Hogan Marren Babbo & Rose, Ltd. SUMMARY OF LABOR AND SMALL BUSINESSES PROVISIONS OF THE CARES ACT This is a summary and not a substitute for reading the CARES Act. There are sections that have not been covered in this summary.
Section	Subtitle	Senate Summary	Subparagraphs	Provisions
1102	Paycheck Protection Program	Increases the government guarantee of loans made for the Payment Protection Program under section 7(a) of the Small Business Act to 100 percent through December 31, 2020. Outlines the terms in this section. Provides the authority for the Administrator of the U.S. Small Business Administration (SBA) to make loans under the Paycheck Protection Program. Requires the Administrator to register each loan using the taxpayer TIN, as defined by the Internal Revenue Service, within 15 days. Defines eligibility for loans as a small business, 501(c)(3) nonprofit, a 501(c)(19) veteran’s organization, or Tribal business concern described in section 31(b)(2)(C) of the Small Business Act with not more than 500 employees, or the applicable size standard for the industry as provided by SBA, if higher. Applies current SBA affiliation rules to eligible nonprofits. Includes sole-proprietors, independent contractors, and other self-employed individuals as eligible for loans. Allow businesses with more than one physical location that employs no more than 500 employees per physical location in certain industries to be eligible and is below a gross annual receipts threshold in certain industries to be eligible. Waives affiliation rules for businesses in the hospitality and restaurant industries, franchises that are approved on the SBA’s Franchise Directory, and small businesses that receive financing through the Small Business Investment Company (SBIC) program. Waives affiliation rules for businesses in the hospitality and restaurant industries, franchises that are approved on the SBA’s Franchise Directory, and small businesses that receive financing through the Small Business Investment Company (SBIC) program. Defines the covered loan period as beginning on February 15, 2020 and ending on June 30, 2020. Establishes the maximum 7(a) loan amount to $10 million through December 31, 2020 and provides a formula by which the loan amount is tied to payroll costs incurred by the business to determine the size of the loan. Specifies allowable uses of the loan include payroll support, such as employee salaries, paid sick or medical leave, insurance premiums, and mortgage, rent, and utility payments. Provides delegated authority, which is the ability for lenders to make determinations on borrower eligibility and creditworthiness without going through all of SBA’s channels, to all current 7(a) lenders who make these loans to small businesses, and provides that same authority to lenders who join the program and make these loans. For eligibility purposes, requires lenders to, instead of determining repayment ability, which is not possible during this crisis, to determine whether a business was operational on February 15, 2020, and had employees for whom it paid salaries and payroll taxes, or a paid independent contractor. Provides an avenue, through the U.S. Department of Treasury, for additional lenders to be approved to help keep workers paid and employed. Additional lenders approved by Treasury are only permitted to make Paycheck Protection Program loans, not regular 7(a) loans. Provides a limitation on a borrower from receiving this assistance and an economic injury disaster loan through SBA for the same purpose. However, it allows a borrower who has an EIDL loan unrelated to COVID-19 to apply for a PPP loan, with an option to refinance that loan into the PPP loan. The emergency EIDL grant award of up to $10,000 would be subtracted from the amount forgiven under the Paycheck Protection Program. Requires eligible borrowers to make a good faith certification that the loan is necessary due to the uncertainty of current economic conditions caused by COVID-19; they will use the funds to retain workers and maintain payroll, lease, and utility payments; and are not receiving duplicative funds for the same uses from another SBA program. Waives both borrower and lender fees for participation in the Paycheck Protection Program. Waives the credit elsewhere test for funds provided under this program. Waives collateral and personal guarantee requirements under this program. Outlines the treatment of any portion of a loan that is not used for forgiveness purposes. The remaining loan balance will have a maturity of not more than 10 years, and the guarantee for that portion of the loan will remain intact. Sets a maximum interest rate of four percent. Ensures borrowers are not charged any prepayment fees. Increases the government guarantee of 7(a) loans to 100 percent through December 31, 2020, at which point guarantee percentages will return to 75 percent for loans exceeding $150,000 and 85 percent for loans equal to or less than $150,000. Allows complete deferment of 7(a) loan payments for at least six months and not more than a year, and requires SBA to disseminate guidance to lenders on this deferment process within 30 days. Provides guidance for loans sold on the secondary market. Provides the regulatory capital risk weight of loans made under this program, and temporary relief from troubled debt restructuring (TDR) disclosures for loans that are deferred under this program. Requires the Administrator to provide a lender with a process fee for servicing the loan. Sets lender compensation fees at five percent for loans of not more than $350,000; three percent for loans of more than $350,000 and less than $2,000,000; and one percent for loans of not less than $2,000,000. Includes a sense of the Senate for the Administrator to issue guidance to lenders and agents to ensure that the processing and disbursement of covered loans prioritizes small business concerns and entities in underserved and rural markets, including veterans and members of the military community, small business concerns owned and controlled by socially and economically disadvantaged individuals. Provides an authorization level of $349 billion for the 7(a) program through December 31, 2020. Increases the maximum loan for a SBA Express loan from $350,000 to $1 million through December 31, 2020, after which point the Express loan will have a maximum of $350,000. Requires Veteran’s fee waivers for the 7(a) Express loan program to be permanently waived. Permanently rescinds the interim final rule entitled, “Express Loan Programs: Affiliation Standards” (85 Fed. Reg. 7622 (February 10, 2020)).	In General Commitments for 7(A) Loans Express Loans	Amends section 7(a) of the Small Business Act (“SBA”) to provide: In an agreement to participate in a loan on a deferred basis, the participation by the Administration shall be 100%. “Covered period” means beginning on February 15, 2020 – June 30, 2020. “Covered loan” means a loan made during the covered period. “Payroll costs” means the sum of payments of any compensation to employees, but does not include compensation of an individual employee in excess of an annual salary of $100,000 as prorated for the covered period; taxes imposed or withheld under chapters 21, 22, or 24 of the Internal Revenue Code during the covered period; compensation for employees whose principal place of residence is outside the U.S.; qualified sick leave wages for which a credit is allowed under section 7001 of the Families First Coronavirus Response Act (“FFCRA”); or qualified family leave wages for which a credit is allowed under section 7003 of the FFCRA. The Administrator of the U.S. Small Business Administration is authorized to make loans under the Paycheck Protection Program. The Administration shall register the loan using the TIN assigned to the borrower not later than 15 days after the date on which the loan is made. During the covered period, in addition to small business concerns, any business concern, nonprofit organization, veterans organization, or Tribal business concern described in section 31(b)(2)(C) shall be eligible to receive a covered loan if such entity employs less than 500 employees or less than the size standard established by the Administration for the industry in which the business operates. During the covered period, sole proprietors, independent contractors, and eligible self-employed individuals are eligible to receive a covered loan. Such entities shall submit documentation necessary to establish individual eligibility, including payroll tax filings and income and expenses from the entity, as determined by the Administrator and the Secretary. During the covered period, any business concern that employs not more than 500 employees per physical local and that is assigned a North American Industry Classification System code beginning with 72 at the time of disbursal shall be eligible to receive a covered loan. Regulations applicable to affiliation are waived with respect to eligibility for a covered loan with respect to these entities. The maximum loan amount shall be the lesser of a prescribed sum formula for payroll costs incurred by the eligible recipient or $10,000,000. The eligible recipient may use the proceeds of the covered loan for payroll costs, costs related to the continuation of group health care benefits, employees salaries/compensations, payments of interest on any mortgage obligation, rent, utilities, and interest on any other debt obligations that were incurred before the covered period. A lender approved to make loans under this subsection shall be deemed to have delegated authority by the Administrator to make and approve covered loans. The Administrator and Secretary of the Treasury shall extend this authority to additional lenders. In evaluating eligibility, a lender shall consider whether the borrower was in operation on February 15, 2020 and whether the borrower paid salaries and payroll taxes for employees or independent contractors. A loan made under subsection (b)(2) during the period beginning on January 31, 2020 and ending on the date on which covered loans are made available may be refinanced as part of a covered loan. Notwithstanding waiver of a personal guarantee requirement or collateral under subparagraph (J), the Administrator shall have no recourse against any individual shareholder, member, or partner of an eligible recipient of a covered loan for nonpayment of any covered loan, except to the extent such individuals use the covered loan proceeds for an unauthorized purpose. The Administrator shall collect no fee under paragraph paragraphs (18)(A) and (23)(A) with respect to a covered loan. Additionally, the requirement that a small business concern be unable to obtain credit elsewhere shall not apply. No personal guarantee shall be required for the covered loan and no collateral shall be required. With respect to a covered loan that has a remaining balance after reduction based on loan forgiveness under section 1106 of the CARES Act, the remaining balance shall continue to be guaranteed by the Administration and the covered loan shall have a maximum maturity of 10 years. The interest rate of a covered loan shall not exceed 4% during the covered period. During the covered period, the Administrator shall consider each eligible recipient to be an impacted borrower (in operation on February 15, 2020 with an application for a covered loan approved or pending and presumed to have been adversely affected by COVID-19) and require lenders to provide complete payment deferment relief for a period of not less than 6 months, including payment of principal, interest, and fees, and not more than 1 year. During the covered period, the Administrator shall exercise the authority to purchase covered loans that are sold to a secondary market so that the impacted borrower may receive a deferral period of not less than 6 months, including payment of principal, interest, and fees, and not more than 1 year. Nothing in this paragraph shall prohibit a recipient of an economic injury disaster loan under subsection (b)(2) from receiving assistance under this paragraph. Notwithstanding any other provision of law, there shall be no prepayment penalty for any payment made on a covered loan. $349,000,000,000 is authorized for general business loans under section 7(a) of the SBA, including loans made under paragraph (36). The amount committed for loans under the “Business Loans Program Account” shall not apply.  $1,000,000 is to replace $350,000 in section 7(a)(31)(D) of the SBA
1103	Entrepreneurial Development	Authorizes SBA to provide additional financial awards to resource partners (Small Business Development Centers and Women’s Business Centers) to provide counseling, training, and education on SBA resources and business resiliency to small business owners affected by COVID-19. Authorizes SBA to provide an association or associations representing resource partner with grants to establish: - one online platform that consolidates resources and information available across multiple Federal agencies for small business concerns related to COVID–19; and -a training program to educate Small Business Development Center, Women’s Business Center, Service Corps of Retired Executives, and Veteran’s Business  Outreach Center counselors on the various federal resources available to ensure counselors are directing small businesses appropriately.	Definitions Education, Training, and Advising Grants Use of Funds Grant Determination Goals and Metrics Resource Partner Association Grants Report	“Covered small business concern” (“CSBC”) means a small business concern that has experienced, as a result of COVID-19, supply chain disruptions, staff challenges, a decrease in gross receipts or customers, or a closure. “Resource partner” means a small business development center and a woman’s business center. The Administration may provide financial assistance in the form of grants to resource partners to provide education, training, and advising to covered small business concerns. Grants shall be used for the education, training, and advising of CSBCs and their employees on: (A) Accessing and applying for Federal resources relating to access to capital and business resiliency; (B) The hazards and prevention of the transmission and communication of COVID-19; (C) The potential effects of COVID019 on the supply chains, distribution, and sale of products of covered small business concerns and the mitigation of those effects; (D) The management and practice of telework to reduce possible transmission of COVID-19; (E) The management and practice of remote, electronic customer service; (F) The risk and mitigation of cyber threats in remote customer service or telework practices; (G) The mitigation of the effects of reduced travel or outside activities on CSBCs during COVID-19; and (H) Any other relevant business practices necessary to mitigate the economic effects of COVID-19 or other similar occurrences. The Administration shall award 80% of authorized funds to small business development centers, which shall be awarded pursuant to a formula jointly developed, negotiated, and agreed upon with full participation of both parties between the Administration and the entity formed under section 21(a)(3)(A) of the SBA. The Administration shall award 20% of authorized funds to women’s business centers, which shall be awarded pursuant to a process established by the Administration in consultation with recipients of assistance. No matching funds will be required for any grant under this subsection. Goals and metrics for the funds shall be jointly developed, negotiated, and agreed upon, with full participation of both parties, between the resource partners and the Administrator, which shall take into consideration circumstances relating to the spread of COVID-19 that affect small business centers, particularly those located in rural areas or economically distressed areas, follow the use of funds outlined in this subsection, and encourage resource partners to develop and provide services to CSBSs. The Administration may provide grants to an association representing resource partners under which the association shall establish a single centralized hub for COVID-19 information, which must include certain information outlined in this subsection. The Administrator shall submit to the Committee on Small Businesses and Entrepreneurship of the Senate and the Committee on Small Business of the House of Representatives a report that describes performance information in the initial year and subsequent years covered.
