 9004) is amended by striking “During the 3-month period beginning on the date of enactment of this Act,” and inserting “Until December 31, 2020,”.

Section 19010 of division B of the CARES Act (Public Law 116–136) is amended—

(1) by redesignating subsection (e) as subsection (f); and

(2) by inserting after subsection (d) the following:

“(e) Small Business Administration databases.—

“(1) IN GENERAL.—In conducting monitoring and oversight under this section, the Comptroller General, upon notice to the Administrator of the Small Business Administration, shall have direct access to all information collected or produced in connection with the administration of programs or provision of assistance carried out by the Administrator, including direct access to any information technology systems maintained or utilized by the Administrator to collect, process, or analyze documents or information submitted by borrowers, lenders, or others in connection with any such program or provision of assistance.

“(2) INFORMATION TECHNOLOGY SYSTEMS.—The Administrator of the Small Business Administration shall appropriately identify and classify any sensitive information contained in an information technology system accessed by the Comptroller General.

“(3) DEFINITION OF DIRECT ACCESS.—In this subsection, the term ‘direct access’ means secured access to the information technology systems maintained by the Administrator that would enable the Comptroller General to independently access, view, download, and retrieve data from such systems.”.

(a) Establishment.—There is established in the Department of the Treasury a Small Business Local Relief Program to allocate resources to States, units of general local government, and Indian Tribes to provide assistance to eligible entities and organizations that assist eligible entities.

(b) Funding.—

(1) FUNDING TO STATES, LOCALITIES, AND INDIAN TRIBES.—

(A) IN GENERAL.—The Secretary shall allocate—

(i) $10,250,000,000 to States and units of general local government in accordance with subparagraph (B)(i);

(ii) $4,250,000,000 to States in accordance with subparagraph (B)(ii); and

(iii) $500,000,000 to the Secretary of Housing and Urban Development for allocations to Indian Tribes in accordance with subparagraph (B)(iii).

(B) ALLOCATIONS.—

(i) FORMULA FOR STATES AND UNITS OF GENERAL LOCAL GOVERNMENT.—Of the amount described in subparagraph (A)(i)—

(I) 70 percent shall be allocated to entitlement communities in accordance with the formula under section 106(b) of the Housing and Community Development Act of 1974 (42 U.S.C. 5306(b)); and

(II) 30 percent shall be allocated to States, for use in nonentitlement areas, in accordance with the formula under section 106(d)(1) of such Act (42 U.S.C. 5306(d)(1)).

(ii) RURAL BONUS FORMULA FOR STATES.—The Secretary shall allocate the amount described in subparagraph (A)(ii) to States, for use in nonentitlement areas, in accordance with the formula under section 106(d)(1) of such Act (42 U.S.C. 5306(d)(1)).

(iii) COMPETITIVE AWARDS TO INDIAN TRIBES.—

(I) IN GENERAL.—The Secretary of Housing and Urban Development shall allocate to Indian Tribes on a competitive basis the amount described in subparagraph (A)(iii).

(II) REQUIREMENTS.—In making allocations under subclause (I), the Secretary of Housing and Urban Development shall, to the greatest extent practicable, ensure that each Indian Tribe that satisfies requirements established by the Secretary of Housing and Urban Development receives such an allocation.

(C) STATE ALLOCATIONS FOR NONENTITLEMENT AREAS.—

(i) EQUITABLE ALLOCATION.—To the greatest extent practicable, a State shall allocate amounts for nonentitlement areas under clauses (i)(II) and (ii) of subparagraph (B) on an equitable basis.

(ii) DISTRIBUTION OF AMOUNTS.—

(I) DISCRETION.—Not later than 14 days after the date on which a State receives amounts for use in a nonentitlement area under clause (i)(II) or (ii) of subparagraph (B), the State shall—

(aa) distribute the amounts, or a portion thereof, to a unit of general local government located in the nonentitlement area or an entity designated thereby, that has established or will establish a small business emergency fund, for use under paragraph (2); or

(bb) elect to reserve the amounts, or a portion thereof, for use by the State under paragraph (2) for the benefit of eligible entities located in the nonentitlement area.

(II) SENSE OF CONGRESS.—It is the sense of Congress that, in distributing amounts under subclause (I), in the case of amounts allocated for a nonentitlement area in which a unit of general local government or an entity designated thereby has established a small business emergency fund, a State should, as quickly as is practicable, distribute amounts to that unit of general local government or entity, respectively, as described in item (aa) of such subclause.

(iii) TREATMENT OF STATES NOT ACTING AS PASS-THROUGH AGENTS UNDER CDBG.—The Secretary shall allocate amounts to a State under this paragraph without regard to whether the State has elected to distribute amounts allocated under section 106(d)(1) of the Housing and Community Development Act of 1974 (42 U.S.C. 5306(d)(1)).

(2) USE OF FUNDS.—

(A) IN GENERAL.—A State, unit of general local government, or Indian Tribe that receives an allocation under paragraph (1), or an entity designated by a unit of general local government under paragraph (1)(C)(ii)(I)(aa), whether directly or indirectly, may use such allocation, not later than 60 days after receipt of the allocation—

(i) to provide funding to a small business emergency fund established by that State (or entity designated thereby), that unit of general local government (or entity designated thereby), that entity designated by a unit of general local government, or that Indian Tribe (or entity designated thereby), respectively;

(ii) to provide funding to support organizations that provide technical assistance to eligible entities; or

(iii) subject to subparagraph (B), to pay for administrative costs incurred by that State (or entity designated thereby), that unit of general local government (or entity designated thereby), that entity designated by a unit of general local government, or that Indian Tribe (or entity designated thereby), respectively, in establishing and administering a small business emergency fund.

(B) LIMITATION.—A State, unit of general local government, or Indian Tribe, or an entity designated by a unit of general local government under paragraph (1)(C)(ii)(I)(aa), may not use more than 3 percent of an allocation received under paragraph (1) for a purpose described in subparagraph (A)(iii) of this paragraph.

(C) OBLIGATION DEADLINES.—

(i) STATES.—Of the amounts that a State elects under paragraph (1)(C)(ii)(I)(bb) to reserve for use by the State under this paragraph—

(I) any amounts that the State provides to a small business emergency fund under subparagraph (A)(i) of this paragraph shall be obligated by the small business emergency fund for expenditure not later than 74 days after the date on which the State received the amounts from the Secretary under clause (i) or (ii) of paragraph (1)(A); and

(II) any amounts that the State chooses to provide to an organization under subparagraph (A)(ii) of this paragraph, or to use to pay for administrative costs under subparagraph (A)(iii) of this paragraph, shall be obligated by the State for expenditure not later than 74 days after the date on which the State received the amounts from the Secretary under clause (i) or (ii) of paragraph (1)(A).

