Text of Amendments (Cong. Rec., Oct. 19, 2020)
Summary
Page S6296 of the Senate section of the Congressional Record for October 19, 2020, headed Text of Amendments, in interleaved columns. SA 2680 is proposed by Mr. McConnell with Mr. Rubio and Ms. Collins as an amendment to a pending amendment to S. 178. Text includes a call to end arbitrary detention, torture and harassment, whereas clauses on the 25th Amendment and presidential succession, and Paycheck Protection Program provisions with definitions of covered property damage cost and covered supplier cost, a controlling interest of 20 percent and an amount of $779,640,000,000 for loans.
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“Text of Amendments (Cong. Rec., Oct. 19, 2020).”
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S6296 CONGRESSIONAL RECORD — SENATE October 19, 2020
tempore of the Senate and the Speaker of an end to arbitrary detention, torture, and ‘‘(5) the term ‘covered property damage
the House of Representatives their written harassment of these communities inside and cost’ means a cost related to property dam-
declaration that the President is unable to outside China. age and vandalism or looting due to public
discharge the powers and duties of his office, f disturbances that occurred during 2020 that
the Vice President shall immediately assume was not covered by insurance or other com-
the powers and duties of the office as Acting TEXT OF AMENDMENTS pensation;’’;
President.’’; SA 2680. Mr. MCCONNELL (for him- (vii) by inserting after paragraph (6), as so
Whereas the 25th Amendment was drafted self, Mr. RUBIO, and Ms. COLLINS) pro- redesignated, the following:
in the wake of the death of President John ‘‘(5) the term ‘covered supplier cost’ means
posed an amendment to amendment SA an expenditure made by an entity to a sup-
F. Kennedy and was intended to provide for
a clear path of succession in the event of the
2652 proposed by Mr. MCCONNELL to the plier of goods pursuant to a contract, order,
President’s death or inability to discharge bill S. 178, to condemn gross human or purchase order in effect before October 1,
the powers and duties of his office, and not rights violations of ethnic Turkic Mus- 2020 for the supply of goods that are essential
as a political tool to remove a duly elected lims in Xinjiang, and calling for an end to the operations of the entity at the time at
President in the absence of just cause; to arbitrary detention, torture, and which the expenditure is made;’’;
Whereas the Speaker of the House of Rep- harassment of these communities in- (viii) by inserting after paragraph (8), as so
resentatives intends to introduce legislation side and outside China; as follows: redesignated, the following:
creating a Commission on Presidential Ca- ‘‘(9) the term ‘covered worker protection
On page 73, strike line 9 and all that fol- expenditure’—
pacity to Discharge the Powers and Duties of lows through page 136, line 6, and insert the
the Office for the purposes of removing ‘‘(A) means an operating or a capital ex-
following: penditure that is required to facilitate the
President Donald J. Trump from office under
TITLE IV—SMALL BUSINESS PROGRAMS adaptation of the business activities of an
section 4 of the 25th Amendment;
Whereas the Speaker of the House of Rep- SEC. 4001. SMALL BUSINESS RECOVERY. entity to comply with requirements estab-
resentatives has failed to put forward a just (a) SHORT TITLE.—This section may be lished or guidance issued by the Department
cause for invoking the 25th Amendment; cited as the ‘‘Continuing the Paycheck Pro- of Health and Human Services, the Centers
Whereas the proposed actions by the tection Program Act’’. for Disease Control, or the Occupational
(b) DEFINITIONS.—In this section: Safety and Health Administration during the
Speaker of the House of Representatives are
(1) ADMINISTRATION; ADMINISTRATOR.—The period beginning on March 1, 2020 and ending
an unprecedented attempt to remove a duly
terms ‘‘Administration’’ and ‘‘Adminis- the date on which the national emergency
elected President;
trator’’ mean the Small Business Adminis- declared by the President under the National
Whereas the Speaker of the House Rep-
tration and the Administrator thereof, re- Emergencies Act (50 U.S.C. 1601 et seq.) with
resentatives and the Democratic Caucus of
spectively. respect to the Coronavirus Disease 2019
the House of Representatives have under-
(2) SMALL BUSINESS CONCERN.—The term (COVID–19) expires related to the mainte-
taken a multi-year campaign to delegitimize
‘‘small business concern’’ has the meaning nance of standards for sanitation, social
the duly elected President of the United
given the term in section 3 of the Small distancing, or any other worker or customer
States and overturn the results of the 2016
Business Act (15 U.S.C. 632). safety requirement related to COVID–19;
Presidential election, and in the course of (c) EMERGENCY RULEMAKING AUTHORITY.— ‘‘(B) may include—
this campaign have wasted taxpayer dollars Not later than 30 days after the date of en- ‘‘(i) the purchase, maintenance, or renova-
and weaponized House resources, including actment of this Act, the Administrator shall tion of assets that create or expand—
committee and floor time, that could have issue regulations to carry out this section ‘‘(I) a drive-through window facility;
otherwise been used to help the people of the and the amendments made by this section ‘‘(II) an indoor, outdoor, or combined air or
United States; without regard to the notice requirements air pressure ventilation or filtration system;
Whereas the Speaker of the House of Rep- under section 553(b) of title 5, United States ‘‘(III) a physical barrier such as a sneeze
resentatives is politicizing the 25th Amend- Code. guard;
ment and the health of the United States (d) ADDITIONAL ELIGIBLE EXPENSES.— ‘‘(IV) an indoor, outdoor, or combined com-
President during a global pandemic in order (1) ALLOWABLE USE OF PPP LOAN.—Section mercial real property;
to influence the upcoming November elec- 7(a)(36)(F)(i) of the Small Business Act (15 ‘‘(V) an onsite or offsite health screening
tions; U.S.C. 636(a)(36)(F)(i)) is amended— capability; or
Whereas the Speaker of the House of Rep- (A) in subclause (VI), by striking ‘‘and’’ at ‘‘(VI) other assets relating to the compli-
resentatives has failed to negotiate in good the end; ance with the requirements or guidance de-
faith in regard to providing COVID–19 relief (B) in subclause (VII), by striking the pe- scribed in subparagraph (A), as determined
to the people of the United States; riod at the end and inserting a semicolon; by the Administrator in consultation with
Whereas the Speaker of the House of Rep- and the Secretary of Health and Human Services
resentatives is politicizing the 25th Amend- (C) by adding at the end the following: and the Secretary of Labor; and
ment and the health of the United States ‘‘(VIII) covered operations expenditures, as ‘‘(ii) the purchase of—
President in order to increase leverage on defined in section 1106(a) of the CARES Act ‘‘(I) covered materials described in section
negotiations involving COVID–19 relief; (15 U.S.C. 9005(a)); 328.103(a) of title 44, Code of Federal Regula-
Whereas the Speaker of the House of Rep- ‘‘(IX) covered property damage costs, as tions, or any successor regulation;
resentatives is abusing the power of the defined in such section 1106(a); ‘‘(II) particulate filtering facepiece res-
House of Representatives, violating the in- ‘‘(X) covered supplier costs, as defined in pirators approved by the National Institute
tent of the 25th Amendment for political such section 1106(a); and for Occupational Safety and Health, includ-
purposes, and misusing taxpayer dollars; ‘‘(XI) covered worker protection expendi- ing those approved only for emergency use
Whereas the Speaker of the House of Rep- tures, as defined in such section 1106(a).’’. authorization; or
resentatives is degrading the office she holds (2) LOAN FORGIVENESS.—Section 1106 of the ‘‘(III) other kinds of personal protective
and conducting herself in a manner that does CARES Act (15 U.S.C. 9005) is amended— equipment, as determined by the Adminis-
not reflect creditably on the House of Rep- (A) in subsection (a)— trator in consultation with the Secretary of
resentatives; and (i) by redesignating paragraphs (6), (7), and Health and Human Services and the Sec-
Whereas, if allowed to stand, this action by (8) as paragraphs (10), (11), and (12), respec- retary of Labor; and
the Speaker of the House of Representatives tively; ‘‘(C) does not include residential real prop-
would set a dangerous precedent for the con- (ii) by redesignating paragraph (5) as para- erty or intangible property;’’; and
stitutional system of Government in the graph (8); (ix) in paragraph (11), as so redesignated—
United States: Now, therefore, be it (iii) by redesignating paragraph (4) as para- (I) in subparagraph (C), by striking ‘‘and’’
Resolved, That the Senate disapproves of graph (6); at the end;
the statements and actions of the Speaker of (iv) by redesignating paragraph (3) as para- (II) in subparagraph (D), by striking ‘‘and’’
the House of Representatives and the Demo- graph (4); at the end; and
cratic Caucus of the House of Representa- (v) by inserting after paragraph (2) the fol- (III) by adding at the end the following:
tives for politicizing the 25th Amendment of lowing: ‘‘(E) covered operations expenditures;
the Constitution of the United States. ‘‘(3) the term ‘covered operations expendi- ‘‘(F) covered property damage costs;
f ture’ means a payment for any business soft- ‘‘(G) covered supplier costs; and
ware or cloud computing service that facili- ‘‘(H) covered worker protection expendi-
AMENDMENTS SUBMITTED AND
tates business operations, product or service tures; and’’;
PROPOSED
ctelli on DSK11ZRN23PROD with SENATE
delivery, the processing, payment, or track- (B) in subsection (b), by adding at the end
SA 2680. Mr. MCCONNELL (for himself, Mr. ing of payroll expenses, human resources, the following:
RUBIO, and Ms. COLLINS) proposed an amend- sales and billing functions, or accounting or ‘‘(5) Any covered operations expenditure.
