[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6396 Introduced in House (IH)]
<DOC>
116th CONGRESS
2d Session
H. R. 6396
To provide tax and regulatory relief and health care flexibility to
individuals and businesses affected by the 2020 coronavirus pandemic.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
March 26, 2020
Mr. Biggs (for himself, Mr. Harris, Mr. Perry, Mr. Roy, and Mr. Weber
of Texas) introduced the following bill; which was referred to the
Committee on Ways and Means, and in addition to the Committees on
Education and Labor, Oversight and Reform, House Administration, Energy
and Commerce, Small Business, the Judiciary, Financial Services,
Veterans' Affairs, and Agriculture, for a period to be subsequently
determined by the Speaker, in each case for consideration of such
provisions as fall within the jurisdiction of the committee concerned
_______________________________________________________________________
A BILL
To provide tax and regulatory relief and health care flexibility to
individuals and businesses affected by the 2020 coronavirus pandemic.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as ``Responsible Relief for Americans Act''.
TITLE I--ELIMINATING PAID LEAVE MANDATE
SECTION 1. ELIMINATING PAID LEAVE MANDATE.
(a) Strike section 102(a)(1)(F) of the Family Medical Leave Act of
1993 (29 U.S.C. 2612(a)(1)(F)).
(b) Strike section 110 of the Family Medical Leave Act of 1993 (29
U.S.C. 2920).
(c) Strike division E of Public Law 116-127.
TITLE II--ADDRESSING PHARMACEUTICAL SUPPLY CHAIN
SECTION 1. SUPPLY CHAIN REPORTING.
(a) Section 506C of the Federal Food, Drug, and Cosmetic Act (21
U.S.C. 356c) is amended--
(1) in subsection (a)--
(A) in paragraph (1)(C), by inserting ``or any such
drug that is critical to the public health during a
public health emergency determined under section 319 of
the Public Health Service Act'' after ``during
surgery''; and
(B) in the flush text at the end--
(i) by inserting ``, or a discontinuance or
an interruption in the manufacture of the
active pharmaceutical ingredients of such
drug,'' before ``that is likely''; and
(ii) by adding at the end the following:
``Notification under this subsection shall
include disclosure of reasons for the
discontinuation or interruption, as applicable;
if an active pharmaceutical ingredient is a
reason for, or risk factor in, such
discontinuation or interruption, the source of
the active pharmaceutical ingredient and any
alternative sources for the active
pharmaceutical ingredient known by the
manufacturer; whether any associated medical
devices used for preparation or administration
included in the finished dosage form is a
reason for, or a risk factor in, such
discontinuation or interruption; the expected
duration of the interruption; and such other
information as the Secretary may require.'';
and
(2) by adding at the end the following:
``(j) Additional Manufacturer Reporting for Essential Drugs and
Devices.--Each manufacturer of a drug described in subsection (a) shall
provide to the Food and Drug Administration, on an annual basis, or
more frequently at the request of the Secretary, information related to
the manufacturing capacity of such drug. Such information shall
include--
``(1) details about--
``(A) all locations of production;
``(B) the sourcing of all component parts;
``(C) the sourcing of any active pharmaceutical
ingredients; and
``(D) the use of any scarce or raw materials; and
``(2) any other information determined by the Secretary to
be relevant to the security of the supply chain of the drug or
device.''.
TITLE III--SMALL BUSINESS PROSPERITY ACT
SECTION 1. INCREASE AND EXPANSION OF DEDUCTION FOR QUALIFIED BUSINESS
INCOME.
(a) Deduction Made Permanent.--Section 199A of the Internal Revenue
Code of 1986 is amended by striking subsection (i).
(b) Deduction To Achieve a Top Rate on Qualified Business Income of
21 Percent.--Subsections (a)(2), (b)(1)(B), and (b)(2)(A) of section
199A of such Code are each amended by striking ``20 percent'' and
inserting ``43 percent (47 percent in the case of any taxable year
beginning after December 31, 2025)''.
(c) Repeal of Limitation Based on W-2 Wages Paid With Respect to
the Trade or Business.--Section 199A(b)(2) of section 199A of such
Code, as amended by subsection (a), is amended to read as follows:
``(2) Determination of deductible amount for each trade or
business.--The amount determined under this paragraph with
respect to any qualified trade or business is 43 percent (47
percent in the case of any taxable year beginning after
December 31, 2025) of the taxpayer's qualified business income
with respect to the qualified trade or business.''.
(d) Repeal of Exclusion of Specified Service Trades or
Businesses.--Section 199A(d) of such Code is amended to read as
follows:
``(d) Qualified Trade or Business.--For purposes of this section,
the term `qualified trade or business' means any trade or business
other than the trade or business of performing services as an
employee.''.
(e) Conforming Amendments.--
(1) Section 199A(b) of such Code, as amended by subsection
(d), is amended--
(A) by striking paragraphs (3), (4), and (6), and
redesignating paragraphs (5) and (7) as paragraphs (3)
and (4); and
(B) by striking ``the lesser of--'' and all that
follows in paragraph (4) (as so redesignated) and
inserting ``9 percent of so much of the qualified
business income with respect to such trade or business
as is properly allocable to qualified payments received
from such cooperative''.
(2) Section 199A(e) of such Code is amended by striking
paragraph (2).
(3) Section 199A(f)(1) of such Code is amended to read as
follows:
``(1) Application to partnerships and s corporations.--
``(A) In general.--In the case of a partnership or
S corporation--
``(i) this section shall be applied at the
partner or shareholder level, and
``(ii) each partner or shareholder shall
take into account such person's allocable share
of each qualified item of income, gain,
deduction, and loss.
For purposes of this subparagraph, in the case of an S
corporation, an allocable share shall be the
shareholder's pro rata share of an item.
``(B) Treatment of trades or business in puerto
rico.--In the case of any taxpayer with qualified
business income from sources within the commonwealth of
Puerto Rico, if all such income is taxable under
section 1 for such taxable year, then for purposes of
determining the qualified business income of such
taxpayer for such taxable year, the term `United
States' shall include the Commonwealth of Puerto
Rico.''.
(4) Section 199A(f)(4)(A) of such Code is amended by
striking ``and wages''.
(5) Section 199A(g)(1) of such Code is amended by striking
subparagraph (B) and redesignating subparagraph (C) as
subparagraph (B).
(6) Section 199A of such Code is amended by striking
subsection (h).
(f) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2019.
SEC. 2. NO TAXABLE EVENT FOR CHANGE OF CORPORATE FORM.
Notwithstanding any provision of the Internal Revenue Code of 1986,
a change in the organizational structure of a corporation, however
organized, into another organizational structure is not a taxable event
for the purposes of such Code if there is no change among the owners,
their ownership interests, or the assets of the organization (other
than a de minimis change in such assets). The preceding sentence shall
apply to changes in organizational structure occurring after December
31, 2019.
SEC. 3. REPEAL OF ESTATE TAX AND RETENTION OF BASIS STEP-UP.
Effective for estates of decedents dying after December 31, 2019,
chapter 11 of the Internal Revenue Code of 1986 is repealed.
TITLE IV--KEEPING AMERICAN WORKERS EMPLOYED AND PAID ACT
SECTION 1. DEFINITIONS.
In this title--
(1) the terms ``Administration'' and ``Administrator'' mean
the Small Business Administration and the Administrator
thereof, respectively;
(2) the term ``covered small business concern'' means a
small business concern that has experienced, as a result of
COVID-19--
(A) supply chain disruptions, including changes
in--
(i) quantity and lead time, including the
number of shipments of components and delays in
shipments;
(ii) quality, including shortages in supply
for quality control reasons; and
(iii) technology, including a compromised
payment network;
(B) staffing challenges;
(C) a decrease in sales or customers; or
(D) a closure; and
(3) the term ``small business concern'' has the meaning
given the term in section 3 of the Small Business Act (15
U.S.C. 636).
SEC. 2. PAYCHECK PROTECTION PROGRAM.
(a) In General.--Section 7(a) of the Small Business Act (15 U.S.C.
