insured credit union

(36) Paycheck protection program.— (A) Definitions .— In this paragraph— (i) the terms “appropriate Federal banking agency” and “insured depository institution” have the meanings given those terms in section 1813 of title 12 ; (ii) the term “covered loan” means a loan made under this paragraph during the covered period; (iii) the term “covered period” means the period beginning on February 15, 2020 and ending on June 30, 2021 ; (iv) the term “eligible recipient” means an individual or entity that is eligible to receive a covered loan; (v) the term “eligible self-employed individual” has the meaning given the term in section 7002(b) of the Families First Coronavirus Response Act ( Public Law 116–127 ); (vi) the term “insured credit union” has the meaning given the term in section 1752 of title 12 ; (vii) the term “nonprofit organization” means an organization that is described in section 501(c)(3) of title 26 and that is exempt from taxation under section 501(a) of title 26 ; (viii) the term “payroll costs”— (I) means— (aa) the sum of payments of any compensation with respect to employees that is a— (AA) salary, wage, commission, or similar compensation; (BB) payment of cash tip or equivalent; (CC) payment for vacation, parental, family, medical, or sick leave; (DD) allowance for dismissal or separation; (EE) payment required for the provisions of group health care or group life, disability, vision, or dental insurance benefits, including insurance premiums; (FF) payment of any retirement benefit; or (GG) payment of State or local tax assessed on the compensation of employees; and (bb) the sum of payments of any compensation to or income of a sole proprietor or independent contractor that is a wage, commission, income, net earnings from self-employment, or similar compensation and that is in an amount that is not more than $100,000 on an annualized basis, as prorated for the period during which the payments are made or the obligation to make the payments is incurred; and (II) shall not include— (aa) the compensation of an individual employee in excess of $100,000 on an annualized basis, as prorated for the period during which the compensation is paid or the obligation to pay the compensation is incurred; (bb) taxes imposed or withheld under chapters 21, 22, or 24 of title 26 during the applicable period; (cc) any compensation of an employee whose principal place of residence is outside of the United States; (dd) qualified sick leave wages for which a credit is allowed under section 7001 of the Families First Coronavirus Response Act ( Public Law 116–127 ); or (ee) qualified family leave wages for which a credit is allowed under section 7003 of the Families First Coronavirus Response Act ( Public Law 116–127 ); (ix) the term “veterans organization” means an organization that is described in section 501(c)(19) of title 26 that is exempt from taxation under section 501(a) of title 26 ; (x) the term “community development financial institution” has the meaning given the term in section 4702 of title 12 ); (xi) the term “community financial institutions” means— (I) a community development financial institution; (II) a minority depository institution, as defined in section 308 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 ( 12 U.S.C. 1463 note); (III) a development company that is certified under title V of the Small Business Investment Act of 1958 ( 15 U.S.C. 695 et seq.); and (IV) an intermediary, as defined in subsection (m)(11); (xii) the term “credit union” means a State credit union or a Federal credit union, as those terms are defined, respectively, in section 1752 of title 12 ; (xiii) the term “seasonal employer” means an eligible recipient that— (I) does not operate for more than 7 months in any calendar year; or (II) during the preceding calendar year, had gross receipts for any 6 months of that year that were not more than 33.33 percent of the gross receipts of the employer for the other 6 months of that year; (xiv) the term “housing cooperative” means a cooperative housing corporation (as defined in section 216(b) of title 26 ) that employs not more than 300 employees; (xv) the term “destination marketing organization” means a nonprofit entity that is— (I) an organization described in section 501(c) of title 26 and exempt from tax under section 501(a) of such title; or (II) a State, or a political subdivision of a State (including any instrumentality of such entities)— (aa) engaged in marketing and promoting communities and facilities to businesses and leisure travelers through a range of activities, including— (AA) assisting with the location of meeting and convention sites; (BB) providing travel information on area attractions, lodging accommodations, and restaurants; (CC) providing maps; and (DD) organizing group tours of local historical, recreational, and cultural attractions; or (bb) that is engaged in, and derives the majority of the operating budget of the entity from revenue attributable to, providing live events; (xvi) the terms “exchange”, “issuer”, and “security” have the meanings given those terms in section 78c(a) of this title ; and (xvii) the term “additional covered nonprofit entity”— (I) means an organization described in any paragraph of section 501(c) of title 26 , other than paragraph (3), (4), (6), or (19), and exempt from tax under section 501(a) of such title; 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. (B) Paycheck protection loans .