American Rescue Plan Act of 2021
Title V – Committee on Small Business and Entrepreneurship
TITLE V—COMMITTEE ON SMALL
BUSINESS AND ENTREPRENEURSHIP
LOANS UNDER THE PAYCHECK PROTECTION PROGRAM.—
Act (15 U.S.C. 636(a)(36)), as amended by the Economic Aid
H. R. 1319—79
to Hard-Hit Small Businesses, Nonprofits, and Venues Act (title
III of division N of Public Law 116–260), is amended—
(A) in subparagraph (A)—
(i) in clause (xv), by striking ‘‘and’’ at the end;
(ii) in clause (xvi), by striking the period at the
end and inserting ‘‘; and’’; and
(iii) by adding at the end the following:
‘‘(xvii) the term ‘additional covered nonprofit
entity’—
‘‘(I) means an organization described in any
paragraph of section 501(c) of the Internal Revenue
Code of 1986, other than paragraph (3), (4), (6),
or (19), and exempt from tax under section 501(a)
of such Code; and
‘‘(II) does not include any entity that, if the
entity were a business concern, would be described
in section 120.110 of title 13, Code of Federal
Regulations (or in any successor regulation or
other related guidance or rule that may be issued
by the Administrator) other than a business concern
described in paragraph (a) or (k) of such
section.’’; and
(B) in subparagraph (D)—
(i) in clause (iii), by adding at the end the following:
‘‘(III) ELIGIBILITY OF CERTAIN ORGANIZATIONS.—
Subject to the provisions in this subparagraph,
during the covered period—
‘‘(aa) a nonprofit organization shall be
eligible to receive a covered loan if the nonprofit
organization employs not more than 500
employees per physical location of the
organization; and
‘‘(bb) an additional covered nonprofit
entity and an organization that, but for subclauses
(I)(dd) and (II)(dd) of clause (vii), would
be eligible for a covered loan under clause
(vii) shall be eligible to receive a covered loan
if the entity or organization employs not more
than 300 employees per physical location of
the entity or organization.’’; and
(ii) by adding at the end the following:
‘‘(ix) ELIGIBILITY OF ADDITIONAL COVERED NONPROFIT
ENTITIES.—An additional covered nonprofit
entity shall be eligible to receive a covered loan if—
‘‘(I) the additional covered nonprofit entity
does not receive more than 15 percent of its
receipts from lobbying activities;
‘‘(II) the lobbying activities of the additional
covered nonprofit entity do not comprise more than
15 percent of the total activities of the organization;
‘‘(III) the cost of the lobbying activities of the
additional covered nonprofit entity did not exceed
$1,000,000 during the most recent tax year of the
additional covered nonprofit entity that ended
prior to February 15, 2020; and
H. R. 1319—80
‘‘(IV) the additional covered nonprofit entity
employs not more than 300 employees.’’.
(37)(A)(i) of section 7(a) of the Small Business Act (15 U.S.C.
636(a)), as added by the Economic Aid to Hard-Hit Small
Businesses, Nonprofits, and Venues Act (title III of division
N of Public Law 116–260), is amended by inserting ‘‘ ‘additional
covered nonprofit entity’,’’ after ‘‘the terms’’.