ment to amendment SA 2652 proposed by Mr. tracking of supplies, inventory, records and ‘‘(6) Any covered property damage cost.
MCCONNELL to the bill S. 178, to condemn expenses;’’; ‘‘(7) Any covered supplier cost.
gross human rights violations of ethnic (vi) by inserting after paragraph (4), as so ‘‘(8) Any covered worker protection ex-
Turkic Muslims in Xinjiang, and calling for redesignated, the following: penditure.’’;
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October 19, 2020 CONGRESSIONAL RECORD — SENATE S6297
(C) in subsection (d)(8), by inserting ‘‘any ‘‘(i) signs and submits to the lender a one- ‘‘(B) AUDIT.—The Administrator may—
payment on any covered operations expendi- page online or paper form, to be established ‘‘(i) review and audit covered loans de-
ture, any payment on any covered property by the Administrator not later than 7 days scribed in subparagraph (A); and
damage cost, any payment on any covered after the date of enactment of the Con- ‘‘(ii) in the case of fraud, ineligibility, or
supplier cost, any payment on any covered tinuing the Paycheck Protection Program other material noncompliance with applica-
worker protection expenditure,’’ after ‘‘rent Act, that— ble loan or loan forgiveness requirements,
obligation,’’; and ‘‘(I) reports the amount of the covered loan modify—
(D) in subsection (e)— amount spent by the eligible recipient— ‘‘(I) the amount of a covered loan described
(i) in paragraph (2), by inserting ‘‘pay- ‘‘(aa) on payroll costs; and in subparagraph (A); or
ments on covered operations expenditures, ‘‘(bb) on the sum of— ‘‘(II) the loan forgiveness amount with re-
payments on covered property damage costs, ‘‘(AA) payments of interest on any covered spect to a covered loan described in subpara-
payments on covered supplier costs, pay- mortgage obligation (which shall not include graph (A).
ments on covered worker protection expendi- any prepayment of or payment of principal ‘‘(3) AUDIT PLAN.—
tures,’’ after ‘‘lease obligations,’’; and on a covered mortgage obligation); ‘‘(A) IN GENERAL.—Not later than 30 days
(ii) in paragraph (3)(B), by inserting ‘‘make ‘‘(BB) payments on any covered rent obli- after the date of enactment of the Con-
payments on covered operations expendi- gation; tinuing the Paycheck Protection Program
tures, make payments on covered property ‘‘(CC) covered utility payments; Act, the Administrator shall submit to the
damage costs, make payments on covered ‘‘(DD) covered operations expenditures; Committee on Small Business and Entrepre-
supplier costs, make payments on covered ‘‘(EE) covered property damage costs; neurship of the Senate and the Committee
worker protection expenditures,’’ after ‘‘rent ‘‘(FF) covered supplier costs; and on Small Business of the House of Represent-
obligation,’’. ‘‘(GG) covered worker protection expendi- atives an audit plan that details—
(e) LENDER SAFE HARBOR.—Subsection (h) tures; and ‘‘(i) the policies and procedures of the Ad-
of section 1106 of the CARES Act (15 U.S.C. ‘‘(II) attests that the eligible recipient ministrator for conducting reviews and au-
9005) is amended to read as follows: made a good faith effort to comply with the dits of covered loans; and
‘‘(h) HOLD HARMLESS.— requirements under section 7(a)(36) of the ‘‘(ii) the metrics that the Administrator
‘‘(1) IN GENERAL.—A lender may rely on Small Business Act (15 U.S.C. 636(a)(36)); and shall use to determine which covered loans
any certification or documentation sub- ‘‘(ii) retains records relevant to the form will be audited for each category of covered
mitted by an applicant for a covered loan or that prove compliance with those require- loans described in paragraphs (1) and (2).
ments— ‘‘(B) REPORTS.—Not later than 30 days
an eligible recipient of a covered loan that—
‘‘(I) with respect to employment records, after the date on which the Administrator
‘‘(A) is submitted pursuant to any statu-
for the 4-year period following submission of submits the audit plan required under sub-
tory requirement relating to covered loans
the form; and paragraph (A), and each month thereafter,
or any rule or guidance issued to carry out
‘‘(II) with respect to other records, for the the Administrator shall submit to the Com-
any action relating to covered loans; and
3-year period following submission of the mittee on Small Business and Entrepreneur-
‘‘(B) attests that the applicant or eligible
form. ship of the Senate and the Committee on
recipient, as applicable, has accurately
‘‘(B) DEMOGRAPHIC INFORMATION.—An eligi- Small Business of the House of Representa-
verified any certification or documentation
ble recipient of a covered loan described in
provided to the lender. tives a report on the review and audit activi-
subparagraph (A) may complete and submit
‘‘(2) NO ENFORCEMENT ACTION.—With re- ties of the Administrator under this sub-
any form related to borrower demographic
spect to a lender that relies on a certifi- section, which shall include—
information.
cation or documentation described in para- ‘‘(i) the number of active reviews and au-
‘‘(C) AUDIT.—The Administrator may—
graph (1)— dits;
‘‘(i) review and audit covered loans de-
‘‘(A) an enforcement action may not be ‘‘(ii) the number of reviews and audits that
scribed in subparagraph (A); and
taken against the lender acting in good faith have been ongoing for more than 60 days; and
‘‘(ii) in the case of fraud, ineligibility, or
relating to origination or forgiveness of a ‘‘(iii) any substantial changes made to the
other material noncompliance with applica-
covered loan based on such reliance; and ble loan or loan forgiveness requirements, audit plan submitted under subparagraph
‘‘(B) the lender acting in good faith shall modify— (A).’’.
not be subject to any penalties relating to ‘‘(I) the amount of a covered loan described (h) GROUP INSURANCE PAYMENTS AS PAY-
origination or forgiveness of a covered loan in subparagraph (A); or ROLL COSTS.—Section
based on such reliance.’’. ‘‘(II) the loan forgiveness amount with re- 7(a)(36)(A)(viii)(I)(aa)(EE) of the Small Busi-
(f) SELECTION OF COVERED PERIOD FOR FOR- spect to a covered loan described in subpara- ness Act (15 U.S.C.