— Except as otherwise provided in this paragraph, the Administrator may guarantee covered loans under the same terms, conditions, and processes as a loan made under this subsection. (C) Registration of loans .— Not later than 15 days after the date on which a loan is made under this paragraph, the Administration shall register the loan using the TIN (as defined in section 7701 of title 26 ) assigned to the borrower. (D) Increased eligibility for certain small businesses and organizations.— (i) In general .— During the covered period, in addition to small business concerns, any business concern, nonprofit organization, housing cooperative, veterans organization, or Tribal business concern described in section 657a(b)(2)(C) of this title shall be eligible to receive a covered loan if the business concern, nonprofit organization, housing cooperative, veterans organization, or Tribal business concern employs not more than the greater of— (I) 500 employees; or (II) if applicable, the size standard in number of employees established by the Administration for the industry in which the business concern, nonprofit organization, housing cooperative, veterans organization, or Tribal business concern operates. (ii) Inclusion of sole proprietors, independent contractors, and eligible self-employed individuals.— (I) In general .— During the covered period, individuals who operate under a sole proprietorship or as an independent contractor and eligible self-employed individuals shall be eligible to receive a covered loan. (II) Documentation .— An eligible self-employed individual, independent contractor, or sole proprietorship seeking a covered loan shall submit such documentation as determined necessary by the Administrator and the Secretary, to establish the applicant as eligible. (iii) Business concerns with more than 1 physical location.— (I) In general .— During the covered period, any business concern that employs not more than 500 employees per physical location of the business concern 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. (II) Eligibility of news organizations.— (aa) Definition .— In this subclause, the term “included business concern” means a business concern, including any station which broadcasts pursuant to a license granted by the Federal Communications Commission under title III of the Communications Act of 1934 ( 47 U.S.C. 301 et seq.) without regard for whether such a station is a concern as defined in section 121.105 of title 13, Code of Federal Regulations , or any successor thereto— (AA) that employs not more than 500 employees, or the size standard established by the Administrator for the North American Industry Classification System code applicable to the business concern, per physical location of such business concern; or (BB) any nonprofit organization or any organization otherwise subject to section 511(a)(2)(B) of title 26 that is a public broadcasting entity (as defined in section 397(11) of the Communications Act of 1934 ( 47 U.S.C. 397(11) )). (bb) Eligibility .— During the covered period, an included business concern shall be eligible to receive a covered loan if— (AA) the included business concern is majority owned or controlled by a business concern that is assigned a North American Industry Classification System code beginning with 511110 or 5151 or, with respect to a public broadcasting entity (as defined in section 397(11) of the Communications Act of 1934 ( 47 U.S.C. 397(11) )), has a trade or business that falls under such a code; and (BB) the included business concern makes a good faith certification that proceeds of the loan will be used to support expenses at the component of the included business concern that produces or distributes locally focused or emergency information. (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. (IV) Eligibility of internet publishing organizations .— A business concern or other organization that was not eligible to receive a covered loan the day before March 11, 2021 , 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. (iv) Waiver of affiliation rules .— During the covered period, the provisions applicable to affiliations under section 121.103 of title 13, Code of Federal Regulations , or any successor regulation, are waived with respect to eligibility for a covered loan for— (I) any business concern with not more than 500 employees that, as of the date on which the covered loan is disbursed, is assigned a North American Industry Classification System code beginning with 72; (II) any business concern operating as a franchise that is assigned a franchise identifier code by the Administration; (III) any business concern that receives financial assistance from a company licensed under section 681 of this title ; (IV) (aa) any business concern (including any station which broadcasts pursuant to a license granted by the Federal Communications Commission under title III of the Communications Act of 1934 ( 47 U.S.C. 301 et seq.) without regard for whether such a station is a concern as defined in section 121.105 of title 13, Code of Federal Regulations , or any successor thereto) that employs not more than 500 employees, or the size standard established by the Administrator for the North American Industry Classification System code applicable to the business concern, per physical location of such business concern and is majority owned or controlled by a business concern that is assigned a North American Industry Classification System code beginning with 511110 or 5151; or (bb) any nonprofit organization that is assigned a North American Industry Classification System code beginning with 5151; and (V) any business concern or other organization that was not eligible to receive a covered loan the day before March 11, 2021 , 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 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. (v) Employee .