Coronavirus EGC Extension Act

I 116TH CONGRESS 2D SESSION H. R. 7661 To temporarily prevent emerging growth companies from losing their status during the COVID–19 pandemic, and for other purposes. IN THE HOUSE OF REPRESENTATIVES JULY 16, 2020 Mr. STEIL (for himself, Mr. STIVERS, and Mr. HILL of Arkansas) introduced the following bill; which was referred to the Committee on Financial Services A BILL To temporarily prevent emerging growth companies from los- ing their status during the COVID–19 pandemic, 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. SHORT TITLE. 3 This Act may be cited as the ‘‘Coronavirus EGC Ex- 4 tension Act’’. 5 SEC. 2. EXTENSION OF EMERGING GROWTH COMPANY DES- 6 IGNATION. 7 (a) IN GENERAL.—Any issuer that was an emerging 8 growth company during the entire period beginning on 9 March 13, 2020, and ending on the date of enactment of 10 VerDate Sep 11 2014 05:54 Aug 05, 2020 Jkt 099200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H7661.IH H7661 kjohnson on DSK79L0C42PROD with BILLS 2 •HR 7661 IH this Act shall be deemed an emerging growth company 1 until the later of— 2 (1) one year after the date of enactment of this 3 Act; 4 (2) the end of the incident period for the emer- 5 gency declared by the President under section 6 501(b) of the Robert T. Stafford Disaster Relief and 7 Emergency Assistance Act (42 U.S.C. 5191(b)) with 8 respect to the Coronavirus Disease 2019 (COVID– 9 19); and 10 (3) the date that the issuer would cease being 11 an emerging growth company absent the application 12 of this section. 13 (b) DEFINITIONS.—In this section, the terms 14 ‘‘emerging growth company’’ and ‘‘issuer’’ have the mean- 15 ing given those terms, respectively, under section 3 of the 16 Securities Exchange Act of 1934 (15 U.S.C. 78c). 17 Æ VerDate Sep 11 2014 05:54 Aug 05, 2020 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\H7661.IH H7661 kjohnson on DSK79L0C42PROD with BILLS