(ii) ENTITLEMENT COMMUNITIES.—Of the amounts that an entitlement community receives from the Secretary under paragraph (1)(B)(i)(I)—

(I) any amounts that the entitlement community provides to a small business emergency fund under subparagraph (A)(i) of this paragraph shall be obligated by the small business emergency fund for expenditure not later than 74 days after the date on which the entitlement community received the amounts; and

(II) any amounts that the entitlement community chooses to provide to an organization under subparagraph (A)(ii) of this paragraph, or to use to pay for administrative costs under subparagraph (A)(iii) of this paragraph, shall be obligated by the entitlement community for expenditure not later than 74 days after the date on which the entitlement community received the amounts.

(iii) NONENTITLEMENT COMMUNITIES.—Of the amounts that a unit of general local government, or an entity designated thereby, located in a nonentitlement area receives from a State under paragraph (1)(C)(ii)(I)(aa)—

(I) any amounts that the unit of general local government or entity provides to a small business emergency fund under subparagraph (A)(i) of this paragraph shall be obligated by the small business emergency fund for expenditure not later than 60 days after the date on which the unit of general local government or entity received the amounts; and

(II) any amounts that the unit of general local government or entity chooses to provide to a support organization under subparagraph (A)(ii) of this paragraph or to use to pay for administrative costs under subparagraph (A)(iii) of this paragraph shall be obligated by the unit of general local government or entity for expenditure not later than 60 days after the date on which the unit of general local government or entity received the amounts.

(D) RECOVERY OF UNOBLIGATED FUNDS.—If a State, entitlement community, other unit of general local government, entity designated by a unit of general local government under paragraph (1)(C)(ii)(I)(aa), or small business emergency fund fails to obligate amounts by the applicable deadline under subparagraph (C), the Secretary shall recover the amount of those amounts that remain unobligated, as of that deadline.

(E) COLLABORATION.—It is the sense of Congress that—

(i) an entitlement community that receives amounts allocated under paragraph (1)(B)(i)(I) should collaborate with the applicable local entity responsible for economic development and small business development in establishing and administering a small business emergency fund; and

(ii) States, units of general local government, and Indian Tribes that receive amounts under paragraph (1) and are located in the same region should collaborate in establishing and administering one or more small business emergency funds.

(c) Small business emergency funds.—With respect to a small business emergency fund that receives funds from an allocation made under subsection (b)—

(1) if the small business emergency fund makes a loan to an eligible entity with those funds, the small business emergency fund may use amounts returned to the small business emergency fund from the repayment of the loan to provide further assistance to eligible entities without regard to the termination date described in subsection (g); and

(2) the small business emergency fund shall conduct outreach to eligible entities that are less likely to participate in programs established under the CARES Act (Public Law 116–136) and the amendments made by that Act, including minority-owned entities, businesses in low-income communities, businesses in rural and Tribal areas, and other businesses that are underserved by the traditional banking system.

(d) Information gathering.—

(1) IN GENERAL.—When providing assistance to an eligible entity with funds received from an allocation made under subsection (b), the State, unit of general local government, or Indian Tribe, or the entity designated by a State, unit of general local government, or Indian Tribe, that provides assistance through a small business emergency fund shall—

(A) inquire whether the eligible entity is—

(i) in the case of an eligible entity that is a business entity or a nonprofit organization, a women-owned entity or a minority-owned entity; and

(ii) in the case of an eligible entity who is an individual, a woman or a minority; and

(B) maintain a record of the responses to each inquiry conducted under subparagraph (A), which the entity shall promptly submit to the applicable State, unit of general local government, or Indian Tribe.

(2) RIGHT TO REFUSE.—An eligible entity may refuse to provide any information requested under paragraph (1)(A).

(e) Reporting.—

(1) IN GENERAL.—Not later than 30 days after the date on which a State, unit of general local government, or Indian Tribe initially receives an allocation made under subsection (b), and not later than 14 days after the date on which that State, unit of local government, or Indian Tribe completes the full expenditure of that allocation, that State, unit of general local government, or Indian Tribe shall submit to the Secretary a report that includes—

(A) the number of recipients of assistance made available from the allocation;

(B) the total amount, and type, of assistance made available from the allocation;

(C) to the extent applicable, with respect to each recipient described in subparagraph (A), information regarding the industry of the recipient, the amount of assistance received by the recipient, the annual sales of the recipient, and the number of employees of the recipient;

(D) to the extent available from information collected under subsection (d), information regarding the number of recipients described in subparagraph (A) that are minority-owned entities, minorities, women, and women-owned entities;

(E) the ZIP Code of each recipient described in subparagraph (A); and

(F) any other information that the Secretary, in the sole discretion of the Secretary, determines to be necessary to carry out the Program.

(2) PUBLIC AVAILABILITY.—As soon as is practicable after receiving each report submitted under paragraph (1), the Secretary shall make all information contained in the report publicly available.

(f) Rules and guidance.—The Secretary, in consultation with the Administrator, shall issue any rules and guidance that are necessary to carry out the Program, including by establishing appropriate compliance and reporting requirements in addition to the reporting requirements under subsection (e).

(g) Termination.—The Program, and any rules and guidance issued under subsection (f) with respect to the Program, shall terminate on the date that is 1 year after the date of enactment of this Act.

(h) Definitions.—In this section:

(1) ELIGIBLE ENTITY.—The term “eligible entity”—

(A) means a business concern or a covered nonprofit organization (as defined in section 7(a)(36)(A)(vii) of the Small Business Act (15 U.S.C. 636(a)(36)(A)(vii))) that—

(i) employs—

(I) not more than 20 full-time equivalent employees; or

(II) if the entity or organization is located in a low-income community, not more than 50 full-time equivalent employees;

(ii) has experienced a loss of revenue as a result of the COVID–19 pandemic, according to criteria established by the Secretary; and

(iii) with respect to such an entity or organization that receives assistance from a small business emergency fund, satisfies additional requirements, as determined by the State, unit of general local government, Indian Tribe, or other entity that has established the small business emergency fund; and

(B) includes an individual who operates under a sole proprietorship, an individual who operates as an independent contractor, and an eligible self-employed individual if such an individual has experienced a loss of revenue as a result of the COVID–19 pandemic, according to criteria established by the Secretary.

(2) ELIGIBLE SELF-EMPLOYED INDIVIDUAL.—The term “eligible self-employed individual” has the meaning given the term in section 7(a)(36)(A) of the Small Business Act (15 U.S.C. 636(a)(36)(A)).

(3) ENTITLEMENT COMMUNITY.—The term “entitlement community” means a metropolitan city or urban county, as those terms are defined in section 102 of the Housing and Community Development Act of 1974 (42 U.S.C. 5302).

(4) FULL-TIME EQUIVALENT EMPLOYEES.—

(A) IN GENERAL.—The term “full-time equivalent employees” means a number of employees equal to the number determined by dividing—

(i) the total number of hours of service for which wages were paid by the employer to employees during the taxable year; by

(ii) 2,080.

(B) ROUNDING.—The number determined under subparagraph (A) shall be rounded to the next lowest whole number if not otherwise a whole number.

(C) EXCESS HOURS NOT COUNTED.—If an employee works in excess of 2,080 hours of service during any taxable year, such excess shall not be taken into account under subparagraph (A).