— For purposes of determining whether a business concern, nonprofit organization, veterans organization, or Tribal business concern described in section 657a(b)(2)(C) of this title employs not more than 500 employees under clause (i)(I), or for purposes of determining the number of employees of a housing cooperative or a business concern or organization made eligible for a loan under this paragraph under subclause (II), (III), or (IV) of clause (iii), subclause (IV) or (V) of clause (iv), clause (vii), or clause (ix), the term “employee” includes individuals employed on a full-time, part-time, or other basis. (vi) Affiliation .— The provisions applicable to affiliations under section 121.103 of title 13, Code of Federal Regulations , or any successor thereto, shall apply with respect to a nonprofit organization, a business concern or organization made eligible for a loan under this paragraph under clause (vii), a housing cooperative, and a veterans organization in the same manner as with respect to a small business concern. (vii) Eligibility for certain 501(c)(6) organizations.— (I) In general .— Any organization that is described in section 501(c)(6) of title 26 and that is exempt from taxation under section 501(a) of such title (excluding professional sports leagues and organizations with the purpose of promoting or participating in a political campaign or other activity) shall be eligible to receive a covered loan if— (aa) the organization does not receive more than 15 percent of its receipts from lobbying activities; (bb) the lobbying activities of the organization do not comprise more than 15 percent of the total activities of the organization; (cc) the cost of the lobbying activities of the organization did not exceed $1,000,000 during the most recent tax year of the organization that ended prior to February 15, 2020 ; and (dd) the organization employs not more than 300 employees. (II) Destination marketing organizations .— Any destination marketing organization shall be eligible to receive a covered loan if— (aa) the destination marketing organization does not receive more than 15 percent of its receipts from lobbying activities; (bb) the lobbying activities of the destination marketing organization do not comprise more than 15 percent of the total activities of the organization; (cc) the cost of the lobbying activities of the destination marketing organization did not exceed $1,000,000 during the most recent tax year of the destination marketing organization that ended prior to February 15, 2020 ; and (dd) the destination marketing organization employs not more than 300 employees; and (ee) the destination marketing organization— (AA) is described in section 501(c) of title 26 and is exempt from taxation under section 501(a) of such title; or (BB) is a quasi-governmental entity or is a political subdivision of a State or local government, including any instrumentality of those entities. (viii) Ineligibility of publicly-traded entities.— (I) In general .— Subject to subclause (II), and notwithstanding any other provision of this paragraph, on and after December 27, 2020 , an entity that is an issuer, the securities of which are listed on an exchange registered as a national securities exchange under section 78f of this title , shall be ineligible to receive a covered loan under this paragraph. (II) Rule for affiliated entities .— With respect to a business concern or organization made eligible by subclause (II) or (IV) of clause (iii) or subclause (IV) or (V) of clause (iv) of this subparagraph, the Administrator shall not consider whether any affiliated entity, which for purposes of this subclause shall include any entity that owns or controls such business concern or organization, is an issuer. (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 (IV) the additional covered nonprofit entity employs not more than 300 employees. (E) Maximum loan amount .