USC Subchapter III

USC Subchapter III
in effect

15 U.S.C. § 9041 Definitions

In this part: (1) Air carrierThe term “air carrier” has the meaning such term has under section 40102 of title 49. (2) CoronavirusThe term “coronavirus” means SARS–CoV–2 or another coronavirus with pandemic potential. (3) Covered lossThe term “covered loss” includes losses incurred directly or indirectly as a result of coronavirus, as determined by the Secretary. (4) Eligible businessThe term “eligible business” means—(A) an air carrier; or (B) a United States business that has not otherwise received adequate economic relief in the form of loans or loan guarantees provided under this Act. (5) EmployeeExcept where the context otherwise requires, the term “employee”—(A) has the meaning given the term in section 152 of title 29; and (B) includes any individual employed by an employer subject to the Railway Labor Act (45 U.S.C. 151 et seq.). (6) Equity security; exchangeThe terms “equity security” and “exchange” have the meanings given the terms in section 78c(a) of this title. (7) MunicipalityThe term “municipality” includes—(A) a political subdivision of a State, and (B) an instrumentality of a municipality, a State, or a political subdivision of a State. (8) National securities exchangeThe term “national securities exchange” means an exchange registered as a national securities exchange under section 78f of this title. (9) SecretaryThe term “Secretary” means the Secretary of the Treasury, or the designee of the Secretary of the Treasury. (10) StateThe term “State” means—(A) any of the several States; (B) the District of Columbia; (C) any of the territories and possessions of the United States; (D) any bi-State or multi-State entity; and (E) any Indian Tribe. (11) Aerospace-related businesses critical to maintaining national securityThe term “businesses critical to maintaining national security” means those businesses that manufacture or produce aerospace-related products, civil or defense, including those that design, integrate, assemble, supply, maintain, and repair such products, and other businesses involved in aerospace-related manufacturing or production as further defined by the Secretary, in consultation with the Secretary of Defense and the Secretary of Transportation. For purposes of the preceding sentence, aerospace-related products include, but are not limited to, components, parts, or systems of aircraft, aircraft engines, or appliances for inclusion in an aircraft, aircraft engine, or appliance.