1104	State Trade Expansion Program	Allows for federal grant funds appropriated to support the State Trade Expansion Program (STEP) in FY 2018 and FY 2019 to remain available for use through FY 2021.  Allows for state STEP participants to be reimbursed for events cancelled due to COVID19, so long as it does not exceed their federal grant.	In General Reimbursement	For grants under the State Trade Expansion Program under section 22(l) of the SBA, and notwithstanding paragraph (3)(C)(iii), the period of the grant shall continue through the end of fiscal year 2021. The Administrator shall reimburse any recipient of assistance under section 22(1) of the SBA for financial losses relating to a foreign trade mission or a trade show exhibition that was cancelled solely due to a public health emergency declared due to COVID-19 if the reimbursement does not exceed a recipient’s grant funding.
1105	Waiver of Matching Funds Requirement under the Women’s Business Center Program	Eliminates the non-federal match requirement for Women’s Business Centers (WBC) for a period of three months.		The requirement relating to obtaining cash contributions from non-Federal Sources under section 29(c)(1) of the SBA is waived for any recipient of assistance during the 3-month period beginning on the date of the enactment of the CARES Act.
1106	Loan Forgiveness	Establishes that the borrower shall be eligible for loan forgiveness equal to the amount spent by the borrower during an 8-week period after the origination date of the loan on payroll costs, interest payment on any mortgage incurred prior to February 15, 2020, payment of rent on any lease in force prior to February 15, 2020, and payment on any utility for which service began before February 15, 2020. Amounts forgiven may not exceed the principal amount of the loan. Eligible payroll costs do not include compensation above $100,000 in wages. Forgiveness on a covered loan is equal to the sum of the following payroll costs incurred during the covered 8 week period compared to the previous year or time period, proportionate to maintaining employees and wages: Payroll costs plus any payment of interest on any covered mortgage obligation (which shall not include any prepayment of or payment of principal on a covered mortgage obligation) plus any payment on any covered rent obligation + and any covered utility payment. The amount forgiven will be reduced proportionally by any reduction in employees retained compared to the prior year and reduced by the reduction in pay of any employee beyond 25 percent of their prior year compensation. To encourage employers to rehire any employees who have already been laid off due to the COVID-19 crisis, borrowers that re-hire workers previously laid off will not be penalized for having a reduced payroll at the beginning of the period. Allows forgiveness for additional wages paid to tipped workers. Borrowers will verify through documentation to lenders their payments during the period. Lenders that receive the required documentation will not be subject to an enforcement action or penalties by the Administrator relating to loan forgiveness for eligible uses. Upon a lender’s report of an expected loan forgiveness amount for a loan or pool of loans, the SBA will purchase such amount of the loan from the lender. Canceled indebtedness resulting from this section will not be included in the borrower’s taxable income. Any loan amounts not forgiven at the end of one year is carried forward as an ongoing loan with terms of a max of 10 years, at max 4% interest. The 100% loan guarantee remains intact.	Definitions Forgiveness Treatment of Amounts Forgiven Limits on Amount of Forgiveness	“Covered loan” means a loan guaranteed under paragraph (36) of section 7(a) of the SBA. “Covered mortgage obligation” means any indebtedness or debt instrument incurred in the ordinary course of business that is a liability of the borrower; is a mortgage on real or personal property; and was incurred before February 15, 2020. “Covered rent obligation” means rent obligated under a leasing agreement in force before February 15, 2020. “Eligible recipient” means the recipient of a covered loan. An eligible recipient shall be eligible for forgiveness of indebtedness on a covered loan in an amount equal to the following costs incurred and payments made during the covered period: payroll costs, payments of interest on any coverage mortgage obligation, payments on any covered rent obligations, and covered utility payments. Shall be considered canceled indebtedness by a lender authorized under Section 7(a) of the SBA. For purposes of the purchase of the guarantee for a covered loan by the Administrator, amounts forgiven shall be treated in accordance with the procedures otherwise applicable to a loan guaranteed under section 7(a) of the SBA. No later than 90 days after the date on which forgiveness is determined, the Administrator shall remit to the lender an amount equal to the amount of forgiveness, plus any interest accrued during the date of payment. Authorized lenders may report to the Administrator an expected forgiveness amount on a covered loan and the Administrator shall purchase the expected forgiveness amount as if the amount were the principal amount of a loan guaranteed under section 7(a) of the Small Business Act not later than 15 days. The amount of loan forgiveness shall not exceed the principal amount of the financing made available under the applicable covered loan. The amount of loan forgiveness under the section shall be reduced, but not decreased, by multiplying the amount described in subsection (b) by the quotient obtained by dividing the average number of full-time employees per month employed by the eligible recipient during the covered period by either the average number of full-time employees during February 15, 2019 – June 30, 2019 or January 1, 2020 – February 29, 2020 (borrower to decide). For seasonal employers, the average number of full-time employees per month employed by the eligible recipient during February 15, 2019 – June 30, 2019. The average number of full-time employees shall be determined by calculating the average number of full-time employees for each pay period falling within a month. The amount of loan forgiveness shall be reduced by the amount of any reduction in salary or wages of an employee described in (B) during the covered period that is in excess of 25% of the total salary or wages of the employee during the most recent full quarter during which the employee was employed during the covered period. Paragraph (B) describes an employee who did not receive during any single pay period during 2019, wages or salary at an annualized rate of pay in an amount more than $100,000. An eligible recipient with tipped employees as described in section 3(m)(2)(A) of the Fair Labor Standards Act of 1938 may receive forgiveness for additional wages paid to those employees. The amount of loan forgiveness shall be determined without regard to a reduction in the number of full-time employees if borrowers eliminate the reduction in salary or wages of employees during February 15, 2020 and not later than June 30, 2020. Eligible recipients seeking loan forgiveness shall submit to the lender that is servicing the covered loan an application which shall include documentation verifying the number of full-time employees on payroll and pay rates; documents verifying payments on covered mortgage obligations, covered lease obligations, and covered utility payments; certification from a representative of the eligible recipient authorized true and correct documents and balances; and any other documents the Administrator determines necessary.
1107	Direct Appropriations	This section appropriates funds for the following uses: -$349 billion for loan guarantees, -$675 million for Small Business Administration salaries and expenses, - $25 million for the Office of Inspector General, - $240 million for small business development centers and women’s business centers for technical assistance for businesses, - $25 million for resource partner associations to provide online information and training, - $10 million for minority business centers for technical assistance for businesses, - $10 billion for emergency EIDL grants, - $17 billion for loan subsidies, - $25 million for Department of Treasury salaries and expenses, and - $100 billion for secondary market guarantee sales.	In General Secondary Market	$349,000,000,000 under the heading ‘‘Small Business Administration—Business Loans Program Account, CARES Act’’ for the cost of guaranteed loans as authorized under paragraph (36) of section 7(a) of the SBA, as added by section 1102(a) of this Act $675,000,000 under the heading ‘‘Small Business Administration—Salaries and Expenses’’ for salaries and expenses of the Administration $25,000,000 under the heading ‘‘Small Business Administration—Office of Inspector General’’, to remain available until September 30, 2024, for necessary expenses of the Office of Inspector General of the Administration in carrying out the provisions of the Inspector General Act of 1978 $265,000,000 under the heading ‘‘Small Business Administration—Entrepreneurial Development Programs’’, of which—$240,000,000 shall be for carrying out section 1103(b) of this Act; and $25,000,000 shall be for carrying out section 1103(c) of this Act; $10,000,000 under the heading ‘‘Department of Commerce—Minority Business Development Agency’’ for minority business centers of the Minor Beginning on the date of enactment of this Act and ending on September 30, 2021, guarantees of trust certificates authorized by section 5(g) of the SBA shall not exceed a principal amount of $100,000,000.