— Except as provided in subparagraph (V), during the covered period, with respect to a covered loan, the maximum loan amount shall be the lesser of— (i) (I) the sum of— (aa) the product obtained by multiplying— (AA) the average total monthly payments by the applicant for payroll costs incurred during the 1-year period before the date on which the loan is made, except that an applicant that is a seasonal employer shall use the average total monthly payments for payroll for any 12-week period selected by the seasonal employer between February 15, 2019 , and February 15, 2020 ; by (BB) 2.5; and (bb) the outstanding amount of a loan under subsection (b)(2) that was made during the period beginning on January 31, 2020 and ending on the date on which covered loans are made available to be refinanced under the covered loan; or (II) if requested by an otherwise eligible recipient that was not in business during the period beginning on February 15, 2019 and ending on June 30, 2019 , the sum of— (aa) the product obtained by multiplying— (AA) the average total monthly payments by the applicant for payroll costs incurred during the period beginning on January 1, 2020 and ending on February 29, 2020 ; by (BB) 2.5; and (bb) the outstanding amount of a loan under subsection (b)(2) that was made during the period beginning on January 31, 2020 and ending on the date on which covered loans are made available to be refinanced under the covered loan; or (ii) $10,000,000. (F) Allowable uses of covered loans.— (i) In general .— During the covered period, an eligible recipient may, in addition to the allowable uses of a loan made under this subsection, use the proceeds of the covered loan for— (I) payroll costs; (II) costs related to the continuation of group health care benefits during periods of paid sick, medical, or family leave, and insurance premiums; (III) employee salaries, commissions, or similar compensations; (IV) payments of interest on any mortgage obligation (which shall not include any prepayment of or payment of principal on a mortgage obligation); (V) rent (including rent under a lease agreement); (VI) utilities; (VII) interest on any other debt obligations that were incurred before the covered period; (VIII) covered operations expenditures, as defined in section 636m(a) of this title ; (IX) covered property damage costs, as defined in section 636m(a) of this title ; (X) covered supplier costs, as defined in section 636m(a) of this title ; and (XI) covered worker protection expenditures, as defined in section 636m(a) of this title . (ii) Delegated authority.— (I) In general .— For purposes of making covered loans for the purposes described in clause (i), a lender approved to make loans under this subsection shall be deemed to have been delegated authority by the Administrator to make and approve covered loans, subject to the provisions of this paragraph. (II) Considerations .— In evaluating the eligibility of a borrower for a covered loan with the terms described in this paragraph, a lender shall consider whether the borrower— (aa) was in operation on February 15, 2020 ; and (bb) (AA) had employees for whom the borrower paid salaries and payroll taxes; or (BB) paid independent contractors, as reported on a Form 1099–MISC. (iii) Additional lenders .— The authority to make loans under this paragraph shall be extended to additional lenders determined by the Administrator and the Secretary of the Treasury to have the necessary qualifications to process, close, disburse and service loans made with the guarantee of the Administration. (iv) Refinance .— 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. (v) Nonrecourse .— Notwithstanding the waiver of the 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 that such shareholder, member, or partner uses the covered loan proceeds for a purpose not authorized under clause (i) or (iv). (vi) Prohibition .— None of the proceeds of a covered loan may be used for— (I) lobbying activities, as defined in section 1602 of title 2 ; (II) lobbying expenditures related to a State or local election; or (III) expenditures designed to influence the enactment of legislation, appropriations, regulation, administrative action, or Executive order proposed or pending before Congress or any State government, State legislature, or local legislature or legislative body. (G) Borrower requirements.— (i) Certification .— An eligible recipient applying for a covered loan shall make a good faith certification— (I) that the uncertainty of current economic conditions makes necessary the loan request to support the ongoing operations of the eligible recipient; (II) acknowledging that funds will be used to retain workers and maintain payroll or make mortgage payments, lease payments, and utility payments; (III) that the eligible recipient does not have an application pending for a loan under this subsection for the same purpose and duplicative of amounts applied for or received under a covered loan; and (IV) during the period beginning on February 15, 2020 and ending on December 31, 2020 , that the eligible recipient has not received amounts under this subsection for the same purpose and duplicative of amounts applied for or received under a covered loan. (H) Fee waiver .— With respect to a covered loan— (i) in lieu of the fee otherwise applicable under paragraph (23)(A), the Administrator shall collect no fee; and (ii) in lieu of the fee otherwise applicable under paragraph (18)(A), the Administrator shall collect no fee. (I) Credit elsewhere .— During the covered period, the requirement that a small business concern is unable to obtain credit elsewhere, as defined in section 632(h) of this title , shall not apply to a covered loan. (J) Waiver of personal guarantee requirement .