15 U.S.C. § 9042 Emergency relief and taxpayer protections

(a) In generalNotwithstanding any other provision of law, to provide liquidity to eligible businesses, States, and municipalities related to losses incurred as a result of coronavirus, the Secretary is authorized to make loans, loan guarantees, and other investments in support of eligible businesses, States, and municipalities that do not, in the aggregate, exceed $0 and provide the subsidy amounts necessary for such loans, loan guarantees, and other investments in accordance with the provisions of the Federal Credit Reform Act of 1990 (2 U.S.C. 661 et seq.). (b) Loans, loan guarantees, and other investmentsLoans, loan guarantees, and other investments made pursuant to subsection (a) shall be made available as follows:(1) Not more than $0 shall be available to make loans and loan guarantees for passenger air carriers, eligible businesses that are certified under part 145 of title 14, Code of Federal Regulations, and approved to perform inspection, repair, replace, or overhaul services, and ticket agents (as defined in section 40102 of title 49). (2) Not more than 0 11 So in original. Probably should be preceded by a dollar sign. shall be available to make loans and loan guarantees for cargo air carriers. (3) Not more than 0 1 shall be available to make loans and loan guarantees for businesses critical to maintaining national security. (4) Not more than the sum of $0 and any amounts available under paragraphs (1), (2), and (3) that are not used as provided under those paragraphs shall be available to make loans and loan guarantees to, and other investments in, programs or facilities established by the Board of Governors of the Federal Reserve System for the purpose of providing liquidity to the financial system that supports lending to eligible businesses, States, or municipalities by—(A) purchasing obligations or other interests directly from issuers of such obligations or other interests; (B) purchasing obligations or other interests in secondary markets or otherwise; or (C) making loans, including loans or other advances secured by collateral. (c) Terms and conditions(1) In general(A) Forms; terms and conditionsA loan, loan guarantee, or other investment by the Secretary shall be made under this section in such form and on such terms and conditions and contain such covenants, representations, warranties, and requirements (including requirements for audits) as the Secretary determines appropriate. Any loans made by the Secretary under this section shall be at a rate determined by the Secretary based on the risk and the current average yield on outstanding marketable obligations of the United States of comparable maturity. (B) ProceduresAs soon as practicable, but in no case later than 10 days after March 27, 2020, the Secretary shall publish procedures for application and minimum requirements, which may be supplemented by the Secretary in the Secretary’s discretion, for making loans, loan guarantees, or other investments under paragraphs (1), (2) and (3) of subsection (b) . (2) Loans and loan guaranteesThe Secretary may enter into agreements to make loans or loan guarantees to 1 or more eligible businesses under paragraphs (1), (2) and (3) of subsection (b) if the Secretary determines that, in the Secretary’s discretion—(A) the applicant is an eligible business for which credit is not reasonably available at the time of the transaction; (B) the intended obligation by the applicant is prudently incurred; (C) the loan or loan guarantee is sufficiently secured or is made at a rate that—(i) reflects the risk of the loan or loan guarantee; and (ii) is to the extent practicable, not less than an interest rate based on market conditions for comparable obligations prevalent prior to the outbreak of the coronavirus disease 2019 (COVID–19); (D) the duration of the loan or loan guarantee is as short as practicable and in any case not longer than 5 years; (E) the agreement provides that, until the date 12 months after the date the loan or loan guarantee is no longer outstanding, neither the eligible business nor any affiliate of the eligible business may purchase an equity security that is listed on a national securities exchange of the eligible business or any parent company of the eligible business, except to the extent required under a contractual obligation in effect as of March 27, 2020; (F) the agreement provides that, until the date 12 months after the date the loan or loan guarantee is no longer outstanding, the eligible business shall not pay dividends or make other capital distributions with respect to the common stock of the eligible business; (G) the agreement provides that, until September 30, 2020, the eligible business shall maintain its employment levels as of March 24, 2020, to the extent practicable, and in any case shall not reduce its employment levels by more than 10 percent from the levels on such date; (H) the agreement includes a certification by the eligible business that it is created or organized in the United States or under the laws of the United States and has significant operations in and a majority of its employees based in the United States; and (I) for purposes of a loan or loan guarantee under paragraphs (1), (2), and (3) of subsection (b), the eligible business must have incurred or is expected to incur covered losses such that the continued operations of the business are jeopardized, as determined by the Secretary. (3) Federal reserve programs or facilities(A) Terms and conditions(i) DefinitionIn this paragraph, the term “direct loan” means a loan under a bilateral loan agreement that is —(I) entered into directly with an eligible business as borrower; and (II) not part of a syndicated loan, a loan originated by a financial institution in the ordinary course of business, or a securities or capital markets transaction. (ii) RestrictionsThe Secretary may make a loan, loan guarantee, or other investment under subsection (b)(4) as part of a program or facility that provides direct loans only if the applicable eligible businesses agree—(I) until the date 12 months after the date on which the direct loan is no longer outstanding, not to repurchase an equity security that is listed on a national securities exchange of the eligible business or any parent company of the eligible business while the direct loan is outstanding, except to the extent required under a contractual obligation that is in effect as of March 27, 2020; (II) until the date 12 months after the date on which the direct loan is no longer outstanding, not to pay dividends or make other capital distributions with respect to the common stock of the eligible business; and (III) to comply with the limitations on compensation set forth in section 9043 of this title. (iii) WaiverThe Secretary may waive the requirement under clause (ii) with respect to any program or facility upon a determination that such waiver is necessary to protect the interests of the Federal Government. If the Secretary exercises a waiver under this clause, the Secretary shall make himself available to testify before the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives regarding the reasons for the waiver. (B) Federal Reserve Act taxpayer protections and other requirements applyFor the avoidance of doubt, any applicable requirements under section 13(3) of the Federal Reserve Act (12 U.S.C. 343(3)), including requirements relating to loan collateralization, taxpayer protection, and borrower solvency, shall apply with respect to any program or facility described in subsection (b)(4). (C) United States businessesA program or facility in which the Secretary makes a loan, loan guarantee, or other investment under subsection (b)(4) shall only purchase obligations or other interests (other than securities that are based on an index or that are based on a diversified pool of securities) from, or make loans or other advances to, businesses that are created or organized in the United States or under the laws of the United States and that have significant operations in and a majority of its employees based in the United States. (D) Assistance for mid-sized businesses(i) In generalWithout limiting the terms and conditions of the programs and facilities that the Secretary may otherwise provide financial assistance to under subsection (b)(4), the Secretary shall endeavor to seek the implementation of a program