A bill to appropriate additional amounts to provide loans under the paycheck protection program to community development financial institutions and minority depository institutions, and for other purposes.

II 116TH CONGRESS 2D SESSION S. 3702 To appropriate additional amounts to provide loans under the paycheck pro- tection program to community development financial institutions and minority depository institutions, and for other purposes. IN THE SENATE OF THE UNITED STATES MAY 12, 2020 Ms. DUCKWORTH (for Mr. MARKEY (for himself and Ms. DUCKWORTH)) intro- duced the following bill; which was read twice and referred to the Com- mittee on Small Business and Entrepreneurship A BILL To appropriate additional amounts to provide loans under the paycheck protection program to community develop- ment financial institutions and minority depository insti- tutions, and for other purposes. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. APPROPRIATIONS FOR CDFIS AND MINORITY 3 DEPOSITORY INSTITUTIONS UNDER THE PAY- 4 CHECK PROTECTION PROGRAM. 5 (a) DEFINITIONS.—In this section— 6 (1) the term ‘‘community development financial 7 institution’’ has the meaning given the term in sec- 8 VerDate Sep 11 2014 04:24 May 27, 2020 Jkt 099200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S3702.IS S3702 kjohnson on DSK79L0C42PROD with BILLS 2 •S 3702 IS tion 103 of the Riegle Community Development and 1 Regulatory Improvement Act of 1994 (12 U.S.C. 2 4702); and 3 (2) the term ‘‘minority depository institution’’ 4 has the meaning given the term in section 308 of the 5 Financial Institutions Reform, Recovery, and En- 6 forcement Act of 1989 (12 U.S.C. 1463 note). 7 (b) ADDITIONAL APPROPRIATIONS.— 8 (1) IN GENERAL.—There is appropriated, out 9 of amounts in the Treasury not otherwise appro- 10 priated, for the fiscal year ending September 30, 11 2020, to remain available until expended, for an ad- 12 ditional amount $10,000,000,000 under the heading 13 ‘‘Small Business Administration—Business Loans 14 Program Account, CARES Act’’ for the cost of 15 guaranteed loans as authorized under section 16 7(a)(36) of the Small Business Act (15 U.S.C. 17 636(a)(36)) made on or after the date of enactment 18 of this Act by community development financial in- 19 stitutions or minority depository institutions under 20 that section. 21 (2) SET ASIDE.—Of amounts appropriated 22 under paragraph (1)— 23 (A) $5,000,000,000 shall be for loans of 24 less than $150,000 made by community devel- 25 VerDate Sep 11 2014 04:24 May 27, 2020 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\S3702.IS S3702 kjohnson on DSK79L0C42PROD with BILLS 3 •S 3702 IS opment financial institutions or minority depos- 1 itory institutions under section 7(a)(36) of the 2 Small Business Act (15 U.S.C. 636(a)(36)); 3 and 4 (B) $2,500,000,000 shall be for loans of 5 less than $75,000 made by community develop- 6 ment financial institutions or minority deposi- 7 tory institutions under section 7(a)(36) of the 8 Small Business Act (15 U.S.C. 636(a)(36)). 9 (3) COMMITMENT LEVEL.—Section 1102(b)(1) 10 of the CARES Act (Public Law 116–136) is amend- 11 ed by striking ‘‘$659,000,000,000’’ and inserting 12 ‘‘$669,000,000,000’’. 13 (c) TECHNICAL ASSISTANCE.— 14 (1) GRANT PROGRAM.—The Secretary of the 15 Treasury shall establish a grant program to provide 16 management and technical assistance to community 17 development financial institutions and minority de- 18 pository institutions making loans under section 19 7(a)(36) of the Small Business Act (15 U.S.C. 20 636(a)(36)) for which the average loan amount is 21 less than $50,000. 22 (2) DIRECT APPROPRIATIONS.—There is appro- 23 priated to the Secretary of the Treasury, out of 24 amounts in the Treasury not otherwise appropriated, 25 VerDate Sep 11 2014 04:24 May 27, 2020 Jkt 099200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\S3702.IS S3702 kjohnson on DSK79L0C42PROD with BILLS 4 •S 3702 IS for the fiscal year ending September 30, 2020, to re- 1 main available until expended, $100,000,000 to pro- 2 vide grants under paragraph (1). 3 (d) CERTIFIED CDFIS AS LENDERS UNDER THE 4 PAYCHECK PROTECTION PROGRAM.—Section 7(a)(36)(F) 5 of the Small Business Act (15 U.S.C. 636(a)(36)(F)) is 6 amended by adding at the end the following: 7 ‘‘(vi) CERTIFIED CDFIS AS LEND- 8 ERS.— 9 ‘‘(I) DEFINITION.—In this 10 clause, the term ‘certified community 11 development financial institution’ 12 means an entity that is certified as a 13 community development financial in- 14 stitution by the Community Develop- 15 ment Financial Institutions Fund es- 16 tablished under section 104(a) of the 17 Riegle Community Development and 18 Regulatory Improvement Act of 1994 19 (12 U.S.C. 4703(a)). 20 ‘‘(II) LENDERS UNDER PRO- 21 GRAM.—A certified community devel- 22 opment financial institution shall have 23 the authority to make and approve 24 covered loans.’’. 