636(a)) is amended--
(1) in paragraph (2)--
(A) in subparagraph (A), in the matter preceding
clause (i), by striking ``and (E)'' and inserting
``(E), and (F)''; and
(B) by adding at the end the following:
``(F) Participation in the paycheck protection
program.--In an agreement to participate in a loan on a
deferred basis under paragraph (36), the participation
by the Administration shall be 100 percent.''; and
(2) by adding at the end the following:
``(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 3 of the Federal Deposit
Insurance Act (12 U.S.C. 1813);
``(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, 2020;
``(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 `nonprofit organization'
means an organization that is described in
section 501(c)(3) of the Internal Revenue Code
of 1986 and that is exempt from taxation under
section 501(a) of such Code;
``(vii) the term `payroll costs'--
``(I) means--
``(aa) the sum of payments
of any compensation with
respect to employees that is
a--
``(AA) salary or
wage;
``(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 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 a sole
proprietor or independent
contractor that is a wage,
commission, or similar
compensation and that is in an
amount that is not more than
$100,000 in 1 year, as prorated
for the covered period; and
``(II) shall not include--
``(aa) the compensation of
an individual employee in
excess of an annual salary of
$100,000, as prorated for the
covered period;
``(bb) taxes imposed or
withheld under chapters 21, 22,
or 24 of the Internal Revenue
Code of 1986 during the covered
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); and
``(viii) the term `veterans organization'
means an organization that is described in
section 501(c)(19) of the Internal Revenue Code
that is exempt from taxation under section
501(a) of such Code.
``(B) Small business interruption 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 the
Internal Revenue Code of 1986) 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,
or veterans organization shall be eligible to
receive a covered loan if the business concern,
nonprofit organization, or veterans
organization 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, or
veterans organization 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 seeking a
covered loan shall submit payroll tax
filings reported to the Internal
Revenue Service.
``(iii) Business concerns with more than 1
physical location.--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.
``(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; and
``(III) any business concern that
receives financial assistance from a
company licensed under section 301 of
the Small Business Investment Act of
1958 (15 U.S.C. 681).
``(v) Employee.--For purposes of
determining whether a business concern,
nonprofit organization, veterans organization,
or Tribal business concern described in section
31(b)(2)(C) employs not more than 500 employees
under clause (i)(I), 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
and a veterans organization in the same manner
as with respect to a small business concern.
``(E) Maximum loan amount.--During the covered
period, with respect to a covered loan, the maximum
loan amount shall be the lesser of--
``(i)(I) 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, in the case of an
applicant that is a seasonal employer,
as determined by the Administrator, the
average total monthly payments for
payroll shall be for the 12-week period
beginning February 15, 2019, or at the
election of the eligible recipient,
March 1, 2019, and ending June 30,
2019; by
``(bb) 2.5; 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 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; 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) mortgage payments;
``(V) rent (including rent under a
lease agreement);
``(VI) utilities; and
``(VII) interest on any other debt
obligations that were incurred before
the covered period.
``(ii) Delegated authority.--
``(I) In general.--For purposes of
making covered loans for the purposes
described in clause (i), a lender
approved under this paragraph shall be
considered to have delegated authority
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;
``(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; and
``(cc) is substantially
impacted by public health
restrictions related to the
Coronavirus 2019 (COVID-19).
``(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) Limitation.--An eligible recipient
of a covered loan for purposes of paying
payroll costs and other obligations described
in this subparagraph shall not be eligible to
receive an economic injury disaster loan under
subsection (b)(2) for the same purpose.
``(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; and
``(II) acknowledging that funds
will be used to retain workers and
maintain payroll or make mortgage
payments, lease payments, and utility
payments.
``(ii) Full-time equivalent employees.--An
eligible recipient of a covered loan shall
maintain an average monthly number of full-time
equivalent employees (as defined in section
45R(d)(2) of the Internal Revenue Code of 1986)
during the covered period that is not less than
the average monthly number of full-time
equivalent employees during the applicable
period described in subclause (I)(aa) or
subclause (II)(aa) of subparagraph (E)(i).
``(H) Fee waiver.--During the covered period, 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 3(h),
shall not apply to a covered loan.
``(J) Collateral and personal guarantee
requirements.--During the covered period, with respect
to a covered loan--
``(i) no collateral shall be required for
the covered loan; and
``(ii) no personal guarantee 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 1105 of the CARES Act--
``(i) the remaining balance shall continue
to be guaranteed by the Administration under
this subsection; and
``(ii) the covered loan shall have a
maximum maturity of 10 years from the date on
which the borrower applies for loan forgiveness
under that section.
``(L) Interest rate requirements.--During the
covered period, a covered loan shall bear an interest
rate in accordance with the maximum interest rate in
effect on February 15, 2020, for a loan under this
subsection.
``(M) Subsidy recoupment fee.--Notwithstanding any
other provision of law, a covered loan shall not be
subject to a subsidy recoupment fee.
``(N) 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 the date of enactment
of this paragraph.
``(II) Presumption.--For purposes
of this subparagraph, an impacted
borrower is presumed to have been
adversely impacted by COVID-19.
``(ii) Deferral.--During the covered
period, 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 for a period of not
more than 1 year.
``(iii) Secondary market.--During the
covered period, 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 for a period of not more
than 1 year.
``(iv) Guidance.--Not later than 30 days
after the date of enactment of this paragraph,
the Administrator shall provide guidance to
lenders under this paragraph on the deferment
process described in this subparagraph.
``(O) Secondary market sales.--A covered loan shall
not be eligible to be sold in the secondary market
until the covered recipient of the covered loan has
requested the loan forgiveness authorized under section
1105 of the CARES Act and the Administrator has finally
determined the amount of any forgiveness to which the
eligible recipient is entitled and has made payment to
the lender. Any remaining balance on the loan after the
application of that payment may be sold in the
secondary market.
``(P) Regulatory capital requirements.--
``(i) Risk weight.--With respect to the
appropriate Federal banking agencies 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 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 determines
appropriate.
``(Q) Reimbursement for processing.--
``(i) In general.--The Administrator shall
reimburse a lender authorized to make a covered
loan at a rate of 5 percent of the balance of
the financing outstanding at the time of
disbursement of the covered loan.
``(ii) Timing.--A reimbursement described
in clause (i) shall be made not later than 5
days after the disbursement of the covered
loan.
``(R) Duplication.--Nothing in this paragraph shall
prohibit a recipient of an economic injury disaster
loan made under subsection (b)(2) during the period
beginning on February 15, 2020, and ending on March 31,
2020, from receiving assistance under this
paragraph.''.
(b) Commitments for 7(a) Loans.--During the period beginning on
February 15, 2020, and ending on June 30, 2020--
(1) the amount authorized for commitments for general
business loans authorized under section 7(a) of the Small
Business Act (15 U.S.C. 636(a)), including loans made under
paragraph (36) of such section, as added by subsection (a),
shall be $349,000,000,000; and
(2) the amount authorized for commitments for such loans
under the heading ``business loans program account'' under the
heading ``Small Business Administration'' under title V of
division C of the Consolidated Appropriations Act, 2020 (Public
Law 116-93; 133 Stat. 2475) shall not apply.
(c) Express Loans.--
(1) In general.--Section 7(a)(31)(D) of the Small Business
Act (15 U.S.C. 636(a)(31)(D)) is amended by striking
``$350,000'' and inserting ``$1,000,000''.
(2) Prospective repeal.--Effective on January 1, 2021,
section 7(a)(31)(D) of the Small Business Act (15 U.S.C.
636(a)(31)(D)) is amended by striking ``$1,000,000'' and
inserting ``$350,000''.
(d) Interim Rule.--On and after the date of enactment of this Act,
the interim final rule published by the Administrator entitled
``Express Loan Programs: Affiliation Standards'' (85 Fed. Reg. 7622
(February 10, 2020)) shall have no force or effect.
SEC. 3. WAIVER OF MATCHING FUNDS REQUIREMENT UNDER THE WOMEN'S BUSINESS
CENTER PROGRAM.
During the 3-month period beginning on the date of enactment of
this Act, the requirement relating to obtaining cash contributions from
non-Federal sources under section 29(c)(1) of the Small Business Act
(15 U.S.C. 656(c)(1)) is waived for any recipient of assistance under
such section 29.
SEC. 4. LOAN FORGIVENESS.
(a) Definitions.--In this section--
(1) the term ``covered loan'' means a loan guaranteed under
paragraph (36) of section 7(a) of the Small Business Act (15
U.S.C. 636(a)), as added by Section 2;
(2) the term ``covered mortgage obligation'' means any
indebtedness or debt instrument incurred in the ordinary course
of business that--
(A) is a liability of the borrower;
(B) is a mortgage on real or personal property; and
(C) was incurred before February 15, 2020;
(3) the term ``covered period'' means the 8-week period
beginning on the date of the origination of a covered loan;
(4) the term ``covered rent obligation'' means rent
obligated under a leasing agreement in force before February
15, 2020;
(5) the term ``covered utility payment'' means payment for
a service for the distribution of electricity, gas, water,
transportation, telephone, or internet access for which service
began before February 15, 2020;
(6) the term ``eligible recipient'' means the recipient of
a covered loan;
(7) the term ``expected forgiveness amount'' means the
amount of principal that a lender reasonably expects a borrower
to expend during the covered period on the sum of any--
(A) payroll costs;
(B) payments of interest on any covered mortgage
obligation (which shall not include any prepayment of
or payment of principal on a covered mortgage
obligation);
(C) payments on any covered rent obligation; and
(D) covered utility payments; and
(8) the term ``payroll costs'' has the meaning given that
term in paragraph (36) of section 7(a) of the Small Business
Act (15 U.S.C. 636(a)), as added by Section 2 of this Act.
