Pandemic Darlings The pandemic economy, in original documents
Home Source documents H. R. 7023 — Assistance for Sports Facilities, Museums, and Community Theaters

H. R. 7023 — Assistance for Sports Facilities, Museums, and Community Theaters

Summary

H. R. 7023 in the 116TH CONGRESS would require the Secretary of the Treasury to implement a program that provides financial assistance to sports facilities, museums, and community theaters. It was introduced on May 27, 2020 and referred to the Committee on Financial Services. Section 1 amends Section 4003 of the CARES Act to direct financing of not less than $1,000,000,000 for loans to community-owned or private businesses that had revenue in 2019 of not more than $35,000,000 and have contractual obligations for lease, rent, or bond payments for publicly owned sports facilities, museums, and community theaters. Each loan has a term of 15 years and may not exceed $25,000,000.

Summary drafted by a model from the document's text below and checked by script against that text before publication. It is a navigation aid, not a reading of what the document proves. Where AI is used

Issuer
Congressional materials
Document type
Bills 116Hr7023Ih Cd0551B4E6Bd
Case
Bills 116Hr7023Ih Cd0551B4E6Bd

Cite this document

“H. R. 7023 — Assistance for Sports Facilities, Museums, and Community Theaters.” Original at docs.house.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/bills-116hr7023ih-cd0551b4e6bd/, SHA-256 cd0551b4e6bd47c3a60000afee602ec5c6c890d4be0555831b8412c8994f7ac8.

Full text

                                                                                                                                  I




                               116TH CONGRESS
                                  2D SESSION
                                                                     H. R. 7023
                               To require the Secretary of the Treasury to implement a program that
                                   provides financial assistance to sports facilities, museums, and community
                                   theaters, and for other purposes.




                                             IN THE HOUSE OF REPRESENTATIVES
                                                             MAY 27, 2020
                               Mrs. TRAHAN (for herself, Mr. MCKINLEY, Ms. MATSUI, Mr. ROSE of New
                                   York, Mr. FITZPATRICK, Ms. HAALAND, Mr. RYAN, Mr. TRONE, Mr.
                                   SIMPSON, Mr. COURTNEY, Ms. SLOTKIN, Mr. THOMPSON of Pennsyl-
                                   vania, Mr. LOEBSACK, Mr. WELCH, Mr. MORELLE, Ms. ESCOBAR, Ms.
                                   FINKENAUER, Mr. HIGGINS of New York, Mr. WILSON of South Caro-
                                   lina, Mr. KING of New York, Mr. CUNNINGHAM, Mr. CARTER of Texas,
                                   Mr. BRINDISI, and Ms. MCCOLLUM) introduced the following bill; which
                                   was referred to the Committee on Financial Services




                                                                         A BILL
                               To require the Secretary of the Treasury to implement a
                                  program that provides financial assistance to sports fa-
                                  cilities, museums, and community theaters, and for other
                                  purposes.

                                 1              Be it enacted by the Senate and House of Representa-
                                 2 tives of the United States of America in Congress assembled,




VerDate Sep 11 2014   19:42 Jun 18, 2020   Jkt 099200   PO 00000   Frm 00001   Fmt 6652   Sfmt 6201   E:\BILLS\H7023.IH   H7023
                                                                                          2
                                 1     SECTION 1. ASSISTANCE FOR SPORTS FACILITIES, MUSE-

                                 2                             UMS, AND COMMUNITY THEATERS.

                                 3              Section 4003 of the CARES Act (15 U.S.C. 9042)
                                 4 is amended by adding at the end the following:
                                 5              ‘‘(i) ASSISTANCE FOR SPORTS FACILITIES, MUSE-
                                 6     UMS, AND COMMUNITY THEATERS.—

                                 7                        ‘‘(1) IN             GENERAL.—The                     Secretary of the
                                 8              Treasury shall, using amounts made available under
                                 9              subsection (b)(4), implement a program that pro-
                               10               vides financing of not less than $1,000,000,000 for
                               11               loans to community-owned or private businesses
                               12               that—
                               13                                  ‘‘(A) had revenue in 2019 of not more
                               14                         than $35,000,000; and
                               15                                  ‘‘(B) have contractual obligations for mak-
                               16                         ing lease, rent, or bond payments for publicly
                               17                         owned sports facilities, museums, and commu-
                               18                         nity theaters.
                               19                         ‘‘(2) LOAN TERMS.—Any such loan shall have
                               20               the following terms and such other terms as the Sec-
                               21               retary shall determine:
                               22                                  ‘‘(A) A term of 15 years.
                               23                                  ‘‘(B) An annualized interest rate of not
                               24                         higher than the London Inter-bank Offered
                               25                         Rate plus 200 basis points.