25 VerDate Sep 11 2014 04:24 May 27, 2020 Jkt 099200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\S3702.IS S3702 kjohnson on DSK79L0C42PROD with BILLS 5 •S 3702 IS SEC. 2. AMENDMENTS TO PAYCHECK PROTECTION PRO- 1 GRAM AND LOAN FORGIVENESS. 2 (a) COVERED LOAN PERIOD.—Section 3 7(a)(36)(A)(iii) of the Small Business Act (15 U.S.C. 4 636(a)(36)(A)(iii)) is amended by striking ‘‘June 30, 5 2020’’ and inserting ‘‘December 31, 2020’’. 6 (b) COVERED PERIOD FOR LOAN FORGIVENESS AND 7 REHIRES.—Section 1106 of the CARES Act (Public Law 8 116–136) is amended— 9 (1) in subsection (a)(3), by striking ‘‘8-week’’ 10 and inserting ‘‘24-week’’; and 11 (2) in subsection (d)(5)(B), by striking ‘‘June 12 30, 2020’’ each place that term appears and insert- 13 ing ‘‘December 31, 2020’’. 14 SEC. 3. REPORTING ON PAYCHECK PROTECTION PROGRAM 15 LOANS. 16 (a) DEFINITIONS.—In this section— 17 (1) the terms ‘‘Administration’’ and ‘‘Adminis- 18 trator’’ mean the Small Business Administration 19 and the Administrator thereof, respectively; and 20 (2) the terms ‘‘covered loan’’ and ‘‘eligible re- 21 cipient’’ have the meanings given those terms in sec- 22 tion 7(a)(36)(A) of the Small Business Act (15 23 U.S.C. 636(a)(36)(A)). 24 (b) DATA COLLECTION.—With respect to each cov- 25 ered loan approved under section 7(a)(36) of the Small 26 VerDate Sep 11 2014 04:24 May 27, 2020 Jkt 099200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6201 E:\BILLS\S3702.IS S3702 kjohnson on DSK79L0C42PROD with BILLS 6 •S 3702 IS Business Act (15 U.S.C. 636(a)(36)), the Administrator 1 shall collect data on the eligible recipient of the covered 2 loan, which shall include the gender, race, ethnicity, sex, 3 age, Tribal affiliation, socioeconomic status, and disability 4 status of each eligible recipient. 5 (c) PUBLICATION.— 6 (1) IN GENERAL.—The Administrator shall 7 make publicly available on the website of the Admin- 8 istration, in a disaggregated format, the data col- 9 lected under subsection (b), which shall be updated 10 not later than 7 days after the date on which a cov- 11 ered loan is approved. 12 (2) PRIVACY CONSIDERATIONS.—In publishing 13 the data under paragraph (1), the Administrator 14 shall take all necessary steps to protect the privacy 15 of individuals whose personally identifiable informa- 16 tion is included in that data. 17 SEC. 4. APPROPRIATIONS FOR CDFI FUND. 18 (a) DEFINITIONS.—In this section— 19 (1) the term ‘‘Administrator’’ means the Ad- 20 ministrator of the Fund; 21 (2) the term ‘‘community development financial 22 institution’’ has the meaning given the term in sec- 23 tion 103 of the Riegle Community Development and 24 VerDate Sep 11 2014 04:24 May 27, 2020 Jkt 099200 PO 00000 Frm 00006 Fmt 6652 Sfmt 6201 E:\BILLS\S3702.IS S3702 kjohnson on DSK79L0C42PROD with BILLS 7 •S 3702 IS Regulatory Improvement Act of 1994 (12 U.S.C. 1 4702); and 2 (3) the term ‘‘Fund’’ means the Community 3 Development Financial Institutions Fund established 4 under section 104(a)(1) of the Community Develop- 5 ment Banking and Financial Institutions Act of 6 1994 (12 U.S.C. 4703(a)(1)). 7 (b) APPROPRIATION.—Subject to subsections (c) and 8 (d), there is appropriated to the Fund, out of amounts 9 in the Treasury not otherwise appropriated, 10 $1,000,000,000 for fiscal year 2020, to remain available 11 until expended. 12 (c) REQUIREMENTS.—In providing assistance from 13 the Fund using amounts appropriated under subsection 14 (b), the Administrator shall— 15 (1) give priority to minority-led community de- 16 velopment financial institutions or community devel- 17 opment financial institutions with demonstrable 18 records of serving communities of color to promote 19 economic recovery, including operational support, 20 due to the impact of the novel Coronavirus 21 (COVID–19); 22 (2) determine the criteria for the selection of 23 organizations to receive awards from the Fund; and 24 VerDate Sep 11 2014 04:24 May 27, 2020 Jkt 099200 PO 00000 Frm 00007 Fmt 6652 Sfmt 6201 E:\BILLS\S3702.IS S3702 kjohnson on DSK79L0C42PROD with BILLS 8 •S 3702 IS (3) make funds available not later than 60 days 1 after the date of enactment of this Act. 2 (d) TRANSFER.—Amounts appropriated under sub- 3 section (b) may be transferred to and merged with 4 amounts provided for administrative expenses of the Fund 5 under the heading ‘‘COMMUNITY DEVELOPMENT FINAN- 6 CIAL INSTITUTIONS FUND PROGRAM ACCOUNT’’, includ- 7 ing administration of Fund programs and the New Mar- 8 kets Tax Credit Program. 9 SEC. 5. EMERGENCY DESIGNATION. 10 (a) IN GENERAL.—The amounts provided under this 11 Act are designated as an emergency requirement pursuant 12 to section 4(g) of the Statutory Pay-As-You-Go Act of 13 2010 (2 U.S.C. 933(g)). 14 (b) DESIGNATION IN SENATE.—In the Senate, this 15 Act is designated as an emergency requirement pursuant 16 to section 4112(a) of H. Con. Res. 71 (115th Congress), 17 the concurrent resolution on the budget for fiscal year 18 2018. 19 Æ VerDate Sep 11 2014 04:24 May 27, 2020 Jkt 099200 PO 00000 Frm 00008 Fmt 6652 Sfmt 6301 E:\BILLS\S3702.IS S3702 kjohnson on DSK79L0C42PROD with BILLS