or facility described in subsection (b)(4) that provides financing to banks and other lenders that make direct loans to eligible businesses including, to the extent practicable, nonprofit organizations, with between 500 and 10,000 employees, with such direct loans being subject to an annualized interest rate that is not higher than 2 percent per annum. For the first 6 months after any such direct loan is made, or for such longer period as the Secretary may determine in his discretion, no principal or interest shall be due and payable. Any eligible borrower applying for a direct loan under this program shall make a good-faith certification that—(I) the uncertainty of economic conditions as of the date of the application makes necessary the loan request to support the ongoing operations of the recipient; (II) the funds it receives will be used to retain at least 90 percent of the recipient’s workforce, at full compensation and benefits, until September 30, 2020; (III) the recipient intends to restore not less than 90 percent of the workforce of the recipient that existed as of February 1, 2020, and to restore all compensation and benefits to the workers of the recipient no later than 4 months after the termination date of the public health emergency declared by the Secretary of Health and Human Services on January 31, 2020, under section 247d of title 42 in response to COVID–19; (IV) the recipient is an entity or business that is domiciled in the United States with significant operations and employees located in the United States; (V) the recipient is not a debtor in a bankruptcy proceeding; (VI) the recipient is created or organized in the United States or under the laws of the United States and has significant operations in and a majority of its employees based in the United States; (VII) the recipient will not pay dividends with respect to the common stock of the eligible business, or repurchase an equity security that is listed on a national securities exchange of the recipient or any parent company of the recipient while the direct loan is outstanding, except to the extent required under a contractual obligation that is in effect as of March 27, 2020; (VIII) the recipient will not outsource or offshore jobs for the term of the loan and 2 years after completing repayment of the loan; (IX) the recipient will not abrogate existing collective bargaining agreements for the term of the loan and 2 years after completing repayment of the loan; and (X) that the recipient will remain neutral in any union organizing effort for the term of the loan. (ii) Main street lending programNothing in this subparagraph shall limit the discretion of the Board of Governors of the Federal Reserve System to establish a Main Street Lending Program or other similar program or facility that supports lending to small and mid-sized businesses on such terms and conditions as the Board may set consistent with section 13(3) of the Federal Reserve Act (12 U.S.C. 343(3)), including any such program in which the Secretary makes a loan, loan guarantee, or other investment under subsection (b)(4). (E) Government participantsThe Secretary shall endeavor to seek the implementation of a program or facility in accordance with subsection (b)(4) that provides liquidity to the financial system that supports lending to States and municipalities. (d) Financial protection of government(1) Warrant or senior debt instrumentThe Secretary may not issue a loan to, or a loan guarantee for, an eligible business under paragraph (1), (2), or (3) of subsection (b) unless—(A)(i) the eligible business has issued securities that are traded on a national securities exchange; and (ii) the Secretary receives a warrant or equity interest in the eligible business; or (B) in the case of any eligible business other than an eligible business described in subparagraph (A), the Secretary receives, in the discretion of the Secretary—(i) a warrant or equity interest in the eligible business; or (ii) a senior debt instrument issued by the eligible business. (2) Terms and conditionsThe terms and conditions of any warrant, equity interest, or senior debt instrument received under paragraph (1) shall be set by the Secretary and shall meet the following requirements:(A) PurposesSuch terms and conditions shall be designed to provide for a reasonable participation by the Secretary, for the benefit of taxpayers, in equity appreciation in the case of a warrant or other equity interest, or a reasonable interest rate premium, in the case of a debt instrument. (B) Authority to sell, exercise, or surrenderFor the primary benefit of taxpayers, the Secretary may sell, exercise, or surrender a warrant or any senior debt instrument received under this subsection. The Secretary shall not exercise voting power with respect to any shares of common stock acquired under this section. (C) SufficiencyIf the Secretary determines that the eligible business cannot feasibly issue warrants or other equity interests as required by this subsection, the Secretary may accept a senior debt instrument in an amount and on such terms as the Secretary deems appropriate. (3) Prohibition on loan forgivenessThe principal amount of any obligation issued by an eligible business, State, or municipality under a program described in subsection (b) shall not be reduced through loan forgiveness. (e) Deposit of proceedsNotwithstanding any other provision of law, amounts collected under subsection (b) shall be deposited in the following order of priority:(1) Into the financing accounts established under section 505 of the Federal Credit Reform Act of 1990 (2 U.S.C. 661d) to implement this part, up to an amount equal to the sum of—(A) the amount transferred from the appropriation made under section 9061 of this title to the financing accounts; and (B) the amount necessary to repay any amount lent from the Treasury to such financing accounts. (2) After the deposits specified in paragraph (1) of this subsection have been made, into the Federal Old-Age and Survivors Insurance Trust Fund established under section 401(a) of title 42. (f) Administrative provisionsNotwithstanding any other provision of law, the Secretary may use not greater than 61,000,000 1 of the funds made available under section 9061 of this title to pay costs and administrative expenses associated with the loans, loan guarantees, and other investments authorized under this section. The Secretary is authorized to take such actions as the Secretary deems necessary to carry out the authorities in this part, including, without limitation—(1) using direct hiring authority to hire employees to administer this part; (2) entering into contracts, including contracts for services authorized by this part; (3) establishing vehicles that are authorized, subject to supervision by the Secretary, to purchase, hold, and sell assets and issue obligations; and (4) issuing such regulations and other guidance as may be necessary or appropriate to carry out the authorities or purposes of this part. (g) Financial agentsThe Secretary is authorized to designate financial institutions, including but not limited to, depositories, brokers, dealers, and other institutions, as financial agents of the United States. Such institutions shall—(1) perform all reasonable duties the Secretary determines necessary to respond to the coronavirus; and (2) be paid for such duties using appropriations available to the Secretary to reimburse financial institutions in their capacity as financial agents of the United States. (h) Loans made by or guaranteed by the Department of the Treasury treated as indebtedness for tax purposes(1) In generalAny loan made by or guaranteed by the Department of the Treasury under this section shall be treated as indebtedness for purposes of the Internal Revenue Code of 1986, shall be treated as issued for its stated principal amount, and stated interest on such loans shall be treated as qualified stated interest. (2) Regulations or guidanceThe Secretary of the Treasury (or the Secretary’s delegate) shall prescribe such regulations or guidance as may be necessary or appropriate to carry out the purposes of this section, including guidance providing that the acquisition of warrants, stock options, common or preferred stock or other equity under this section does not result in an ownership change for purposes of section 382 of the Internal Revenue Code of 1986 [26 U.S.C. 382].