(b) Forgiveness.--An eligible recipient shall be eligible for
forgiveness of indebtedness on a covered loan in an amount equal to the
sum of the following costs incurred and payments made during the
covered period:
(1) Payroll costs.
(2) Any payment of interest on any covered mortgage
obligation (which shall not include any prepayment of or
payment of principal on a covered mortgage obligation).
(3) Any payment on any covered rent obligation.
(4) Any covered utility payment.
(c) Treatment of Amounts Forgiven.--
(1) In general.--Amounts which have been forgiven under
this section shall be considered canceled indebtedness by a
lender authorized under section 7(a) of the Small Business Act
(15 U.S.C. 636(a)).
(2) Purchase of guarantees.--For purposes of the purchase
of the guarantee for a covered loan by the Administrator,
amounts which are forgiven under this section shall be treated
in accordance with the procedures that are otherwise applicable
to a loan guaranteed under section 7(a) of the Small Business
Act (15 U.S.C. 636(a)).
(3) Remittance.--Not later than 90 days after the date on
which the amount of forgiveness under this section is
determined, the Administrator shall remit to the lender an
amount equal to the amount of forgiveness, plus any interest
accrued through the date of payment.
(4) Advance purchase of covered loan.--
(A) Report.--A lender authorized under section 7(a)
of the Small Business Act (15 U.S.C. 636(a)) may report
to the Administrator an expected forgiveness amount on
a covered loan or on a pool of covered loans of up to
100 percent of the principal on the covered loan or
pool of covered loans, respectively.
(B) Purchase.--The Administrator shall purchase the
expected forgiveness amount described in subparagraph
(A) as if the amount were the principal amount of a
loan guaranteed under section 7(a) of the Small
Business Act 636(a)).
(C) Timing.--Not later than 5 days after the date
on which the Administrator receives a report under
subparagraph (A), the Administrator shall purchase the
expected forgiveness amount under subparagraph (B) with
respect to each covered loan to which the report
relates.
(d) Limits on Amount of Forgiveness.--
(1) Amount may not exceed principal.--The amount of loan
forgiveness under this section shall not exceed the principal
amount of the financing made available under the applicable
covered loan.
(2) Reduction based on reduction in number of employees.--
(A) In general.--The amount of loan forgiveness
under this section shall be reduced, but not increased,
by multiplying the amount described in subsection (b)
by the quotient obtained by dividing--
(i) the average number of full-time
equivalent employees per month employed by the
eligible recipient during the covered period;
by
(ii)(I) the average number of full-time
equivalent employees per month employed by the
eligible recipient during the period beginning
on February 15, 2019, and ending on June 30,
2019;
(II) if the eligible recipient was not in
operation before June 30, 2019, the average
number of full-time equivalent employees per
month employed by the eligible recipient during
the period beginning on January 1, 2020, and
ending on February 29, 2020; or
(III) in the case of an eligible recipient
that is a seasonal employer, as determined by
the Administrator, the average number of full-
time equivalent employees per month employed by
the eligible recipient during the period
beginning on February 15, 2019, and ending on
June 30, 2019.
(B) Calculation of average number of employees.--
For purposes of subparagraph (A), the average number of
full-time equivalent employees shall be determined by
calculating the average number of full-time equivalent
employees for each pay period falling within a month.
(3) Reduction relating to salary and wages.--
(A) In general.--The amount of loan forgiveness
under this section shall be reduced by the amount of
any reduction in total salary or wages of any employee
described in subparagraph (B) during the covered period
that is in excess of 25 percent of the total salary or
wages of the employee during the most recent full
quarter during which the employee was employed before
the covered period.
(B) Employees described.--An employee described in
this subparagraph is any employee who did not receive,
during any single pay period during 2019, wages or
salary at an annualized rate of pay in an amount more
than $100,000.
(4) Exception for tipped workers.--An eligible recipient
with tipped employees described in section 3(m)(2)(A) of the
Fair Labor Standards Act of 1938 (29 U.S.C. 203(m)(2)(A)) may
receive forgiveness for additional wages paid to those
employees.
(5) Exemption for re-hires.--
(A) In general.--In a circumstance described in
subparagraph (B), the amount of loan forgiveness under
this section shall be determined without regard to a
reduction in the number of full-time equivalent
employees of an eligible recipient or a reduction in
the salary of 1 or more employees of the eligible
recipient, as applicable, during the period beginning
on February 15, 2020, and ending on April 1, 2020.
(B) Circumstances.--A circumstance described in
this subparagraph is a circumstance--
(i) in which--
(I) during the period beginning on
February 15, 2020, and ending on April
1, 2020, there is a reduction, as
compared to February 15, 2020, in the
number of full-time equivalent
employees of an eligible recipient; and
(II) not later than June 30, 2020,
the eligible employer has eliminated
the reduction in the number of full-
time equivalent employees;
(ii) in which--
(I) during the period beginning on
February 15, 2020, and ending on April
1, 2020, there is a reduction, as
compared to February 15, 2020, in the
salary or wages of 1 or more employees
of the eligible recipient; and
(II) not later than June 30, 2020,
the eligible employer has eliminated
the reduction in the salary or wages of
such employees; or
(iii) in which the events described in
clause (i) and (ii) occur.
(e) Application.--An eligible recipient seeking loan forgiveness
under this section shall submit to the lender that originated the
covered loan an application, which shall include--
(1) documentation verifying the number of full-time
equivalent employees on payroll and pay rates for the periods
described in subsection (d), including--
(A) payroll tax filings reported to the Internal
Revenue Service; and
(B) State income, payroll, and unemployment
insurance filings;
(2) documentation, including cancelled checks, payment
receipts, transcripts of accounts, or other documents verifying
payments on covered mortgage obligations, payments on covered
lease obligations, and covered utility payments;
(3) a certification from a representative of the eligible
recipient authorized to make such certifications that--
(A) the documentation presented is true and
correct; and
(B) the amount for which forgiveness is requested
was used to retain employees, make interest payments on
a covered mortgage obligation, make payments on a
covered rent obligation, or make covered utility
payments; and
(4) any other documentation the Administrator determines
necessary.
(f) Prohibition on Forgiveness Without Documentation.--No eligible
recipient shall receive forgiveness under this section without
submitting to the lender that originated the covered loan the
documentation required under subsection (e).
(g) Decision.--Not later than 60 days after the date on which a
lender receives an application for loan forgiveness under this section
from an eligible recipient, the lender shall issue a decision on the
application.
(h) Safe Harbor.--If a lender determines that an eligible recipient
has accurately verified the payments for payroll costs, payments on
covered mortgage obligations, payments on covered lease obligations, or
covered utility payments during the covered period--
(1) an enforcement action may not be taken against the
lender under section 47(e) of the Small Business Act (15 U.S.C.
657t(e)) relating to loan forgiveness for the payments for
payroll costs, payments on covered mortgage obligations,
payments on covered lease obligations, or covered utility
payments, as the case may be; and
(2) the lender shall not be subject to any penalties by the
Administrator relating to loan forgiveness for the payments for
payroll costs, payments on covered mortgage obligations,
payments on covered lease obligations, or covered utility
payments, as the case may be.
(i) Taxability.--Canceled indebtedness under this section shall be
excluded from gross income for purposes of the Internal Revenue Code of
1986.
(j) Rule of Construction.--The cancellation of indebtedness on a
covered loan under this section shall not otherwise modify the terms
and conditions of the covered loan.
(k) Regulations.--Not later than 30 days after the date of
enactment of this Act, the Administrator shall issue guidance and
regulations implementing this section.
SEC. 5. DIRECT APPROPRIATIONS.
(a) In General.--There is appropriated, out of amounts in the
Treasury not otherwise appropriated, for the fiscal year ending
September 30, 2020, to remain available until September 30, 2021, for
additional amounts--
(1) $299,400,000,000 under the heading ``Small Business
Administration--business loans program account'' for the cost
of guaranteed loans as authorized under paragraph (36) of
section 7(a) of the Small Business Act (15 U.S.C. 636(a)), as
added by section 2(a) of this title;
(2) $700,000,000 under the heading ``Small Business
Administration--salaries and expenses'' for salaries and
expenses of the Administration; and
(3) $25,000,000 under the heading ``Small Business
Administration--office of inspector general'' for necessary
expenses of the Office of Inspector General of the
Administration in carrying out the provisions of the Inspector
General Act of 1978 (5 U.S.C. App.).
