Professional Documents
Culture Documents
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.
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.
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.
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.
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 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)).
Allows for state STEP participants to be reimbursed for events cancelled due to COVID-
19, so long as it does not exceed their federal grant.
Section 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.
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.
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.
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.
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.
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.
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.
Terminates the authority to carry out Emergency EIDL Grants on December 30, 2020.
Adds “emergency” explicitly into other existing EIDL trigger language under Section
7(b)(2) of the Small Business Act.
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.
Section 2105. Temporary Full Federal Funding of the First Week of Compensable
Regular Unemployment for States with No Waiting Week
This section provides funding to pay the cost of the first week of unemployment benefits
through December 31, 2020 for states that choose to pay recipients as soon as they
become unemployed instead of waiting one week before the individual is eligible to
receive benefits.
Section 2106. Emergency State Staffing Flexibility
This section provides states with temporary, limited flexibility to hire temporary staff, re-
hire former staff, or take other steps to quickly process unemployment claims.
Section 2112. Waiver of the 7-day Waiting Period for Benefits under the Railroad
Unemployment Insurance Act
This section temporarily eliminates the 7-day waiting period for railroad unemployment
insurance benefits through December 31, 2020 (to make this program consistent with the
change made in unemployment benefits for states through the same period in an earlier
section of this subtitle).
Section 2113. Enhanced Benefits under the Railroad Unemployment Insurance Act
This section provides an additional $600 per week payment to each recipient of railroad
unemployment insurance or Pandemic Unemployment Assistance for up to four months
(to make this program consistent with the change made in unemployment benefits for
states in an earlier section of this subtitle).
Section 2115. Funding for the Department of Labor Office of Inspector General for
Oversight of Unemployment Provisions
This section provides the Department of Labor’s Inspector General with $25 million to
carry out audits, investigations, and other oversight of the provisions of this subtitle.
For the vast majority of Americans, no action on their part will be required in order to
receive a rebate check as IRS will use a taxpayer’s 2019 tax return if filed, or in the
alternative their 2018 return. This includes many low-income individuals who file a tax
return in order to take advantage of the refundable Earned Income Tax Credit and Child
Tax Credit. The rebate amount is reduced by $5 for each $100 that a taxpayer’s income
exceeds the phase-out threshold. The amount is completely phased-out for single filers
with incomes exceeding $99,000, $146,500 for head of household filers with one child,
and $198,000 for joint filers with no children.
Section 2204. Allowance of partial above the line deduction for charitable
contributions
The provision encourages Americans to contribute to churches and charitable
organizations in 2020 by permitting them to deduct up to $300 of cash contributions,
whether they itemize their deductions or not.
Section 2301. Employee retention credit for employers subject to closure due to
COVID-19
The provision provides a refundable payroll tax credit for 50 percent of wages paid by
employers to employees during the COVID-19 crisis. The credit is available to
employers whose (1) operations were fully or partially suspended, due to a COVID-19-
related shut-down order, or (2) gross receipts declined by more than 50 percent when
compared to the same quarter in the prior year.
The credit is based on qualified wages paid to the employee. For employers with greater
than 100 full-time employees, qualified wages are wages paid to employees when they
are not providing services due to the COVID-19-related circumstances described above.
For eligible employers with 100 or fewer full-time employees, all employee wages
qualify for the credit, whether the employer is open for business or subject to a shut-down
order. The credit is provided for the first $10,000 of compensation, including health
benefits, paid to an eligible employee. The credit is provided for wages paid or incurred
from March 13, 2020 through December 31, 2020.
Section 2305. Modification of credit for prior year minimum tax liability of
corporations
The corporate alternative minimum tax (AMT) was repealed as part of the Tax Cuts and
Jobs Act, but corporate AMT credits were made available as refundable credits over
several years, ending in 2021. The provision accelerates the ability of companies to
recover those AMT credits, permitting companies to claim a refund now and obtain
additional cash flow during the COVID-19 emergency.