(D) HOURS OF SERVICE.—The Secretary, in consultation with the Secretary of Labor, shall prescribe such regulations, rules, and guidance as may be necessary to determine the hours of service of an employee, including rules for the application of this paragraph to employees who are not compensated on an hourly basis.

(5) INDIAN TRIBE.—The term “Indian Tribe” has the meaning given the term “Indian tribe” in section 102 of the Housing and Community Development Act of 1974 (42 U.S.C. 5302).

(6) LOW-INCOME COMMUNITY.—The term “low-income community” has the meaning given the term in section 45D(e) of the Internal Revenue Code of 1986.

(7) MINORITY.—The term “minority” has the meaning given the term in section 1204(c)(3) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 1811 note).

(8) MINORITY-OWNED ENTITY.—The term “minority-owned entity” means an entity—

(A) more than 50 percent of the ownership or control of which is held by not less than 1 minority; and

(B) more than 50 percent of the net profit or loss of which accrues to not less than 1 minority.

(9) NONENTITLEMENT AREA; STATE; UNIT OF GENERAL LOCAL GOVERNMENT.—

(A) IN GENERAL.—Except as provided in subparagraph (B), the terms “nonentitlement area”, “State”, and “unit of general local government” have the meanings given those terms in section 102 of the Housing and Community Development Act of 1974 (42 U.S.C. 5302).

(B) STATE.—For purposes of subparagraphs (A)(ii) and (B)(ii) of subsection (b)(1), the term “State” means any State of the United States.

(10) PROGRAM.—The term “Program” means the Small Business Local Relief Program established under this section.

(11) SECRETARY.—The term “Secretary” means the Secretary of the Treasury.

(12) SMALL BUSINESS EMERGENCY FUND.—The term “small business emergency fund” means a fund or program—

(A) established by a State, a unit of general local government, an Indian Tribe, or an entity designated by a State, unit of general local government, or Indian Tribe; and

(B) that provides or administers financing to eligible entities in the form of grants, loans, or other means in accordance with the needs of eligible entities and the capacity of the fund or program.

(13) WOMEN-OWNED ENTITY.—The term “women-owned entity” means an entity—

(A) more than 50 percent of the ownership or control of which is held by not less than 1 woman; and

(B) more than 50 percent of the net profit or loss of which accrues to not less than 1 woman.

(a) Definitions.—In this section:

(1) ELIGIBLE LIVE VENUE OPERATOR OR PROMOTER, THEATRICAL PRODUCER, MOTION PICTURE THEATRE OPERATOR, OR TALENT REPRESENTATIVE.—

(A) IN GENERAL.—The term “eligible live venue operator or promoter, theatrical producer, motion picture theatre operator, or talent representative” means a live venue operator or promoter or theatrical producer, a motion picture theatre operator, or a talent representative that meets the following requirements:

(i) The live venue operator or promoter or theatrical producer, the motion picture theatre operator, or the talent representative was fully operational as a live venue operator or promoter or theatrical producer, motion picture theatre operator, or talent representative on February 29, 2020.

(ii) As of the date of the grant under this section—

(I) the live venue operator or promoter or theatrical producer is organizing, promoting, producing, managing, or hosting future live events described in paragraph (3)(A)(i);

(II) the motion picture theatre operator is open or intends to reopen for the primary purpose of public exhibition of motion pictures; or

(III) the talent representative is representing or managing artists and entertainers.

(iii) The venues at which the live venue operator or promoter or theatrical producer promotes, produces, manages, or hosts events described in paragraph (3)(A)(i) or the artists and entertainers represented or managed by the talent representative perform have the following characteristics:

(I) A defined performance and audience space.

(II) Mixing equipment, a public address system, and a lighting rig.

(III) Engages 1 or more individuals to carry out not less than 2 of the following roles:

(aa) A sound engineer.

(bb) A booker.

(cc) A promoter.

(dd) A stage manager.

(ee) Security personnel.

(ff) A box office manager.

(IV) There is a paid ticket or cover charge to attend most performances and artists are paid fairly and do not play for free or solely for tips, except for fundraisers or similar charitable events.

(V) For a venue owned or operated by a nonprofit entity that produces free events, the events are produced and managed by paid employees, not by volunteers.

(VI) Performances are marketed through listings in printed or electronic publications, on websites, by mass email, or on social media.

(iv) A motion picture theatre or motion picture theatres operated by the motion picture theatre operator have the following characteristics:

(I) At least 1 auditorium that includes a motion picture screen and fixed audience seating.

(II) A projection booth or space containing not less than 1 motion picture projector.

(III) A paid ticket charge to attend exhibition of motion pictures.

(IV) Motion picture exhibitions are marketed through showtime listings in printed or electronic publications, on websites, by mass mail, or on social media.

(v) The live venue operator or promoter or theatrical producer, the motion picture theatre operator, or the talent representative does not have, or is not majority owned or controlled by an entity with, more than 1 of the following characteristics:

(I) Being an issuer, the securities of which are listed on a national securities exchange.

(II) Owning or operating venues, motion picture theatres, or talent agencies or talent management companies with offices in more than 1 country.

(III) Owning or operating venues or motion picture theatres in more than 10 States.

(IV) Employing more than 500 employees, determined on a full-time equivalent basis in accordance with subparagraph (B).

(V) Receiving more than 10 percent of gross revenue from Federal funding.

(B) CALCULATION OF FULL-TIME EMPLOYEES.—For purposes of determining the number of full-time equivalent employees under subparagraph (A)(v)(IV)—

(i) any employee working not fewer than 30 hours per week shall be considered a full-time employee; and

(ii) any employee working not fewer than 10 hours and fewer than 30 hours per week shall be counted as one-half of a full-time employee.

(C) MULTIPLE BUSINESS ENTITIES.—Each business entity of an eligible live venue operator or promoter, theatrical producer, motion picture theatre operator, or talent representative that also meets the requirements under subparagraph (A) shall be treated by the Administrator as an independent, non-affiliated entity for the purposes of this section.

(2) EXCHANGE; ISSUER; SECURITY.—The terms “exchange”, “issuer”, and “security” have the meanings given those terms in section 3(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)).

(3) LIVE VENUE OPERATOR OR PROMOTER OR THEATRICAL PRODUCER.—The term “live venue operator or promoter or theatrical producer”—

(A) means—

(i) an individual or entity—

(I) that, as a principal business activity, organizes, promotes, produces, manages, or hosts live concerts, comedy shows, theatrical productions, or other events by performing artists for which—

(aa) a cover charge through ticketing or front door entrance fee is applied; and

(bb) performers are paid in an amount that is based on a percentage of sales, a guarantee (in writing or standard contract), or another mutually beneficial formal agreement; and

(II) for which not less than 70 percent of the earned revenue of the individual or entity is generated through, to the extent related to a live event described in subclause (I), cover charges or ticket sales, production fees or production reimbursements, nonprofit educational initiatives, or the sale of event beverages, food, or merchandise; or

(ii) an individual or entity that, as a principal business activity, makes available for purchase by the public an average of not less than 60 days before the date of the event tickets to events—

(I) described in clause (i)(I); and

(II) for which performers are paid in an amount that is based on a percentage of sales, a guarantee (in writing or standard contract), or another mutually beneficial formal agreement; and

(B) includes an individual or entity described in subparagraph (A) that—

(i) operates for profit or as a nonprofit;

(ii) is government-owned; or

(iii) is a corporation, limited liability company, or partnership or operated as a sole proprietorship.