SEC. 6. CONTRACTING.
(a) Definition.--In this section, the term ``covered entity'' means
a small business concern or nonprofit organization--
(1) that is a party to a contract with a Federal agency;
and
(2) for which the contractor performance is adversely
impacted as a result of COVID-19.
(b) Promotion of Small Business Contracting.--
(1) Small business contracting relief.--
(A) In general.--Notwithstanding any other
provision of law or regulation, and except as provided
in subparagraph (B), during the period beginning on the
date of enactment of this Act and ending on September
30, 2021, the head of the Federal agency with which a
covered entity has a contract shall provide the covered
entity with the greater of--
(i) 30 additional days to carry out the
responsibilities of the covered entity under
the contract; or
(ii) an additional amount of time to carry
out the responsibilities of the covered entity
under the contract that the head of the Federal
agency determines to be appropriate after
taking into consideration the severity of the
adverse impact experienced by the covered
entity.
(B) Exclusion of mission-critical contracts.--
Subparagraph (A) shall not apply to any contract that
the head of the Federal agency that is a party to the
contract determines is critical to carrying out the
mission of the Federal agency.
(2) Payment continuation.--If the performance of all or any
part of the work of a Federal goods or services contract with a
contractor that is a small business concern or a nonprofit
organization in force and effect during the period beginning on
the date of enactment of this Act and ending on September 30,
2021, is unavoidably delayed or interrupted by the inability of
the employees of the small business concern or nonprofit
organization, as applicable, to access Government facilities,
systems, or other Government-provided resources due to
restrictions related to COVID-19 that have been imposed by any
authority or due to orders or instructions issued by the
contracting agency in response to COVID-19--
(A) the Government shall pay the small business
concern or nonprofit organization, as applicable, upon
the submission of the documentation required by the
contract and according to the terms specified in the
contract, the prices stipulated in the contract for
goods or services as if the small business concern or
nonprofit organization, as applicable, had rendered and
the Government accepted the goods or services; and
(B) contractor delivery schedules shall be revised
and the small business concern or nonprofit
organization, as applicable, shall be eligible for
equitable adjustments based on the revised schedules.
(3) Prompt payments.--Notwithstanding any other provision
of law or regulation, during any period in which the President
invokes the authorities of the Defense Production Act of 1950
(50 U.S.C. 4501 et seq.), for any payment due by the head of a
Federal agency on a contract for an item of property or service
provided--
(A) with respect to a prime contractor (as defined
in section 8701 of title 41, United States Code) that
is a small business concern or nonprofit organization,
the head of the Federal agency shall, to the fullest
extent permitted by law and to the maximum extent
practicable, establish an accelerated payment date of
15 days after a proper invoice for the amount due is
received; and
(B) with respect to a prime contractor (as defined
in section 8701 of title 41, United States Code) that
subcontracts with a small business concern or nonprofit
organization, the head of the Federal agency shall, to
fullest extent permitted by law and to the maximum
extent practicable, establish an accelerated payment
date of 15 days after receipt of a proper invoice for
the amount due if the prime contractor agrees to make
payments to the subcontractor in accordance with the
accelerated payment date, to the maximum extent
practicable, without any further consideration from or
fees charged to the subcontractor.
(4) Bar on multiple forms of contract relief.--A small
business concern or nonprofit organization may not receive a
modification of terms or assistance under more than 1 paragraph
of this subsection with respect to any single contract.
(c) Resolicitation of Contracts With Small Business Concerns.--
During fiscal years 2021 and 2022, a Federal agency shall not cancel a
contract in which the prime contractor (as defined in section 8701 of
title 41, United States Code) is a small business concern that
defaulted on the terms of the contract directly or indirectly due to
the COVID-19 unless the Director of Small and Disadvantaged Business
Utilization of the Federal agency certifies that--
(1) the contract is mission-critical;
(2) resolicitation of the contract would allow a faster
delivery than the small business concern could provide; and
(3) the resolicitation of the contract is, to the greatest
extent possible, awarded to another small business concern.
SEC. 7. UNITED STATES TREASURY PROGRAM MANAGEMENT AUTHORITY.
(a) Authority To Include Additional Financial Institutions.--The
Department of the Treasury, in consultation with the Administration,
the Farm Credit Administration, and the other Federal financial
regulatory agencies (as defined in section 313(r) of title 31, United
States Code), shall establish criteria for insured depository
institutions (as defined in section 3 of the Federal Deposit Insurance
Act (12 U.S.C. 1813)), institutions of the Farm Credit System chartered
under the Farm Credit Act of 1971 (12 U.S.C. 2001 et seq.), and other
lenders that do not already participate in lending under programs of
the Administration, to participate in the small business interruption
loans program to provide loans under this section until the date on
which the national emergency declared by the President under the
National Emergencies Act (50 U.S.C. 1601 et seq.) with respect to the
Coronavirus Disease 2019 (COVID-19) expires.
(b) Safety and Soundness.--An insured depository institution (as
defined in section 3 of the Federal Deposit Insurance Act (12 U.S.C.
1813)), institution of the Farm Credit System chartered under the Farm
Credit Act of 1971 (12 U.S.C. 2001 et seq.), or other lender may only
participate in the program established under this section if
participation does not affect the safety and soundness of the
institution or lender.
(c) Regulations for Lenders and Loans.--
(1) In general.--The Secretary of the Treasury, in
consultation with the Administrator, shall issue regulations
and guidance in order to direct additional lenders under this
section and establish terms and conditions for small business
interruption loans under this section, including terms
concerning compensation, underwriting standards, interest
rates, and maturity.
(2) Requirements.--The terms and conditions established
under paragraph (1) shall provide for the following:
(A) A rate of interest that does not exceed the
maximum permissible rate of interest available on a
loan of comparable maturity under paragraph (36) of
section 7(a) of the Small Business Act (15 U.S.C.
636(a)), as added by section 2 of this Act.
(B) Terms and conditions that, to the maximum
extent practicable, are the same as the terms and
conditions required under the following provisions of
paragraph (36) of section 7(a) of the Small Business
Act (15 U.S.C. 636(a)), as added by section 2 of this
Act:
(i) Subparagraph (D), pertaining to
borrower eligibility.
(ii) Subparagraph (E), pertaining to the
maximum loan amount.
(iii) Subparagraph (F)(i), pertaining to
allowable uses of program loans.
(iv) Subparagraph (H), pertaining to fee
waivers.
(v) Subparagraph (N), pertaining to loan
deferment.
(C) A guarantee percentage that, to the maximum
extent practicable, is the same as the guarantee
percentage required under subparagraph (F) of section
7(a)(2) of the Small Business Act (15 U.S.C.
636(a)(2)), as added by section 2 of this Act.
(d) Additional Regulations Generally.--The Secretary of the
Treasury may issue regulations and guidance as may be necessary to
carry out the purposes of this section.
(e) Certification.--As a condition of receiving a loan under this
section, a borrower shall certify under terms acceptable to the
Secretary of the Treasury that the borrower--
(1) does not have an application pending for a loan under
section 7(a) of the Small Business Act (15 U.S.C. 636(a)); and
(2) has not received such a loan during the period
beginning on February 15, 2020, and ending on December 31,
2020.
(f) Program Administration.--Under the infrastructure of the
Department of the Treasury and with guidance from the Secretary of the
Treasury, the Administrator shall administer the program established
under this section, including the making and purchasing of guarantees
on loans under the program, until the date on which the national
emergency declared by the President under the National Emergencies Act
(50 U.S.C. 1601 et seq.) with respect to the Coronavirus Disease 2019
(COVID-19) expires.
(g) Criminal Penalties.--A loan under this section shall be deemed
to be a loan under the Small Business Act (15 U.S.C. 631 et seq.) for
purposes of section 16 of such Act (15 U.S.C. 645).
SEC. 8. EMERGENCY EIDL GRANTS.
(a) Definitions.--In this section--
(1) the term ``covered period'' means the period beginning
on January 31, 2020, and ending on December 31, 2020; and
(2) the term ``eligible entity'' means--
(A) a startup with not more than 500 employees;
(B) any individual who operates under a sole
proprietorship or as an independent contractor;
(C) a cooperative with not more than 500 employees;
or
(D) an ESOP (as defined in section 3 of the Small
Business Act (15 U.S.C. 632)) with not more than 500
employees.
(b) Eligible Entities.--During the covered period, in addition to
small business concerns, private nonprofit organizations, and small
agricultural cooperatives, an eligible entity shall be eligible for a
loan made under section 7(b)(2) of the Small Business Act (15 U.S.C.