GIVENESS.—Section 1106 of the CARES Act graph (A). 636(a)(36)(A)(viii)(I)(aa)(EE)) is amended by
(15 U.S.C. 9005) is amended— ‘‘(2) COVERED LOANS BETWEEN $150,000 AND inserting ‘‘and other group insurance’’ before
(1) by amending paragraph (4) of subsection $2,000,000.— ‘‘benefits’’.
(a), as so redesignated by subsection (d) of ‘‘(A) IN GENERAL.—Notwithstanding sub- (i) PAYCHECK PROTECTION PROGRAM SECOND
this section, to read as follows: section (e), with respect to a covered loan DRAW LOANS.—Section 7(a) of the Small
‘‘(4) the term ‘covered period’ means the made to an eligible recipient that is more Business Act (15 U.S.C. 636(a)) is amended by
period— than $150,000 and not more than $2,000,000— adding at the end the following:
‘‘(A) beginning on the date of the origina- ‘‘(i) the eligible recipient seeking loan for- ‘‘(37) PAYCHECK PROTECTION PROGRAM SEC-
tion of a covered loan; and giveness under this section— OND DRAW LOANS.—
‘‘(B) ending on a date selected by the eligi- ‘‘(I) is not required to submit the sup- ‘‘(A) DEFINITIONS.—In this paragraph—
ble recipient of the covered loan that occurs porting documentation described in para- ‘‘(i) the terms ‘community financial insti-
during the period— graph (1) or (2) of subsection (e) or the cer- tutions’, ‘credit union’, ‘eligible self-em-
‘‘(i) beginning on the date that is 8 weeks tification described in subsection (e)(3)(A); ployed individual’, ‘insured depository insti-
after such date of origination; and ‘‘(II) shall retain— tution’, ‘nonprofit organization’, ‘payroll
‘‘(ii) ending on the date that is 24 weeks ‘‘(aa) all employment records relevant to costs’, ‘seasonal employer’, and ‘veterans or-
after such date of origination;’’; and the application for loan forgiveness for the 4- ganization’ have the meanings given those
(2) by striking subsection (l). year period following submission of the ap- terms in paragraph (36), except that ‘eligible
(g) SIMPLIFIED APPLICATION.—Section 1106 plication; and entity’ shall be substituted for ‘eligible re-
of the CARES Act (15 U.S.C. 9005), as amend- ‘‘(bb) all other supporting documentation cipient’ each place it appears in the defini-
ed by subsection (f) of this section, is amend- relevant to the application for loan forgive- tions of those terms;
ed— ness for the 3-year period following submis- ‘‘(ii) the term ‘covered loan’ means a loan
(1) in subsection (e), in the matter pre- sion of the application; and made under this paragraph;
ceding paragraph (1), by striking ‘‘An eligi- ‘‘(III) may complete and submit any form ‘‘(iii) the terms ‘covered mortgage obliga-
ble’’ and inserting ‘‘Except as provided in related to borrower demographic informa- tion’, ‘covered operating expenditure’, ‘cov-
subsection (l), an eligible’’; tion; ered property damage cost’, ‘covered rent ob-
(2) in subsection (f), by inserting ‘‘or the ‘‘(ii) review by the lender of an application ligation’, ‘covered supplier cost’, ‘covered
information required under subsection (l), as submitted by the eligible recipient for loan utility payment’, and ‘covered worker pro-
applicable’’ after ‘‘subsection (e)’’; and forgiveness under this section shall be lim- tection expenditure’ have the meanings
(3) by adding at the end the following: ited to whether the lender received a com- given those terms in section 1106(a) of the
‘‘(l) SIMPLIFIED APPLICATION.— plete application, with all fields completed, CARES Act (15 U.S.C. 9005(a));
ctelli on DSK11ZRN23PROD with SENATE
‘‘(1) COVERED LOANS UNDER $150,000.— initialed, or signed, as applicable; and ‘‘(iv) the term ‘covered period’ means the
‘‘(A) IN GENERAL.—Notwithstanding sub- ‘‘(iii) the lender shall— period beginning on the date of the origina-
section (e), with respect to a covered loan ‘‘(I) accept the application submitted by tion of a covered loan and ending on Decem-
made to an eligible recipient that is not the eligible recipient for loan forgiveness ber 31, 2020;
more than $150,000, the covered loan amount under this section; and ‘‘(v) the term ‘eligible entity’—
shall be forgiven under this section if the eli- ‘‘(II) submit the application to the Admin- ‘‘(I) means any business concern, nonprofit
gible recipient— istrator. organization, veterans organization, Tribal
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S6298 CONGRESSIONAL RECORD — SENATE October 19, 2020
business concern, eligible self-employed indi- ness Loan Program Temporary Changes; ‘‘(ii) SEASONAL EMPLOYERS.—The maximum
vidual, sole proprietor, independent con- Paycheck Protection Program—Eligibility amount of a covered loan made to an eligible
tractor, or small agricultural cooperative of Certain Telephone Cooperatives’ (85 Fed. entity that is a seasonal employer is the
that— Reg. 35550 (June 11, 2020)) or any other guid- lesser of—
‘‘(aa)(AA) with respect to a business con- ance or rule issued or that may be issued by ‘‘(I) the product obtained by multiplying—
cern, would qualify as a small business con- the Administrator; ‘‘(aa) at the election of the eligible entity,
cern by the annual receipts size standard (if ‘‘(EE) is a type of business concern de- the average total monthly payments for pay-
applicable) established by section 121.201 of scribed in section 120.110(n) of title 13, Code roll costs incurred or paid by the eligible en-
title 13, Code of Federal Regulations, or any of Federal Regulations, or any successor reg- tity—
successor regulation; or ulation, except as otherwise provided in the ‘‘(AA) for a 12-week period beginning Feb-
‘‘(BB) if the entity does not qualify as a interim final rule of the Administration en- ruary 15, 2019 or March 1, 2019 and ending
small business concern, meets the alter- titled ‘Business Loan Program Temporary June 30, 2019; or
native size standard established under sec- Changes; Paycheck Protection Program—Ad- ‘‘(BB) for a consecutive 12-week period be-
tion 3(a)(5); ditional Eligibility Revisions to First In- tween May 1, 2019 and September 15, 2019; by
‘‘(bb) employs not more than 300 employ- terim Final Rule’ (85 Fed. Reg. 38301 (June ‘‘(bb) 2.5; or
ees; and 26, 2020)) or any other guidance or rule issued ‘‘(II) $2,000,000.