(4) MOTION PICTURE THEATRE OPERATOR.—The term “motion picture theatre operator” means an individual or entity that—

(A) as the principal business activity of the individual or entity, owns or operates at least 1 place of public accommodation for the purpose of motion picture exhibition for a fee; and

(B) includes an individual or entity described in subparagraph (A) that—

(i) operates for profit or as a nonprofit;

(ii) is government-owned; or

(iii) is a corporation, limited liability company, or partnership or operated as a sole proprietorship.

(5) NATIONAL SECURITIES EXCHANGE.—The term “national securities exchange” means an exchange registered as a national securities exchange under section 6 of the Securities Exchange Act of 1934 (15 U.S.C. 78f).

(6) STATE.—The term “State” means—

(A) a State;

(B) the District of Columbia;

(C) the Commonwealth of Puerto Rico; and

(D) any other territory or possession of the United States.

(7) TALENT REPRESENTATIVE.—The term “talent representative”—

(A) means an agent or manager that—

(i) as not less than 70 percent of the operations of the agent or manager, is engaged in representing or managing artists and entertainers;

(ii) books or represents musicians, comedians, actors, or similar performing artists primarily at live events in venues or at festivals; and

(iii) represents performers described in clause (ii) that are paid in an amount that is based on the number of tickets sold, or a similar basis; and

(B) includes an agent or manager described in subparagraph (A) that—

(i) operates for profit or as a nonprofit;

(ii) is government-owned; or

(iii) is a corporation, limited liability company, or partnership or operated as a sole proprietorship.

(b) Authority.—

(1) INITIAL GRANTS.—

(A) IN GENERAL.—The Administrator may make initial grants to eligible live venue operators or promoters, theatrical producers, motion picture theatre operators, or talent representatives in accordance with this section.

(B) FIRST PRIORITY IN AWARDING GRANTS.—During the initial 14-day period during which the Administrator awards grants under this section, the Administrator shall only award grants to an eligible live venue operator or promoter, theatrical producer, motion picture theatre operator, or talent representative with revenue, during the calendar quarter during which the Administrator begins awarding such grants, that is not more than 10 percent of the revenue of the eligible live venue operator or promoter, theatrical producer, motion picture theatre operator, or talent representative during the corresponding calendar quarter during 2019 due to the COVID–19 pandemic.

(C) SECOND PRIORITY IN AWARDING GRANTS.—During the 14-day period immediately following the 14-day period described in subparagraph (B), the Administrator shall only award grants to an eligible live venue operator or promoter, theatrical producer, motion picture theatre operator, or talent representative with revenue, during the calendar quarter during which the Administrator begins awarding such grants, that is not more than 30 percent of the revenue of the eligible live venue operator or promoter, theatrical producer, motion picture theatre operator, or talent representative during the corresponding calendar quarter during 2019 due to the COVID–19 pandemic.

(2) SUPPLEMENTAL GRANTS.—The Administrator may make a supplemental grant in accordance with this section to an eligible live venue operator or promoter, theatrical producer, motion picture theatre operator, or talent representative that receives a grant under paragraph (1) if, as of December 1, 2020, the revenues of the eligible live venue operator or promoter, theatrical producer, motion picture theatre operator, or talent representative for the most recent calendar quarter are not more than 20 percent of the revenues of the eligible live venue operator or promoter, theatrical producer, motion picture theatre operator, or talent representative for the corresponding calendar quarter during 2019 due to the COVID–19 pandemic.

(3) CERTIFICATION.—An eligible live venue operator or promoter, theatrical producer, motion picture theatre operator, or talent representative applying for a grant under this section that is an eligible business described in the matter preceding subclause (I) of section 4003(c)(3)(D)(i) of the CARES Act (15 U.S.C. 9042(c)(3)(D)(i)), shall make a good-faith certification described in subclauses (IX) and (X) of such section.

(c) Amount.—

(1) INITIAL GRANTS.—A grant under subsection (b)(1) shall be in the amount equal to the lesser of—

(A) the amount equal to 45 percent of the gross earned revenue of the eligible live venue operator or promoter, theatrical producer, motion picture theatre operator, or talent representative during 2019;

(B) for an eligible live venue operator or promoter, theatrical producer, motion picture theatre operator, or talent representative that began operations after January 1, 2019, the amount equal to the product obtained by multiplying—

(i) the average monthly gross earned revenue for each full month during which the entity was in operation during 2019; by

(ii) 6; or

(C) $12,000,000.

(2) SUPPLEMENTAL GRANTS.—A grant under subsection (b)(2) shall be in the amount equal to 50 percent of the grant received by the eligible live venue operator or promoter, theatrical producer, motion picture theatre operator, or talent representative under subsection (b)(1).

(d) Use of funds.—

(1) TIMING.—

(A) EXPENSES INCURRED.—

(i) IN GENERAL.—Except as provided in clause (ii), amounts received under a grant under this section may be used for costs incurred during the period beginning on March 1, 2020, and ending on December 31, 2021.

(ii) EXTENSION FOR SUPPLEMENTAL GRANTS.—If an eligible live venue operator or promoter, theatrical producer, motion picture theatre operator, or talent representative receives a grant under subsection (b)(2), amounts received under either grant under this section may be used for costs incurred during the period beginning on March 1, 2020, and ending on June 30, 2022.

(B) EXPENDITURE.—

(i) IN GENERAL.—Except as provided in clause (ii), an eligible live venue operator or promoter, theatrical producer, motion picture theatre operator, or talent representative shall return to the Administrator any amounts received under a grant under this section that are not expended on or before the date that is 1 year after the date of disbursement of the grant.

(ii) EXTENSION FOR SUPPLEMENTAL GRANTS.—If an eligible live venue operator or promoter, theatrical producer, motion picture theatre operator, or talent representative receives a grant under subsection (b)(2), the eligible live venue operator or promoter, theatrical producer, motion picture theatre operator, or talent representative shall return to the Administrator any amounts received under either grant under this section that are not expended on or before the date that is 18 months after the date of disbursement to the eligible live venue operator or promoter, theatrical producer, motion picture theatre operator, or talent representative of the grant under subsection (b)(1).