Section 2308. Temporary exception from excise tax for alcohol used to produce
hand sanitizer
The provision waives the federal excise tax on any distilled spirits used for or contained
in hand sanitizer that is produced and distributed in a manner consistent with guidance
issued by the Food and Drug Administration and is effective for calendar year 2020.
Section 3102. Requiring the strategic national stockpile to include certain types of
medical supplies
Clarifies that the Strategic National Stockpile can stockpile medical supplies, such as the
swabs necessary for diagnostic testing for COVID-19.
Section 3203. Rapid coverage of preventive services and vaccines for coronavirus.
Provides free coverage without cost-sharing of a vaccine within 15 days for COVID-19
that has in effect a rating of “A” or “B” in the current recommendations of the United
States Preventive Services Task Force or a recommendation from the Advisory
Committee on Immunization Practices (ACIP).
Section 3213. Rural health care services outreach, rural health network
development, and small health care provider quality improvement grant programs.
Reauthorizes HRSA grant programs to strengthen rural community health by focusing on
quality improvement, increasing health care access, coordination of care, and integration
of services. Rural residents are disproportionately older and more likely to have a chronic
disease, which could increase their risk for more severe illness if they contract COVID-
19.
Section 3215. Limitation on liability for volunteer health care professionals during
COVID-19 emergency response.
Makes clear that doctors who provide volunteer medical services during the public health
emergency related to COVID-19 have liability protections.
Section 3216. Flexibility for members of National Health Service Corps during
emergency period.
Allows the Secretary of Health and Human Services (HHS) to reassign members of the
National Health Service Corps to sites close to the one to which they were originally
assigned, with the member’s agreement, in order to respond to the COVID-19 public
health emergency.
PART III—INNOVATION
Section 3301. Removing the cap on OTA for public health emergencies.
Allows the Biomedical Advanced Research and Development Authority (BARDA) to
more easily partner with private sector on research and development, which includes
helping to scale up manufacturing as appropriate, by removing the cap on other
transaction authority (OTA) during a public health emergency.
Title VII programs strengthen the health professions workforce to better meet the health
care needs of certain populations, such as older individuals and those with chronic
diseases, who could be at increased risk of contracting COVID-19.
Section 3514. Provisions Related to the Corporation for National and Community
Service
Provide participants serving in the National Service Corps programs with the educational
award they were due to receive before their duties had been suspended or placed on hold
during the COVID-19 declaration of disaster. Extend the age limits and the terms of
service to allow individuals serving in national service programs to continue participating
in programs after the COVID-19 declaration of disaster ends.
Section 3517. Waiver Authority and Reporting Requirements for Institutional Aid
Authorizes the Secretary of Education to waive certain outcome requirements for
FY2021 grant programs for HBCU and other Minority Serving Institutions.
Section 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.
Section 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.
Section 3704. Allowing Federally Qualified Health Centers and Rural Health
Clinics to Furnish Telehealth in Medicare
This section would allow, during the COVID-19 emergency period, Federally Qualified
Health Centers and Rural Health Clinics to serve as a distant site for telehealth
consultations. A distant site is where the practitioner is located during the time of the
telehealth service. This section would allow FQHCs and RHCs to furnish telehealth
services to beneficiaries in their home. Medicare would reimburse for these telehealth
services based on payment rates similar to the national average payment rates for
comparable telehealth services under the Medicare Physician Fee Schedule. It would
also exclude the costs associated with these services from both the FQHC prospective
payment system and the RHC all-inclusive rate calculation.
Section 3706. Allowing for the Use of Telehealth during the Hospice Care
Recertification Process in Medicare
Under current law, hospice physicians and nurse practitioners cannot conduct
recertification encounters using telehealth. This section would allow, during the
COVID-19 emergency period, qualified providers to use telehealth technologies in
order to fulfill the hospice face-to-face recertification requirement.
