Coronavirus EGC Extension Act

II 116TH CONGRESS 2D SESSION S. 4218 To temporarily prevent emerging growth companies from losing their status during the COVID–19 pandemic, and for other purposes. IN THE SENATE OF THE UNITED STATES JULY 20, 2020 Mr. TILLIS introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs 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 03:05 Jul 25, 2020 Jkt 099200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S4218.IS S4218 kjohnson on DSK79L0C42PROD with BILLS 2 •S 4218 IS this Act shall be deemed an emerging growth company 1 until the later of— 2 (1) the date that is 1 year after the date of en- 3 actment of this 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 on which the issuer would cease 11 being an emerging growth company absent the appli- 12 cation of this section. 13 (b) DEFINITIONS.—In this section, the terms 14 ‘‘emerging growth company’’ and ‘‘issuer’’ have the mean- 15 ings given those terms in section 3 of the Securities Ex- 16 change Act of 1934 (15 U.S.C. 78c). 17 Æ VerDate Sep 11 2014 03:05 Jul 25, 2020 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\S4218.IS S4218 kjohnson on DSK79L0C42PROD with BILLS