(2) ALLOWABLE EXPENSES.—An eligible live venue operator or promoter, theatrical producer, motion picture theatre operator, or talent representative may use amounts received under a grant under this section for—

(A) payroll costs for employees and furloughed employees, including—

(i) costs for continuation coverage provided pursuant to part 6 of subtitle B of title I of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1161 et seq.) (other than under section 609 of such Act (29 U.S.C. 1169)), title XXII of the Public Health Service Act (42 U.S.C. 300bb–1 et seq.), section 4980B of the Internal Revenue Code of 1986 (other than subsection (f)(1) of such section insofar as it relates to pediatric vaccines), or section 8905a of title 5, United States Code, or under a State program that provides comparable continuation coverage, other than coverage under a health flexible spending arrangement under a cafeteria plan within the meaning of section 125 of the Internal Revenue Code of 1986; or

(ii) any other non-cash benefit;

(B) rent;

(C) utilities;

(D) mortgage interest payments on existing mortgages as of February 15, 2020;

(E) scheduled interest payments on other scheduled debt as of February 15, 2020;

(F) costs related to personal protective equipment;

(G) payments of principal on outstanding loans;

(H) payments made to independent contractors, as reported on Form–1099 MISC; and

(I) other ordinary and necessary business expenses, including—

(i) settling existing debts owed to vendors;

(ii) maintenance expenses;

(iii) administrative costs;

(iv) taxes;

(v) operating leases;

(vi) insurance;

(vii) advertising, production transportation, and capital expenditures related to producing a theatrical production, concert, or comedy show; and

(viii) any other capital expenditure or expense required under any State, local, or Federal law or guideline related to social distancing.

(3) PROHIBITED EXPENSES.—An eligible live venue operator or promoter, theatrical producer, motion picture theatre operator, or talent representative may not use amounts received under a grant under this section—

(A) to purchase real estate;

(B) for payments of interest or principal on loans originated after February 15, 2020;

(C) to invest or re-lend funds;

(D) for contributions or expenditures to, or on behalf of, any political party, party committee, or candidate for elective office; or

(E) for any other use as may be prohibited by the Administrator.

(a) Short title.—This section may be cited as the “Real Economic Support That Acknowledges Unique Restaurant Assistance Needed To Survive Act of 2020” or the “RESTAURANTS Act of 2020”.

(b) Definitions.—In this section:

(1) AFFILIATED BUSINESS.—The term “affiliated business” means a business in which an eligible entity has an equity or right to profit distributions of not less than 50 percent, or in which an eligible entity has the contractual authority to control the direction of the business, provided that such affiliation shall be determined as of any arrangements or agreements in existence, as of March 13, 2020.

(2) COVERED PERIOD.—The term “covered period” means the period beginning on February 15, 2020, and ending on June 30, 2021.

(3) ELIGIBLE ENTITY.—The term “eligible entity”—

(A) means a restaurant, food stand, food truck, food cart, caterer, saloon, inn, tavern, bar, lounge, brewpub, tasting room, taproom, licensed facility, or premise of a beverage alcohol producer where the public may taste, sample, or purchase products, or other similar place of business—

(i) in which the public or patrons assemble for the primary purpose of being served food or drink; and

(ii) that, as of March 13, 2020, owns or operates (together with any affiliated business) not more than 20 locations, regardless of whether those locations do business under the same or multiple names;

(B) means an entity that is located in an airport terminal and that, as of March 13, 2020, sold any food and beverage, if, as of March 13, 2020, the entity owns or operates (together with any affiliated business) not more than 20 locations, regardless of whether those locations do business under the same or multiple names; and

(C) does not include an entity described in subparagraph (A) or (B) that is part of a State or local government facility, not including an airport.

(4) FUND.—The term “Fund” means the Restaurant Revitalization Fund established under subsection (c).

(5) IMMEDIATE FAMILY MEMBER.—With respect to an individual, the term “immediate family member” means any parent or child of the individual.

(6) PAYROLL COSTS.—The term “payroll costs” has the meaning given the term in section 7(a)(36)(A) of the Small Business Act (15 U.S.C. 636(a)(36)(A)).

(7) SECRETARY.—The term “Secretary” means the Secretary of the Treasury.

(c) Establishment of a Restaurant Revitalization Fund.—

(1) IN GENERAL.—There is established in the Treasury of the United States a fund to be known as the Restaurant Revitalization Fund.

(2) APPROPRIATIONS.—

(A) IN GENERAL.—There is appropriated to the Fund, out of amounts in the Treasury not otherwise appropriated, $120,000,000,000, to remain available until June 30, 2021.

(B) REMAINDER TO TREASURY.—Any amounts remaining in the Fund after June 30, 2021, shall be deposited in the general fund of the Treasury.

(3) USE OF FUNDS.—The Secretary shall use amounts in the Fund to make grants described in section subsection (d).

(d) Restaurant revitalization grants.—

(1) IN GENERAL.—The Secretary shall award grants to eligible entities in the order in which the application is received by the Secretary.

(2) REGISTRATION.—The Secretary shall register each grant awarded under this subsection using the employer identification number of the eligible entity.

(3) APPLICATION.—

(A) IN GENERAL.—An eligible entity desiring a grant under this subsection shall submit to the Secretary an application at such time, in such manner, and containing such information as the Secretary may require.

(B) CERTIFICATION.—An eligible entity applying for a grant under this subsection shall make a good faith certification—

(i) that the uncertainty of current economic conditions makes necessary the grant request to support the ongoing operations of the eligible entity;

(ii) acknowledging that funds will be used to retain workers, for payroll costs, and for other allowable expenses described in paragraph (6) and not for any other purposes;

(iii) that the eligible entity does not have an application pending for a grant under subsection (a)(36) or (b)(2) of section 7 of the Small Business Act (15 U.S.C. 636) for the same purpose and that is duplicative of amounts applied for or received under this section; and

(iv) during the covered period, that the eligible entity has not received amounts under subsection (a)(36) or (b)(2) of section 7 of the Small Business Act (15 U.S.C. 636) for the same purpose and that is duplicative of amounts applied for or received under this section.

(C) HOLD HARMLESS.—An eligible entity applying for a grant under this subsection shall not be ineligible for a grant if the eligible entity is able to document—

(i) an inability to rehire individuals who were employees of the eligible entity on February 15, 2020; and

(ii) an inability to hire similarly qualified employees for unfilled positions on or before June 30, 2021.

(4) PRIORITY IN AWARDING GRANTS.—During the initial 14-day period in which the Secretary awards grants under this subsection, the Secretary shall—

(A) prioritize awarding grants to marginalized and underrepresented communities, with a focus on women-, veteran-, and minority-owned, and women-, veteran-, and minority-operated eligible entities; and

(B) only award grants to eligible entities with annual revenues of less than $1,500,000.

(5) GRANT AMOUNT.—

(A) DETERMINATION OF GRANT AMOUNT.—

(i) IN GENERAL.—The amount of a grant made to an eligible entity under this subsection shall be equal to—

(I) the sum of the revenues or estimated revenues of the eligible entity during each calendar quarter in 2020 subtracted from the sum of such revenues during the same calendar quarter in 2019, if such sum is greater than zero; and

(II) if applicable, the additional amount required to pay for sick leave described under clause (ii).