Section 3713. Eliminating Medicare Part B Cost-Sharing for the COVID-19 Vaccine
This section would enable beneficiaries to receive a COVID-19 vaccine in Medicare
Part B with no cost-sharing.
Section 3714. Allowing Up to 3-Month Fills and Refills of Covered Medicare Part D
Drugs
This section would require that Medicare Part D plans provide up to a 90-day supply
of a prescription medication if requested by a beneficiary during the COVID-19
emergency period.
Section 3831. Extension for community health centers, the National Health Services
Corps, and teaching health centers that operate GME programs
Extends mandatory funding for community health centers, the National Health Service
Corps, and the Teaching Health Center Graduate Medical Education Program at current
levels through November 30, 2020.
Section 3851. Regulation of certain nonprescription drugs that are marketed with
an approved drug application
Reforms the regulatory process for over-the-counter (OTC) drug monographs by
allowing the Food and Drug Administration (FDA) to approve changes OTC drugs
administratively, rather than going through a full notice and comment rulemaking.
Currently, FDA can approve all other drugs without going through a full notice and
comment rulemaking, and this legislation makes sure OTC medicines receive the same
treatment as other drugs. Incentivizes companies to create more innovative products by
providing an 18-month market-exclusivity component that rewards a return on
investment for new OTC drugs.
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.
Section 4014. Optional Temporary Relief from Current Expected Credit Losses.
An insured depository institution (including a credit union), bank holding company, or
any of its affiliates has the option to temporarily delay measuring credit losses on
financial instruments under the new Current Expected Credit Losses methodology. Such
option to delay expires at the earlier of December 31, 2020, or the date on which the
national emergency declaration related to coronavirus is terminated.
Section 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.
The Panel may hold hearings, take testimony, and secure from any federal department or
agency information it deems necessary to carry out its responsibility. The Panel is
required to submit reports to Congress every 30 days specifying:
(1) The impact of purchases made under this Title on the financial well-being of
the people of the United States, financial markets, and financial institutions;
(2) The extent to which the information made available on transactions under this
Title has contributed to market transparency; and
(3) The effectiveness of loans, loan guarantees, and investments made under this
title of minimizing long-term costs to the taxpayer and maximizing the benefits
for taxpayers.
Defines the terms and conditions of financial assistance to be used, including such
covenants, representations, warranties, and requirements (including requirements for
audits), as the Secretary of the Treasury determines appropriate.
Requires the Secretary to publish procedures within five days for air carriers and
contractors to submit financial assistance requests under this subtitle.
Requires the Secretary to make initial payments to air carriers and contractors that
request financial assistance within 10 days.
If the Secretary determines that the aggregate amount of financial assistance requested
exceeds the amount available, the Secretary shall provide proportionate share of the
formula derived above.
Requires the Inspector General of the Department of Treasury audit certifications made
by small air carriers and contractors.
Authorizes the Secretary of Transportation to require, to the extent practicable, that air
carriers receiving financial support continue services to any point served by that carrier
before March 1, 2020.
Requires the Secretary of Transportation to take into consideration the air transportation
needs of small and remote communities and the need health care and pharmaceutical
supply chains.
Defines the period of time for the application of this subsection that begins on the date
which the carrier or contractor access financial assistance and ends on September 30,
2020.
Pay above $425,000 is frozen for two years. No retirement or severance packages can
exceed twice the maximum total compensation during 2019. Further, no officer or
employee whose total compensation exceeded $3,000,000 in 2019 may receive in excess
of $3,000,000 and 50 percent of the excess over $3,000,000 of the total compensation
received in 2019.
Defines “total compensation” to include salary, bonuses, awards of stock, and other
financial benefits.
Section 6001. COVID-19 Borrowing Authority for the United States Postal Service
Provides $10b of borrowing authority for the USPS to respond to effects of coronavirus
while preserving the authority of the Treasury to set the terms of the loan. Treasury
Department also has the ability to only provide the loan as-needed in the event that costs
or revenues continue to suffer resulting from coronavirus.