— With respect to a covered loan— (i) no personal guarantee shall be required for the covered loan; and (ii) no collateral shall be required for the covered loan. (K) Maturity for loans with remaining balance after application of forgiveness .— With respect to a covered loan that has a remaining balance after reduction based on the loan forgiveness amount under section 636m of this title — (i) the remaining balance shall continue to be guaranteed by the Administration under this subsection; and (ii) the covered loan shall have a minimum maturity of 5 years and a maximum maturity of 10 years from the date on which the borrower applies for loan forgiveness under that section. (L) Interest rate requirements .— A covered loan shall bear an interest rate not to exceed 4 percent, calculated on a non-compounding, non-adjustable basis. (M) Loan deferment.— (i) Definition of impacted borrower.— (I) In general .— In this subparagraph, the term “impacted borrower” means an eligible recipient that— (aa) is in operation on February 15, 2020 ; and (bb) has an application for a covered loan that is approved or pending approval on or after March 27, 2020 . (II) Presumption .— For purposes of this subparagraph, an impacted borrower is presumed to have been adversely impacted by COVID–19. (ii) Deferral .— The Administrator shall— (I) consider each eligible recipient that applies for a covered loan to be an impacted borrower; and (II) require lenders under this subsection to provide complete payment deferment relief for impacted borrowers with covered loans, including payment of principal, interest, and fees, until the date on which the amount of forgiveness determined under section 636m of this title is remitted to the lender. (iii) Secondary market .— With respect to a covered loan that is sold on the secondary market, if an investor declines to approve a deferral requested by a lender under clause (ii), the Administrator shall exercise the authority to purchase the loan so that the impacted borrower may receive a deferral, including payment of principal, interest, and fees, until the date on which the amount of forgiveness determined under section 636m of this title is remitted to the lender. (iv) Guidance .— Not later than 30 days after March 27, 2020 , the Administrator shall provide guidance to lenders under this paragraph on the deferment process described in this subparagraph. (v) Rule of construction .— If an eligible recipient fails to apply for forgiveness of a covered loan within 10 months after the last day of the covered period defined in section 636m(a) of this title , such eligible recipient shall make payments of principal, interest, and fees on such covered loan beginning on the day that is not earlier than the date that is 10 months after the last day of such covered period. (N) Secondary market sales .— A covered loan shall be eligible to be sold in the secondary market consistent with this subsection. The Administrator may not collect any fee for any guarantee sold into the secondary market under this subparagraph. (O) Regulatory capital requirements.— (i) Risk weight .— With respect to the appropriate Federal banking agencies or the National Credit Union Administration Board applying capital requirements under their respective risk-based capital requirements, a covered loan shall receive a risk weight of zero percent. (ii) Temporary relief from tdr disclosures .— Notwithstanding any other provision of law, an insured depository institution or an insured credit union that modifies a covered loan in relation to COVID–19-related difficulties in a troubled debt restructuring on or after March 13, 2020 , shall not be required to comply with the Financial Accounting Standards Board Accounting Standards Codification Subtopic 310–40 (“Receivables – Troubled Debt Restructurings by Creditors”) for purposes of compliance with the requirements of the Federal Deposit Insurance Act ( 12 U.S.C. 1811 et seq.), until such time and under such circumstances as the appropriate Federal banking agency or the National Credit Union Administration Board, as applicable, determines appropriate. (P) Reimbursement for processing.— (i) In general .— The Administrator shall reimburse a lender authorized to make a covered loan as follows: (I) With respect to a covered loan made during the period beginning on March 27, 2020 , and ending on the day before December 27, 2020 , the Administrator shall reimburse such a lender at a rate, based on the balance of the financing outstanding at the time of disbursement of the covered loan, of— (aa) 5 percent for loans of not more than $350,000; (bb) 3 percent for loans of more than $350,000 and less than $2,000,000; and (cc) 1 percent for loans of not less than $2,000,000. (II) With respect to a covered loan made on or after December 27, 2020 , the Administrator shall reimburse such a lender— (aa) for a covered loan of not more than $50,000, in an amount equal to the lesser of— (AA) 50 percent of the balance of the financing outstanding at the time of disbursement of the covered loan; or (BB) $2,500; and (bb) at a rate, based on the balance of the financing outstanding at the time of disbursement of the covered loan, of— (AA) 5 percent for a covered loan of more than $50,000 and not more than $350,000; (BB) 3 percent for a covered loan of more than $350,000 and less than $2,000,000; and (CC) 1 percent for a covered loan of not less than $2,000,000. (ii) Fee limits .