636(b)(2)).
(c) Terms; Credit Elsewhere.--With respect to a loan made under
section 7(b)(2) of the Small Business Act (15 U.S.C. 636(b)(2)) in
response to COVID-19 during the covered period, the Administrator shall
waive--
(1) any rules related the personal guarantee on advances
and loans of not more than $200,000 during the covered period
for all applicants;
(2) the requirement that an applicant needs to be in
business for the 1-year period before the disaster; and
(3) the requirement in the flush matter following
subparagraph (E) of section 7(b)(2) of the Small Business Act
(15 U.S.C. 636(b)(2)), as so redesignated by subsection (f) of
this section, that an applicant be unable to obtain credit
elsewhere.
(d) Approval and Ability To Repay for Small Dollar Loans.--With
respect to a loan made under section 7(b)(2) of the Small Business Act
(15 U.S.C. 636(b)(2)) in response to COVID-19 during the covered
period, a lender may--
(1) approve an applicant based solely on the credit score
of the applicant and shall not require an applicant to submit a
tax return or a tax return transcript for such approval; or
(2) use alternative appropriate methods to determine an
applicant's ability to repay.
(e) Emergency Grant.--
(1) In general.--During the covered period, an eligible
entity that applies for a loan under section 7(b)(2) of the
Small Business Act (15 U.S.C. 636(b)(2)) in response to COVID-
19 may request that the Administrator provide an advance in the
amount requested by such applicant (not to exceed $10,000) to
such applicant within 3 days after the Administrator receives
an application from such applicant.
(2) Verification.--Before disbursing amounts under this
subsection, the Administrator shall verify that the applicant
is an eligible entity.
(3) Use of funds.--An advance provided under this
subsection may be used to address any allowable purpose for a
loan made under section 7(b)(2) of the Small Business Act (15
U.S.C. 636(b)(2)), including--
(A) providing paid sick leave to employees unable
to work due to the direct effect of the COVID-19;
(B) maintaining payroll to retain employees during
business disruptions or substantial slowdowns;
(C) meeting increased costs to obtain materials
unavailable from the applicant's original source due to
interrupted supply chains;
(D) making rent or mortgage payments; and
(E) repaying obligations that cannot be met due to
revenue losses.
(4) Repayment.--An applicant shall not be required to repay
any amounts of an advance provided under this subsection, even
if subsequently denied a loan under section 7(b)(2) of the
Small Business Act (15 U.S.C. 636(b)(2)).
(5) Unemployment grant.--If an applicant that receives an
advance under this subsection transfers into the loan program
under section 7(a) of the Small Business Act (15 U.S.C.
636(a)), the advance amount shall be considered when
determining loan forgiveness for a loan for payroll costs made
under such section 7(a).
(6) Authorization of appropriations.--There is authorized
to be appropriated to the Administration $10,000,000,000 to
carry out this subsection.
(7) Termination.--The authority to carry out grants under
this subsection shall terminate on December 30, 2020.
(f) Emergencies Involving Federal Primary Responsibility Qualifying
for SBA Assistance.--Section 7(b)(2) of the Small Business Act (15
U.S.C. 636(b)(2)) is amended--
(1) in subparagraph (A), by striking ``or'' at the end;
(2) in subparagraph (B), by striking ``or'' at the end;
(3) in subparagraph (C), by striking ``or'' at the end;
(4) by redesignating subparagraph (D) as subparagraph (E);
(5) by inserting after subparagraph (C) the following:
``(D) an emergency involving Federal primary
responsibility determined to exist by the President
under section 501(b) of the Robert T. Stafford Disaster
Relief and Emergency Assistance Act (42 U.S.C.
5191(b)); or''; and
(6) in subparagraph (E), as so redesignated--
(A) by striking ``or (C)'' and inserting ``(C), or
(D)'';
(B) by striking ``disaster declaration'' each place
it appears and inserting ``disaster or emergency
declaration'';
(C) by striking ``disaster has occurred'' and
inserting ``disaster or emergency has occurred'';
(D) by striking ``such disaster'' and inserting
``such disaster or emergency''; and
(E) by striking ``disaster stricken'' and inserting
``disaster- or emergency-stricken''; and
(7) in the flush matter following subparagraph (E), as so
redesignated, by striking the period at the end and inserting
the following: ``: Provided further, That for purposes of
subparagraph (D), the Administrator shall deem that such an
emergency affects each State or subdivision thereof (including
counties), and that each State or subdivision has sufficient
economic damage to small business concerns to qualify for
assistance under this paragraph and the Administrator shall
accept applications for such assistance immediately.''.
SEC. 9. SUBSIDY FOR CERTAIN LOAN PAYMENTS.
(a) Definition of Covered Loan.--In this section, the term
``covered loan'' means a loan that is--
(1) guaranteed by the Administration under--
(A) section 7(a) of the Small Business Act (15
U.S.C. 636(a)), including a loan made under the
Community Advantage Pilot Program of the
Administration; or
(B) title V of the Small Business Investment Act of
1958 (15 U.S.C. 695 et seq.); or
(2) made by an intermediary to a small business concern
using loans or grants received under section 7(m) of the Small
Business Act (15 U.S.C. 636(m)).
(b) Sense of Congress.--It is the sense of Congress that--
(1) all borrowers are adversely affected by COVID-19;
(2) relief payments by the Administration are appropriate
for all borrowers; and
(3) in addition to the relief provided under this Act, the
Administration should encourage lenders to provide payment
deferments, when appropriate, and to extend the maturity of
covered loans, so as to avoid balloon payments or any
requirement for increases in debt payments resulting from
deferments provided by lenders during the period of the
national emergency declared by the President under the National
Emergencies Act (50 U.S.C. 1601 et seq.) with respect to the
Coronavirus Disease 2019 (COVID-19).
(c) Principal and Interest Payments.--
(1) In general.--The Administrator shall pay the principal,
interest, and any associated fees that are owed on a covered
loan in a regular servicing status--
(A) with respect to a covered loan made before the
date of enactment of this Act and not on deferment, for
the 6-month period beginning with the next payment due
on the covered loan;
(B) with respect to a covered loan made before the
date of enactment of this Act and on deferment, for the
6-month period beginning with the next payment due on
the covered loan after the deferment period; and
(C) with respect to a covered loan made during the
period beginning on the date of enactment of this Act
and ending on the date that is 6 months after such date
of enactment, for the 6-month period beginning with the
first payment due on the covered loan.
(2) Timing of payment.--The Administrator shall begin
making payments under paragraph (1) on a covered loan not later
than 30 days after the date on which the first such payment is
due.
(3) Application of payment.--Any payment made by the
Administrator under paragraph (1) shall be applied to the
covered loan such that the borrower is relieved of the
obligation to pay that amount.
(d) Other Requirements.--The Administrator shall--
(1) communicate and coordinate with the Federal Deposit
Insurance Corporation, the Office of the Comptroller of the
Currency, and State bank regulators to encourage those entities
to not require lenders to increase their reserves on account of
receiving payments made by the Administrator under subsection
(c);
(2) waive statutory limits on maximum loan maturities for
any covered loan durations where the lender provides a deferral
and extends the maturity of covered loans during the 1-year
period following the date of enactment of this Act; and
(3) when necessary to provide more time because of the
potential of higher volumes, travel restrictions, and the
inability to access some properties during the COVID-19
pandemic, extend lender site visit requirements to--
(A) not more than 60 days (which may be extended at
the discretion of the Administration) after the
occurrence of an adverse event, other than a payment
default, causing a loan to be classified as in
liquidation; and
(B) not more than 90 days after a payment default.
(e) Rule of Construction.--Nothing in this section may be construed
to limit the authority of the Administrator to make payments pursuant
to subsection (c) with respect to a covered loan solely because the
covered loan has been sold in the secondary market.
(f) Authorization of Appropriations.--There is authorized to be
appropriated to the Administrator $16,800,000,000 to carry out this
section.
SEC. 10. EMERGENCY RULEMAKING AUTHORITY.
Not later than 15 days after the date of enactment of this Act, the
Administrator shall issue regulations to carry out this Act and the
amendments made by this Act without regard to the notice requirements
under section 553(b) of title 5, United States Code.
TITLE V--REGULATORY RELIEF
SECTION 1. REPEALING BURDENSOME REGULATIONS.
(a) Within 7 days of enactment of this Act, each agency (as defined
in 5 U.S.C. 551) shall identify major regulations (as defined in 5
U.S.C. 804(2)) that, if amended, suspended, or repealed, would provide
immediate financial or economic relief.
(b) Within 15 days of enactment, each agency shall submit to the
President a plan to immediately suspend enforcement of the regulations
identified in accordance with subsection (a).