1108	Minority Business Development Agency	Authorizes $10 million for the Minority Business Development Agency within the Department of Commerce to provide grants to Minority Business Centers and Minority Chambers of Commerce for the purpose of providing counseling, training, and education on federal resources and business response to COVID-19 for small businesses. Eliminates the Minority Business Center program’s non-federal match requirement for a period of three months and allows for centers to waive fee-for-service requirements through September 2021.	Definitions In General Education, Training and Advising Grants No Matching Funds Required Goals and Metrics Authorization of Appropriations	“Minority business enterprise” (“MBE”) means a for-profit business enterprise not less than 51 percent of which is owned by 1 or more socially disadvantaged individuals and the management and daily business operations of which are controlled by 1 or more socially disadvantaged individuals, as determined by the Agency. The Agency may provide financial assistance in the form of grants to minority business centers and minority chambers of commerce to provide education, training, and advising to minority business enterprises. Grants shall be used for the education, training, and advising of CSBCs and their employees on: (A) Accessing and applying for Federal resources relating to access to capital and business resiliency; (B) The hazards and prevention of the transmission and communication of COVID-19; (C) The potential effects of COVID019 on the supply chains, distribution, and sale of products of covered small business concerns and the mitigation of those effects; (D) The management and practice of telework to reduce possible transmission of COVID-19; (E) The management and practice of remote, electronic customer service; (F) The risk and mitigation of cyber threats in remote customer service or telework practices; (G) The mitigation of the effects of reduced travel or outside activities on CSBCs during COVID-19; and (H) Any other relevant business practices necessary to mitigate the economic effects of COVID-19 or other similar occurrences. Matching funds shall not be required for any grant under this section. The Agency may waive any matching requirements imposed during the 3-month period that begins on the date of enactment of this Act. Goals and metrics for the funds shall be jointly developed, negotiated, and agreed upon, with full participation of both parties, between the resource partners and the Administrator, which shall take into consideration circumstances relating to the spread of COVID-19 that affect MBEs, particularly those located in rural areas or economically distressed areas, follow the use of funds outlined in this subsection, and encourage minority business centers and minority chambers of commerce to develop and provide services to MBEs. $10,000,000 is appropriated to carry out this section, to remain available until expended.
1109	United States Treasury Program Management Authority	Establishes the authority of the U.S. Department of Treasury, the Farm Credit Administration, and other federal financial regulatory agencies to authorize bank and nonbank lenders to participate, including insured credit unions in loans made under the Paycheck Protection Program.  For financial institutions admitted under this section, gives Treasury the authority to issue regulations and guidance for terms concerning lender compensation, underwriting standards, interest rates, and maturity. Interest rates set under this authority may not exceed the maximum permissible rate of interest set on loans made under Section 1102 of this Act. Requires that Treasury ensure that terms and conditions provided by this section are the same as the terms established for loans under Section 1102 of this Act for borrower eligibility, maximum loan amount, allowable uses, fee waivers, deferment, guarantee percentage, and loan forgiveness. Allows Treasury to issue regulations and guidance as necessary, including to allow additional lenders to originate loans and establish terms. Prohibits borrowers from applying for this loan if that borrower has a previously pending application for a 7(a) loan for the same purpose.  Establishes that the SBA will administer the program, including purchasing and guaranteeing loans, with guidance from Treasury. All 7(a) lenders can opt-in to participate in the Paycheck Protection Program.	Authority to Include Additional Financial Institutions Regulations for Lenders and Loans Program Administration	The Department of the Treasury, in consultation with the Administrator and the Chairman of the Farm Credit Administration shall establish criteria for insured depository institutions, insured credit unions, institutions of the Farm Credit System, and other lenders that do not already participate in lending under programs of the Administration, to participate in the paycheck protection program to provide loans under this section until the date on which the national emergency declared by the President expires. The Secretary of the Treasury may issue regulations and guidance as necessary to carry out the purpose of this section, including lenders to originate loans and establish terms and conditions for loans under this section. The terms and conditions shall require: a rate of interest that does not exceed the maximum permissible rate available on a loan of comparable maturity under paragraph (36); to the maximum extent practicable, consistency with the terms and conditions required in paragraph (36) of section 7(a) of the SBA; a guaranteed percentage that is consistent with the guarantee percentage required under subparagraph (F) of section 7(a)(2) of the SBA, loan forgiveness under terms and conditions that are consistent with section 1106 of the CARES Act. The Secretary may issue regulations and guidance as necessary to carry out the purpose of this section. With guidance from the Secretary, the Administrator shall administer the program established under this section, including the making and purchasing of guarantees on loans under the program until the date in which the national emergency declared by the President expires.
1110	Emergency EIDL Grants	Expands eligibility for access to Economic Injury Disaster Loans (EIDL) to include Tribal businesses, cooperatives, and ESOPs with fewer than 500 employees or any individual operating as a sole proprietor or an independent contractor during the covered period (January 31, 2020 to December 31, 2020). Private non-profits are also eligible for both grants and EIDLs. Requires that for any SBA EIDL loans made in response to COVID-19 before December 31, 2020, the SBA shall waive any personal guarantee on advances and loans below $200,000, the requirement that an applicant needs to have been in business for the 1-year period before the disaster, and the credit elsewhere requirement. During the covered period, allows SBA to approve and offer EIDL loans based solely on an applicant’s credit score, or use an alternative appropriate alternative method for determining applicant’s ability to repay. Establishes an Emergency Grant to allow an eligible entity who has applied for an EIDL loan due to COVID-19 to request an advance on that loan, of not more than $10,000, which the SBA must distribute within 3 days. Establishes that applicants shall not be required to repay advance payments, even if subsequently denied for an EIDL loan. In advance of disbursing the advance payment, the SBA must verify that the entity is an eligible applicant for an EIDL loan. This approval shall take the form of a certification under penalty of perjury by the applicant that they are eligible. Outlines that advance payment may be used for providing paid sick leave to employees, maintaining payroll, meeting increased costs to obtain materials, making rent or mortgage payments, and repaying obligations that cannot be met due to revenue losses. Requires that an advance payment be considered when determining loan forgiveness, if the applicant transfers into a loan made under SBA’s Paycheck Protection Program. Terminates the authority to carry out Emergency EIDL Grants on December 30, 2020. Establishes that an emergency involving Federal primary responsibility determined to exist by the President under Section 501(b) of the Stafford Disaster Relief and Emergency Assistance Act qualifies as a new trigger for EIDL loans and, in such circumstances, the SBA Administrator shall deem that each State or subdivision has sufficient economic damage to small business concerns to qualify for assistance under this paragraph and the Administrator shall accept applications for such assistance immediately. Adds “emergency” explicitly into other existing EIDL trigger language under Section 7(b)(2) of the Small Business Act.	Definitions Eligible Entities Terms; Credit Elsewhere Dollar Loans Emergency Grant Emergencies Involving Federal Primary Responsibility Qualifying for SBA Assistance	“Covered period” means January 31, 2020 – December 31, 2020. “Eligible entity” means a business with not more than 500 employees; any individual who operates under a sole proprietorship, with or without employees, or as an independent contractor; a cooperative with not more than 500 employees; an ESOP with not more than 500 employees;  a tribal small business concerns, as described in section 31(b)(2)(C) of the SBA, with not more than 500 employees. In addition to small business concerns, private nonprofit organizations, and small agricultural cooperatives, an eligible entity shall be eligible for a loan made under section 7(b)(2) of the SBA. For loans made under section 7(b)(2) of the SBA in response to COVID-19 during the covered period, the Administrator shall waive any rules related to the personal guarantee on advances and loans of not more than $200,000; the requirement that an applicant needs to be in business for the 1-year period before the disaster, except that no waiver may be made for a business that was not in operation on January 31, 2020; and the requirement in section 7(b)(2)(E) of the SBA, that an applicant may be unable to obtain credit elsewhere. The Administrator may approve an applicant based solely on the credit score and shall not require an applicant to submit a tax return for approval, or use alternative appropriate methods to determine an applicant’s ability to repay. Eligible entities may request that the Administrator provide an advance, not to exceed $10,000, within 3 days after the Administrator receives an application from such applicant. An advance may be used to address any allowable purpose for a loan under 7(b)(2) of the SBA, including providing paid leave to employees unable to work due to COVID-19, maintaining payroll to retain employees during business disruptions or substantial slowdowns, meeting increased costs to obtain materials unavailable from interrupted supply chains, make rent or mortgage payments and repaying obligations that cannot be met due to revenue losses. An applicant shall not be required to repay any amounts of an advance provided under this subsection, even if subsequently denied a loan under section 7(b)(2) of the SBA. Amends section 7(b)(2) of the SBA.
1111	Resources and Services Languages other than English	Directs $25 million for the SBA to offer resources and services in the 10 most commonly spoken languages, other than English.	In General Authorization of Appropriations	The Administrator shall provide the resources and services made available by the Administration to small business concerns in the 10 most commonly spoken languages, other than English, in the United States, which shall include Mandarin, Cantonese, Japanese, and Korean. $25,000,000 appropriated to the Administrator to carry out this section.