— An agent that assists an eligible recipient to prepare an application for a covered loan may not collect a fee in excess of the limits established by the Administrator. If an eligible recipient has knowingly retained an agent, such fees shall be paid by the eligible recipient and may not be paid out of the proceeds of a covered loan. A lender shall only be responsible for paying fees to an agent for services for which the lender directly contracts with the agent. (iii) Timing .— A reimbursement described in clause (i) shall be made not later than 5 days after the reported disbursement of the covered loan and may not be required to be repaid by a lender unless the lender is found guilty of an act of fraud in connection with the covered loan. (iv) Sense of the senate .— It is the sense of the Senate that the Administrator should 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 (as defined in section 637(d)(3)(C) of this title ), women, and businesses in operation for less than 2 years. (Q) Duplication .— Nothing in this paragraph shall prohibit a recipient of an economic injury disaster loan made under subsection (b)(2) that is for a purpose other than paying payroll costs and other obligations described in subparagraph (F) from receiving assistance under this paragraph. (R) Waiver of prepayment penalty .— Notwithstanding any other provision of law, there shall be no prepayment penalty for any payment made on a covered loan. (S) Set-aside for insured depository institutions, credit unions, and community financial institutions.— (i) Insured depository institutions and credit unions .— In making loan guarantees under this paragraph after April 24, 2020 , the Administrator shall guarantee not less than $30,000,000,000 in loans made by— (I) insured depository institutions with consolidated assets of not less than $10,000,000,000 and less than $50,000,000,000; and (II) credit unions with consolidated assets of not less than $10,000,000,000 and less than $50,000,000,000. (ii) Community financial institutions, small insured depository institutions, and credit unions .— In making loan guarantees under this paragraph after April 24, 2020 , the Administrator shall guarantee not less than $30,000,000,000 in loans made by— (I) community financial institutions; (II) insured depository institutions with consolidated assets of less than $10,000,000,000; and (III) credit unions with consolidated assets of less than $10,000,000,000. (T) Requirement for date in operation .— A business or organization that was not in operation on February 15, 2020 shall not be eligible for a loan under this paragraph. (U) Exclusion of entities receiving shuttered venue operator grants .— An eligible person or entity (as defined under of 4 section 9009a of this title ) that receives a grant under such section 9009a shall not be eligible for a loan under this paragraph. (V) Calculation of maximum loan amount for farmers and ranchers.— (i) Definition .— In this subparagraph, the term “covered recipient” means an eligible recipient that— (I) operates as a sole proprietorship or as an independent contractor, or is an eligible self-employed individual; (II) reports farm income or expenses on a Schedule F (or any equivalent successor schedule); and (III) was in business as of February 15, 2020 . (ii) No employees .— With respect to covered recipient without employees, the maximum covered loan amount shall be the lesser of— (I) the sum of— (aa) the product obtained by multiplying— (AA) the gross income of the covered recipient in 2019, as reported on a Schedule F (or any equivalent successor schedule), that is not more than $100,000, divided by 12; and (BB) 2.5; and (bb) the outstanding amount of a loan under subsection (b)(2) that was made during the period beginning on January 31, 2020 and ending on April 3, 2020 that the borrower intends to refinance under the covered loan, not including any amount of any advance under the loan that is not required to be repaid; or (II) $2,000,000. (iii) With employees .— With respect to a covered recipient with employees, the maximum covered loan amount shall be calculated using the formula described in subparagraph (E), except that the gross income of the covered recipient described in clause (ii)(I)(aa)(AA) of this subparagraph, as divided by 12, shall be added to the sum calculated under subparagraph (E)(i)(I). (iv) Recalculation .— A lender that made a covered loan to a covered recipient before December 27, 2020 may, at the request of the covered recipient— (I) recalculate the maximum loan amount applicable to that covered loan based on the formula described in clause (ii) or (iii), as applicable, if doing so would result in a larger covered loan amount; and (II) provide the covered recipient with additional covered loan amounts based on that recalculation. (W) Fraud enforcement harmonization .— Notwithstanding any other provision of law, any criminal charge or civil enforcement action alleging that a borrower engaged in fraud with respect to a covered loan guaranteed under this paragraph shall be filed not later than 10 years after the offense was committed.

Source

15 USC § 636(a)(36)


Scoping language

In this paragraph
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