COVERED LOANS UNDER THE PAYCHECK PROTECTION PROGRAM.—
Act (15 U.S.C. 636(a)(36)(D)), as amended by subsection (a),
is further amended—
(A) in clause (iii), by adding at the end the following:
‘‘(IV) ELIGIBILITY OF INTERNET PUBLISHING
ORGANIZATIONS.—A business concern or other
organization that was not eligible to receive a covered
loan the day before the date of enactment
of this subclause, is assigned a North American
Industry Classification System code of 519130, certifies
in good faith as an Internet-only news publisher
or Internet-only periodical publisher, and
is engaged in the collection and distribution of
local or regional and national news and information
shall be eligible to receive a covered loan
for the continued provision of news, information,
content, or emergency information if—
‘‘(aa) the business concern or organization
employs not more than 500 employees, or the
size standard established by the Administrator
for that North American Industry Classification
code, per physical location of the business
concern or organization; and
‘‘(bb) the business concern or organization
makes a good faith certification that proceeds
of the loan will be used to support expenses
at the component of the business concern or
organization that supports local or regional
news.’’;
(B) in clause (iv)—
(i) in subclause (III), by striking ‘‘and’’ at the end;
(ii) in subclause (IV)(bb), by striking the period
at the end and inserting ‘‘; and’’; and
(iii) by adding at the end the following:
‘‘(V) any business concern or other organization
that was not eligible to receive a covered
loan the day before the date of enactment of this
subclause, is assigned a North American Industry
Classification System code of 519130, certifies in
good faith as an Internet-only news publisher or
Internet-only periodical publisher, and is engaged
in the collection and distribution of local or
regional and national news and information, if
the business concern or organization—
‘‘(aa) employs not more than 500
employees, or the size standard established
by the Administrator for that North American
H. R. 1319—81
Industry Classification code, per physical location
of the business concern or organization;
and
‘‘(bb) is majority owned or controlled by
a business concern or organization that is
assigned a North American Industry Classification
System code of 519130.’’;
(C) in clause (v), by striking ‘‘clause (iii)(II), (iv)(IV),
or (vii)’’ and inserting ‘‘subclause (II), (III), or (IV) of clause
(iii), subclause (IV) or (V) of clause (iv), clause (vii), or
clause (ix)’’; and
(D) in clause (viii)(II)—
(i) by striking ‘‘business concern made eligible by
clause (iii)(II) or clause (iv)(IV) of this subparagraph’’
and inserting ‘‘business concern made eligible by subclause
(II) or (IV) of clause (iii) or subclause (IV) or
(V) of clause (iv) of this subparagraph’’; and
(ii) by inserting ‘‘or organization’’ after ‘‘business
concern’’ each place it appears.
7(a)(37)(A)(iv)(II) of the Small Business Act, as amended by
the Economic Aid to Hard-Hit Small Businesses, Nonprofits,
and Venues Act (title III of division N of Public Law 116–
260), is amended by striking ‘‘clause (iii)(II), (iv)(IV), or (vii)’’
and inserting ‘‘subclause (II), (III), or (IV) of clause (iii), subclause
(IV) or (V) of clause (iv), clause (vii), or clause (ix)’’.
ASSISTANCE.—
the Small Business Act (as redesignated, transferred, and
amended by section 304(b) of the Economic Aid to Hard-Hit
Small Businesses, Nonprofits, and Venues Act (Public Law
116–260)) is amended—
(A) by striking ‘‘CARES Act or’’ and inserting ‘‘CARES
Act,’’; and
(B) by inserting before the period at the end the following:
‘‘, or premiums taken into account in determining
the credit allowed under section 6432 of the Internal Revenue
Code of 1986’’.
7(a)(37)(J)(iii)(I) of the Small Business Act, as amended
by the Economic Aid to Hard-Hit Small Businesses, Nonprofits,
and Venues Act (title III of division N of Public Law 116–
260), is amended—
(A) by striking ‘‘or’’ at the end of item (aa);
(B) by striking the period at the end of item (bb)
and inserting ‘‘; or’’; and
(C) by adding at the end the following new item:
‘‘(cc) premiums taken into account in
determining the credit allowed under section
6432 of the Internal Revenue Code of 1986.’’.
shall apply only with respect to applications for forgiveness
of covered loans made under paragraphs (36) or (37)
of section 7(a) of the Small Business Act, as amended by the
Economic Aid to Hard-Hit Small Businesses, Nonprofits, and
Venues Act (title III of division N of Public Law 116–260),
H. R. 1319—82
that are received on or after the date of the enactment of
this Act.
CARES Act (Public Law 116–136) is amended by striking
‘‘$806,450,000,000’’ and inserting ‘‘$813,700,000,000’’.
available, there is appropriated to the Administrator of
the Small Business Administration for fiscal year 2021, out
of any money in the Treasury not otherwise appropriated,
$7,250,000,000, to remain available until expended, for carrying
out this section.
the Small Business Administration; and
the meanings given the terms in section 331(a) of the Economic
Aid to Hard-Hit Small Businesses, Nonprofits, and Venues
Act (title III of division N of Public Law 116–260).
there is appropriated to the Administrator for fiscal year
2021, out of any money in the Treasury not otherwise appropriated,
$15,000,000,000—
(A) $10,000,000,000 to make payments to covered entities
that have not received the full amounts to which
the covered entities are entitled under section 331 of the
Economic Aid to Hard-Hit Small Businesses, Nonprofits,
and Venues Act (title III of division N of Public Law 116–
260); and
(B) $5,000,000,000 to make payments under section
1110(e) of the CARES Act (15 U.S.C. 9009(e)), each of
which shall be—
(i) made to a covered entity that—
(I) has suffered an economic loss of greater
than 50 percent; and
(II) employs not more than 10 employees;
(ii) in an amount that is $5,000; and
(iii) with respect to the covered entity to which
the payment is made, in addition to any payment
made to the covered entity under section 1110(e) of
the CARES Act (15 U.S.C. 9009(e)) or section 331
of the Economic Aid to Hard-Hit Small Businesses,
Nonprofits, and Venues Act (title III of division N
of Public Law 116–260).