1112	Subsidy for Certain Loan Payments	Defines a covered loan as an existing 7(a) (including Community Advantage), 504, or microloan product. Paycheck Protection Program (PPP) loans are not covered. Requires the SBA to pay the principal, interest, and any associated fees that are owed on the covered loans for a six month period starting on the next payment due. Loans that are already on deferment will receive six months of payment by the SBA beginning with the first payment after the deferral period. Loans made up until six months after enactment will also receive a full 6 months of loan payments by the SBA. SBA must make payments no later than 30 days after the date on which the first payment is due. Requires the SBA to still make payments even if the loan was sold on the secondary market. Requires SBA to encourage lenders to provide deferments and allows lenders, up until one year after enactment, to extend the maturity of SBA loans in deferment beyond existing statutory limits.	Definition of “Covered Loan” Sense of Congress Principle and Interest Payments Other Requirements Rule of Construction	“Covered Loan” means a loan that is guaranteed by the Administration under section 7(a) of the SBA or title V of the Small Business Investment Act; or made by an intermediary to a small business concern using loans or grants received under section 7(m) of the SBA. Relief payments by the Administration are appropriate for all borrowers. The Administration should encourage lenders to provide payment deferments and to extend the maturity of covered loans, to avoid balloon payments or any requirement for increases in debt payments resulting from deferments provided by lenders during the period of the national emergency with respect to COVID-19. The Administrator shall pay the principal, interest and any associated fees that are owed on a covered loan in a regular servicing status. This includes (A) covered loans made before the date of enactment of this Act and not on deferment, for the 6-month period beginning with the next payment due on the covered loan, (B) covered loans made before the date of enactment of this Act on deferment, for the 6-month period beginning with the next payment due on the covered loan after the deferment period; and (C) covered loans made during the period beginning on the date of the enactment of this Act and ending on the date 6 months after such date of enactment, for the 6-month period beginning with the first payment due on the covered loan.  The Administrator will begin making payments on a covered loan not later than 30 days after the date that the first payment is due. Any payment made by the Administrator will be applied to the covered loan such that the borrower is relieved of the obligation to pay that amount. The Administrator shall communicate and coordinate with the FDIC, the Office of the Comptroller of the Currency, and State bank regulators to encourage those entities to not require lenders to increase their reserves on account of receiving payments made by the Administrator under the covered loans. The Administrator shall waive statutory limits on maximum loan maturities for any covered loan durations where the lender provides a deferral and extend the maturity of covered loans during the 1-year period following the date of enactment of this Act.  Extend lender site visit requirements when necessary to provide more time because of the potential of higher volumes, travel restrictions, and the inability to access some properties during the COVID-19 pandemic, to not more than 60 days (or longer at the discretion of the Administration) after the occurrence of an adverse event, other than a payment default, causing a loan to be classified as in liquidation and not more than 90 days after a payment default. Nothing in this section may be construed to limit the authority of the Administrator to make payments pursuant to subsection (c) with respect to a covered loan solely because the covered loan has been sold in the secondary market.
1113	Bankruptcy	Amends the Small Business Reorganization Act to increase the eligibility threshold to file under subchapter V of chapter 11 of the U.S. Bankruptcy Code to businesses with less than $7,500,000 of debt. The increase sunsets after one year and the eligibility threshold returns to $2,725,625. Amends the definition of income in the Bankruptcy Code for chapters 7 and 13 to exclude coronavirus-related payments from the federal government from being treated as “income” for purposes of filing bankruptcy. Sunsets after one year. Clarifies that the calculation of disposable income for purposes of confirming a chapter 13 plan shall not include coronavirus-related payments. Sunsets after one year. Explicitly permits individuals and families currently in chapter 13 to seek payment plan modifications if they are experiencing a material financial hardship due to the coronavirus pandemic, including extending their payments for up to seven years after their initial plan payment was due. Sunsets after one year.	Definition of “Debtor” Applicability of Chapters Application of Amendment Technical Corrections Sunset   Bankruptcy Relief Modification of Plan After Confirmation	“Debtor” is defined as a person engaged in commercial or business activities (including any affiliate of such person that is also a debtor under this title and excluding a person whose primary activity is the business of owning single asset real estate) that has aggregate noncontingent liquidated secured and unsecured debts as of the date of the filing of the petition or the date of the order for relief in an amount not more than $7,500,000 (excluding debts owed to 1 or more affiliates or insiders) not less than 50% of which arose from the commercial or business activities of the debtor. A debtor does not include any member or group of affiliated debtors that has aggregate noncontingent liquidated secured and unsecured debts in an amount greater than $7,500,000 (excluding debt owed to 1 or more affiliates or insiders), any debtor that is a corporation subject to the reporting requirements under section 13 or 15(d) of the Securities Exchange Act of 1934; or any debtor that is an affiliate of an issuer as defined in the Securities Exchange Act of 1934. Section 103(i) of title 11 of the U.S. Bankruptcy Code is amended by striking “small business debtor” and inserting “debtor.” The amendments only apply to cases commenced under title 11, of the U.S. Bankruptcy Code on or after the date of enactment of this Act. Definition of “small business debtor”, Section 101(51D)(B)(iii) of title 11 of the U.S. Bankruptcy Code is amended to read as follows: “any debtor that is an affiliate of an issuer (as defined in section 3 of the Securities Exchange Act of 1934 (15 U.S.C. 78(c)).” Section 347(b) of title 11 of the U.S. Bankruptcy Code is amended by striking “1194” and inserting “1191.” The amendment to the definition of “debtor” sunsets after one year from the date the Act is enacted. Excludes from current monthly income payments made under Federal law relating to the national emergency declared by the President under the National Emergencies Act with respect to COVID-19. Modifications for a plan confirmed prior to the enactment of this subsection may be modified upon request of the debtor if the debtor is experiencing or has experienced a material financial hardship due, directly or indirectly to COVID-19 pandemic and the modification is approved after notice and a hearing. Modifications to plans may not provide for payments over a period that expires more than 7 years after the time the first payment under the original confirmed plan was due.
1114	Emergency Rulemaking Authority	SBA is required to establish regulations no later than 15 days after enactment of this title.		Not later than 15 days after the date of enactment of this Act, the Administrator shall issue regulations to carry out this title and the amendments made by this title without regard to the notice requirements under section 553(b) of title 5, United States Code.
3601	Limitation on Paid Leave	Creates a limitation stating an employer shall not be required to pay more than $200 per day and $10,000 in the aggregate for each employee under this section.		Amends Section 110(b)(2)(B) of the Family and Medical Leave Act of 1993 (FMLA) by stating that an employer shall not be required to pay more than $200 per day and $10,000 in the aggregate for each employee for paid leave.
3602	Emergency Paid Sick Leave Limitation	Creates a limitation stating an employer shall not be required to pay more than $511 per day and $5,110 in the aggregate for sick leave or more than $200 per day and $2,000 in the aggregate to care for a quarantined individual or child for each employee under this section.		Adds the following section 5102 of the Emergency Paid Sick Leave Act: “(f) Limitations. — An employer shall not be required to pay more than either (1) $511 per day and $5,110 in the aggregate for each employee taking leave or (2) $200 per day and $2,000 in the aggregate for each employee when the employee is taking leave.
3603	Unemployment Insurance	Provides that applications for unemployment compensation and assistance with the application process, to the extent practicable, be accessible in two ways: in person, by phone, or online.		Amends the following section 903(h)(2)(B) of the Social Security Act: “The State ensures that applications for unemployment compensation, and assistance with the application process, are accessible to the extent practicable in at least two of the following: in person, by phone or online.”
3604	OMB Waiver of Paid Family and Paid Sick Leave	Allows the Director of the Office of Management and Budget to exclude for good cause certain Executive Branch employees from the Paid Family Leave mandate. Allows the Director of the Office of Management and Budget to exclude for good cause certain Executive Branch employees from the Paid Sick Leave mandate.	Family and Medical Leave Act of 1993 Emergency Paid Sick Leave Act	Adds the following new paragraph to section 110(a) of title I of the Family and Medical Sick Leave Act of 1993: “The Director of the Office of Management and Budget shall have the authority to exclude for good cause certain employers of the United States Government with respect to certain categories of Executive branch employees.” Adds the following section to the Emergency Paid Sick Leave Act: “Sec. 5112 Authority to Exclude Certain Employees — The Director of the Office of Management and Budget shall have the authority to exclude for good cause form the definition of employee, including by exempting certain United States Government employees from the requirement of this title with respect to certain categories of Executive Branch employees.”
3605	Paid Leave for Rehired Employees	Allows an employee who was laid off by an employer March 1, 2020, or later to have access to paid family and medical leave in certain instances if they are rehired by the employer. Employee would have had to work for the employer at least 30 days prior to being laid off.		Amends section 110(a)(1)(A) of the Family and Medical Leave Act of 1993: “(A) Eligible Employee — (1) defines the term “eligible employee” to mean an employee who has been employed for at least 30 calendar days by the employer with respect to whom leave is requested and (2) for purposes of “eligible employee” the term “employed for at least 30 calendar days” includes an employee who is laid off by that employer not earlier than March 1, 2020, had worked for the employer for not less than 30 of the last 60 calendar days prior to the employee’s layoff, and was rehired by the employer.”
3606	Advance Refunding of Credits	Allows employers to receive an advance tax credit from Treasury instead of having to be reimbursed on the back end. Creates regulatory authority to implement the tax credit advances.	Payroll Credit for Required Sick Leave Payroll Credit for Required Paid Family Leave	Amends Section 7001 of division G of the Families First Coronavirus Response Act by amending subsection (b)(4)(A) by providing that payroll credit for required sick leave is refundable.  Credit may also be advanced, including the refundable portion. The Secretary of Treasury will also waive any penalty under section 6656 of the IRC for any failure to make a deposit of the tax imposed by section 3111(a) or 3221(a) of the IRC if the Secretary determines that such failure was due to the anticipation of the credit allowed in this section. Section 7003 of division G of the Families First Coronavirus Response Act permits that payroll credit for required paid family leave is refundable and may be advanced. The Secretary of Treasury will also waive any penalty under section 6656 of the IRC for any failure to make a deposit of the tax imposed by section 3111(a) or 3221(a) of the IRC if the Secretary determines that such failure was due to the anticipation of the credit allowed in this section.
3607	Expansion of DOL Authority to Postpone Certain Deadlines	Amends Section 518 of ERISA to provide the Department of Labor the ability to postpone certain ERISA filing deadlines for a period of up to one year in the case of a public health emergency.		Section 518 of ERISA is amended by adding the ability to postpone certain filing deadlines due to “a public health emergency declared by the Secretary of Health and Human Services pursuant to section 319 of the Public Health Service Act.”
3608	Single-Employer Plan Funding Rules	Provides single employer pension plan companies with more time to meet their funding obligations by delaying the due date for any contribution otherwise due during 2020 until January 1, 2021. At that time, contributions due earlier would be due with interest. The bill also provides that a plan’s status for benefit restrictions as of December 31, 2019, will apply throughout 2020.	Delay in Payment of Minimum Required Contributions Benefit Restriction Status	Amends the single-employer plan funding rules to delay payments of minimum required contributions which would otherwise be due under section 430(j) of the IRC (including quarterly contributions) during the calendar year 2020 until January 1, 2021 and the allows “the amount for minimum required contribution  shall be increased by the interest accruing for the period between the original due date (without regard to this section) for the contribution for the plan for the plan year which includes such payment date.” For purposes of section 436 of the IRC and section 206(g) of ERISA, a plan sponsor may elect to treat the plan’s adjusted funding target attainment percentage for the last plan year ending before January 1, 2020, as the adjusted funding target attainment percentage for plan years which include calendar year 2020.