15 U.S.C. § 9043 Limitation on certain employee compensation

(a) In generalThe Secretary may only enter into an agreement with an eligible business to make a loan or loan guarantee under paragraph (1), (2) or (3) of section 9042(b) of this title if such agreement provides that, during the period beginning on the date on which the agreement is executed and ending on the date that is 1 year after the date on which the loan or loan guarantee is no longer outstanding—(1) no officer or employee of the eligible business whose total compensation exceeded $425,000 in calendar year 2019 (other than an employee whose compensation is determined through an existing collective bargaining agreement entered into prior to March 1, 2020)—(A) will receive from the eligible business total compensation which exceeds, during any 12 consecutive months of such period, the total compensation received by the officer or employee from the eligible business in calendar year 2019; or (B) will receive from the eligible business severance pay or other benefits upon termination of employment with the eligible business which exceeds twice the maximum total compensation received by the officer or employee from the eligible business in calendar year 2019; and (2) no officer or employee of the eligible business whose total compensation exceeded $3,000,000 in calendar year 2019 may receive during any 12 consecutive months of such period total compensation in excess of the sum of—(A) $3,000,000; and (B) 50 percent of the excess over $3,000,000 of the total compensation received by the officer or employee from the eligible business in calendar year 2019. (b) Total compensation definedIn this section, the term “total compensation” includes salary, bonuses, awards of stock, and other financial benefits provided by an eligible business to an officer or employee of the eligible business.

15 U.S.C. § 9044 Continuation of certain air service

The Secretary of Transportation is authorized to require, to the extent reasonable and practicable, an air carrier receiving loans and loan guarantees under section 9042 of this title to maintain scheduled air transportation service as the Secretary of Transportation deems necessary to ensure services to any point served by that carrier before March 1, 2020. When considering whether to exercise the authority granted by this section, the Secretary of Transportation shall take into consideration the air transportation needs of small and remote communities and the need to maintain well-functioning health care and pharmaceutical supply chains, including for medical devices and supplies. The authority under this section, including any requirement issued by the Secretary under this section, shall terminate on March 1, 2022.

15 U.S.C. § 9045 Coordination with Secretary of Transportation

In implementing this part with respect to air carriers, the Secretary shall coordinate with the Secretary of Transportation.

15 U.S.C. § 9046 Suspension of certain aviation excise taxes

(a) Transportation by airIn the case of any amount paid for transportation by air (including any amount treated as paid for transportation by air by reason of section 4261(e)(3) of title 26) during the excise tax holiday period, no tax shall be imposed under section 4261 or 4271 of title 26. The preceding sentence shall not apply to amounts paid on or before March 27, 2020. (b) Use of Kerosene in commercial aviationIn the case of kerosene used in commercial aviation (as defined in section 4083 of title 26) during the excise tax holiday period—(1) no tax shall be imposed on such kerosene under—(A) section 4041(c) of title 26, or (B) section 4081 of title 26 (other than at the rate provided in subsection (a)(2)(B) thereof), and (2) section 6427(l) of title 26 shall be applied—(A) by treating such use as a nontaxable use, and (B) without regard to paragraph (4)(A)(ii) thereof. (c) Excise tax holiday periodFor purposes of this section, the term “excise tax holiday period” means the period beginning after March 27, 2020, and ending before January 1, 2021.

15 U.S.C. § 9047 Federal credit union transaction account guarantees

Notwithstanding any other provision of law and in coordination with the Federal Deposit Insurance Corporation, the National Credit Union Administration Board may by a vote of the Board increase to unlimited, or such lower amount as the Board approves, the share insurance coverage provided by the National Credit Union Share Insurance Fund on any noninterest-bearing transaction account in any federally insured credit union without exception, provided that any such increase shall terminate not later than December 31, 2020.

15 U.S.C. § 9048 Temporary Government in the Sunshine Act relief

(a) In generalExcept as provided in subsection (b), notwithstanding any other provision of law, if the Chairman of the Board of Governors of the Federal Reserve System determines, in writing, that unusual and exigent circumstances exist, the Board may conduct meetings without regard to the requirements of section 552b of title 5 during the period beginning on March 27, 2020, and ending on the earlier of—(1) the date on which 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.) terminates; or (2) December 31, 2020. (b) RecordsThe Board of Governors of the Federal Reserve System shall keep a record of all Board votes and the reasons for such votes during the period described in subsection (a).

15 U.S.C. § 9049 Temporary hiring flexibility

(a) DefinitionIn this section, the term “covered period” means the period beginning on March 27, 2020, and ending on the sooner of—(1) 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 (2) December 31, 2020. (b) Authority During the covered period, the Secretary of Housing and Urban Development, the Securities and Exchange Commission, and the Commodity Futures Trading Commission may, without regard to sections 3309 through 3318 of title 5, recruit and appoint candidates to fill temporary and term appointments within their respective agencies upon a determination that those expedited procedures are necessary and appropriate to enable the respective agencies to prevent, prepare for, or respond to COVID–19.