‘‘(cc)(AA) except as provided in subitems or that may be issued by the Administrator; ‘‘(iii) NEW ENTITIES.—The maximum
(BB), (CC), and (DD), had gross receipts dur- ‘‘(FF) is a type of business concern de- amount of a covered loan made to an eligible
ing the first, second, or third quarter in 2020
scribed in section 120.110(o) of title 13, Code entity that did not exist during the 1-year
that demonstrate not less than a 35 percent
of Federal Regulations, or any successor reg- period preceding February 15, 2020 is the less-
reduction from the gross receipts of the enti-
ulation, except as otherwise provided in any er of—
ty during the same quarter in 2019;
guidance or rule issued or that may be issued ‘‘(I) the product obtained by multiplying—
‘‘(BB) if the entity was not in business dur-
by the Administrator; or ‘‘(aa) the quotient obtained by dividing—
ing the first or second quarter of 2019, but
‘‘(GG) is an entity that would be described ‘‘(AA) the sum of the total monthly pay-
was in business during the third and fourth
in the subsections listed in subitems (AA) ments by the eligible entity for payroll costs
quarter of 2019, had gross receipts during the
first, second, or third quarter of 2020 that through (FF) if the entity were a business paid or incurred by the eligible entity as of
demonstrate not less than a 35 percent re- concern; or the date on which the eligible entity applies
duction from the gross receipts of the entity ‘‘(HH) is assigned, or was approved for a for the covered loan; by
during the third or fourth quarter of 2019; loan under paragraph (36) with, a North ‘‘(BB) the number of months in which
‘‘(CC) if the entity was not in business dur- American Industry Classification System those payroll costs were paid or incurred; by
ing the first, second, or third quarter of 2019, code beginning with 52; ‘‘(bb) 2.5; or
but was in business during the fourth quarter ‘‘(cc) any business concern or entity pri- ‘‘(II) $2,000,000.
of 2019, had gross receipts during the first, marily engaged in political or lobbying ac- ‘‘(iv) LIMIT FOR MULTIPLE LOCATIONS.—With
second, or third quarter of 2020 that dem- tivities, which shall include any entity that respect to an eligible entity with more than
onstrate not less than a 35 percent reduction is organized for research or for engaging in 1 physical location, the total amount of all
from the gross receipts of the entity during advocacy in areas such as public policy or covered loans shall be not more than
the fourth quarter of 2019; or political strategy or otherwise describes $2,000,000.
‘‘(DD) if the entity was not in business dur- itself as a think tank in any public docu- ‘‘(v) LOAN NUMBER LIMITATION.—An eligible
ing 2019, but was in operation on February ments; entity may only receive 1 covered loan.
15, 2020, had gross receipts during the second ‘‘(dd) any business concern or entity— ‘‘(vi) 90 DAY RULE FOR MAXIMUM LOAN
or third quarter of 2020 that demonstrate not ‘‘(AA) for which an entity created in or or- AMOUNT.—The maximum aggregate loan
less than a 35 percent reduction from the ganized under the laws of the People’s Re- amount of loans guaranteed under this sub-
gross receipts of the entity during the first public of China or the Special Administra- section that are approved for an eligible en-
quarter of 2020; tive Region of Hong Kong, or that has sig- tity (including any affiliates) within 90 days
‘‘(II) includes an organization described in nificant operations in the People’s Republic of approval of another loan under this sub-
subparagraph (D)(vii) of paragraph (36) that of China or the Special Administrative Re- section for the eligible entity (including any
is eligible to receive a loan under that para- gion of Hong Kong, owns or holds, directly or affiliates) shall not exceed $10,000,000.
graph and that meets the requirements de- indirectly, not less than 20 percent of the ‘‘(D) EXCEPTION FROM CERTAIN CERTIFI-
scribed in items (aa) and (cc) of subclause (I); economic interest of the business concern or CATION REQUIREMENTS.—An eligible entity
and entity, including as equity shares or a cap- applying for a covered loan shall not be re-
‘‘(III) does not include— ital or profit interest in a limited liability quired to make the certification described in
‘‘(aa) an issuer, the securities of which are company or partnership; or subclause (III) or (IV) of paragraph (36)(G)(i).
listed on an exchange registered a national ‘‘(BB) that retains, as a member of the ‘‘(E) FEE WAIVER.—With respect to a cov-
securities exchange under section 6 of the board of directors of the business concern, a ered loan—
Securities Exchange Act of 1934 (15 U.S.C. person who is a resident of the People’s Re- ‘‘(i) in lieu of the fee otherwise applicable
78f); public of China; or under paragraph (23)(A), the Administrator
‘‘(bb) any entity that— ‘‘(ee) any person required to submit a reg- shall collect no fee; and
‘‘(AA) is a type of business concern de- istration statement under section 2 of the ‘‘(ii) in lieu of the fee otherwise applicable
scribed in subsection (b), (c), (d), (e), (f), (h), Foreign Agents Registration Act of 1938 (22 under paragraph (18)(A), the Administrator
(l) (m), (p), (q), (r), or (s) of section 120.110 of U.S.C. 612); shall collect no fee.
title 13, Code of Federal Regulations, or any ‘‘(vi) the terms ‘exchange’, ‘issuer’, and ‘se- ‘‘(F) ELIGIBLE CHURCHES AND RELIGIOUS OR-
successor regulation; curity’ have the meanings given those terms GANIZATIONS.—
‘‘(BB) is a type of business concern de- in section 3(a) of the Securities Exchange ‘‘(i) SENSE OF CONGRESS.—It is the sense of
scribed in section 120.110(g) of title 13, Code Act of 1934 (15 U.S.C. 78c(a)); and Congress that the interim final rule of the
of Federal Regulations, or any successor reg- ‘‘(vii) the term ‘Tribal business concern’ Administration entitled ‘Business Loan Pro-
ulation, except as otherwise provided in the means a Tribal business concern described in gram Temporary Changes; Paycheck Protec-
interim final rule of the Administration en- section 31(b)(2)(C). tion Program’ (85 Fed. Reg. 20817 (April 15,
titled ‘Business Loan Program Temporary ‘‘(B) LOANS.—Except as otherwise provided 2020)) properly clarified the eligibility of
Changes; Paycheck Protection Program—Ad- in this paragraph, the Administrator may churches and religious organizations for
ditional Eligibility Criteria and Require- guarantee covered loans to eligible entities loans made under paragraph (36).
ments for Certain Pledges of Loans’ (85 Fed. under the same terms, conditions, and proc- ‘‘(ii) APPLICABILITY OF PROHIBITION.—The
Reg. 21747 (April 20, 2020)); esses as a loan made under paragraph (36). prohibition on eligibility established by sec-
‘‘(CC) is a type of business concern de- ‘‘(C) MAXIMUM LOAN AMOUNT.— tion 120.110(k) of title 13, Code of Federal
scribed in section 120.110(i) of title 13, Code of ‘‘(i) IN GENERAL.—Except as otherwise pro- Regulations, or any successor regulation,
Federal Regulations, or any successor regu- vided in this subparagraph, the maximum shall not apply to a covered loan.