3609	Application of Cooperative and Small Employer Charity Pension Plan Rules to Certain Charitable Employers whose primary Exempt Purpose is Providing services with respect to Mothers and Children	Amends a the definition of CSEC Plans to provide that a pension plan will be a CSEC plan if, as of January 1, 2000, the plan was sponsored by an employer that (i) is exempt from taxation under Code section 501(c)(3), (ii) has been in existence since 1938, (iii) conducts medical research directly or indirectly through grant making, and (iv) has as its primary exempt purpose providing services with respect to mothers and children. This section is effective for plan years beginning after December 31, 2018.	ERISA and IRC	Adds the following criteria to section 210(f)(1) of ERISA and section 414(y)(1) of the IRC to the definition of CSEC pension plans if the plan was sponsored by an employer that as of January 1, 2000 was maintained by an employer described in section 501(c)(3) of the IRC which has been in existence since at least 1938 who conducts medical research directly and indirectly through grant making and whose primary exempt purpose is to “provide services with respect to mothers and children.” This applies to plan years beginning after December 1, 2018.
3610	Federal Contractor Authority	Ensures that federal contractors who cannot perform work at their duty-station or telework because of the nature of their jobs due to COVID-19, continue to get paid.		Subject to the availability of appropriations, funds made available to a federal agency may be used to modify the terms and conditions of a contract, or other agreement to reimburse at the minimum applicable contract billing rates not to exceed an average of 40 hours per week any paid leave, including sick leave, a contractor provides “to keep its employees or subcontractors in a ready state, including to protect the life and safety of Government and contractor personnel” until September 30, 2020. This only applies to a contractor whose employees or subcontractors cannot perform work on a federally approved site due to facility closures and who cannot telework because their job duties cannot be performed remotely during the public health emergency declared on January 31, 2020 for COVID-19. The maximum reimbursement authorized by this section will be reduced by the amount of credit the contractor is allowed pursuant to division G of Public Law 116-117 and any applicable credits a contractor is allowed under this Act.
4002	Definitions	Defines an “Eligible Business” as a United States business that has not otherwise received adequate economic relief in the form of loans or loan guarantees provided under this Act. This Section also defines a “State” as any of the several States, the District of Columbia, any of the territories and possessions of the United States, any bi-State or multi-State entity, and any Indian tribe.	Definitions of “Air Carrier”; “Coronavirus”, “Covered Loss”; “Eligible Business”; “Employee”; “Equity Security”; “Exchange”; “Municipality”; “National Securities Exchange”; “Secretary”; “State”	Defines “Covered Loss” as losses incurred directly or indirectly as a result of coronavirus, as determined by the Secretary. Defines “Eligible Business” to mean an air carrier or a U.S. business that has otherwise received adequate economic relief in the form of loans or loan guarantees provided under this Act. Defines “Employee” in accordance with section 2 of the National Labor Relations Act (29 U.S.C. 52) which includes any employee whose work has ceased as a consequence of, or in connection with, any current labor dispute or because of any unfair labor practice, and who has not obtained any other regular and substantially equivalent employment, but shall not include any individual employed as an agricultural laborer, or in the domestic service of any family or person at his home, or any individual employed by his parent or spouse, or any individual having the status of an independent contractor and includes any individual employed by an employer subject to the Railway Labor Act (45 U.S.C. 151). Defines “Municipality” as a political subdivision of a state and an instrumentality of a municipality, a state, or a political subdivision. Defines “Secretary” as the Secretary of Treasury or the designee of the Secretary of Treasury. Defines “State” to mean any of the several States, the District of Columbia, any of the territories and possessions of the U.S., any bi-State or multi-State entity, and any Indian tribe.
4003	Emergency Relief and Taxpayer Protections	Provides $500 billion to Treasury’s Exchange Stabilization Fund to provide loans, loan guarantees, and other investments, distributed as follows: (1) Direct lending, including: a. $25 billion for passenger air carriers, eligible businesses that are certified under part 145 of title 15, Code of Federal Regulations, and approved to perform inspection, repair, replace, or overhaul services, and ticket agents; b. $4 billion for cargo air carriers; and c. $17 billion for businesses important to maintaining national security. (2) $454 billion, as well as any amounts available but not used for direct lending, for loans, loan guarantees, and investments in support of the Federal Reserve’s lending facilities to eligible businesses, states, and municipalities. Federal Reserve 13(3) lending is a critical tool that can be used in times of crisis to help mitigate extraordinary pressure in financial markets that would otherwise have severe adverse consequences for households, businesses, and the U.S. economy. - All direct lending must meet the following criteria: (1) Alternative financing is not reasonably available to the business; (2) The loan is sufficiently secured or made at an interest rate that reflects the risk of the loan and, if possible, not less than an interest rate based on market conditions for comparable obligations before the coronavirus outbreak; (3) The duration of the loan shall be as short as possible and shall not exceed 5 years; (4) Borrowers and their affiliates cannot engage in stock buybacks, unless contractually obligated, or pay dividends until the loan is no longer outstanding or one year after the date of the loan; (5) Borrowers must, until September 30, 2020, maintain its employment levels as of March 24, 2020, to the extent practicable, and retain no less than 90 percent of its employees as of that date; (6) A borrower must certify that it is a U.S.-domiciled business and its employees are predominantly located in the U.S.; (7) The loan cannot be forgiven; and (8) In the case of borrowers critical to national security, their operations are jeopardized by losses related to the coronavirus pandemic. - Any lending through a 13(3) facility established by the Federal Reserve under this Section must be broad-based, with verification that each participant is not insolvent and is unable to obtain adequate financing elsewhere. Loan forgiveness is not permissible in any such credit facility. - Treasury will endeavor to implement a special 13(3) facility through the Federal Reserve targeted specifically at nonprofit organizations and businesses between 500 and 10,000 employees, subject to additional loan criteria and obligations on the recipient, such as: (1) The funds received must be used to retain at least 90 percent of the recipient’s workforce, with full compensation and benefits, through September 30, 2020; (2) The recipient will not outsource or offshore jobs for the term of the loan plus an additional two years; (3) The recipient will not abrogate existing collective bargaining agreements for the term of the loan plus an additional two years; and (4) The recipient must remain neutral in any union organizing effort for the term of the loan.	In General Loans, Loan Guarantees, and Other Investments Terms and Conditions Loans and Loan Guarantees Federal Reserve Programs or Facilities Restrictions Assistance for Mid-Sized Businesses Financial Protection of Government	(a) The Secretary is authorized to provide loans, loan guarantees, and other investments in support of eligible businesses, States, and municipalities that do not in the aggregate exceed $500 billion in accordance with the provisions of the Federal Credit Reform Act of 1990 (2 U.S.C. 661). (b) Loans, loan guarantees and other investments shall be made available as follows: (1) Up to $25 billion to make loan or loan guarantees for passenger air carriers and eligible businesses certified under part 14 CFR 145, and approved to perform inspection, repair, replace, or overhaul services, and ticket agents (as defined in section 40102 of title 49, United States Code). (2) Up to $4 billion to make loan or loan guarantees for cargo air carriers. (3) Up to $17 billion for businesses important to maintaining national security. (4) No more than the sum of $454 billion and any amounts that are not used in (1) – (3) above that are not used will be available to make loans or loan guarantees to other investments in programs or facilities established by the Board of Governors of the Federal Reserve System for the purpose of providing liquidity to the financial system that supports lending to eligible businesses, States or municipalities by (A) purchasing obligations or other interests directly from issuers of such obligations or other interests; (B) purchasing obligations or other interests in secondary markets or otherwise; or (C) making loans, including loans or other advances secured by collateral. (c) Any loan, loan guarantee, or other investment by the Secretary must be in the form and in accordance with the terms and conditions, including the covenants, representations, warranties, and requirements (including requirements for audits) as the Secretary determines appropriate. Any loans issued under this section must be at the rate determined by the Secretary based on the risk and the current average yield on outstanding marketable obligations of the U.S. comparable maturity. The Secretary shall publish procedures for application and minimum requirements within 10 days after the date of enactment of this Act. The Secretary may enter into agreements to make loans or loan guarantees to 1 or more eligible businesses if the Secretary determines that: (A) the applicant is an eligible business that credit is not reasonably available to at the time of the transaction; (B) the intended obligation by the applicant is prudently incurred; (C) the loan or loan guarantee is sufficiently secured or is made at a rate that (i) reflects the risk of the loan or the loan guarantee; and (ii) is to the extent practicable, not less than an interest rate based on the market conditions for comparable obligations prevalent prior to the outbreak of COVID-19; (D) the duration of the loan or loan guarantee is as short as practicable, but not longer than 5 years; (E) the agreement provides that neither the eligible business nor any affiliate of the eligible business may purchase an equity security that is listed on a national securities exchange of the eligible business or any parent company of the eligible business, except to the extent required under a contractual obligation in effect as of the date of the enactment of this Act, until 12 months after the date the loan or loan guarantee is no longer outstanding; (F) the agreement provides that the eligible business will not pay dividends with respect to the common stock of the eligible business until 12 months after the date the loan or loan guarantee is no longer outstanding; (G) the agreement provides that until September 30, 2020, the eligible business shall maintain its employment levels as of March 24, 2020, to the extent practicable, and in any case shall not reduce its employment levels by more than 10% from the levels on such date; (H) the agreement includes a certification by the eligible business that it is created or organized in the U.S. or under the laws of the U.S. and has significant operations in and a majority of its employees based in the U.S.; and (I) the eligible business must have incurred or is expected to incur covered losses such that the continued operations of the business are jeopardized, as determined by the Secretary. Defines “direct loan” to mean a loan under a bilateral loan agreement that is entered into directly with an eligible business as borrower and not part of a syndicated loan, a loan originated by a financial institution in the ordinary course of business, or a securities or capital markets transaction. Restrictions. The Secretary may make a loan, loan guarantee or other investment under subsection (b)(4) as part of the program or facility that provides direct loans only if the applicable eligible businesses agree: (I) not to repurchase equity security that is listed on a national securities exchange of eligible business while the direct loan is outstanding, except to the extent required under a contractual obligation that is in effect as of the date of the enactment of this Act, until 12 months after the direct loan is no longer outstanding, (II) not to pay dividends of common stock of the eligible businesses until12 months after the direct loan is no longer outstanding; and (III) to comply with the limitations on compensation set forth in section 4004. The applicable requirements under section 13(3) of the Federal Reserve Act (12 U.S.C. 343(3), including requirements relating to loan collateralization, taxpayer protection, and borrower solvency, shall apply with respect to any program or facility described in subsection (b)(4). Programs or facilities that the Secretary makes a loan, loan guarantee, or other investment under subsection (b)(4) shall only purchase obligations or other interests (other than securities that are based on index or that are based on a diversified pool of securities) from, or make loans or other advances to, businesses that are created or organized in the U.S. or under the laws of the U.S. that have significant operations in and a majority of its employees are based in the U.S. The Secretary will implement a program that provides financing to banks and other lenders that make direct loans to eligible businesses, including nonprofit organizations that have between 500 – 10,000 employees, which will be subject to an annualized interest rate that is not higher than 2% per annum. No principle or interest shall be due and payable for the first 6 months after the direct loan is made.  