(ii) SICK LEAVE.—An eligible entity applying for a grant under this section—

(I) may request an additional grant amount based on the amount required to provide 10 days of paid sick leave to each employee of the entity to—

(aa) care for themselves or an immediate family member who is ill; or

(bb) provide care for children when schools or childcare providers are shut down due to COVID–19; and

(II) shall, if provided a grant under this section that includes an additional amount for sick leave described under subclause (I), provide each employee of the entity with such 10 days of paid sick leave.

(iii) VERIFICATION.—An eligible entity shall submit to the Secretary such revenue verification documentation as the Secretary may require to determine the amount of a grant under clause (i).

(iv) REPAYMENT.—Any amount of a grant made under this subsection to an eligible entity based on estimated revenues in a calendar quarter in 2020 that is greater than the actual revenues of the eligible entity during that calendar quarter shall be converted to a loan that has—

(I) an interest rate of 1 percent; and

(II) a maturity date of 10 years beginning on January 1, 2021.

(B) REDUCTION BASED ON PPP FORGIVENESS OR EIDL EMERGENCY GRANT.—If an eligible entity has, at the time of application for a grant under this subsection, received an advance under section 1110(e) of the CARES Act (15 U.S.C. 9009(e)) or loan forgiveness under section 1106 of such Act (15 U.S.C. 9005) related to expenses incurred during the covered period, the maximum amount of a grant awarded to the eligible entity under this subsection shall be reduced by the amount of funds expended by or forgiven for the eligible entity for those expenses using amounts received under such section 1110(e) or forgiven under such section 1106.

(C) LIMITATION.—An eligible entity may not receive more than 1 grant under this subsection.

(D) AGGREGATE MAXIMUM AMOUNT.—The aggregate amount of grants made to an eligible entity and any affiliate businesses of the eligible entity under this section shall not exceed $10,000,000.

(6) USE OF FUNDS.—

(A) IN GENERAL.—During the covered period, an eligible entity that receives a grant under this subsection may use the grant funds for—

(i) payroll costs;

(ii) payments of principal or interest on any mortgage obligation;

(iii) rent payments, including rent under a lease agreement;

(iv) utilities;

(v) maintenance expenses, including—

(I) construction to accommodate outdoor seating; and

(II) walls, floors, deck surfaces, furniture, fixtures, and equipment;

(vi) supplies, including protective equipment and cleaning materials;

(vii) food, beverage, and operational expenses that are within the scope of the normal business practice of the eligible entity before the covered period;

(viii) debt obligations to suppliers that were incurred before the covered period;

(ix) costs associated with providing employees with 10 days of sick leave, as described in paragraph (5)(A)(ii); and

(x) any other expenses that the Secretary determines to be essential to maintaining the eligible entity.

(B) RETURNING FUNDS.—If an eligible entity that receives a grant under this subsection permanently ceases operations on or before June 30, 2021, the eligible entity shall return to the Treasury any funds that the eligible entity did not use for the allowable expenses under subparagraph (A).

(C) CONVERSION TO LOAN.—Any grant amounts received by an eligible entity under this subsection that are unused after June 30, 2021, shall be immediately converted to a loan with—

(i) an interest rate of 1 percent; and

(ii) a maturity date of 10 years.

(7) REGULATIONS.—Not later than 15 days after the date of enactment of this Act, the Secretary shall issue regulations to carry out this subsection without regard to the notice and comment requirements under section 553 of title 5, United States Code.

(8) APPROPRIATIONS FOR STAFFING AND ADMINISTRATIVE EXPENSES.—

(A) IN GENERAL.—Of the amounts provided by subsection (c)(2)(A), $300,000,000 shall be for staffing and administrative expenses related to administering grants awarded under this subsection.

(B) SET ASIDE.—Of amounts provided under subparagraph (A), $60,000,000 shall be allocated for outreach to traditionally marginalized and underrepresented communities, with a focus on women, veteran, and minority-owned and operated eligible entities, including the creation of a resource center targeted toward these communities.

(e) Limitation with respect to private funds.—

(1) IN GENERAL.—No amounts received under this section may be directly or indirectly used to pay distributions, dividends, consulting fees, advisory fees, interest payments, or any other fees, expenses, or charges to—

(A) a person registered as an investment adviser under the Investment Advisers Act of 1940 (15 U.S.C. 80b–1 et seq.) who advises a private fund;

(B) any affiliate of such adviser;

(C) any executive of such adviser or affiliate; or

(D) any employee, consultant, or other person with a contractual relationship to provide services for or on behalf of such adviser or affiliate.

(2) ANTI-EVASION.—No company in which a private fund holds an ownership interest that has, directly or indirectly, received amounts under this title may pay any distributions, dividends, consulting fees, advisory fees, interest payments, or any other fees, expenses, or charges in excess of 10 percent of such company's net operating profits for the calendar year ending December 31, 2020 (and for each successive year until the covered period has ended and all loans created under this section have been repaid), to—

(A) a person registered as an investment adviser under the Investment Advisers Act of 1940 (15 U.S.C. 80b–1 et seq.) who advises a private fund;

(B) any affiliate of such adviser;

(C) any executive of such adviser or affiliate; or

(D) any employee, consultant, or other person with a contractual relationship to provide services for or on behalf of such adviser or affiliate.

(3) DEFINITIONS.—In this section:

(A) AFFILIATE.—

(i) IN GENERAL.—The term “affiliate” means, with respect to a person, any other person directly or indirectly controlling, controlled by, or under direct or indirect common control with such person.

(ii) CONTROL.—For purposes of clause (i), a person shall be deemed to control another person if such person possesses, directly or indirectly, the power to direct or cause the direction of the management and policies of such other person, whether through the ownership of voting securities, by contract, or otherwise.

(B) EXECUTIVE.—The term “executive” means—

(i) any individual who serves an executive or director of a person, including the principal executive officer, principal financial officer, comptroller or principal accounting officer; and

(ii) an executive officer, as defined in section 230.405 of title 17, Code of Federal Regulations, or any successor regulation.

(C) PRIVATE FUND.—The term “private fund” means an issuer that would be an investment company, as defined in section 3 of the Investment Company Act of 1940 (15 U.S.C. 80a–3), but for paragraph (1) or (7) of section 3(c) of that Act.

(f) Demographic data and transparency.—

(1) DEMOGRAPHIC DATA.—In establishing an application process for carrying out this section, the Secretary shall include a voluntary request for certain demographic data with respect to the majority ownership of eligible entities, including race, ethnicity, gender, and veteran-status.

(2) MONTHLY REPORTS.—Not later than the end of the first month in which initial grants are disbursed under this section, and every month thereafter until the date on which the last grant has been disbursed under this section, the Secretary shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report providing—

(A) the number and dollar amount of grants approved for or disbursed to all eligible entities, including a list of eligible entities with the grant amount received by the eligible entity; and

(B) a breakout of the number and dollar of grants by State, congressional district, demographics (including race, ethnicity, gender, and veteran-status), and business type.