lation, except if the business concern is an amount of a covered loan made to an eligible ‘‘(G) GROSS RECEIPTS FOR NONPROFIT AND
organization described in paragraph entity is the lesser of— VETERANS ORGANIZATIONS.—For purposes of
(36)(D)(vii); ‘‘(I) the product obtained by multiplying— calculating gross receipts under subpara-
‘‘(DD) is a type of business concern de- ‘‘(aa) at the election of the eligible entity, graph (A)(v)(I)(cc) for an eligible entity that
scribed in section 120.110(j) of title 13, Code of the average total monthly payment for pay- is a nonprofit organization, a veterans orga-
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Federal Regulations, or any successor regu- roll costs incurred or paid by the eligible en- nization, or an organization described in sub-
lation, except as otherwise provided in the tity during— paragraph (A)(v)(II), gross receipts—
interim final rules of the Administration en- ‘‘(AA) the 1-year period before the date on ‘‘(i) shall include proceeds from program
titled ‘Business Loan Program Temporary which the loan is made; or services, fundraising events, federated cam-
Changes; Paycheck Protection Program— ‘‘(BB) calendar year 2019; by paigns, gifts, donor-advised funds, and funds
Eligibility of Certain Electric Cooperatives’ ‘‘(bb) 2.5; or from similar sources; and
(85 Fed. Reg. 29847 (May 19, 2020)) and ‘Busi- ‘‘(II) $2,000,000. ‘‘(ii) shall not include—
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October 19, 2020 CONGRESSIONAL RECORD — SENATE S6299
‘‘(I) Federal grants (excluding any loan for- ‘‘(iii) credit unions with consolidated as- (A) in subparagraph (E), in the matter pre-
giveness on loans received under paragraph sets of less than $10,000,000,000; and ceding clause (i), by striking ‘‘During’’ and
(36) or this paragraph); ‘‘(iv) institutions of the Farm Credit Sys- inserting ‘‘Except as provided in subpara-
‘‘(II) revenues from a supporting organiza- tem chartered under the Farm Credit Act of graph (T), during’’; and
tion; 1971 (12 U.S.C. 2001 et seq.) with consolidated (B) by adding at the end the following:
‘‘(III) grants from private foundations that assets of less than $10,000,000,000 (not includ- ‘‘(T) CALCULATION OF MAXIMUM LOAN
are disbursed over the course of more than 1 ing the Federal Agricultural Mortgage Cor- AMOUNT FOR FARMERS AND RANCHERS.—
calendar year; poration). ‘‘(i) DEFINITION.—In this subparagraph, the
‘‘(IV) any contribution of property other ‘‘(M) PUBLICATION OF GUIDANCE.—Not later term ‘covered recipient’ means an eligible
than money, stocks, bonds, and other securi- than 10 days after the date of enactment of recipient that—
ties, provided that the non-cash contribution this paragraph, the Administrator shall issue ‘‘(I) operates as a sole proprietorship or as
is not sold by the organization in a trans- guidance addressing barriers to accessing an independent contractor, or is an eligible
action unrelated to the tax-exempt purpose capital for minority, underserved, veteran, self-employed individual;
of the organization; or and women-owned business concerns for the ‘‘(II) reports farm income or expenses on a
‘‘(V) any loan proceeds from a loan made purpose of ensuring equitable access to cov- Schedule F (or any equivalent successor
under paragraph (36). ered loans. schedule); and
‘‘(H) LOAN FORGIVENESS.— ‘‘(N) STANDARD OPERATING PROCEDURE.— ‘‘(III) was in business during the period be-
‘‘(i) IN GENERAL.—Except as otherwise pro- The Administrator shall, to the maximum ginning on February 15, 2019 and ending on
vided in this subparagraph, an eligible entity extent practicable, allow a lender approved June 30, 2019.
shall be eligible for forgiveness of indebted- to make covered loans to use existing pro- ‘‘(ii) NO EMPLOYEES.—With respect to cov-
ness on a covered loan in the same manner gram guidance and standard operating proce- ered recipient without employees, the max-
as an eligible recipient with respect to a loan dures for loans made under this subsection. imum covered loan amount shall be the less-
made under paragraph (36), as described in ‘‘(O) PROHIBITION ON USE OF PROCEEDS FOR er of—
section 1106 of the CARES Act (15 U.S.C. LOBBYING ACTIVITIES.—None of the proceeds ‘‘(I) the sum of—
9005). of a covered loan may be used for— ‘‘(aa) the product obtained by multi-
‘‘(ii) FORGIVENESS AMOUNT.—An eligible en- ‘‘(i) lobbying activities, as defined in sec- plying—
tity shall be eligible for forgiveness of in- tion 3 of the Lobbying Disclosure Act of 1995 ‘‘(AA) the gross income of the covered re-
debtedness on a covered loan in an amount (2 U.S.C. 1602); cipient in 2019, as reported on a Schedule F
equal to the sum of the following costs in- ‘‘(ii) lobbying expenditures related to a (or any equivalent successor schedule), that
curred or expenditures made during the cov- State or local election; or is not more than $100,000, divided by 12; and
ered period: ‘‘(iii) expenditures designed to influence ‘‘(BB) 2.5; and
‘‘(I) Payroll costs. the enactment of legislation, appropriations, ‘‘(bb) the outstanding amount of a loan
‘‘(II) Any payment of interest on any cov- regulation, administrative action, or Execu- under subsection (b)(2) that was made during
ered mortgage obligation (which shall not in- tive order proposed or pending before Con- the period beginning on January 31, 2020 and
clude any prepayment of or payment of prin- gress or any State government, State legis- ending on April 3, 2020 that the borrower in-
cipal on a covered mortgage obligation). lature, or local legislature or legislative tends to refinance under the covered loan,
‘‘(III) Any covered operations expenditure. body.’’. not including any amount of any advance
‘‘(IV) Any covered property damage cost. (j) CONTINUED ACCESS TO THE PAYCHECK under the loan that is not required to be re-
‘‘(V) Any payment on any covered rent ob- PROTECTION PROGRAM.— paid; or
ligation. (1) IN GENERAL.—Section 7(a)(36)(E)(ii) of ‘‘(II) $2,000,000.
‘‘(VI) Any covered utility payment. the Small Business Act (15 U.S.C. ‘‘(iii) WITH EMPLOYEES.—With respect to a
‘‘(VII) Any covered supplier cost. 636(a)(36)(E)(ii)) is amended by striking covered recipient with employees, the max-
‘‘(VIII) Any covered worker protection ex- ‘‘$10,000,000’’ and inserting ‘‘$2,000,000’’. imum covered loan amount shall be cal-
penditure. (2) APPLICABILITY OF MAXIMUM LOAN culated using the formula described in sub-
‘‘(iii) LIMITATION ON FORGIVENESS FOR ALL AMOUNT CALCULATION.— paragraph (E), except that the gross income
ELIGIBLE ENTITIES.—The forgiveness amount (A) DEFINITIONS.—In this paragraph, the of the covered recipient described in clause
under this subparagraph shall be equal to the terms ‘‘covered loan’’ and ‘‘eligible recipi- (ii)(I)(aa)(AA) of this subparagraph, as di-
lesser of— ent’’ have the meanings given those terms in vided by 12, shall be added to the sum cal-
‘‘(I) the amount described in clause (ii); section 7(a)(36) of the Small Business Act (15 culated under subparagraph (E)(i)(I).
and U.S.C. 636(a)(36)). ‘‘(iv) RECALCULATION.—A lender that made
‘‘(II) the amount equal to the quotient ob- (B) APPLICABILITY.—The amendment made a covered loan to a covered recipient before
tained by dividing— by paragraph (1) shall apply only with re- the date of enactment of this subparagraph
‘‘(aa) the amount of the covered loan used spect to a covered loan applied for by an eli- may, at the request of the covered recipi-
for payroll costs during the covered period; gible recipient on or after the date of enact- ent—
and ment of this Act. ‘‘(I) recalculate the maximum loan amount
‘‘(bb) 0.60. (k) INCREASED ABILITY FOR PAYCHECK PRO- applicable to that covered loan based on the
‘‘(I) LENDER ELIGIBILITY.—Except as other- TECTION PROGRAM BORROWERS TO REQUEST AN formula described in clause (ii) or (iii), as ap-
wise provided in this paragraph, a lender ap- INCREASE IN LOAN AMOUNT DUE TO UPDATED plicable, if doing so would result in a larger
proved to make loans under paragraph (36) REGULATIONS.— covered loan amount; and
may make covered loans under the same (1) DEFINITIONS.—In this subsection, the ‘‘(II) provide the covered recipient with ad-
terms and conditions as in paragraph (36). terms ‘‘covered loan’’ and ‘‘eligible recipi- ditional covered loan amounts based on that
‘‘(J) REIMBURSEMENT FOR LOAN PROCESSING ent’’ have the meanings given those terms in recalculation.’’.
AND SERVICING.—The Administrator shall re- section 7(a)(36) of the Small Business Act (15 (m) FARM CREDIT SYSTEM INSTITUTIONS.—
imburse a lender authorized to make a cov- U.S.C. 636(a)(36)). (1) DEFINITION OF FARM CREDIT SYSTEM IN-
ered loan in an amount that is— (2) INCREASED AMOUNT.—Notwithstanding STITUTION.—In this subsection, the term
‘‘(i) 3 percent of the principal amount of the interim final rule issued by the Adminis- ‘‘Farm Credit System institution’’—
the financing of the covered loan up to tration entitled ‘‘Business Loan Program (A) means an institution of the Farm Cred-
$350,000; and Temporary Changes; Paycheck Protection it System chartered under the Farm Credit
‘‘(ii) 1 percent of the principal amount of Program—Loan Increases’’ (85 Fed. Reg. Act of 1971 (12 U.S.C. 2001 et seq.); and
the financing of the covered loan above 29842 (May 19, 2020)), an eligible recipient of (B) does not include the Federal Agricul-
$350,000, if applicable. a covered loan that is eligible for an in- tural Mortgage Corporation.