Eligible borrowers must make a good-faith certification that: (I) the uncertainty of economic conditions as of the date of the application makes necessary the loan request to support the ongoing operations of the recipient; (II) the funds it receives will be used to retain at least 90% of the recipient’s workforce, at full compensation and benefits, until September 30, 2020; (III) the recipient intends to restore not less than 90% of the recipient’s workforce that existed on February 1, 2020, and to restore all compensation and benefits to the workers of the recipient no later than 4 months after the termination date of the public health emergency declared by the Secretary of Health and Human Services on January 31, 2020 in response to COVID-19; (IV) the recipient is an entity or business that is domiciled in the U.S. with significant operations and employees located in the U.S.; (V) the recipient is not a debtor in a bankruptcy proceeding; (VI) the recipient is created or organized in the U.S. or under the laws of the U.S. and has significant operations in and majority of its employees are based in the U.S.; (VII) the recipient will not pay dividends with respect to the common stock of the eligible business or repurchase equity security that is listed on a national securities exchange of the recipient or any parent company of the recipient or any parent company of the recipient while the direct loan is outstanding, except to the extent required under a contractual obligation that is in effect as of the date of the enactment of this Act; (VIII) the recipient will not outsource or offshore jobs for the term of the loan and 2 years after completing repayment of the loan; and (IX) the recipient will not abrogate existing collective bargaining agreements for the term of the loan and 2 years after completing repayment of the loan; and (X) the recipient will remain neutral in any union organizing effort for the term of the loan. Nothing in this subparagraph limits the discretion of the Board of Governors of the Federal Reserve System to establish a Main Street Lending Program or other similar program or facility that supports lending to small or mid-sized businesses on such terms and conditions as the Board may set consistent with section 13(3) of the Federal Reserve Act (12 U.S.C. 343(3)), including any program in which the Secretary makes a loan, loan guarantee, or other investment under subsection (b)(4). (d)(1) Warrant or Senior Debt Instrument. The Secretary will not issue a loan to or a loan guarantee for eligible businesses under paragraphs (1), (2), or (3) of subsection (b) unless the eligible business has issued securities that are traded on a national securities exchange and the Secretary receives a warrant or equity interest in the eligible business. For businesses not covered as an eligible business under paragraphs (1), (2), or (3) under subsection (b), the Secretary must receive a warrant or equity interest in the eligible business or a senior debt instrument issued by the eligible business. (2) Terms and Conditions. The terms and conditions of any warrant, equity interest, or senior debt instrument under paragraph (1) must meet the following requirements:  (A) Provide for a reasonable participation by the Secretary, for the benefit of the taxpayers, in equity appreciation in the case of a warrant or other equity interest, or a reasonable rate premium, in the case of a debt instrument. (B) The Secretary may sell, exercise or surrender a warrant or any senior debt instrument received under this subsection. The Secretary shall not exercise voting power with respect to any shares of common stock acquired under this section. (C) If the Secretary determines that the eligible business cannot feasibly issue warrants or other equity interests as required by this subsection, the Secretary may accept a senior debt instrument in an amount and on such terms as the Secretary deems appropriate. (3) Prohibition on Loan Forgiveness. The principal amount of any obligation issued by an eligible business, State, or Municipality under a program described in subsection (b) cannot be reduced through loan forgiveness.
4004	Limitation on Certain Employee Compensation.	Prohibits recipients of any direct lending authorized by this Title from increasing the compensation of any officer or employee whose total compensation exceeds $425,000, or from offering such employees severance pay or other benefits upon termination of employment which exceeds twice the maximum total annual compensation received by that employee, until one year after the loan is no longer outstanding. Officers or employees making over $3 Million last year would also be prohibited from earning more than $3 Million plus fifty percent of the amount their compensation last year exceeded $3 Million.	In General Total Compensation Defined	The Secretary may only enter into an agreement with an eligible business to make a loan or loan guarantee under paragraph (1), (2), or (3) of section 4003(b) if such agreement provides that during the period beginning on the date on which the agreement is executed and ending on the date 1 year after the date when the loan or loan guarantee is no longer outstanding: (1) no officer or employer of the eligible businesses whose total compensation exceeded $425,000 in 2019 (other than an employee whose compensation is determined through an existing collective bargaining agreement entered into before March 1, 2020) will receive from the eligible business total compensation (during any 12 consecutive months of such period) that exceeds the total compensation received by the officer or employee from the eligible business in 2019 or will receive from the eligible business severance pay or other benefits upon termination of employment that exceeds twice the maximum total compensation received by the officer or employee from the eligible business in 2019; and (2) no officer or employee of the eligible business whose total compensation exceeded $3 million in calendar year 2019 may receive during any 12 consecutive months of such period the total compensation in excess of the sum of $3 million and 50% of the excess over $3 million of the total compensation received by the officer or employee from the eligible business in 2019. “Total Compensation” is defined as the salary, bonuses, awards of stock, and other financial benefits provided by an eligible business to an officer or employee of the eligible business.
4008	Debt Guarantee Authority	Authorizes the Federal Deposit Insurance Corporation (FDIC) to temporarily establish a debt guarantee program to guarantee debt of solvent insured depositories and depository institution holding companies. Noninterest-bearing transaction accounts may be treated as a debt guarantee program. The National Credit Union Administration (NCUA) is given authority to temporarily increase share insurance coverage for noninterest-bearing transaction accounts. Such authorities, programs, guarantees, and increases shall terminate no later than December 31, 2020.	Section 1105 of the Dodd-Frank Wall Street Reform and Consumer Protection Act Federal Credit Union Transaction Account Guarantees	Amends section 1105 of the Dodd-Frank Wall Street Reform and Consumer Protection Act: “In subsection (f) — inserting ‘in noninterest-bearing transaction accounts’ after ‘institutions’; replacing ‘shall not’ with ‘may’ Adds the following: ‘(h) Approval of Guarantee Program During the COVID-19 Crisis — (1) Approves the Federal Deposit Insurance Corporation upon enactment of this act to establish a program, provided that any such program and any such guarantee shall terminate no later than December 31, 2020, and (2) any debt guarantee program authorized by this subsection shall include a maximum amount of outstanding debt that is guaranteed.” The National Credit Union Administration Board may by a vote of the Board, increase to unlimited, or such lower amount as the Board approves, the share insurance coverage provided by the National Credit Union Share Insurance Fund on any noninterest-bearing transaction account in any federally insured credit union without exception, provided that such an increase shall terminate no later than December 31, 2020.
4010	Temporary Hiring Flexibility.	Temporarily provides the Department of Housing and Urban Development (HUD), the U.S. Securities and Exchange Commission (SEC), and the Commodity Futures Trading Commission (CFTC) additional hiring flexibility upon a determination by the respective agency heads that an expedited recruitment process is necessary and appropriate to respond to the coronavirus. Such authority expires at the earlier of December 31, 2020, or agency heads that an expedited recruitment process is necessary and appropriate to respond to the coronavirus terminated.	Definition Authority	“Covered period” means the period beginning on the date of enactment of this act and ending the sooner of (1) the date on which the national emergency concerning COVID-19 ends or (2) December 31, 2020. During the covered period, the Secretary of Housing and Urban Development, the SEC, and the Commodity Futures Trading Commission may recruit and appoint candidates to fill temporary and term appointments within their respective agencies upon a determination that those expedited procedures are necessary and appropriate to enable the respective agencies to prevent, prepare for, or respond to COVID –19.
4011	Temporary Lending Limit Waiver.	Temporarily provides a nonbank financial company an exception to the OCC’s lending limits aligned with the exception for financial companies, and temporarily authorizes the Comptroller of the Currency to exempt any transaction from the lending limits, if the exemption is in the public interest. The temporary exemption from lending limits and authorization to exempt transactions expires at the earlier of December 31, 2020, or the date on which the national emergency declaration related to coronavirus is terminated.	In General Effective Period	Amends section 5200 of the Revised Statutes of the United States by: (1) inserting ‘any nonbank financial company’ after ‘Loans or extensions of credit to’ in subsection(c)(7) and (2) adding “The Comptroller of the Currency may, by order, exempt any transaction or series of transactions from the requirements of this section upon a finding by the Comptroller that such exemption is in the public interest and consistent with the purposes of this section’ in subsection (d). This section and its amendments shall be effective during the period of the date of enactment of this Act and ending the sooner of: (1) the date on which the national emergency concerning COVID-19 ends or (2) December 31, 2020.
4012	Temporary Relief for Community Banks.	Requires the Federal banking agencies by interim rule to temporarily reduce the Community Bank Leverage Ratio (CBLR) for qualifying community banks from 9 percent to 8 percent, and provide for a reasonable grace period if a community bank’s CBLR falls below the prescribed level. The interim rule expires at the earlier of December 31, 2020, or the date on which the national emergency declaration related to coronavirus is terminated.	Definitions Interim Rule Grace Period	“Appropriate Federal Banking Agency” has the meaning given the term in section 2 of the Economic Growth, Regulatory Relief and Consumer Protection Act. “Community Bank Leverage Ratio” and “qualifying community bank” have the meaning given the terms in section 201(a) of the Economic Growth, Regulatory Relief and Consumer Protection Act. (1) In General — the appropriate Federal banking agencies shall issue and interim final rule that provides that: (1) the Community Bank Leverage Ratio shall be 8%; and (2) a qualifying community bank that falls below the Community Bank Leverage Ratio shall have a reasonable grace period to satisfy the Ratio. (2) Effective Period — the interim rule (1) shall be effective during the perioding beginning on the date on which the appropriate Federal banking agencies issue the rule and ending on the sooner of — (a) the date on which the national emergency concerning COVID-19 ends or (b) December 31, 2020. During a grace period a qualifying community bank to which the grace period applies may continue to be treated as a qualifying community bank and shall be presumed to satisfy the capital and leverage requirements described in the Economic Growth, Regulatory Relief and Consumer Protection Act.