(3) QUARTERLY REPORTS.—Beginning on January 1, 2021, and every subsequent quarter until the last grant that was converted to a loan under this section is repaid, the Secretary shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report on—

(A) the number and dollar amount of grants approved for or disbursed to all eligible entities, including a breakout of grants by State, congressional district, demographics (including race, ethnicity, gender, and veteran-status), and business type; and

(B) the number and dollar amount of grants that converted to loans under this section, including a breakout of outstanding loans by State, congressional district, demographics (including race, ethnicity, gender, and veteran-status), and business type.

(4) DATA TRANSPARENCY.—Not later than 30 days after the date of enactment of this Act, the Secretary shall make available on a publicly available website in a standardized and downloadable format, and update on a monthly basis, any data contained in a report submitted under this section.

In this title:

(1) AGENCY.—The term “Agency” means the Minority Business Development Agency of the Department of Commerce.

(2) ASSISTANT SECRETARY.—The term “Assistant Secretary” means the Assistant Secretary of Commerce for Minority Business Development who is appointed as described in section 714(b) to administer this subtitle.

(3) FEDERAL AGENCY.—The term “Federal agency” has the meaning given the term “agency” in section 551 of title 5, United States Code.

(4) FEDERALLY RECOGNIZED AREA OF ECONOMIC DISTRESS.—The term “federally recognized area of economic distress” means—

(A) a HUBZone, as that term is defined in section 31(b) of the Small Business Act (15 U.S.C. 657a(b));

(B) an area that—

(i) has been designated as—

(I) an empowerment zone under section 1391 of the Internal Revenue Code of 1986; or

(II) a Promise Zone by the Secretary of Housing and Urban Development; or

(ii) is a low or moderate income area, as determined by the Bureau of the Census;

(C) a qualified opportunity zone, as that term is defined in section 1400Z–1 of the Internal Revenue Code of 1986; or

(D) any other political subdivision or unincorporated area of a State determined by the Assistant Secretary to be an area of economic distress.

(5) INDIAN TRIBE.—

(A) IN GENERAL.—Subject to subparagraph (B), the term “Indian Tribe” has the meaning given the term “Indian tribe” in section 4 of the Indian Self-Determination and Education Assistance Act (25 U.S.C. 5304).

(B) NATIVE HAWAIIAN ORGANIZATION.—The term “Indian Tribe” includes a Native Hawaiian organization.

(6) INSTITUTION OF HIGHER EDUCATION.—The term “institution of higher education” has the meaning given the term in section 101 of the Higher Education Act of 1965 (20 U.S.C. 1001).

(7) MINORITY BUSINESS ENTERPRISE.—The term “minority business enterprise” means a for-profit business enterprise—

(A) that is not less than 51 percent-owned by 1 or more socially disadvantaged individuals; and

(B) the management and daily business operations of which are controlled by 1 or more socially disadvantaged individuals.

(8) PRIVATE SECTOR ENTITY.—The term “private sector entity”—

(A) means an entity that is not a public sector entity; and

(B) does not include—

(i) the Federal Government;

(ii) any Federal agency; or

(iii) any instrumentality of the Federal Government.

(9) PUBLIC SECTOR ENTITY.—The term “public sector entity” means—

(A) a State;

(B) an agency of a State;

(C) a political subdivision of a State; or

(D) an agency of a political subdivision of a State.

(10) SECRETARY.—The term “Secretary” means the Secretary of Commerce.

(11) SOCIALLY DISADVANTAGED INDIVIDUAL.—

(A) IN GENERAL.—The term “socially disadvantaged individual” means an individual who has been subjected to racial or ethnic prejudice or cultural bias because of the identity of the individual as a member of a group, without regard to any individual quality of the individual that is unrelated to that identity.

(B) PRESUMPTION.—In carrying out this subtitle, the Assistant Secretary shall presume that the term “socially disadvantaged individual” includes any individual who is—

(i) Black or African American;

(ii) Hispanic or Latino;

(iii) American Indian or Alaska Native;

(iv) Asian;

(v) Native Hawaiian or other Pacific Islander; or

(vi) a member of a group that the Minority Business Development Agency determines under part 1400 of title 15, Code of Federal Regulations, as in effect on November 23, 1984, is a socially disadvantaged group eligible to receive assistance.

(12) STATE.—The term “State” means—

(A) each of the States of the United States;

(B) the District of Columbia;

(C) the Commonwealth of Puerto Rico;

(D) the United States Virgin Islands;

(E) Guam;

(F) American Samoa;

(G) the Commonwealth of the Northern Mariana Islands; and

(H) each Indian Tribe.

This subtitle may be cited as the “Minority Business Resiliency Act of 2020”.

(a) Findings.—Congress finds the following:

(1) During times of economic downturn or recession, communities of color, and businesses within those communities, are generally more adversely affected, which requires an expansion of the ability of the Federal Government to infuse resources into those communities.

(2) Despite the growth in the number of minority business enterprises, gaps remain with respect to key metrics for those enterprises, such as access to capital, revenue, number of employees, and survival rate. Specifically—

(A) according to the Department of Commerce, minority business enterprises are 2 to 3 times more likely to be denied loans than non-minority business enterprises;

(B) according to the Bureau of the Census, the average non-minority business enterprise reports receipts that are more than 3 times higher than receipts reported by the average minority business enterprise; and

(C) according to the Kauffman Foundation—

(i) minority business enterprises are ½ as likely to employ individuals, as compared with non-minority business enterprises; and

(ii) if minorities started and owned businesses at the same rate as non-minorities, the United States economy would have more than 1,000,000 additional employer businesses and more than 9,500,000 additional jobs.

(3) Because of the conditions described in paragraph (2), it is in the interest of the United States and the economy of the United States to expeditiously ameliorate the disparities that minority business enterprises experience.

(4) Many individuals who own minority business enterprises are socially disadvantaged because those individuals identify as members of certain groups that have suffered the effects of discriminatory practices or similar circumstances over which those individuals have no control, including individuals who are—

(A) Black or African American;

(B) Hispanic or Latino;

(C) American Indian or Alaska Native;

(D) Asian; and

(E) Native Hawaiian or other Pacific Islander.

(5) Discriminatory practices and similar circumstances described in paragraph (4) are a significant determinant of overall economic disadvantage in the United States, which is evident in the persistent racial wealth gap in the United States.

(6) While other Federal agencies focus only on small businesses and businesses that represent a broader demographic than solely minority business enterprises, the Agency focuses exclusively on—

(A) the unique needs of minority business enterprises; and

(B) enhancing the capacity of minority business enterprises.

(b) Purposes.—The purposes of this subtitle are to—

(1) require the Agency to promote and administer programs in the public and private sectors to assist the development of minority business enterprises; and

(2) achieve the development described in paragraph (1) by authorizing the Assistant Secretary to carry out programs that will result in increased access to capital, management, and technology for minority business enterprises.

(a) In general.—There is within the Department of Commerce the Minority Business Development Agency.