‘‘(K) SET ASIDE FOR SMALL ENTITIES.—Not creased covered loan amount as a result of (2) FACILITATION OF PARTICIPATION IN PPP
less than $25,000,000,000 of the total amount any interim final rule that allows for cov- AND SECOND DRAW LOANS.—
of covered loans guaranteed by the Adminis- ered loan increases may submit a request for (A) APPLICABLE RULES.—Solely with re-
trator shall be made to eligible entities with an increase in the covered loan amount even spect to loans under paragraphs (36) and (37)
not more than 10 employees as of February if— of section 7(a) of the Small Business Act (15
15, 2020. (A) the initial covered loan amount has U.S.C. 636(a)), Farm Credit Administration
‘‘(L) SET ASIDE FOR COMMUNITY FINANCIAL been fully disbursed; or regulations and guidance issued as of July
INSTITUTIONS, SMALL INSURED DEPOSITORY IN- (B) the lender of the initial covered loan 14, 2020, and compliance with such regula-
STITUTIONS, CREDIT UNIONS, AND FARM CREDIT has submitted to the Administration a Form tions and guidance, shall be deemed func-
SYSTEM INSTITUTIONS.—Not less than 1502 report related to the covered loan. tionally equivalent to requirements ref-
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$10,000,000,000 of the total amount of covered (l) CALCULATION OF MAXIMUM LOAN AMOUNT erenced in section 3(a)(iii)(II) of the interim
loans guaranteed by the Administrator shall FOR FARMERS AND RANCHERS UNDER THE PAY- final rule of the Administration entitled
be made by— CHECK PROTECTION PROGRAM.— ‘‘Business Loan Program Temporary
‘‘(i) community financial institutions; (1) IN GENERAL.—Section 7(a)(36) of the Changes; Paycheck Protection Program’’ (85
‘‘(ii) insured depository institutions with Small Business Act (15 U.S.C. 636(a)(36)), as Fed. Reg. 20811 (April 15, 2020)) or any similar
consolidated assets of less than amended by subsection (j) of this section, is requirement referenced in that interim final
$10,000,000,000; amended— rule in implementing such paragraph (37).
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S6300 CONGRESSIONAL RECORD — SENATE October 19, 2020
(B) APPLICABILITY OF CERTAIN LOAN RE- (d)(2) of this section, is amended to read as tive as if included in the CARES Act and
QUIREMENTS.—For purposes of making loans follows: shall apply to any loan made pursuant to
under paragraph (36) or (37) of section 7(a) of ‘‘(12) the terms ‘payroll costs’ and ‘sea- section 7(a)(36) of the Small Business Act (15
the Small Business Act (15 U.S.C. 636(a)) or sonal employer’ have the meanings given U.S.C. 636(a)(36)).
forgiving those loans in accordance with sec- those terms in section 7(a)(36) of the Small (r) BANKRUPTCY PROVISIONS.—
tion 1106 of the CARES Act (15 U.S.C. 9005) Business Act (15 U.S.C. 636(a)(36)).’’. (1) IN GENERAL.—Section 364 of title 11,
and subparagraph (H) of such paragraph (37), (o) ELIGIBILITY OF 501(C)(6) ORGANIZATIONS United States Code, is amended by adding at
sections 4.13, 4.14, and 4.14A of the Farm FOR LOANS UNDER THE PAYCHECK PROTECTION the end the following:
Credit Act of 1971 (12 U.S.C. 2199, 2202, 2202a) PROGRAM.—Section 7(a)(36)(D) of the Small ‘‘(g)(1) The court, after notice and a hear-
(including regulations issued under those Business Act (15 U.S.C. 636(a)(36)(D)) is ing, may authorize a debtor in possession or
sections) shall not apply. amended— a trustee that is authorized to operate the
(C) RISK WEIGHT.— (1) in clause (v), by inserting ‘‘or whether business of the debtor under section 1183,
(i) IN GENERAL.—With respect to the appli- an organization described in clause (vii) em- 1184, 1203, 1204, or 1304 of this title to obtain
cation of Farm Credit Administration cap- ploys not more than 150 employees,’’ after a loan under paragraph (36) or (37) of section
ital requirements, a loan described in clause ‘‘clause (i)(I),’’; 7(a) of the Small Business Act (15 U.S.C.
(ii)— (2) in clause (vi), by inserting ‘‘, an organi- 636(a)), and such loan shall be treated as a
(I) shall receive a risk weight of zero per- zation described in clause (vii),’’ after ‘‘non- debt to the extent the loan is not forgiven in
cent; and profit organization’’; and accordance with section 1106 of the CARES
(II) shall not be included in the calculation (3) by adding at the end the following: Act (15 U.S.C. 9005) or subparagraph (H) of
of any applicable leverage ratio or other ap- ‘‘(vii) ELIGIBILITY FOR CERTAIN 501(C)(6) OR- such paragraph (37), as applicable, with pri-
plicable capital ratio or calculation. GANIZATIONS.— ority equal to a claim of the kind specified
(ii) LOANS DESCRIBED.—A loan referred to ‘‘(I) IN GENERAL.—Except as provided in in subsection (c)(1) of this section.
in clause (i) is— subclause (II), any organization that is de- ‘‘(2) The trustee may incur debt described
(I) a loan made by a Farm Credit Bank de- scribed in section 501(c)(6) of the Internal in paragraph (1) notwithstanding any provi-
Revenue Code and that is exempt from tax- sion in a contract, prior order authorizing
scribed in section 1.2(a) of the Farm Credit
ation under section 501(a) of such Code (ex- the trustee to incur debt under this section,
Act of 1971 (12 U.S.C. 2002(a)) to a Federal
prior order authorizing the trustee to use
Land Bank Association, a Production Credit cluding professional sports leagues and orga-
cash collateral under section 363, or applica-
Association, or an agricultural credit asso- nizations with the purpose of promoting or
ble law that prohibits the debtor from incur-
ciation described in that section to make participating in a political campaign or
ring additional debt.
loans under paragraph (36) or (37) of section other activity) shall be eligible to receive a ‘‘(3) The court shall hold a hearing within
7(a) of the Small Business Act (15 U.S.C. covered loan if— 7 days after the filing and service of the mo-
636(a)) or forgive those loans in accordance ‘‘(aa) the organization does not receive tion to obtain a loan described in paragraph
with section 1106 of the CARES Act (15 more than 10 percent of its receipts from lob- (1). Notwithstanding the Federal Rules of
U.S.C. 9005) and subparagraph (H) of such bying activities; Bankruptcy Procedure, at such hearing, the
paragraph (37); or ‘‘(bb) the lobbying activities of the organi- court may grant relief on a final basis.’’.
(II) a loan made by a Federal Land Bank zation do not comprise more than 10 percent (2) ALLOWANCE OF ADMINISTRATIVE EX-
Association, a Production Credit Associa- of the total activities of the organization; PENSES.—Section 503(b) of title 11, United
tion, an agricultural credit association, or and States Code, is amended—
the bank for cooperatives described in sec- ‘‘(cc) the organization employs not more (A) in paragraph (8)(B), by striking ‘‘and’’
tion 1.2(a) of the Farm Credit Act of 1971 (12 than 150 employees. at the end;
U.S.C. 2002(a)) under paragraph (36) or (37) of ‘‘(II) DESTINATION MARKETING ORGANIZA- (B) in paragraph (9), by striking the period
section 7(a) of the Small Business Act (15 TIONS.—Notwithstanding subclause (I), dur- at the end and inserting ‘‘; and’’; and
U.S.C. 636(a)). ing the covered period, any destination mar- (C) by adding at the end the following:
(D) RESERVATION OF LOAN GUARANTEES.— keting organization shall be eligible to re- ‘‘(10) any debt incurred under section
Section 7(a)(36)(S) of the Small Business Act ceive a covered loan if— 364(g)(1) of this title.’’.