4013	Temporary Relief from Troubled Debt Restructurings.	A financial institution may elect to suspend requirements under U.S. Generally Accepted Accounting Principles for loan modifications related to the coronavirus pandemic, and suspend any such determination regarding loans modified as a result of the effects of the coronavirus. Federal banking agencies and the NCUA must defer to a financial institution to make a suspension. Such election may begin on March 1, 2020 and last no later than 60 days after the lifting of the coronavirus national health emergency.	Definitions Suspension Deference Records	“Applicable Period” means the period beginning on March 1, 2020 and ending on the earlier of December 31, 2020 or the date that is 60 days after the date on which the COVID-19 national emergency ends. “appropriate Federal banking agency” — (a) has the meaning given the term in section 3 of the Federal Deposit Insurance Act, and (b) include the National Credit Union Administration. (1) In General — during the applicable period, a financial institution may elect to: (a) suspend the requirements under United States GAAP for loan modifications related to COVID-19 that would otherwise be categorized as troubled debt restructuring. (2) Applicability — any suspension under paragraph (1) (a) shall be applicable for the term of loan modification, but solely with respect to any modification including a forbearance arrangement, an interest rate modification, a repayment plan, and any other similar arrangement that defers or delays any other similar arrangement that defers or delays the payment of principle interest, that occurs during the applicable period for a loan that was not more than 30 days past due as of December 31, 2019; and (b) shall not apply to any adverse impact on the credit of a borrower that is not related to COVID-19. The appropriate Federal banking agency of the financial institution shall defer to the determination of the financial institution to make a suspension. For modified loans for which suspensions apply: (1) financial institutions should continue to maintain records of the volume of loans involved; and (2) the appropriate Federal banking agencies may collect data about such loans for supervisory purposes.
4017	Increasing Access to Materials Necessary for National Security and Pandemic Recovery.	Waives for a two-year period the requirement for a separate act of Congress to authorize certain projects exceeding $50 million and the requirement that any amounts unused in the Defense Production Act Fund at the end of the fiscal year that exceed $750 million be swept and returned to the Treasury’s General Fund. This Section also waives for one year following enactment the requirement for a 30-day layover after Presidential notification to Congress before a project may start and the requirement that Congress separately authorize certain projects exceeding $50 million in aggregate cost.		(1) during the 2-year period beginning on the date of enactment of this Act, the requirements described in sections 303(a)(6)(C) and 304(e) of the Defense Production Act of 1950 shall not apply; and (2) during the 1-year period beginning on the date of enactment of this Act, the requirements described in sections 302(d)(1) and 303 (a)(6)(B) of the Defense Production Act of 1950 shall not apply.
4019	Conflicts of Interest.	Any company in which the President, Vice President, an executive department head, Member of Congress, or any of such individual’s spouse, child, son-in-law, or daughter-in-law own over 20 percent of the outstanding voting stock shall not be eligible for loans, loan guarantees, or other investments provided under this Title.	Definitions Prohibition Requirement	“Controlling Interest” means owning, controlling, or holding not less than 20%, by vote or value, individually or for any covered individual in the aggregate with any other covered individual, of any class of equity interest in an entity. “Covered entity” means an entity in which a covered individual directly or indirectly holds a controlling interest “Covered individual” means (A) the President, the Vice President, the head of an Executive department, or a Member of Congress; and (B) the spouse, child, son-in-law, or daughter-in-law, as determined under applicable common law, of an individual. “Equity interest” means (A) a share in an entity, without regard to whether the share is— (i) transferable; or  (ii) classified as stock or anything similar;  (B) an interest in a limited liability company or of a limited partner in a limited partnership; or a warrant or right, other than a right to convert, to purchase, sell, or subscribe to a share or interest. “Executive Department” has the meaning given the term in section 101 of title 5, USC. “Member of Congress” means a member of the Senate or House of Representatives, a Delegate to the House of Representatives, and the Resident Commissioner from Puerto Rico. No covered entity may be eligible for any transaction described in section 4003. The principal executive officer and the principal financial officer, or individuals performing similar functions, of an entity seeking to enter a transaction under section 4003 shall certify to the Secretary and the Board of Governors of the Federal Reserve System that the entity is eligible to engage in that transaction, including that the entity is not a covered entity before the transaction is approved.
4021	Credit Protection During Covid-19.	This section requires that furnishers to credit reporting agencies who agree to account forbearance, or agree to modified payments with respect to an obligation or account of a consumer that has been impacted by COVID-19, report such obligation or account as “current” or as the status reported prior to the accommodation during the period of accommodation unless the consumer becomes current. This applies only to accounts for which the consumer has fulfilled requirements pursuant to the forbearance or modified payment agreement. Such credit protection is available beginning January 31, 2020 and ends at the later of 120 days after enactment or 120 days after the date the national emergency declaration related to the coronavirus is terminated.	Definitions  Reporting Exception	“Accommodation” includes an agreement to defer 1 or more payments, make a partial payment, forbear any delinquent amounts, modify a loan or contract, or any other assistance or relief granted to a consumer who is affected by the coronavirus disease 2019 (COVID-19) pandemic during the covered period. “Covered period” means the period beginning on January 31, 2020 and ending on the later of – (aa) 120 days after the date of enactment of this subparagraph; or (bb) 120 days after the date on which the national emergency concerning the novel coronavirus disease (COVID-19) outbreak declared by the President on March 13, 2020 under the National Emergencies Act terminates.   Except as provided in clause (iii), if a furnisher makes an accommodation with respect to 1 or more payments on a credit obligation or account of a consumer, and the consumer makes the payments or is not required to make 1 or more payments pursuant to the accommodation, the furnisher shall – (I) report the credit obligation or account as current; or (II) if the credit obligation or account was delinquent before the accommodation – (aa) maintain the delinquent status during the period in which the accommodation is in effect; and (bb) if the consumer brings the credit obligation or account current during the period described in item (aa), report the credit obligation or account as current. Clause (ii) shall not apply with respect to a credit obligation or account of a consumer that has been charged-off.
4022	Foreclosure Moratorium and Consumer Right to Request Forbearance.	Prohibits foreclosures on all federally-backed mortgage loans for a 60-day period beginning on March 18, 2020. Provides up to 180 days of forbearance for borrowers of a federally-backed mortgage loan who have experienced a financial hardship related to the COVID-19 emergency. Applicable mortgages included those purchased by Fannie Mae and Freddie Mac, insured by HUD, VA, or USDA, or directly made by USDA. The authority provided under this section terminates on the earlier of the termination date of the national emergency concerning the coronavirus or December 31, 2020.	Definitions Forbearance Duration of Forbearance Accrual of interest or fees Requirements for Servicers Notification Foreclosure Moratorium Enforcement	“Federally backed mortgage loan” includes any loan which is secured by a first or subordinate lien on residential real property (including individual units of condominiums and cooperatives) designed principally for the occupancy of from 1 to 4 families that is – (A) insured by the Federal Housing Administration under title II of the National Housing Act; (B) insured under section 255 of the National Housing Act; (C) guaranteed under section 184 or 184A of the Housing and Community Development Act of 1992; (D) guaranteed or insured by the Department of Veterans Affairs; (E) guaranteed or insured by the Department of Agriculture; (F) made by the Department of Agriculture; or (G) purchased or securitized by the Federal Home Loan Mortgage Corporation or the Federal National Mortgage Association. “Financial hardship” means an inability to meet basic living expenses for goods and services necessary for the borrower and his or her spouse and dependents. During the covered period, a borrower with a Federally backed mortgage loan experiencing a financial hardship due, directly or indirectly, to the COVID-19 emergency may request forbearance on the Federally backed mortgage loan, regardless of delinquency status, by – (A) submitting a request to the borrower’s servicer; and (B) affirming that the borrower is experiencing a financial hardship during the COVID-19 emergency. Upon a request by a borrower for forbearance under para-graph (1), such forbearance shall be granted for up to 60 days, and shall be extended for up to 4 periods of 30 days each at the request of the borrower, provided that, the borrower’s request for an extension is made during the covered period, and, at the borrower’s request, either the initial or extended period of forbearance may be shortened. During a period of forbearance described in this subsection, no fees, penalties, or interest beyond the amounts scheduled or calculated as if the borrower made all contractual payments on time and in full under the terms of the mortgage contact, shall accrue on the borrower’s account. Upon receiving a request for forbearance from a borrower under subsection (b), the servicer shall – (A) with no additional documentation required other than the borrower’s attestation to a financial hardship caused by the COVID-19 emergency and with no fees, penalties, or interest (beyond the amounts scheduled or calculated as if the borrower made all contractual payments on time and in full under the terms of the mortgage contract) charged to the borrower in connection with the forbearance, provide the forbearance for up to 60 days, which may be extended for up to 4 periods of 30 days each at the request of the borrower, provided that, the borrower’s request for an extension is made during the covered period, and, at the borrower’s request, either the initial or extended period of forbearance may be shortened; (B) while such forbearance is in effect, pay or advance funds to make disbursements in a timely manner from any escrow account established on the mortgage loan, and maintain regular communication with such borrower; and (C) before the end of such forbearance, evaluate the borrower’s ability to return to making regular mortgage payments, and based on that evaluation; (D) if the borrower is able to return to making regular mortgage payments at the end of the forbearance period, at the borrower’s request and in accordance with the borrower’s choice – (i) reinstate the loan with no penalties, fees, or interest accrued beyond the amounts scheduled or calculated as if the borrower made all contractual payments on time and in full under the terms of the mortgage contract and with no modification fees charged to the borrower; (ii) provide a written repayment plan with no penalties, fees, or interest accrued beyond the amounts scheduled or calculated as if the borrower made all contractual payments on time and in full under the terms of the mortgage contract and with no modification fees charged to the borrower; or (iii)(I) at the borrower’s request, modify the borrower’s loan to extend the term for a period that is at least the same period as the length of the forbearance, with all payments that were not made during the forbearance distributed across the payments added by the extension at the same intervals as the borrower’s existing payment schedule and evenly distributed  across those intervals, with no penalties, fees, or interest accrued beyond the amounts scheduled or calculated as if the borrower made all contractual payments on time and in full under the terms of the mortgage contract and with no modification fees charged to the borrower; and (II) notify the borrower in writing of the extension, including provision of a new payment schedule and date of maturity, and that the borrower shall have the election of prepaying the forborne payments at any time, in a lump sum other otherwise; (iv)(I) if the borrower elects to modify the loan to capitalize a resulting escrow shortage or deficiency, the servicer may modify the borrower’s loan by re-amortizing the principal balance and extending the term of the loan sufficient to maintain the regular mortgage payments, with no penalties, fees, or interest accrued beyond the amounts scheduled or calculated as if the borrower made all contractual payments on time and in full under the terms of the mortgage contract and with no modification fees charged to the borrower; and (II) notify the borrower in writing of the extension, including provisions of a new payment schedule and date of maturity, and that the borrower shall have the election of prepaying the suspended payments at any time, in a lump sum other otherwise; or (v) if the borrower is financially unable to return to making regular mortgage payments at the end of the forbearance period and if the borrower elects, or if the borrower is able to return to making regular mortgage payments but so elects – (I) evaluate the borrower for all loan modification options without regard to whether the borrower has previously requested, been offered, or provided a loan modification or other loss mitigation option, including – (aa) further extending the borrower’s repayment period; or (bb) other modification options available to the servicer under the terms of their loan and existing laws and policies; and (II) if the borrower qualifies for such a modification, modify the borrower’s loan to provide a loan with such terms as to provide an affordable payment, with no penalties, additional interest beyond the amounts scheduled to calculated as if the borrower made all contractual payments on time and in full under the terms of the mortgage contact in effect at the time the borrower entered into the forbearance, and with no modification fees charged to the borrower. Each servicer of a Federally backed mortgage loan shall notify the borrower of their right to request forbearance under this section throughout the period of the COVID-19 emergency – (i) on, or accompanying, each periodic statement provided to the borrower; and (ii) in any oral or written communication by the servicer with or to the borrower. Except with respect to a vacant or abandoned property, a servicer of a Federally backed mortgage loan may not initiate any judicial or non-judicial foreclosure process, move for a foreclosure judgment or order of sale, or execute a foreclosure-related eviction or foreclosure sale for not less than 6—day period beginning on March 18, 2020. The provisions of this section shall be enforceable using the remedies available – (1) to the Federal agency insurer, guarantor, originator, or purchaser of the Federally backed mortgage loan; and (2) under the Real Estate Settlement Procedures Act of 1974.