15 U.S.C. § 9050 Temporary relief for community banks

(a) DefinitionsIn this section—(1) the term “appropriate Federal banking agency” has the meaning given the term in section 2 of the Economic Growth, Regulatory Relief, and Consumer Protection Act (12 U.S.C. 5365 note); and (2) the terms “Community Bank Leverage Ratio” and “qualifying community bank” have the meanings given the terms in section 201(a) of the Economic Growth, Regulatory Relief, and Consumer Protection Act (12 U.S.C. 5371 note). (b) Interim rule(1) In generalNotwithstanding any other provision of law or regulation, the appropriate Federal banking agencies shall issue an interim final rule that provides that, for the purposes of section 201 of the Economic Growth, Regulatory Relief, and Consumer Protection Act (12 U.S.C. 5371 note)—(A) the Community Bank Leverage Ratio shall be 8 percent; and (B) a qualifying community bank that falls below the Community Bank Leverage Ratio established under subparagraph (A) shall have a reasonable grace period to satisfy the Community Bank Leverage Ratio. (2) Effective periodThe interim rule issued under paragraph (1) shall be effective during the period beginning on the date on which the appropriate Federal banking agencies issue the rule 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. (c) Grace periodDuring a grace period described in subsection (b)(1)(B), a qualifying community bank to which the grace period applies may continue to be treated as a qualifying community bank and shall be presumed to satisfy the capital and leverage requirements described in section 201(c) of the Economic Growth, Regulatory Relief, and Consumer Protection Act (12 U.S.C. 5371 note).

15 U.S.C. § 9051 Temporary relief from troubled debt restructurings

(a) DefinitionsIn this section:(1) Applicable periodThe term “applicable period” means the period beginning on March 1, 2020 and ending on the earlier of January 1, 2022, or the date that is 60 days after the date on which 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.) terminates. (2) Appropriate federal banking agencyThe term “appropriate Federal banking agency”—(A) has the meaning given the term in section 1813 of title 12; and (B) includes the National Credit Union Administration. (b) Suspension(1) In generalDuring the applicable period, a financial institution, including an insurance company, may elect to—(A) suspend the requirements under United States generally accepted accounting principles for loan modifications related to the coronavirus disease 2019 (COVID–19) pandemic that would otherwise be categorized as a troubled debt restructuring; and (B) suspend any determination of a loan modified as a result of the effects of the coronavirus disease 2019 (COVID–19) pandemic as being a troubled debt restructuring, including impairment for accounting purposes under United States Generally Accepted Accounting Principles. (2) ApplicabilityAny suspension under paragraph (1)—(A) shall be applicable for the term of the loan modification, but solely with respect to any modification, including a forbearance arrangement, an interest rate modification, a repayment plan, and any other similar arrangement that defers or delays the payment of principal or interest, that occurs during the applicable period for a loan that was not more than 30 days past due as of December 31, 2019; and (B) shall not apply to any adverse impact on the credit of a borrower that is not related to the coronavirus disease 2019 (COVID–19) pandemic. (c) DeferenceThe appropriate Federal banking agency of the financial institution, including an insurance company, shall defer to the determination of the financial institution, including an insurance company, to make a suspension under this section. (d) RecordsFor modified loans for which suspensions under subsection (a) apply—(1) financial institutions, including insurance companies, should continue to maintain records of the volume of loans involved; and (2) the appropriate Federal banking agencies may collect data about such loans for supervisory purposes.

15 U.S.C. § 9052 Optional temporary relief from current expected credit losses

(a) DefinitionsIn this section:(1) Appropriate Federal banking agencyThe term “appropriate Federal banking agency”—(A) has the meaning given the term in section 1813 of title 12; and (B) includes the National Credit Union Administration. (2) Insured depository institutionThe term “insured depository institution”—(A) has the meaning given the term in section 1813 of title 12; and (B) includes a credit union. (b) Temporary relief from CECL standardsNotwithstanding any other provision of law, no insured depository institution, bank holding company, or any affiliate thereof shall be required to comply with the Financial Accounting Standards Board Accounting Standards Update No. 2016–13 (“Measurement of Credit Losses on Financial Instruments”), including the current expected credit losses methodology for estimating allowances for credit losses, during the period beginning on March 27, 2020, and ending on the earlier of—(1) the first day of the fiscal year of the insured depository institution, bank holding company, or any affiliate thereof that begins after the date on which 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.) terminates; or (2) January 1, 2022.