(15 U.S.C. 636(a)(36)(S)) is amended— ‘‘(aa) the destination marketing organiza- (3) CONFIRMATION OF PLAN FOR REORGANIZA-
(i) in clause (i)— tion does not receive more than 10 percent of TION.—Section 1191 of title 11, United States
(I) in subclause (I), by striking ‘‘and’’ at its receipts from lobbying activities; Code, is amended by adding at the end the
the end; ‘‘(bb) the lobbying activities of the destina- following:
(II) in subclause (II), by striking the period tion marketing organization do not comprise ‘‘(f) SPECIAL PROVISION RELATED TO
at the end and inserting ‘‘; and’’; and more than 10 percent of the total activities COVID–19 PANDEMIC.—Notwithstanding sec-
(III) by adding at the end the following: of the organization; tion 1129(a)(9)(A) of this title and subsection
‘‘(III) institutions of the Farm Credit Sys- ‘‘(cc) the destination marketing organiza- (e) of this section, a plan that provides for
tem chartered under the Farm Credit Act of tion employs not more than 150 employees; payment of a claim of a kind specified in sec-
1971 (12 U.S.C. 2001 et seq.) with consolidated and tion 503(b)(10) of this title may be confirmed
assets of not less than $10,000,000,000 and less ‘‘(dd) the destination marketing organiza- under subsection (b) of this section if the
than $50,000,000,000.’’; and tion— plan proposes to make payments on account
(ii) in clause (ii)— ‘‘(AA) is described in section 501(c) of the of such claim when due under the terms of
(I) in subclause (II), by striking ‘‘and’’ at Internal Revenue Code and is exempt from the loan giving rise to such claim.’’.
the end; taxation under section 501(a) of such Code; or (4) CONFIRMATION OF PLAN FOR FAMILY
(II) in subclause (III), by striking the pe- ‘‘(BB) is a quasi-governmental entity or is FARMERS AND FISHERMEN.—Section 1225 of
riod at the end and inserting ‘‘; and’’; and a political subdivision of a State or local title 11, United States Code, is amended by
(III) by adding at the end the following: government, including any instrumentality adding at the end the following:
‘‘(IV) institutions of the Farm Credit Sys- of those entities.’’. ‘‘(d) Notwithstanding section 1222(a)(2) of
tem chartered under the Farm Credit Act of (p) PROHIBITION ON USE OF LOAN PROCEEDS this title and subsection (b)(1) of this sec-
1971 (12 U.S.C. 2001 et seq.) with consolidated FOR LOBBYING ACTIVITIES.—Section tion, a plan that provides for payment of a
assets of less than $10,000,000,000.’’. 7(a)(36)(F) of the Small Business Act (15 claim of a kind specified in section 503(b)(10)
(n) DEFINITION OF SEASONAL EMPLOYER.— U.S.C. 636(a)(36)(F)) is amended by adding at of this title may be confirmed if the plan
(1) PPP LOANS.—Section 7(a)(36)(A) of the the end the following: proposes to make payments on account of
Small Business Act (15 U.S.C. 636(a)(36)(A)) is ‘‘(vi) PROHIBITION.—None of the proceeds of such claim when due under the terms of the
amended— a covered loan may be used for— loan giving rise to such claim.’’.
(A) in clause (xi), by striking ‘‘and’’ at the ‘‘(I) lobbying activities, as defined in sec- (5) CONFIRMATION OF PLAN FOR INDIVID-
end; tion 3 of the Lobbying Disclosure Act of 1995 UALS.—Section 1325 of title 11, United States
(B) in clause (xii), by striking the period at (2 U.S.C. 1602); Code, is amended by adding at the end the
the end and inserting ‘‘; and’’; and ‘‘(II) lobbying expenditures related to a following:
(C) by adding at the end the following: State or local election; or ‘‘(d) Notwithstanding section 1322(a)(2) of
‘‘(xiii) the term ‘seasonal employer’ means ‘‘(III) expenditures designed to influence this title and subsection (b)(1) of this sec-
an eligible recipient that— the enactment of legislation, appropriations, tion, a plan that provides for payment of a
‘‘(I) does not operate for more than 7 regulation, administrative action, or Execu- claim of a kind specified in section 503(b)(10)
months in any calendar year; or tive order proposed or pending before Con- of this title may be confirmed if the plan
‘‘(II) during the preceding calendar year, gress or any State government, State legis- proposes to make payments on account of
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had gross receipts for any 6 months of that lature, or local legislature or legislative such claim when due under the terms of the
year that were not more than 33.33 percent of body.’’. loan giving rise to such claim.’’.
the gross receipts of the employer for the (q) EFFECTIVE DATE; APPLICABILITY.—The (6) EFFECTIVE DATE; SUNSET.—
other 6 months of that year.’’. amendments made to paragraph (36) of sec- (A) EFFECTIVE DATE.—The amendments
(2) LOAN FORGIVENESS.—Paragraph (12) of tion 7(a) of the Small Business Act (15 U.S.C. made by paragraphs (1) through (5) shall—
section 1106(a) of the CARES Act (15 U.S.C. 636(a)) and title I of the CARES Act (Public (i) take effect on the date on which the Ad-
9005(a)), as so redesignated by subsection Law 116–136) under this section shall be effec- ministrator submits to the Director of the
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October 19, 2020 CONGRESSIONAL RECORD — SENATE CORRECTION S6301
Executive Office for United States Trustees a (B) COVERED ENTITY.— ments for section 7(a) of the Small Business
written determination that, subject to satis- (i) DEFINITION.—The term ‘‘covered entity’’ Act (15 U.S.C. 636(a)) under the heading
fying any other eligibility requirements, any means an entity in which a covered indi- ‘Small Business Administration—Business
debtor in possession or trustee that is au- vidual directly or indirectly holds a control- Loans Program Account’ in the Financial
thorized to operate the business of the debt- ling interest. Services and General Government Appropria-
or under section 1183, 1184, 1203, 1204, or 1304 (ii) TREATMENT OF SECURITIES.—For the tions Act, 2020 (division C of Public Law 116–
of title 11, United States Code, would be eli- purpose of determining whether an entity is 193) shall apply with respect to any commit-
gible for a loan under paragraphs (36) and (37) a covered entity, the securities owned, con- ments under such section 7(a) other than
of section 7(a) of the Small Business Act (15 trolled, or held by 2 or more individuals who under paragraphs (36) and (37) of such section
U.S.C. 636(a)); and are related as described in subparagraph 7(a).’’.