(b) Assistant secretary.—

(1) APPOINTMENT AND DUTIES.—The Agency shall be headed by an Assistant Secretary of Commerce for Minority Business Development, who shall be—

(A) appointed by the President, by and with the advice and consent of the Senate; and

(B) except as otherwise expressly provided, responsible for the administration of this subtitle.

(2) COMPENSATION.—The Assistant Secretary shall be compensated at an annual rate of basic pay prescribed for level IV of the Executive Schedule under section 5315 of title 5, United States Code.

(c) Report to congress.—Not later than 120 days after the date of enactment of this Act, the Secretary shall submit to Congress a report that describes—

(1) the organizational structure of the Agency;

(2) the organizational position of the Agency within the Department of Commerce; and

(3) a description of how the Agency shall function in relation to the operations carried out by each other component of the Department of Commerce.

(d) Office of business centers.—

(1) ESTABLISHMENT.—There is established within the Agency an Office of Business Centers.

(2) DIRECTOR.—The Office of Business Centers shall be administered by a Director, who shall be appointed by the Assistant Secretary.

(e) Offices of the agency.—

(1) IN GENERAL.—The Assistant Secretary shall establish such other offices within the Agency as are necessary to carry out this subtitle.

(2) REGIONAL OFFICES.—

(A) IN GENERAL.—In order to carry out this subtitle, the Assistant Secretary may establish a regional office of the Agency for each of the regions of the United States, as determined by the Assistant Secretary.

(B) DUTIES.—Each regional office established under subparagraph (A) shall expand the reach of the Agency and enable the Federal Government to better serve the needs of minority business enterprises in the region served by the office, including by—

(i) understanding and participating in the business environment of that region;

(ii) working with—

(I) Centers, as that term is defined in section 732, that are located in that region; and

(II) resource and lending partners of the Small Business Administration that are located in that region;

(iii) being aware of business retention or expansion programs specific to that region;

(iv) seeking out opportunities to collaborate with regional public and private programs that focus on minority business enterprises; and

(v) promoting business continuity and preparedness.

The Assistant Secretary shall, whenever the Assistant Secretary determines such action is necessary or appropriate—

(1) assist minority business enterprises to penetrate domestic and foreign markets by making available to those business enterprises, either directly or in cooperation with private sector entities, including community-based organizations and national nonprofit organizations—

(A) resources relating to management;

(B) technological assistance;

(C) financial and marketing services; and

(D) services relating to workforce development;

(2) encourage minority business enterprises to establish joint ventures and projects—

(A) with other minority business enterprises; or

(B) in cooperation with public sector entities or private sector entities, including community-based organizations and national nonprofit organizations, to increase the share of any market activity being performed by minority business enterprises; and

(3) facilitate the efforts of private sector entities and Federal agencies to advance the growth of minority business enterprises.

The Assistant Secretary shall, whenever the Assistant Secretary determines such action is necessary or appropriate—

(1) consult and cooperate with public sector entities for the purpose of leveraging resources available in the jurisdictions of those public sector entities to promote the position of minority business enterprises in the local economies of those public sector entities, including by assisting public sector entities to establish or enhance—

(A) programs to procure goods and services through minority business enterprises and goals for that procurement;

(B) programs offering assistance relating to—

(i) management;

(ii) technology;

(iii) financing;

(iv) marketing; and

(v) workforce development; and

(C) informational programs designed to inform minority business enterprises located in the jurisdictions of those public sector entities about the availability of programs described in this section;

(2) meet with leaders and officials of public sector entities for the purpose of recommending and promoting local administrative and legislative initiatives needed to advance the position of minority business enterprises in the local economies of those public sector entities; and

(3) facilitate the efforts of public sector entities and Federal agencies to advance the growth of minority business enterprises.

(a) In general.—In order to achieve the purposes of this subtitle, the Assistant Secretary—

(1) shall—

(A) collect and analyze data, including data relating to the causes of the success or failure of minority business enterprises;

(B) perform evaluations of programs carried out by Federal agencies with an emphasis on increasing coordination between Federal agencies with respect to the development of minority business enterprises; and

(C) conduct research, studies, and surveys of—

(i) economic conditions generally in the United States; and

(ii) how the conditions described in clause (i) particularly affect the development of minority business enterprises; and

(2) may, at the request of a public sector entity or a private sector entity, perform an evaluation of programs carried out by the entity that are designed to assist the development of minority business enterprises.

(b) Information clearinghouse.—The Assistant Secretary shall—

(1) establish and maintain an information clearinghouse for the collection and dissemination of demographic, economic, financial, managerial, and technical data relating to minority business enterprises; and

(2) take such steps as the Assistant Secretary may determine to be necessary and desirable to search for, collect, classify, coordinate, integrate, record, and catalog the data described in paragraph (1).

The purpose of the MBDC Program shall be to create a national network of public-private partnerships that—

(1) assist minority business enterprises to—

(A) access capital and contracts; and

(B) create and maintain jobs;

(2) provide counseling and mentoring to minority business enterprises; and

(3) facilitate the growth of minority business enterprises by promoting trade.

In this subpart:

(1) CENTER.—The term “Center” means an eligible entity that enters into an MBDC agreement with the Assistant Secretary.

(2) ELIGIBLE ENTITY.—Except as otherwise expressly provided, the term “eligible entity”—

(A) means—

(i) a private sector entity; or

(ii) a public sector entity; and

(B) includes an institution of higher education.

(3) MBDC AGREEMENT.—The term “MBDC agreement” means a collaborative agreement entered into between the Assistant Secretary and a Center under the MBDC Program.

(4) MBDC PROGRAM.—The term “MBDC Program” means the program established under section 733.

(a) In general.—Subject to subsection (b), there is established in the Agency a program—

(1) that shall be known as the Minority Business Development Centers Program;

(2) that shall be separate and distinct from the efforts of the Assistant Secretary under section 721; and

(3) under which the Assistant Secretary shall enter into cooperative agreements with eligible entities under which, in accordance with section 734—

(A) the eligible entities shall provide technical assistance and business development services to minority business enterprises; and

(B) the Assistant Secretary shall provide financial assistance to the eligible entities to carry out the activities described in subparagraph (A).

(b) Coverage.—The Assistant Secretary shall take all necessary actions to ensure that the MBDC Program, in accordance with section 734, offers the services described in subsection (a)(3)(A) in all regions of the United States.

(c) Scope of authority.—The authority of the Assistant Secretary to enter into MBDC agreements shall be effective each fiscal year only to the extent that amounts are made available to the Assistant Secretary under applicable appropriations Acts.

(a) Requirements.—A Center shall, using financial assistance awarded to the Center under an MBDC agreement—

(1) provide to minority business enterprises programs and services determined to be appropriate by the Assistant Secretary, which—

(A) shall include referral services to meet the needs of minority business enterprises; and

(B) may include programs and services to accomplish the goals described in section 721(1);

(2) develop, cultivate, and maintain a network of strategic partnerships with organizations that foster access by minority business enterprises to economic markets or contracts;

(3) continue to upgrade and modify the services provided by the Center, as necessary, in order to meet the changing and evolving needs of the business community;