15 U.S.C. § 9053 Special Inspector General for Pandemic Recovery

(a) Office of Inspector GeneralThere is hereby established within the Department of the Treasury the Office of the Special Inspector General for Pandemic Recovery. (b) Appointment of Inspector General; removal(1) In generalThe head of the Office of the Special Inspector General for Pandemic Recovery shall be the Special Inspector General for Pandemic Recovery (referred to in this section as the “Special Inspector General”), who shall be appointed by the President, by and with the advice and consent of the Senate. (2) NominationThe nomination of the Special Inspector General shall be made on the basis of integrity and demonstrated ability in accounting, auditing, financial analysis, law, management analysis, public administration, or investigations. The nomination of an individual as Special Inspector General shall be made as soon as practicable after any loan, loan guarantee, or other investment is made under section 9042 of this title. (3) RemovalThe Special Inspector General shall be removable from office in accordance with the provisions of section 3(b) of the Inspector General Act of 1978 (5 U.S.C. App.).11 See References in Text note below. (4) Political activityFor purposes of section 7324 of title 5, the Special Inspector General shall not be considered an employee who determines policies to be pursued by the United States in the nationwide administration of Federal law. (5) Basic payThe annual rate of basic pay of the Special Inspector General shall be the annual rate of basic pay for an Inspector General under section 3(e) of the Inspector General Act of 1978 (5 U.S.C. App.).1 (c) Duties(1) In generalIt shall be the duty of the Special Inspector General to, in accordance with section 4(b)(1) of the Inspector General Act of 1978 (5 U.S.C. App.),1 conduct, supervise, and coordinate audits and investigations of the making, purchase, management, and sale of loans, loan guarantees, and other investments made by the Secretary of the Treasury under any program established by the Secretary under this Act, and the management by the Secretary of any program established under this Act, including by collecting and summarizing the following information:(A) A description of the categories of the loans, loan guarantees, and other investments made by the Secretary. (B) A listing of the eligible businesses receiving loan, loan guarantees, and other investments made under each category described in subparagraph (A). (C) An explanation of the reasons the Secretary determined it to be appropriate to make each loan or loan guarantee under this Act, including a justification of the price paid for, and other financial terms associated with, the applicable transaction. (D) A listing of, and detailed biographical information with respect to, each person hired to manage or service each loan, loan guarantee, or other investment made under section 9042 of this title. (E) A current, as of the date on which the information is collected, estimate of the total amount of each loan, loan guarantee, and other investment made under this Act that is outstanding, the amount of interest and fees accrued and received with respect to each loan or loan guarantee, the total amount of matured loans, the type and amount of collateral, if any, and any losses or gains, if any, recorded or accrued for each loan, loan guarantee, or other investment. (2) Maintenance of systemsThe Special Inspector General shall establish, maintain, and oversee such systems, procedures, and controls as the Special Inspector General considers appropriate to discharge the duties of the Special Inspector General under paragraph (1). (3) Additional duties and responsibilitiesIn addition to the duties described in paragraphs (1) and (2), the Special Inspector General shall also have the duties and responsibilities of inspectors general under the Inspector General Act of 1978 (5 U.S.C. App.).1 (d) Powers and authorities(1) In generalIn carrying out the duties of the Special Inspector General under subsection (c), the Special Inspector General shall have the authorities provided in section 6 of the Inspector General Act of 1978 (5 U.S.C. App.).1 (2) Treatment of OfficeThe Office of the Special Inspector General for Pandemic Recovery shall be considered to be an office described in section 6(f)(3) of the Inspector General Act of 1978 (5 U.S.C. App.) 1 and shall be exempt from an initial determination by the Attorney General under section 6(f)(2) of that Act. (e) Personnel, facilities, and other resources(1) Appointment of officers and employeesThe Special Inspector General may select, appoint, and employ such officers and employees as may be necessary for carrying out the duties of the Special Inspector General, subject to the provisions of title 5 governing appointments in the competitive service, and the provisions of chapter 51 and subchapter III of chapter 53 of that title, relating to classification and General Schedule pay rates. (2) Experts and consultantsThe Special Inspector General may obtain services as authorized under section 3109 of title 5 at daily rates not to exceed the equivalent rate prescribed for grade GS–15 of the General Schedule by section 5332 of that title. (3) ContractsThe Special Inspector General may enter into contracts and other arrangements for audits, studies, analyses, and other services with public agencies and with private persons, and make such payments as may be necessary to carry out the duties of the Inspector General. (4) Requests for information(A) In generalUpon request of the Special Inspector General for information or assistance from any department, agency, or other entity of the Federal Government, the head of that department, agency, or entity shall, to the extent practicable and not in contravention of any existing law, furnish that information or assistance to the Special Inspector General, or an authorized designee. (B) Refusal to provide requested informationWhenever information or assistance requested by the Special Inspector General is, in the judgment of the Special Inspector General, unreasonably refused or not provided, the Special Inspector General shall report the circumstances to the appropriate committees of Congress without delay. (f) Reports(1) Quarterly reports(A) In generalNot later than 60 days after the date on which the Special Inspector General is confirmed, and once every calendar quarter thereafter, the Special Inspector General shall submit to the appropriate committees of Congress a report summarizing the activities of the Special Inspector General during the 3-month period ending on the date on which the Special Inspector General submits the report. (B) ContentsEach report submitted under subparagraph (A) shall include, for the period covered by the report, a detailed statement of all loans, loan guarantees, other transactions, obligations, expenditures, and revenues associated with any program established by the Secretary under section 9042 of this title, as well as the information collected under subsection (c)(1). (2) Rule of constructionNothing in this subsection may be construed to authorize the public disclosure of information that is—(A) specifically prohibited from disclosure by any other provision of law; (B) specifically required by Executive order to be protected from disclosure in the interest of national defense or national security or in the conduct of foreign affairs; or (C) a part of an ongoing criminal investigation. (g) Funding(1) In generalOf the amounts made available to the Secretary under section 9061 of this title, $25,000,000 shall be made available to the Special Inspector General to carry out this section. (2) AvailabilityThe amounts made available to the Special Inspector General under paragraph (1) shall remain available until expended. (h) TerminationThe Office of the Special Inspector General shall terminate on the date 5 years after March 27, 2020. (i) Council of the Inspectors General on integrity and efficiencyThe Special Inspector General shall be a member of the Council of the Inspectors General on Integrity and Efficiency established under section 11 of the Inspector General Act of 1978 (5 U.S.C. App.) 1 until the date of termination of the Office of the Special Inspector General. (j) Corrective responses to audit problemsThe Secretary shall—(1) take action to address deficiencies identified by a report or investigation of the Special Inspector General; or (2) with respect to a deficiency identified under paragraph (1), certify to the Committee on Banking, Housing, and Urban Affairs of the Senate, the Committee on Finance of the Senate, the Committee on Financial Services of the House of Representatives, and the Committee on Ways and Means of the House of Representatives that no action is necessary or appropriate.