Administrator of the Small Business Administration.
means a business in which an eligible entity has an equity
or right to profit distributions of not less than 50 percent,
or in which an eligible entity has the contractual authority
to control the direction of the business, provided that such
affiliation shall be determined as of any arrangements or agreements
in existence as of March 13, 2020.
the period—
(A) beginning on February 15, 2020; and
(B) ending on December 31, 2021, or a date to be
determined by the Administrator that is not later than
2 years after the date of enactment of this section.
cart, caterer, saloon, inn, tavern, bar, lounge, brewpub,
tasting room, taproom, licensed facility or premise of a
beverage alcohol producer where the public may taste,
sample, or purchase products, or other similar place of
business in which the public or patrons assemble for the
primary purpose of being served food or drink;
that is located in an airport terminal or that is a Tribally owned
concern; and
business;
(together with any affiliated business) more than
20 locations, regardless of whether those locations
do business under the same or multiple names;
or
received a grant under section 324 of the Economic
Aid to Hard-Hit Small Businesses, Nonprofits, and
Venues Act (title III of division N of Public Law
116–260); or
‘‘issuer’’, and ‘‘security’’ have the meanings given those terms
in section 3(a) of the Securities Exchange Act of 1934 (15
U.S.C. 78c(a)).
Fund established under subsection (b).
related revenue loss’’ means, with respect to an eligible
entity—
(D), the gross receipts, as established using such
verification documentation as the Administrator may
require, of the eligible entity during 2020 subtracted from
the gross receipts of the eligible entity in 2019, if such
sum is greater than zero;
entirety of 2019—
average monthly gross receipts of the eligible
entity in 2019 by 12; and
average monthly gross receipts of the eligible
entity in 2020 by 12; or
by the Administrator;
on January 1, 2020, and ending on the day before
the date of enactment of this section—
that were incurred by the eligible entity minus any
gross receipts received; or
by the Administrator; or
the date of application for a grant under subsection (c),
but has incurred expenses described in subsection (c)(5)(A)
as of the date of enactment of this section—
by the Administrator.
For purposes of this paragraph, the pandemic-related revenue
losses for an eligible entity shall be reduced by any amounts
received from a covered loan made under paragraph (36) or
(37) of section 7(a) of the Small Business Act (15 U.S.C. 636(a))
in 2020 or 2021.
meaning given the term in section 7(a)(36)(A) of the Small
Business Act (15 U.S.C. 636(a)(36)(A)), except that such term
shall not include—
section 2301 of the CARES Act) taken into account in
determining the credit allowed under such section 2301;
or
credit allowed under section 6432 of the Internal Revenue
Code of 1986.
company’’ means an entity that is majority owned or controlled
by an entity that is an issuer, the securities of which are
listed on a national securities exchange under section 6 of
the Securities Exchange Act of 1934 (15 U.S.C. 78f).
concern’’ has the meaning given the term in section 124.3
of title 13, Code of Federal Regulations, or any successor regulation.
the United States a fund to be known as the Restaurant Revitalization
Fund.
available, there is appropriated to the Restaurant Revitalization
Fund for fiscal year 2021, out of any money in
the Treasury not otherwise appropriated, $28,600,000,000,
to remain available until expended.
under subparagraph (A)—
entities with gross receipts during 2019 of not
more than $500,000; and
Administrator to award grants under subsection
(c) in an equitable manner to eligible entities of
different sizes based on annual gross receipts.
adjustments as necessary to the distribution of funds
under clause (i)(II) based on demand and the relative
local costs in the markets in which eligible entities
operate.
subparagraph (B), on and after the date that is 60 days
after the date of enactment of this section, or another
period of time determined by the Administrator, the
Administrator may make grants using amounts appropriated
under subparagraph (A) to any eligible entity
regardless of the annual gross receipts of the eligible entity.
in the Fund to make grants described in subsection (c).
paragraph (3), the Administrator shall award grants to eligible
entities in the order in which applications are received by
the Administrator.