4023	Forbearance of Residential Mortgage Loan Payments for Multifamily Properties with Federally Backed Loans.	Provides up to 90 days of forbearance for multifamily borrowers with a federally backed multifamily mortgage loan who have experienced a financial hardship. Borrowers receiving forbearance may not evict or charge late fees to tenants for the duration of the forbearance period. Applicable mortgages include loans to real property designed for 5 or more families that are purchased, insured, or assisted by Fannie Mae, Freddie Mac, or HUD. The authority provided under this section terminates on the earlier of the termination date of the national emergency concerning the coronavirus or December 31, 2020.	In General Request for Relief  Forbearance Period Right to Discontinue Renters Protections During Forbearance Notice Definitions	During the covered period, a multifamily borrower with a Federally backed multifamily mortgage loan experiencing a financial hardship due, directly or indirectly, to the COVID-19 emergency may request a forbearance under the terms set forth in this section. A multifamily borrower with a Federally backed multifamily mortgage loan that was current on its payments as of February 1, 2020, may submit an oral or written request for forbearance under subsection (a) to the borrower’s servicer affirming that the multifamily borrower is experiencing a financial hardship during the COVID-19 emergency. Upon receipt of an oral or written request for forbearance from a multifamily borrower, a service shall – (A) document the financial hardship; (B) provide the forbearance for up to 30 days; and (C) extend the forbearance for up to 2 additional 30-day periods upon the request of the borrower provided that, the borrower’s request for an extension is made during the covered period, and, at least 15 days prior to the end of the forbearance period described under subparagraph (B). A multifamily borrower shall have the option to discontinue the forbearance at any time. A multifamily borrower that receives a forbearance under this section may not, for the duration of the forbearance – (1) evict or initiate the eviction of a tenant from a dwelling unit located in or on the applicable property solely for nonpayment of rent or other fees or charges; or (2) charge any late fees, penalties, or other charges to a tenant described in paragraph (1) for late payment of rent. A multifamily borrower that receives a forbearance under this section – (1) may not require a tenant to vacate a dwelling unit located in or on the applicable property before the date that is 30 days after the date on which the borrower provides the tenant with a notice to vacate; and (2) may not issue a notice to vacate under paragraph (1) until after the expiration of the forbearance. “Applicable property”, with respect to a Federally backed multifamily mortgage loan, means the residential multifamily property against which the mortgage loan is secured by a lien. “COVID-19 emergency” means the national emergency concerning the novel coronavirus disease (COVID-19) outbreak declared by the President on March 13, 2020 under the National Emergencies Act. “Covered period” means the period beginning on the date of enactment of this Act and ending on the sooner of – (A) the termination date of the national emergency concerning the novel coronavirus disease (COVID-19) outbreak declared by the President on March 12, 2020 under the National Emergencies Act; or (2) December 31, 2020.
4024	Temporary Moratorium on Eviction Filings.	For 120 days beginning on the date of enactment, landlords are prohibited from initiating legal action to recover possession of a rental unit or to charge fees, penalties, or other charges to the tenant related to such nonpayment of rent where the landlord’s mortgage on that property is insured, guaranteed, supplemented, protected, or assisted in any way by HUD, Fannie Mae, Freddie Mac, the rural housing voucher program, or the Violence Against Women Act of 1994.	Definitions  Moratorium Notice	“Covered dwelling” means a dwelling that – (A) is occupied by a tenant, (i) pursuant to a residential lease; or (ii) without a lease or with a lease terminable under State law; and (B) is on or in a covered property. “Covered property” means any property that – (A) participates in, (i) a covered housing program (as defined in 34 U.S.C. 12491(a)); or (ii) the rural housing voucher program under 42 U.S.C. 1490r; or (B) has a – (i) Federally backed mortgage loan; or (ii) Federally backed multifamily mortgage loan. “Federally backed mortgage loan” includes any loan (other than temporary financing such as a construction loan) that – (A) is secured by a first or subordinate lien on residential real property (including individual units of condominiums and cooperatives) designed principally for the occupancy of from 1 to 4 families, including any such secured loan, the proceeds of which are used to prepay or pay off existing loan secured by the same property; and (B) is made in whole or in part, or insured, guaranteed, supplemented, or assisted in any way, by and officer or agency of the Federal Government or under or in connection with a housing or urban development program administered by the Secretary of Housing and Urban Development or a housing or related program administered by any other such officer or agency, or is purchases or securitized by the Federal Home Loan Mortgage Corporation or the Federal National Mortgage Association. “Federally backed multifamily mortgage loan” includes any loan (other than temporary financing such as a construction loan) that – (A) is secured by a first or subordinate lien on residential multifamily real property designed principally for the occupancy of 5 or more families, including any such secured loan, the proceeds of which are sued to prepay or pay off an existing loan secured by the same property; and (B) is made in whole or in part, or insured, guaranteed, supplemented, or assisted in any way, by and officer or agency of the Federal Government or under or in connection with a housing or urban development program administered by the Secretary of Housing and Urban Development or a housing or related program administered by any other such officer or agency, or is purchases or securitized by the Federal Home Loan Mortgage Corporation or the Federal National Mortgage Association. During the 120-day period beginning on the date of enactment of this Act, the lessor of a covered dwelling may not – (1) make, or cause to be made, any filing with the court of jurisdiction to initiate a legal action to recover possession of the covered dwelling from the tenant for nonpayment of rent or other fees or charges; or (2) charge fees, penalties, or other charges to the tenant related to such nonpayment of rent. The lessor of a covered dwelling unit – (1) may not require the tenant to vacate the covered dwelling unit before the date that is 30 days after the date on which the lessor provides the tenant with a notice to vacate; and (2) may not issue a notice to vacate under paragraph (1) unit after the expiration of the period described in subsection (b).
4026	Direct Appropriation	Authorizes the appropriation of funds necessary to implement this Title, prohibits the making of new loans after January 1, 2021, and requires any remaining funds to be transferred to the Treasury.	In General Clarification Deficit Reduction	The Treasury will appropriate $500,000,000,000 to the fund established under section 5302(a)(1) of title 31, to carry out this subtitle. On or after January 1, 2021, any remaining funds made available under section 4003(b) may be used only for: (A) modification, restructurings, or other amendments of loans, loan guarantees, or other investments in accordance with section 4028(b)(1); and (B) exercising any options, warrants, or other investments made prior to January 1, 2021; and (C) paying costs and administrative expenses as provided in section 4003(f). Any remaining funds shall be transferred to the general fund of the Treasury to be used for deficit reduction.
4027	Rule of Construction	Limits all support provided by the Department of the Treasury under this Title to loans, loan guarantees, and other investments as provided by this Title.		Nothing in this subtitle shall be construed to allow the Secretary to provide relief to eligible businesses, States, and municipalities except in the form of loans, loan guarantees, and other investments as provided in this subtitle and under terms and conditions that are in the interest of the Federal Government.
4028	Termination Authority	All authority to make new loans, loan guarantees, or other investments provided under this Title shall terminate on December 31, 2020. The duration of all loans under this Title shall not exceed five years.	In General Duration	The authority to generate new loans, except as provided in subsection (b), shall terminate on December 31, 2020. Except as provided in paragraph (2), loans or other investments outstanding may be modified, restructured, or otherwise amended, and may not be forgiven. A restructured loan may not be extended beyond five (5) years from the initial origination date.
5001	Coronavirus Relief Fund	Provides $150 billion to States, Territories, and Tribal governments to use for expenditures incurred due to the public health emergency with respect to COVID-19 in the face of revenue declines, allocated by population proportions, with a minimum of $1.25 billion for states with relatively small populations.	In General	The Social Security Act is amended by inserting after title V the following: “Title VI – Coronavirus Relief Fund”.