15 U.S.C. § 9054 Conflicts of interest

(a) DefinitionsIn this section:(1) Controlling interestThe term “controlling interest” means owning, controlling, or holding not less than 20 percent, by vote or value, of the outstanding amount of any class of equity interest in an entity. (2) Covered entityThe term “covered entity” means an entity in which a covered individual directly or indirectly holds a controlling interest. For the purpose of determining whether an entity is a covered entity, the securities owned, controlled, or held by 2 or more individuals who are related as described in paragraph (3)(B) shall be aggregated. (3) Covered individualThe term “covered individual” means—(A) the President, the Vice President, the head of an Executive department, or a Member of Congress; and (B) the spouse, child, son-in-law, or daughter-in-law, as determined under applicable common law, of an individual described in subparagraph (A). (4) Executive departmentThe term “Executive department” has the meaning given the term in section 101 of title 5. (5) Member of CongressThe term “member of Congress” means a member of the Senate or House of Representatives, a Delegate to the House of Representatives, and the Resident Commissioner from Puerto Rico. (6) Equity interestThe term “equity interest” means—(A) a share in an entity, without regard to whether the share is—(i) transferable; or (ii) classified as stock or anything similar; (B) a capital or profit interest in a limited liability company or partnership; or (C) a warrant or right, other than a right to convert, to purchase, sell, or subscribe to a share or interest described in subparagraph (A) or (B), respectively. (b) ProhibitionNotwithstanding any other provision of this part, no covered entity may be eligible for any transaction described in section 9042 of this title. (c) RequirementThe principal executive officer and the principal financial officer, or individuals performing similar functions, of an entity seeking to enter a transaction under section 9042 of this title shall, before that transaction is approved, certify to the Secretary and the Board of Governors of the Federal Reserve System that the entity is eligible to engage in that transaction, including that the entity is not a covered entity.

15 U.S.C. § 9055 Congressional Oversight Commission

(a) EstablishmentThere is hereby established the Congressional Oversight Commission (hereafter in this section referred to as the “Oversight Commission”) as an establishment in the legislative branch. (b) Duties(1) In generalThe Oversight Commission shall—(A) conduct oversight of the implementation of this part by the Department of the Treasury and the Board of Governors of the Federal Reserve System, including efforts of the Department and the Board to provide economic stability as a result of the coronavirus disease 2019 (COVID–19) pandemic of 2020; (B) submit to Congress reports under paragraph (2); and (C) review the implementation of this part by the Federal Government. (2) Regular reports(A) In generalReports of the Oversight Commission shall include the following:(i) The use by the Secretary and the Board of Governors of the Federal Reserve System of authority under this part, including with respect to the use of contracting authority and administration of the provisions of this part. (ii) The impact of loans, loan guarantees, and investments made under this part on the financial well-being of the people of the United States and the United States economy, financial markets, and financial institutions. (iii) The extent to which the information made available on transactions under this part has contributed to market transparency. (iv) The effectiveness of loans, loan guarantees, and investments made under this part of minimizing long-term costs to the taxpayers and maximizing the benefits for taxpayers. (B) TimingThe reports required under this paragraph shall be submitted not later than 30 days after the first exercise by the Secretary and the Board of Governors of the Federal Reserve System of the authority under this part and every 30 days thereafter. (c) Membership(1) In generalThe Oversight Commission shall consist of 5 members as follows:(A) 1 member appointed by the Speaker of the House of Representatives. (B) 1 member appointed by the minority leader of the House of Representatives. (C) 1 member appointed by the majority leader of the Senate. (D) 1 member appointed by the minority leader of the Senate. (E) 1 member appointed as Chairperson by the Speaker of the House of Representatives and the majority leader of the Senate, after consultation with the minority leader of the Senate and the minority leader of the House of Representatives 11 So in original. Probably should be followed by a period. (2) PayEach member of the Oversight Commission shall be paid at a rate equal to the daily equivalent of the annual rate of basic pay for level I of the Executive Schedule for each day (including travel time) during which such member is engaged in the actual performance of duties vested in the Oversight Commission. (3) Prohibition of compensation of Federal employeesMembers of the Oversight Commission who are full-time officers or employees of the United States may not receive additional pay, allowances, or benefits by reason of their service on the Oversight Commission. (4) Travel expensesEach member shall receive travel expenses, including per diem in lieu of subsistence, in accordance with applicable provisions under subchapter I of chapter 57 of title 5. (5) QuorumFour members of the Oversight Commission shall constitute a quorum but a lesser number may hold hearings. (6) VacanciesA vacancy on the Oversight Commission shall be filled in the manner in which the original appointment was made. (7) MeetingsThe Oversight Commission shall meet at the call of the Chairperson or a majority of its members. (d) Staff(1) In generalThe Oversight Commission may appoint and fix the pay of any personnel as the Oversight Commission considers appropriate. (2) Experts and consultantsThe Oversight Commission may procure temporary and intermittent services under section 3109(b) of title 5. (3) Staff of agenciesUpon request of the Oversight Commission, the head of any Federal department or agency may detail, on a reimbursable basis, any of the personnel of that department or agency to the Oversight Commission to assist it in carrying out its duties under the this 22 So in original. part. (e) Powers(1) Hearings and evidenceThe Oversight Commission, or any subcommittee or member thereof, may, for the purpose of carrying out this section hold hearings, sit and act at times and places, take testimony, and receive evidence as the Oversight Commission considers appropriate and may administer oaths or affirmations to witnesses appearing before it. (2) ContractingThe Oversight Commission may, to such extent and in such amounts as are provided in appropriation Acts, enter into contracts to enable the Oversight Commission to discharge its duties under this section. (3) Powers of members and agentsAny member or agent of the Oversight Commission may, if authorized by the Oversight Commission, take any action which the Oversight Commission is authorized to take by this section. (4) Obtaining official dataThe Oversight Commission may secure directly from any department or agency of the United States information necessary to enable it to carry out this section. Upon request of the Chairperson of the Oversight Commission, the head of that department or agency shall furnish that information to the Oversight Commission. (5) ReportsThe Oversight Commission shall receive and consider all reports required to be submitted to the Oversight Commission under this part. (f) TerminationThe Oversight Commission shall terminate on June 30, 2023. (g) Funding for expenses(1) Authorization of appropriationsThere is authorized to be appropriated to the Oversight Commission such sums as may be necessary for any fiscal year, half of which shall be derived from the applicable account of the House of Representatives, and half of which shall be derived from the contingent fund of the Senate. (2) Reimbursement of amountsAn amount equal to the expenses of the Oversight Commission shall be promptly transferred by the Secretary and the Board of Governors of the Federal Reserve System, from time to time upon the presentment of a statement of such expenses by the Chairperson of the Oversight Commission, from funds made available to the Secretary under this part to the applicable fund of the House of Representatives and the contingent fund of the Senate, as appropriate, as reimbursement for amounts expended from such account and fund under paragraph (1).