(ii) apply to any case pending on or com- (C)(ii) shall be aggregated. (2) DIRECT APPROPRIATIONS.—
menced on or after the date described in (C) COVERED INDIVIDUAL.—The term ‘‘cov- (A) NEW DIRECT APPROPRIATIONS FOR PPP
clause (i). ered individual’’ means— LOANS, SECOND DRAW LOANS, AND THE MBDA.—
(B) SUNSET.— (i) the President, the Vice President, the There is appropriated, out of amounts in the
(i) IN GENERAL.—If the amendments made head of an Executive department, or a Mem- Treasury not otherwise appropriated, for the
by this subsection take effect under subpara- ber of Congress; and fiscal year ending September 30, 2020, to re-
graph (A), effective on the date that is 2 (ii) the spouse, child, son-in-law, or daugh- main available until September 30, 2021, for
years after the date of enactment of this ter-in-law, as determined under applicable additional amounts—
Act— common law, of an individual described in (i) $257,640,000,000 under the heading
(I) section 364 of title 11, United States clause (i). ‘‘Small Business Administration—Business
Code, is amended by striking subsection (g); (D) EXECUTIVE DEPARTMENT.—The term Loans Program Account, CARES Act’’ for
(II) section 503(b) of title 11, United States ‘‘Executive department’’ has the meaning the cost of guaranteed loans as authorized
Code, is amended— given the term in section 101 of title 5, under paragraph (36) and (37) of section 7(a)
(aa) in paragraph (8)(B), by adding ‘‘and’’ United States Code. of the Small Business Act (15 U.S.C. 636(a)),
at the end; (E) MEMBER OF CONGRESS.—The term as amended and added by this Act;
(bb) in paragraph (9), by striking ‘‘; and’’ at ‘‘Member of Congress’’ means a Member of (ii) $10,000,000 under the heading ‘‘Depart-
the end and inserting a period; and the Senate or House of Representatives, a ment of Commerce—Minority Business De-
(cc) by striking paragraph (10); Delegate to the House of Representatives, velopment Agency’’ for minority business
(III) section 1191 of title 11, United States and the Resident Commissioner from Puerto centers of the Minority Business Develop-
Code, is amended by striking subsection (f); Rico. ment Agency to provide technical assistance
(IV) section 1225 of title 11, United States (F) EQUITY INTEREST.—The term ‘‘equity to small business concerns; and
Code, is amended by striking subsection (d); interest’’ means— (iii) $50,000,000 under the heading ‘‘Small
and (i) a share in an entity, without regard to Business Administration—Salaries and Ex-
(V) section 1325 of title 11, United States whether the share is— penses’’ for the cost of carrying out reviews
Code, is amended by striking subsection (d). (I) transferable; or and audits of loans under subsection (l) of
(ii) APPLICABILITY.—Notwithstanding the (II) classified as stock or anything similar;
section 1106 of the CARES Act (15 U.S.C.
amendments made by clause (i) of this sub- (ii) a capital or profit interest in a limited
9005), as amended by this Act.
paragraph, if the amendments made by para- liability company or partnership; or
(B) AVAILABILITY OF AMOUNTS APPRO-
graphs (1), (2), (3), (4), and (5) take effect (iii) a warrant or right, other than a right
PRIATED FOR THE OFFICE OF INSPECTOR GEN-
under subparagraph (A) of this paragraph, to convert, to purchase, sell, or subscribe to
ERAL.—Section 1107(a)(3) of the CARES Act
such amendments shall apply to any case a share or interest described in clause (i) or
(15 U.S.C. 9006(a)(3)) is amended by striking
under title 11, United States Code, com- (ii), respectively.
‘‘September 20, 2024’’ and inserting ‘‘ex-
menced before the date that is 2 years after (2) REQUIREMENT.—The principal executive
pended’’.
the date of enactment of this Act. officer and the principal financial officer, or
(s) OVERSIGHT.— (3) EMERGENCY DESIGNATION.—
individuals performing similar functions, of
(1) COMPLIANCE WITH OVERSIGHT REQUIRE- (A) IN GENERAL.—The amounts provided
an entity seeking to enter a transaction
MENTS.— made under paragraph (36) or (37) of section under this subsection are designated as an
(A) IN GENERAL.—Except as provided in 7(a) of the Small Business Act (15 U.S.C. emergency requirement pursuant to section
subparagraph (B), on and after the date of 636(a)), as added and amended by this sec- 4(g) of the Statutory Pay-As-You-Go Act of
enactment of this Act, the Administrator tion, shall, before that transaction is ap- 2010 (2 U.S.C. 933(g)).
shall comply with any data or information proved, disclose to the Administrator wheth- (B) DESIGNATION IN SENATE.—In the Senate,
requests or inquiries made by the Comp- er the entity is a covered entity. this subsection is designated as an emer-
troller General of the United States not later (3) APPLICABILITY.—The requirement under gency requirement pursuant to section
than 30 days (or such later date as the Comp- paragraph (2)— 4112(a) of H. Con. Res. 71 (115th Congress), the
troller General may specify) after receiving (A) shall apply with respect to any trans- concurrent resolution on the budget for fis-
the request or inquiry. action made under paragraph (36) or (37) of cal year 2018.
(B) EXCEPTION.—If the Administrator is un- section 7(a) of the Small Business Act (15 f
able to comply with a request or inquiry de- U.S.C. 636(a)), as added and amended by this
MEASURES READ THE FIRST
scribed in subparagraph (A) within the 30- section, on or after the date of enactment of
day period or, if applicable, later period de- this Act; and TIME—S. 4800, S. 4805. S.J. RES. 76
scribed in that clause, the Administrator (B) shall not apply with respect to— Mr. PORTMAN. Mr. President, I un-
shall, during that 30-day (or later) period, (i) any transaction described in subpara- derstand there are three bills at the
submit to the Committee on Small Business graph (A) that was made before the date of desk, and I ask for their first reading,
and Entrepreneurship of the Senate and the enactment of this Act; or en bloc.
Committee on Small Business of the House (ii) forgiveness under section 1106 of the
The PRESIDING OFFICER. The
of Representatives a notification that in- CARES Act (15 U.S.C. 9005) or any other pro-
cludes a detailed justification for the inabil- vision of law of any loan associated with any clerk will read the bills by title for the
ity of the Administrator to comply with the transaction described in subparagraph (A) first time, en bloc.
request or inquiry. that was made before the date of enactment The bill clerk read as follows:
(2) TESTIMONY.—Not later than the date of this Act. A bill (S. 4800) to provide Coronavirus re-
that is 30 days after the date of enactment of (u) COMMITMENT AUTHORITY AND APPRO- lief.
this Act, and every quarter thereafter until PRIATIONS.— A bill (S. 4805) to create a point of order
the date that is 2 years after the date of en- (1) COMMITMENT AUTHORITY.—Section against legislation modifying the number of
actment of this Act, the Administrator and 1102(b) of the CARES Act (Public Law 116– Justices of the Supreme Court of the United
the Secretary of the Treasury shall testify 136) is amended— States.
before the Committee on Small Business and (A) in paragraph (1)— A bill (S.J. Res. 76) proposing an amend-
Entrepreneurship of the Senate and the Com- (i) in the paragraph heading, by inserting ment to the Constitution of the United
abonner on DSK9F5VC42PROD with CONG-REC-ONLINE
mittee on Small Business of the House of ‘‘AND SECOND DRAW’’ after ‘‘PPP’’; States to require that the Supreme Court of
Representatives regarding implementation (ii) by striking ‘‘August 8, 2020’’ and insert- the United States be composed of nine jus-
of this section and the amendments made by ing ‘‘December 31, 2020’’; tices.
this section. (iii) by striking ‘‘paragraph (36)’’ and in- Mr. PORTMAN. Mr. President, I now
(t) CONFLICTS OF INTEREST.— serting ‘‘paragraphs (36) and (37)’’; and ask for a second reading, and I object
(1) DEFINITIONS.—In this subsection: (iv) by striking ‘‘$659,000,000,000’’ and in-
(A) CONTROLLING INTEREST.—The term serting ‘‘$779,640,000,000’’; and
to my own request, all en bloc.
‘‘controlling interest’’ means owning, con- (B) by amending paragraph (2) to read as The PRESIDING OFFICER. Objec-
trolling, or holding not less than 20 percent, follows: tion being heard, the bills will be read
by vote or value, of the outstanding amount ‘‘(2) OTHER 7(A) LOANS.—During fiscal year for the second time on the next legisla-
of any class of equity interest in an entity. 2020, the amount authorized for commit- tive day.
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