Congressional Record, Senate, August 6, 2020, Page S5300
Summary
A page of the Congressional Record, Senate, dated August 6, 2020, at page S5300, made up of amendment text. It amends the Small Business Act to let paycheck protection program loans cover supplier costs and revises loan forgiveness under the CARES Act, with provisions on maximum covered loan amounts, recalculation by lenders and a limit of $2,000,000. Other text covers funds for State and local government costs under a qualifying economic development plan with a required certification, and SA 2600 submitted by Mr. Lee is listed at the end.
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“Congressional Record, Senate, August 6, 2020, Page S5300.”
Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/crec-crec-2020-08-06-crec-2020-08-06-pt1-pgs5300-3-e137eda442/
, SHA-256 7b236390830f8f98f2e98fdc7ca4efad1883c98927f4bc303ebeac28984dff80.Full text
S5300 CONGRESSIONAL RECORD — SENATE August 6, 2020
‘‘(BB) 2.5; and spect to the Coronavirus Disease 2019 At the appropriate place, insert the fol-
‘‘(bb) the outstanding amount of a loan (COVID–19); and lowing:
under subsection (b)(2) that was made during ‘‘(II) were not accounted for in the budget SEC. ll. USE OF PPP LOANS FOR SUPPLIER
the period beginning on January 31, 2020, and most recently approved as of the date of en- COSTS.
ending on April 3, 2020, that the borrower in- actment of this section for the State or gov- (a) IN GENERAL.—Section 7(a)(36)(F)(i) of
tends to refinance under the covered loan, ernment; and the Small Business Act (15 U.S.C.
not including any amount of any advance ‘‘(ii) in accordance with a qualifying eco- 636(a)(36)(F)(i)) is amended—
under the loan that is not required to be re- nomic development plan. (1) in subclause (VI), by striking ‘‘and’’ at
paid; or ‘‘(B) AVAILABILITY.—Any funds obligated the end;
‘‘(II) $2,000,000. under subparagraph (A) as of the date speci- (2) in subclause (VII), by striking the pe-
‘‘(iii) WITH EMPLOYEES.—With respect to a fied in such subparagraph shall remain avail- riod at the end and inserting ‘‘; and’’; and
covered recipient with employees, the max- able until expended. (3) by adding at the end the following:
imum covered loan amount shall be cal- ‘‘(C) CERTIFICATION REQUIREMENT.—In order ‘‘(VIII) covered supplier costs, as defined in
culated using the formula described in sub- to use funds provided under a payment under section 1106(a) of the CARES Act (15 U.S.C.
paragraph (E), except that the gross income this section in accordance with this para- 9005(a)).’’.
of the covered recipient described in clause graph, a State, Tribal government, or unit of (b) LOAN FORGIVENESS.—Section 1106 of the
(ii)(I)(aa)(AA) of this subparagraph, as di- local government shall provide the Secretary CARES Act (15 U.S.C. 9005) is amended—
vided by 12, shall be added to the sum cal- with a certification signed by the Chief Ex- (1) in subsection (a)—
culated under subparagraph (E)(i)(I). ecutive of the State or government that the (A) by redesignating paragraphs (5), (6), (7),
‘‘(iv) RECALCULATION.—A lender that made proposed uses of the funds under the quali- and (8) as paragraphs (6), (7), (8), and (9), re-
a covered loan to a covered recipient before fying economic development plan are con- spectively;
the date of enactment of this subparagraph sistent with the requirements of subpara- (B) by inserting after paragraph (4) the fol-
may, at the request of the covered recipi- graph (A)(i). lowing:
ent— ‘‘(D) QUALIFYING ECONOMIC DEVELOPMENT ‘‘(5) the term ‘covered supplier cost’ means
‘‘(I) recalculate the maximum loan amount PLAN.—For purposes of subparagraph (A), the an expenditure made by an entity to a sup-
applicable to that covered loan based on the term ‘qualifying economic development plan’ plier of goods pursuant to a contract in ef-
formula described in clause (ii) or (iii), as ap- means, with respect to a State or govern- fect before February 15, 2020 for the supply of
plicable, if doing so would result in a larger ment, a plan for using funds paid or distrib- goods that are essential to the operations of
covered loan amount; and uted to the State or government under this the entity at the time at which the expendi-
‘‘(II) provide the covered recipient with ad- section to respond to the COVID–19 public ture is made;’’;
ditional covered loan amounts based on that health emergency that is approved by the (C) in paragraph (8), as so redesignated—
recalculation.’’. State or the governing board of a university (i) in subparagraph (C), by striking ‘‘and’’
before December 30, 2020.’’. at the end; and
SA 2596. Mr. MORAN submitted an (ii) by adding at the end the following:
amendment intended to be proposed to SA 2597. Mr. SCOTT of South Caro- ‘‘(E) covered supplier costs; and’’;
lina submitted an amendment intended (2) in subsection (b) by adding at the end
amendment SA 2499 proposed by Mr. the following:
MCCONNELL to the bill S. 178, to con- to be proposed to amendment SA 2499
‘‘(5) Any covered supplier cost.’’;
demn gross human rights violations of proposed by Mr. MCCONNELL to the bill
(3) in subsection (d)(8), by inserting ‘‘any
ethnic Turkic Muslims in Xinjiang, and S. 178, to condemn gross human rights payment on any covered supplier cost,’’ after
calling for an end to arbitrary deten- violations of ethnic Turkic Muslims in ‘‘rent obligation,’’; and
tion, torture, and harassment of these Xinjiang, and calling for an end to ar- (4) in subsection (e)—
communities inside and outside China; bitrary detention, torture, and harass- (A) in paragraph (2), by inserting ‘‘pay-
which was ordered to lie on the table; ment of these communities inside and ments on covered supplier costs’’ after ‘‘lease
outside China; which was ordered to lie obligations,’’; and
as follows: (B) in paragraph (3)(B), by inserting ‘‘make
At the appropriate place, insert the fol- on the table; as follows:
payments on covered supplier costs,’’ after
lowing: At the appropriate place, insert the fol-
‘‘rent obligation,’’.