                                           •HR 7023 IH

VerDate Sep 11 2014   19:42 Jun 18, 2020   Jkt 099200   PO 00000   Frm 00002   Fmt 6652   Sfmt 6201   E:\BILLS\H7023.IH   H7023
                                                                                          3
                                 1                                 ‘‘(C) Not include a requirement to provide
                                 2                        collateral or a guaranty of such loan.
                                 3                                 ‘‘(D) Not exceed $25,000,000 and shall be
                                 4                        in an amount as determined between the recipi-
                                 5                        ent and the lender (but in no event shall the
                                 6                        amount of such loan be determined based on
                                 7                        the recipient’s earnings before interest, taxes,
                                 8                        depreciation, and amortization).
                                 9                                 ‘‘(E) Interest and principal on each such
                               10                         loan shall be paid as follows:
                               11                                          ‘‘(i) For the first 12 months after any
                               12                                  such loan is made, or for such longer pe-
                               13                                  riod as the Secretary may determine in his
                               14                                  discretion, no principal or interest shall be
                               15                                  due and payable.
                               16                                          ‘‘(ii) From year 2 through year 14 of
                               17                                  the term of any such loan, interest on the
                               18                                  principal amount of such loan shall be pay-
                               19                                  able monthly and 2.31 percent of the prin-
                               20                                  cipal amount of such loan shall be payable
                               21                                  at the end of each such year.
                               22                                          ‘‘(iii) In year 15 of the term of any
                               23                                  such loan, interest shall be payable month-
                               24                                  ly and the remaining 70 percent of the




                                           •HR 7023 IH

VerDate Sep 11 2014   02:46 Jun 18, 2020   Jkt 099200   PO 00000   Frm 00003   Fmt 6652   Sfmt 6201   E:\BILLS\H7023.IH   H7023
                                                                                          4
                                 1                                 principal amount of such loan shall be paid
                                 2                                 at the end of such year.
                                 3                                 ‘‘(F) The recipient shall be permitted to
                                 4                        prepay any such loan at any time without pre-
                                 5                        mium or penalty.
                                 6                        ‘‘(3) ELIGIBLE BORROWERS.—Any eligible bor-
                                 7              rower applying for a loan under this program shall
                                 8              make a good-faith certification that:
                                 9                                 ‘‘(A) The uncertainty of economic condi-
                               10                         tions as of the date of the application makes
                               11                         necessary the loan request to support the ongo-
                               12                         ing operations of the recipient.
                               13                                  ‘‘(B) The recipient reasonably believes that
                               14                         the positive economic impact generated by the
                               15                         use of the funds it receives will exceed the loan
                               16                         amount.
                               17                                  ‘‘(C) The recipient is an entity or business
                               18                         that is domiciled in the United States with sig-
                               19                         nificant operations and employees located in the
                               20                         United States.
                               21                                  ‘‘(D) The recipient is not a debtor in a
                               22                         bankruptcy proceeding.
                               23                                  ‘‘(E) The recipient is created or organized
                               24                         in the United States or under the laws of the
                               25                         United States.


                                           •HR 7023 IH

VerDate Sep 11 2014   02:46 Jun 18, 2020   Jkt 099200   PO 00000   Frm 00004   Fmt 6652   Sfmt 6201   E:\BILLS\H7023.IH   H7023
                                                                                          5
                                 1                                 ‘‘(F) The recipient will use the proceeds of
                                 2                        such loan for purposes directly connected to
                                 3                        contracted services, including performances and
                                 4                        sporting events, at such facility. These eligible
                                 5                        purposes shall be:
                                 6                                         ‘‘(i) Rent, lease, or bond payments or
                                 7                                 other obligations (including property taxes)
                                 8                                 to the owner of the facility for use of the
                                 9                                 facility.
                               10                                          ‘‘(ii) Utilities at the facility.
                               11                                          ‘‘(iii) Employee compensation, includ-
                               12                                  ing benefits, for employees of the recipient
                               13                                  whose employment is directly connected to
                               14                                  services rendered at the facility; provided,
                               15                                  no funds may be used for compensation of
                               16                                  an officer or employee at a rate that would
                               17                                  exceed $100,000 per annum.
                               18                                          ‘‘(iv) Working capital, trade payables,
                               19                                  insurance premiums, and refunds relating
                               20                                  to the facility.
                               21                                          ‘‘(v) Facility improvements agreed to
                               22                                  by the recipient and, if applicable the enti-
                               23                                  ty with authority over the facility’s budget
                               24                                  and operations.




                                           •HR 7023 IH

VerDate Sep 11 2014   02:46 Jun 18, 2020   Jkt 099200   PO 00000   Frm 00005   Fmt 6652   Sfmt 6201   E:\BILLS\H7023.IH   H7023
                                                                                          6
                                 1                                         ‘‘(vi) Other purposes which improve
                                 2                                 the infrastructure and/or project develop-
                                 3                                 ment surrounding the facility.’’.
                                                                                          Æ




                                           •HR 7023 IH

VerDate Sep 11 2014   02:46 Jun 18, 2020   Jkt 099200   PO 00000   Frm 00006   Fmt 6652   Sfmt 6301   E:\BILLS\H7023.IH   H7023


File and source

File
bills-116hr7023ih-cd0551b4e6bd.pdf
Size
312,124 bytes
SHA-256
cd0551b4e6bd47c3a60000afee602ec5c6c890d4be0555831b8412c8994f7ac8
Our copy
bills-116hr7023ih-cd0551b4e6bd.pdf
Original
docs.house.gov
Back to top