grant under this subsection shall make a good faith certification
that—
makes necessary the grant request to support the
ongoing operations of the eligible entity; and
received a grant under section 324 of the Economic
Aid to Hard-Hit Small Businesses, Nonprofits, and
Venues Act (title III of division N of Public Law 116–
260).
for grants under this subsection, the Administrator shall
prioritize the ability of each applicant to use their existing
business identifiers over requiring other forms of registration
or identification that may not be common to their
industry and imposing additional burdens on applicants.
which the Administrator awards grants under this subsection,
the Administrator shall prioritize awarding grants
to eligible entities that are small business concerns owned
and controlled by women (as defined in section 3(n) of
the Small Business Act (15 U.S.C. 632(n))), small business
concerns owned and controlled by veterans (as defined in
section 3(q) of such Act (15 U.S.C. 632(q))), or socially
and economically disadvantaged small business concerns
(as defined in section 8(a)(4)(A) of the Small Business Act
(15 U.S.C. 637(a)(4)(A))). The Administrator may take such
steps as necessary to ensure that eligible entities described
in this subparagraph have access to grant funding under
this section after the end of such 21-day period.
under subparagraph (A), an applicant shall submit
a self-certification of eligibility for priority with the grant
application.
amount of grants made to an eligible entity and any affiliated
businesses of the eligible entity under this subsection—
of the eligible entity.
the amount of a grant made to an eligible
entity under this subsection shall be equal to the pandemic-
related revenue loss of the eligible entity.
made under this subsection to an eligible entity based
on estimated receipts that is greater than the actual
gross receipts of the eligible entity in 2020 shall be
returned to the Treasury.
entity that receives a grant under this subsection may use
the grant funds for the following expenses incurred as a direct
result of, or during, the COVID–19 pandemic:
obligation (which shall not include any prepayment of principal
on a mortgage obligation).
(which shall not include any prepayment of rent).
and
and equipment.
cleaning materials.
scope of the normal business practice of the eligible entity
before the covered period.
of the Small Business Act (as redesignated, transferred,
and amended by section 304(b) of the Economic Aid to
Hard-Hit Small Businesses, Nonprofits, and Venues Act
(Public Law 116–260)).
to be essential to maintaining the eligible entity.
H. R. 1319—87
a grant under this subsection fails to use all grant funds
or permanently ceases operations on or before the last day
of the covered period, the eligible entity shall return to the
Treasury any funds that the eligible entity did not use for
the allowable expenses under paragraph (5).
the Small Business Administration.
Administrator of the Small Business Administration.
navigator services’’ means the outreach, education, and
technical assistance provided by community navigators that
target eligible businesses to increase awareness of, and participation
in, programs of the Small Business Administration.
means a community organization, community financial
institution as defined in section 7(a)(36)(A) of the Small Business
Act (15 U.S.C. 636(a)(36)(A)), or other private nonprofit
organization engaged in the delivery of community navigator
services.
means any small business concern, with priority for small business
concerns owned and controlled by women (as defined in
section 3(n) of the Small Business Act (15 U.S.C. 632(n))),
small business concerns owned and controlled by veterans (as
defined in section 3(q) of such Act (15 U.S.C. 632(q))), and
socially and economically disadvantaged small business concerns
(as defined in section 8(a)(4)(A) of the Small Business
Act (15 U.S.C. 637(a)(4)(A))).
nonprofit organization’’ means an entity that is described in
section 501(c) of the Internal Revenue Code of 1986 and exempt
from tax under section 501(a) of such Code.
means—
(A) a small business development center (as defined
in section 3 of the Small Business Act (15 U.S.C. 632));
(B) a women’s business center (as described in section
29 of the Small Business Act (15 U.S.C. 656)); and
(C) a chapter of the Service Corps of Retired Executives
(as defined in section 8(b)(1)(B) of the Act (15 U.S.C.
637(b)(1)(B))).
concern’’ has the meaning given under section 3 of the Small
Business Act (15 U.S.C. 632).
States, the District of Columbia, the Commonwealth of Puerto
Rico, the Virgin Islands, American Samoa, the Commonwealth
of the Northern Mariana Islands, and Guam, or an agency,
instrumentality, or fiscal agent thereof.
‘‘unit of general local government’’ means a county, city, town,
village, or other general purpose political subdivision of a State.