(c) Regulations suspended in accordance with this section may not
be reinstated unless approved by a joint resolution of Congress.
(d) The requirements under chapter 5 of title 5, United States
Code, shall not apply to the suspension of regulations identified under
this section.
TITLE VI--TEMPORARY RELIEF FROM HOME AND AUTO LOANS
SECTION 1. FORECLOSURE MORATORIUM AND CONSUMER RIGHT TO REQUEST
FORBEARANCE.
(a) Definitions.--In this section:
(1) COVID-19 emergency.--The term ``COVID-19 emergency''
means the national emergency concerning the novel coronavirus
disease (COVID-19) outbreak declared by the President on March
13, 2020, under the National Emergencies Act (50 U.S.C. 1601 et
seq.).
(2) Federally backed mortgage loan.--The term ``Federally
backed mortgage loan'' includes any loan which is secured by a
first or subordinate lien on residential real property
(including individual units of condominiums and cooperatives)
designed principally for the occupancy of from 1 to 4 families
that is--
(A) insured by the Federal Housing Administration
under title II of the National Housing Act (12 U.S.C.
1707 et seq.);
(B) insured under section 255 of the National
Housing Act (12 U.S.C. 1715z-20);
(C) guaranteed under section 184 or 184A of the
Housing and Community Development Act of 1992 (12
U.S.C. 1715z-13a, 1715z-13b);
(D) guaranteed or insured by the Department of
Veterans Affairs;
(E) guaranteed or insured by the Department of
Agriculture;
(F) made by the Department of Agriculture; or
(G) purchased or securitized by the Federal Home
Loan Mortgage Corporation or the Federal National
Mortgage Association.
(3) Covered period.--The term ``covered period'' means the
period beginning on the date of enactment of this Act and
ending on the sooner of--
(A) the termination date of the national emergency
concerning the novel coronavirus disease (COVID-19)
outbreak declared by the President on March 13, 2020,
under the National Emergencies Act (50 U.S.C. 1601 et
seq.); or
(B) December 31, 2020.
(4) Financial hardship.--The term ``financial hardship''
means an inability to meet basic living expenses for goods and
services necessary for the borrower and his or her spouse and
dependents.
(b) Forbearance.--
(1) In general.--During the covered period, a borrower with
a Federally backed mortgage loan experiencing a financial
hardship due, directly or indirectly, to the COVID-19 emergency
may request forbearance on the Federally backed mortgage loan,
regardless of delinquency status, by--
(A) submitting a request to the borrower's
servicer; and
(B) affirming that the borrower is experiencing a
financial hardship during the COVID-19 emergency.
(2) Duration of forbearance.--Upon a request by a borrower
for forbearance under paragraph (1), such forbearance shall be
granted for up to 60 days, and shall be extended for up to 4
periods of 30 days each at the request of the borrower,
provided that, the borrower's request for an extension is made
during the covered period, and, at the borrower's request,
either the initial or extended period of forbearance may be
shortened.
(3) Accrual of interest or fees.--During a period of
forbearance described in this subsection, no fees, penalties,
or interest beyond the amounts scheduled or calculated as if
the borrower made all contractual payments on time and in full
under the terms of the mortgage contract, shall accrue on the
borrower's account.
(c) Requirements for Servicers.--
(1) In general.--Upon receiving a request for forbearance
from a borrower under subsection (b), the servicer shall--
(A) with no additional documentation required other
than the borrower's attestation to a financial hardship
caused by the COVID-19 emergency and with no fees,
penalties, or interest (beyond the amounts scheduled or
calculated as if the borrower made all contractual
payments on time and in full under the terms of the
mortgage contract) charged to the borrower in
connection with the forbearance, provide the
forbearance for up to 60 days, which may be extended
for up to 4 periods of 30 days each at the request of
the borrower, provided that, the borrower's request for
an extension is made during the covered period, and, at
the borrower's request, either the initial or extended
period of forbearance may be shortened;
(B) while such forbearance is in effect, pay or
advance funds to make disbursements in a timely manner
from any escrow account established on the mortgage
loan, and maintain regular communication with such
borrower; and
(C) before the end of such forbearance, evaluate
the borrower's ability to return to making regular
mortgage payments, and based on that evaluation;
(D) if the borrower is able to return to making
regular mortgage payments at the end of the forbearance
period, at the borrower's request and in accordance
with the borrower's choice--
(i) reinstate the loan with no penalties,
fees, or interest accrued beyond the amounts
scheduled or calculated as if the borrower made
all contractual payments on time and in full
under the terms of the mortgage contract and
with no modification fees charged to the
borrower;
(ii) provide a written repayment plan with
no penalties, fees, or interest accrued beyond
the amounts scheduled or calculated as if the
borrower made all contractual payments on time
and in full under the terms of the mortgage
contract and with no modification fees charged
to the borrower; or
(iii)(I) at the borrower's request, modify
the borrower's loan to extend the term for a
period that is at least the same period as the
length of the forbearance, with all payments
that were not made during the forbearance
distributed across the payments added by the
extension at the same intervals as the
borrower's existing payment schedule and evenly
distributed across those intervals, with no
penalties, fees, or interest accrued beyond the
amounts scheduled or calculated as if the
borrower made all contractual payments on time
and in full under the terms of the mortgage
contract and with no modification fees charged
to the borrower; and
(II) notify the borrower in writing of the
extension, including provision of a new payment
schedule and date of maturity, and that the
borrower shall have the election of prepaying
the forborne payments at any time, in a lump
sum or otherwise;
(iv)(I) if the borrower elects to modify
the loan to capitalize a resulting escrow
shortage or deficiency, the servicer may modify
the borrower's loan by re-amortizing the
principal balance and extending the term of the
loan sufficient to maintain the regular
mortgage payments, with no penalties, fees, or
interest accrued beyond the amounts scheduled
or calculated as if the borrower made all
contractual payments on time and in full under
the terms of the mortgage contract and with no
modification fees charged to the borrower; and
(II) notify the borrower in writing of the
extension, including provision of a new payment
schedule and date of maturity, and that the
borrower shall have the election of prepaying
the suspended payments at any time, in a lump
sum or otherwise; or
(v) if the borrower is financially unable
to return to making regular mortgage payments
at the end of the forbearance period and if the
borrower elects, or if the borrower is able to
return to making regular mortgage payments but
so elects--
(I) evaluate the borrower for all
loan modification options without
regard to whether the borrower has
previously requested, been offered, or
provided a loan modification or other
loss mitigation option, including--
(aa) further extending the
borrower's repayment period; or
(bb) other modification
options available to the
servicer under the terms of
their loan and existing laws
and policies; and
(II) if the borrower qualifies for
such a modification, modify the
borrower's loan to provide a loan with
such terms as to provide an affordable
payment, with no penalties, additional
interest beyond the amounts scheduled
to be calculated as if the borrower
made all contractual payments on time
and in full under the terms of the
mortgage contract in effect at the time
the borrower entered into the
forbearance, and with no modification
fees charged to the borrower.
(2) Notification.--
(A) In general.--Each servicer of a Federally
backed mortgage loan shall notify the borrower of their
right to request forbearance under this section
throughout the period of the COVID-19 emergency--
(i) on, or accompanying, each periodic
statement provided to the borrower; and
(ii) in any oral or written communication
by the servicer with or to the borrower.
(B) Manner of notification.--
(i) Written notification.--Any written
notification required under subparagraph (A)--
(I) shall be provided--
(aa) in English and Spanish
at a minimum; and
(bb) at least as clearly
and conspicuously as the most
clear and conspicuous
disclosure on the document;
(II) shall include the notification
of the availability of language
assistance and housing counseling; and
(III) may be provided by first-
class mail or electronically, if the
borrower has otherwise consented to
electronic communication with the
servicer and has not revoked such
consent.
(ii) Oral notification.--Any oral
notification required under subparagraph (A)
shall be provided in the language the servicer
otherwise uses to communicate with the
borrower.
(iii) Written translations.--In providing
written notifications in languages other than
English under clause (i), a servicer may rely
on written translations developed by the
Federal Housing Finance Agency or the Bureau of
Consumer Financial Protection.
(3) Foreclosure moratorium.--Except with respect to a
vacant or abandoned property, a servicer of a Federally backed
mortgage loan may not initiate any judicial or non-judicial
foreclosure process, move for a foreclosure judgment or order
of sale, or execute a foreclosure-related eviction or
foreclosure sale for not less than the 60-day period beginning
on March 18, 2020.
(d) Enforcement.--The provisions of this section shall be
enforceable using the remedies available--
(1) to the Federal agency insurer, guarantor, originator,
or purchaser of the Federally backed mortgage loan; and
(2) under the Real Estate Settlement Procedures Act of 1974
(12 U.S.C. 2601 et seq.).