SEC. ll. EXTENDED AVAILABILITY FOR lowing: (c) EFFECTIVE DATE; APPLICABILITY.—The
CORONAVIRUS RELIEF FUND PAY- SEC. lll. DIRECT APPROPRIATION TO MBDA. amendments made by section shall be effec-
MENTS USED IN ACCORDANCE WITH (a) DEFINITION.—In this section, the term tive as if included in the CARES Act (Public
A QUALIFYING ECONOMIC DEVELOP- ‘‘small business concern’’ has the meaning Law 116–136) and shall apply to any loan
MENT PLAN. given the term in section 3 of the Small made pursuant to section 7(a)(36) of the
Section 601(d) of the Social Security Act Business Act (15 U.S.C. 632). Small Business Act (15 U.S.C. 636(a)(36)).
(42 U.S.C. 801(d)) is amended to read as fol- (b) APPROPRIATION.—There is appropriated,
lows: out of amounts in the Treasury not other- SA 2599. Mr. LEE submitted an
‘‘(d) USE OF FUNDS; AVAILABILITY.— wise appropriated, for the fiscal year ending amendment intended to be proposed to
‘‘(1) IN GENERAL.—A State, Tribal govern- September 30, 2020, $10,000,000 under the amendment SA 2499 proposed by Mr.
ment, and unit of local government shall use heading ‘‘Department of Commerce—Minor- MCCONNELL to the bill S. 178, to con-
the funds provided under a payment made ity Business Development Agency’’ for mi-
nority business centers of the Minority Busi-
demn gross human rights violations of
under this section to cover only those costs
of the State, Tribal government, or unit of ness Development Agency of the Department ethnic Turkic Muslims in Xinjiang, and
local government that— of Commerce to provide technical assistance calling for an end to arbitrary deten-
‘‘(A) are necessary expenditures incurred to small business concerns. tion, torture, and harassment of these
due to the public health emergency with re- (c) EMERGENCY DESIGNATION.— communities inside and outside China;
spect to the Coronavirus Disease 2019 (1) IN GENERAL.—The amounts provided which was ordered to lie on the table;
(COVID–19); under this section are designated as an emer- as follows:
‘‘(B) were not accounted for in the budget gency requirement pursuant to section 4(g) At the appropriate place, insert the fol-
most recently approved as of the date of en- of the Statutory Pay-As-You-Go Act of 2010 lowing:
actment of this section for the State or gov- (2 U.S.C. 933(g)). SEC. ll. ELIMINATION OF MAINTENANCE OF EF-
ernment; and (2) DESIGNATION IN SENATE.—In the Senate, FORT REQUIREMENTS.
‘‘(C) subject to paragraph (2), were incurred this section is designated as an emergency (a) IN GENERAL.—Section 6008 of the Fami-
during the period that begins on March 1, requirement pursuant to section 4112(a) of H. lies First Coronavirus Response Act (Public
2020, and ends on December 30, 2020. Con. Res. 71 (115th Congress), the concurrent Law 116–127) is amended—
‘‘(2) EXTENDED AVAILABILITY FOR FUNDS resolution on the budget for fiscal year 2018. (1) in subsection (b), by striking ‘‘with re-
USED IN ACCORDANCE WITH A QUALIFYING ECO- spect to a quarter’’ and all that follows
NOMIC DEVELOPMENT PLAN.— SA 2598. Mr. INHOFE submitted an through ‘‘the State does not’’ and inserting
‘‘(A) IN GENERAL.—Notwithstanding sub- amendment intended to be proposed to ‘‘with respect to a quarter, if the State does
paragraph (C) of paragraph (1), funds pro- amendment SA 2499 proposed by Mr. not’’; and
vided under a payment made under this sec- MCCONNELL to the bill S. 178, to con-
SSpencer on DSK126QN23PROD with SENATE
(2) by striking subsection (d).
tion shall remain available to a State, Tribal demn gross human rights violations of (b) EFFECTIVE DATE.—The amendment
government, or unit of local government ethnic Turkic Muslims in Xinjiang, and made by subsection (a)(1) shall take effect as
until December 31, 2022, for obligation by the if included in the enactment of the Families
calling for an end to arbitrary deten-
State or government— First Coronavirus Response Act (Public Law
‘‘(i) for costs of the State or government tion, torture, and harassment of these 116–127).
that— communities inside and outside China;
‘‘(I) are necessary expenditures incurred which was ordered to lie on the table; SA 2600. Mr. LEE submitted an
due to the public health emergency with re- as follows: amendment intended to be proposed to
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