H. R. 1319—88
Administration shall establish a Community Navigator pilot
program to make grants to, or enter into contracts or cooperative
agreements with, private nonprofit organizations, resource
partners, States, Tribes, and units of local government to ensure
the delivery of free community navigator services to current
or prospective owners of eligible businesses in order to improve
access to assistance programs and resources made available
because of the COVID–19 pandemic by Federal, State, Tribal,
and local entities.
available, there is appropriated to the Administrator for fiscal
year 2021, out of any money in the Treasury not otherwise
appropriated, $100,000,000, to remain available until September
30, 2022, for carrying out this subsection.
implement a program to promote community navigator services
to current or prospective owners of eligible businesses.
hotline to offer information about Federal programs to
assist eligible businesses and offer referral services to resource
partners, community navigators, potential lenders, and other
persons that the Administrator determines appropriate for current
or prospective owners of eligible businesses.
(A) conduct outreach and education, in the 10 most
commonly spoken languages in the United States, to current
or prospective owners of eligible businesses on community
navigator services and other Federal programs to
assist eligible businesses;
(B) improve the website of the Administration to
describe such community navigator services and other Federal
programs; and
(C) implement an education campaign by advertising
in media targeted to current or prospective owners of
eligible businesses.
available, there is appropriated to the Administrator for fiscal
year 2021, out of any money in the Treasury not otherwise
appropriated, $75,000,000, to remain available until September
30, 2022, for carrying out this subsection.
under this section shall terminate on December 31, 2025.
there is appropriated for fiscal year 2021, out of any money in
the Treasury not otherwise appropriated, $1,250,000,000, to remain
available until expended, to carry out section 324 of the Economic
Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act
(title III of division N of Public Law 116–260), of which $500,000
shall be used to provide technical assistance to help applicants
access the System for Award Management (or any successor thereto)
or to assist applicants with an alternative grant application system.
H. R. 1319—89
PPP RECIPIENTS.—Section 324 of the Economic Aid to Hard-Hit
Small Businesses, Nonprofits, and Venues Act (title III of division
N of Public Law 116–260), is amended—
(A) by striking subclause (III);
(B) by redesignating subclause (IV) as subclause (III);
and
(C) in subclause (III), as so redesignated, by striking
‘‘subclauses (I), (II), and (III)’’ and inserting ‘‘subclauses
(I) and (II)’’; and
(A) in subparagraph (A), in the matter preceding clause
(i), by striking ‘‘A grant’’ and inserting ‘‘Subject to subparagraphs
(B) and (C), a grant’’; and
(B) by adding at the end the following:
‘‘(C) REDUCTION FOR RECIPIENTS OF NEW PPP LOANS.—
‘‘(i) IN GENERAL.—The otherwise applicable amount
of a grant under subsection (b)(2) to an eligible person
or entity shall be reduced by the total amount of loans
guaranteed under paragraph (36) or (37) of section
7(a) of the Small Business Act (15 U.S.C. 636(a)) that
are received on or after December 27, 2020 by the
eligible person or entity.
‘‘(ii) APPLICATION TO GOVERNMENTAL ENTITIES.—
For purposes of applying clause (i) to an eligible person
or entity owned by a State or a political subdivision
of a State, the relevant entity—
‘‘(I) shall be the eligible person or entity; and
‘‘(II) shall not include entities of the State
or political subdivision other than the eligible person
or entity.’’.
there is appropriated to the Administrator for fiscal year 2021,
out of any money in the Treasury not otherwise appropriated,
to remain available until expended—
prevent, prepare for, and respond to the COVID–19 pandemic,
domestically or internationally, including administrative
expenses related to paragraphs (36) and (37) of section 7(a)
of the Small Business Act, section 324 of the Economic Aid
to Hard-Hit Small Businesses, Nonprofits, and Venues Act (title
III of division N of Public Law 116–260), section 5002 of this
title, and section 5003 of this title; and
authorized by section 7(b) of the Small Business Act (15 U.S.C.
636(b)), of which $70,000,000 shall be for the cost of direct
loans authorized by such section and $390,000,000 shall be
for administrative expenses to carry out such program.
available, there is appropriated to the Inspector General of the
Small Business Administration for fiscal year 2021, out of any
money in the Treasury not otherwise appropriated, $25,000,000,
to remain available until expended, for necessary expenses of the
Office of Inspector General.
Asdfsadf asdf
File Type | application/vnd.openxmlformats-officedocument.wordprocessingml.document |
Author | SBA OFA |
File Modified | 0000-00-00 |
File Created | 2021-04-04 |