SEC. 2. FORBEARANCE OF RESIDENTIAL MORTGAGE LOAN PAYMENTS FOR
MULTIFAMILY PROPERTIES WITH FEDERALLY BACKED LOANS.
(a) In General.--During the covered period, a multifamily borrower
with a Federally backed multifamily mortgage loan experiencing a
financial hardship due, directly or indirectly, to the COVID-19
emergency may request a forbearance under the terms set forth in this
section.
(b) Request for Relief.--A multifamily borrower with a Federally
backed multifamily mortgage loan that was current on its payments as of
February 1, 2020, may submit an oral or written request for forbearance
under subsection (a) to the borrower's servicer affirming that the
multifamily borrower is experiencing a financial hardship during the
COVID-19 emergency.
(c) Forbearance Period.--
(1) In general.--Upon receipt of an oral or written request
for forbearance from a multifamily borrower, a servicer shall--
(A) document the financial hardship;
(B) provide the forbearance for up to 30 days; and
(C) extend the forbearance for up to 2 additional
30-day periods upon the request of the borrower
provided that, the borrower's request for an extension
is made during the covered period, and, at least 15
days prior to the end of the forbearance period
described under subparagraph (B).
(2) Right to discontinue.--A multifamily borrower shall
have the option to discontinue the forbearance at any time.
(d) Renter Protections During Forbearance Period.--A multifamily
borrower that receives a forbearance under this section may not, for
the duration of the forbearance--
(1) evict or initiate the eviction of a tenant from a
dwelling unit located in or on the applicable property solely
for nonpayment of rent or other fees or charges; or
(2) charge any late fees, penalties, or other charges to a
tenant described in paragraph (1) for late payment of rent.
(e) Notice.--A multifamily borrower that receives a forbearance
under this section--
(1) may not require a tenant to vacate a dwelling unit
located in or on the applicable property before the date that
is 30 days after the date on which the borrower provides the
tenant with a notice to vacate; and
(2) may not issue a notice to vacate under paragraph (1)
until after the expiration of the forbearance.
(f) Definitions.--In this section:
(1) Applicable property.--The term ``applicable property'',
with respect to a Federally backed multifamily mortgage loan,
means the residential multifamily property against which the
mortgage loan is secured by a lien.
(2) Federally backed multifamily mortgage loan.--The term
``Federally backed multifamily mortgage loan'' includes any
loan (other than temporary financing such as a construction
loan) that--
(A) is secured by a first or subordinate lien on
residential multifamily real property designed
principally for the occupancy of 5 or more families,
including any such secured loan, the proceeds of which
are used to prepay or pay off an existing loan secured
by the same property; and
(B) is made in whole or in part, or insured,
guaranteed, supplemented, or assisted in any way, by
any officer or agency of the Federal Government or
under or in connection with a housing or urban
development program administered by the Secretary of
Housing and Urban Development or a housing or related
program administered by any other such officer or
agency, or is purchased or securitized by the Federal
Home Loan Mortgage Corporation or the Federal National
Mortgage Association.
(3) Multifamily borrower.--The term ``multifamily
borrower'' means a borrower of a residential mortgage loan that
is secured by a lien against a property comprising 5 or more
dwelling units.
(4) COVID-19 emergency.--The term ``COVID-19 emergency''
means the national emergency concerning the novel coronavirus
disease (COVID-19) outbreak declared by the President on March
13, 2020, under the National Emergencies Act (50 U.S.C. 1601 et
seq.).
(5) Covered period.--The term ``covered period'' means the
period beginning on the date of enactment of this Act and
ending on the sooner of--
(A) the termination date of the national emergency
concerning the novel coronavirus disease (COVID-19)
outbreak declared by the President on March 13, 2020,
under the National Emergencies Act (50 U.S.C. 1601 et
seq.); or
(B) December 31, 2020.
TITLE VII--CURRENT EXPECTED CREDIT LOSSES IMPACT STUDY AND OPERATING
DELAY
SECTION 1. DEFINITIONS.
In this Act--
(1) the term ``appropriate committees of Congress'' means--
(A) the Committee on Banking, Housing, and Urban
Affairs of the Senate; and
(B) the Committee on Financial Services of the
House of Representatives;
(2) the term ``CECL'' means the accounting standard in
``Accounting Standards Update 2016-13, Financial Instruments--
Credit Losses (Topic 326)'', issued by the Financial Accounting
Standards Board in June 2016, as amended by ``Accounting
Standards Update 2018-19, Codification Improvements to Topic
326, Financial Instruments--Credit Losses'', issued by the
Financial Accounting Standards Board in November 2018;
(3) the term ``Commission'' means the Securities and
Exchange Commission;
(4) the term ``Federal financial regulators'' means--
(A) the Secretary of the Treasury;
(B) the Board of Governors of the Federal Reserve
System;
(C) the Bureau of Consumer Financial Protection;
(D) the Comptroller of the Currency;
(E) the Commodity Futures Trading Commission;
(F) the Federal Deposit Insurance Corporation;
(G) the Director of the Federal Housing Finance
Agency; and
(H) the National Credit Union Administration; and
(5) the term ``small business concern'' has the meaning
given the term in section 3(a) of the Small Business Act (15
U.S.C. 632(a)).
SEC. 2. STUDY AND REPORT.
(a) In General.--The Commission and the Federal financial
regulators, in consultation with the Financial Accounting Standards
Board, shall conduct a quantitative study of--
(1) the potential impact that the implementation of CECL
may have on the availability of credit, with a particular focus
on the impact on that availability--
(A) for consumers and small business concerns; and
(B) with respect to the credit products on which
consumers and small business concerns rely during
periods of economic expansion and during recessions;
(2) whether implementing CECL could--
(A) accelerate the depletion of regulatory capital
that is available for lending purposes during a
recession;
(B) have a greater impact on regulatory capital, or
extend the period in which regulatory capital is
reduced, during a recession; or
(C) pose any other systemic risks to the economy of
the United States;
(3) the potentially disproportionate impact that the
implementation of CECL may have on financial institutions,
taking into account--
(A) the various sizes and levels of complexity of
those financial institutions; and
(B) the different amounts of resources that are
available to those financial institutions;
(4) the potential impact that the implementation of CECL
may have on the decisions made by investors; and
(5) the potential competitive impact that the
implementation of CECL may have on institutions in the United
States as a result of differing international accounting
standards used to measure credit loss.
(b) Report.--Not later than 1 year after the date of enactment of
this Act, the Commission and the Federal financial regulators shall
submit to the Financial Accounting Standards Board and the appropriate
committees of Congress a report--
(1) regarding the results of the study conducted under
subsection (a); and
(2) that shall include--
(A) the identification of any negative impacts
resulting from the implementation of CECL; and
(B) recommendations for changes to CECL to
eliminate or mitigate the negative impacts described in
subparagraph (A).
SEC. 3. COST-BENEFIT STUDY OF CECL IMPACT ON NON-FINANCIAL
INSTITUTIONS, INSURERS, AND GOVERNMENT-SPONSORED
ENTERPRISES.
(a) Study.--The Commission and the Federal financial regulators, in
consultation with the Financial Accounting Standards Board, shall carry
out a study on the potential costs and benefits of the impact of CECL
on non-financial institutions, the insurance industry (including
reinsurance), and Government-sponsored enterprises.
(b) Report.--Not later than 1 year after the date of enactment of
this Act, the Commission and the Federal financial regulators shall
submit to the Financial Accounting Standards Board and the appropriate
committees of Congress a report containing all findings and
determinations made in carrying out the study required under subsection
(a).
SEC. 4. DELAY IN IMPLEMENTATION OF CECL.
Beginning on the date of enactment of this Act neither the
Commission nor any of the Federal financial regulators may require a
person to comply with CECL.
TITLE VIII--PERSONALIZED CARE ACT
SECTION 1. HEALTH SAVINGS ACCOUNT ELIGIBILITY.
(a) In General.--Paragraph (1) of section 223(c) of the Internal
Revenue Code of 1986 is amended to read as follows:
``(1) Eligible individual.--The term `eligible individual'
means, with respect to any month, any individual if such
individual is--
``(A) covered under--
``(i) a group or individual health plan,
``(ii) health insurance coverage, including
a short term limited duration plan or medical
indemnity plan, or
``(iii) a government plan, including
coverage under the Medicare program under part
A or part B of title XVIII of the Social
Security Act, the Medicaid program under title
XIX of such Act, the CHIP program under title
XXI of such Act or a qualified CHIP look-alike
program (as defined in section 2107(g) of such
Act), medical coverage under chapter 55 of
title 10, United States Code (including
coverage under the TRICARE program), a health
care program under chapter 17 or 18 of title
38, United States Code, as determined by the
Secretary of Veterans Affairs in coordination
with the Secretary of Health and Human Services
and the Secretary, a medical care program of
the Indian Health Service or a tribal
organization, or coverage under chapter 89 of
title 5, United States Code, or
``(B) a participant in a health care sharing
ministry (as defined in section 5000A(d)(2)(B)(ii)),
as of the 1st day of such month.''.
(b) Conforming Amendments.--
(1) Subsection (c) of section 223 of such Code is amended
by striking paragraphs (2) and (3) and by redesignating
paragraphs (4) and (5) as paragraphs (2) and (3), respectively.
(2) Paragraphs (2)(A) and (2)(B) of section 223(b) of such
Code are each amended by striking ``a high deductible health
plan'' and inserting ``a health plan, insurance, or ministry
described in subsection (c)(1)''.
(3) Paragraph (8)(A)(ii) of section 223(b) of such Code is
amended by striking ``high deductible health plan'' and
inserting ``health plan, insurance, or ministry described in
subsection (c)(1)''.
(4) Section 223(g)(1) of such Code is amended--
(A) by striking ``subsections (b)(2) and
(c)(2)(A)'' both places it appears and inserting
``subsection (b)(2)''; and
(B) by striking ``for `calendar year 2016''' in
subparagraph (B) and all that follows through
```calendar year 2003'.'' and inserting ```calendar
year 1997' for `calendar year 2016' in subparagraph
(A)(ii) thereof.''.
(5) The heading of subparagraph (B) of section 223(b)(8) of
such Code is amended by striking ``high deductible health
plan''.
(6) Section 26(b)(2)(S) of such Code is amended by striking
``high deductible health plan''.
(7) The heading of paragraph (3) of section 106(e) of such
Code is amended by striking ``high deductible health plan''.
(8) Clause (ii) of section 106(e)(5)(B) of such Code is
amended by striking ``a high deductible health plan'' and
inserting ``a health plan''.
(9) Paragraph (9) of section 408(d) of such Code is
amended--
(A) by striking ``the high deductible health plan
covering'' in subparagraph (C)(i)(I) and inserting
``health plan, insurance, or ministry of'';
(B) by striking ``a high deductible health plan''
the first place it appears in subparagraph (C)(ii)(II)
and inserting ``a health plan, insurance, or ministry
described in section 223(c)(1)'';
(C) by striking ``a high deductible health plan''
the second place it appears in subparagraph (C)(ii)(II)
and inserting ``any such plan, insurance, or
ministry''; and
(D) by striking ``high deductible health plan'' in
the heading of subparagraph (D).
(c) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2019.
SEC. 2. INCREASE IN HSA CONTRIBUTION LIMITS.
(a) In General.--Paragraph (2) of section 223(b) of the Internal
Revenue Code of 1986 is amended--
(1) by striking ``$2,250'' in subparagraph (A) and
inserting ``$10,800''; and
(2) by striking ``$4,500'' in subparagraph (B) and
inserting ``$29,500''.
(b) Cost-of-Living Adjustment.--Paragraph (1) of section 223(g) of
the Internal Revenue Code of 1986, as amended by section 2, is
amended--
(1) by striking ``Each'' and inserting ``In the case of a
taxable year beginning after 2020, each''; and
(2) by striking ``calendar year 1997'' and inserting
``calendar year 2019''.
(c) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2019.
SEC. 3. PAYMENT OF HEALTH PLAN AND HEALTH INSURANCE PREMIUMS FROM HSA.
(a) In General.--Paragraph (2) of section 223(d) of the Internal
Revenue Code of 1986 is amended--
(1) by striking subparagraph (B);
(2) by redesignating subparagraph (C) as subparagraph (B);
(3) by striking ``Subparagraph (B) shall not apply to any
expense for coverage under'' in subparagraph (B), as so
redesignated, and inserting ``Subparagraph (A) shall not apply
to any payment for insurance other than''; and
(4) in subparagraph (B), as so redesignated--
(A) by striking ``or'' at the end of clause (iii);
(B) by striking the period at the end of clause
(iv) and inserting ``, or''; and
(C) by adding at the end the following new clause:
``(v) a health plan or health insurance
coverage described in subsection (c)(1)(A).''.
(b) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2019.
SEC. 4. TREATMENT OF MEDICAL CARE SERVICE ARRANGEMENTS.
(a) Inclusion as Medical Expenses.--Paragraph (2) of section 223(d)
of the Internal Revenue Code of 1986, as amended by section 4, is
further amended by adding at the end the following new subparagraph:
``(C) Inclusion of medical care service
arrangements.--The term `qualified medical expenses'
shall include--
``(i) periodic fees paid to a physician for
a defined set of medical services or for the
right to receive medical services on an as-
needed basis; and
``(ii) amounts prepaid for medical services
designed to screen for, diagnose, cure,
mitigate, treat, or prevent disease and promote
wellness.''.
(b) Arrangement Not To Be Treated as Health Insurance.--Subsection
(c) of section 223 of the Internal Revenue Code of 1986, as amended by
section 2(b), is further amended by adding at the end the following new
paragraph:
``(4) Treatment of medical care service arrangements.--An
arrangement under which an individual is provided medical
services in exchange for a fixed periodic fee or payment for
such services shall not be treated as a health plan, insurance,
or arrangement described in paragraph (1).''.
(c) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2019.
SEC. 5. PERIODIC PROVIDER FEES TREATED AS MEDICAL CARE.
(a) In General.--Section 213(d) of the Internal Revenue Code of
1986 is amended by adding at the end the following new paragraph:
``(12) Periodic provider fees.--Periodic fees paid for a
defined set of medical services provided on an as-needed basis
shall be treated as amounts paid for medical care.''.
(b) Effective Date.--The amendment made by this section shall apply
to taxable years beginning after December 31, 2019.
SEC. 6. EXPANDING OVER-THE-COUNTER DRUG COVERAGE AND RESTORING LOWER
PENALTY FOR NONQUALIFIED DISTRIBUTIONS.
(a) Over-the-Counter Coverage.--Section 223(d)(2)(A) of the
Internal Revenue Code of 1986 is amended by striking the last sentence
and inserting the following: ``Such term shall include an amount paid
for any prescription or over-the-counter medicine or drug.''.
(b) Penalty.--Section 223(e)(4)(A) of the Internal Revenue Code of
1986 is amended by striking ``20 percent'' and inserting ``10
percent''.
(c) Effective Date.--The amendments made by this section shall
apply to distributions made in taxable years beginning after December
31, 2019.
SEC. 7. TREATMENT OF HEALTH CARE SHARING MINISTRIES.
(a) Inclusion as Medical Expenses.--Paragraph (2) of section 223(d)
of the Internal Revenue Code of 1986, as amended by sections 4 and 5,
is further amended by adding at the end the following new subparagraph:
``(D) Inclusion of health care sharing
ministries.--The term `qualified medical expenses'
shall include amounts paid by a member of a health care
sharing ministry (as defined in section
5000A(d)(2)(B)(ii)) for--
``(i) the sharing of medical expenses among
members, and
``(ii) administrative fees of the
ministry.''.
(b) Health Care Sharing Ministry Not To Be Treated as Health
Insurance.--Subsection (c) of section 223 of the Internal Revenue Code
of 1986, as amended by sections 2 and 5, is further amended by adding
at the end the following new paragraph:
``(5) Treatment of health care sharing ministries.--A
health care sharing ministry (as defined in section
5000A(d)(2)(B)(ii)) shall not be treated as a health plan or
insurance for purposes of this title.''.
(c) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2019.
TITLE IX--2019 TAX FILING DEADLINE EXTENSION
SECTION 1. EXTENDING DEADLINE TO NOVEMBER 15, 2020.
(a) In General.--For purposes of any return made under section
6012(a)(1), 6013, or 6017 on the basis of calendar year 2019, section
6072(a) of the Internal Revenue Code of 1986 shall be applied by
substituting ``15th day of November'' for ``15th day of April''.
(b) Interest on Withholding Overpayments.--For the purposes of any
tax deducted and withheld at the source during calendar year 2019,
section 6513(b)(1) of the Internal Revenue Code of 1986 shall be
applied by inserting ``(the 15th day of November in the case of a
taxable year ending on December 31, 2019)'' before the period at the
end.
(c) Failure by Individual To Pay Estimated Income Tax.--In the case
of an installment of estimated tax with respect to 2019, section
6654(b)(2)(A) of the Internal Revenue Code of 1986 shall be applied by
inserting ``(the 15th day of November in the case of a taxable year
ending on December 31, 2019)'' before the comma at the end.
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