15 U.S.C. § 9056 Foreclosure moratorium and consumer right to request forbearance

(a) DefinitionsIn this section:(1) COVID–19 emergencyThe 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 loanThe 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 1715z–13a or 1715z–13b of title 12; (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. (b) Forbearance(1) In generalDuring 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 forbearanceUpon a request by a borrower for forbearance under paragraph (1), such forbearance shall be granted for up to 180 days, and shall be extended for an additional period of up to 180 days at the request of the borrower, provided that, at the borrower’s request, either the initial or extended period of forbearance may be shortened. (3) Accrual of interest or feesDuring 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 generalUpon receiving a request for forbearance from a borrower under subsection (b), the servicer shall 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 180 days, which may be extended for an additional period of up to 180 days 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. (2) Foreclosure moratoriumExcept 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.

15 U.S.C. § 9057 Forbearance of residential mortgage loan payments for multifamily properties with Federally backed loans

(a) In generalDuring 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 reliefA 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 generalUpon 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 discontinueA multifamily borrower shall have the option to discontinue the forbearance at any time. (d) Renter protections during forbearance periodA 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) NoticeA 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) DefinitionsIn this section:(1) Applicable propertyThe 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 loanThe 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 borrowerthe 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 emergencyThe 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 periodThe term “covered period” means the period beginning on March 27, 2020, 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.

15 U.S.C. § 9058 Temporary moratorium on eviction filings

(a) DefinitionsIn this section:(1) Covered dwellingThe term “covered dwelling” means a dwelling that—(A) is occupied by a tenant—(i) pursuant to a residential lease; or (ii) without a lease or with a lease terminable under State law; and (B) is on or in a covered property. (2) Covered propertyThe term “covered property” means any property that—(A) participates in—(i) a covered housing program (as defined in section 12491(a) of title 34); or (ii) the rural housing voucher program under section 1490r of title 42; or (B) has a—(i) Federally backed mortgage loan; or (ii) Federally backed multifamily mortgage loan. (3) DwellingThe term “dwelling”—(A) has the meaning given the term in section 3602 of title 42; and (B) includes houses and dwellings described in section 3603(b) of title 42. (4) Federally backed mortgage loanThe term “Federally backed 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 real property (including individual units of condominiums and cooperatives) designed principally for the occupancy of from 1 to 4 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. (5) Federally backed multifamily mortgage loanThe 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. (b) MoratoriumDuring the 120-day period beginning on March 27, 2020, the lessor of a covered dwelling may not—(1) make, or cause to be made, any filing with the court of jurisdiction to initiate a legal action to recover possession of the covered dwelling from the tenant for nonpayment of rent or other fees or charges; or (2) charge fees, penalties, or other charges to the tenant related to such nonpayment of rent. (c) NoticeThe lessor of a covered dwelling unit—(1) may not require the tenant to vacate the covered dwelling unit before the date that is 30 days after the date on which the lessor 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 period described in subsection (b).

15 U.S.C. § 9058a Emergency rental assistance

(a) Appropriation(1) In generalOut of any money in the Treasury of the United States not otherwise appropriated, there are appropriated for making payments to eligible grantees under this section, $25,000,000,000 for fiscal year 2021. (2) Reservation of funds for the territories and tribal communitiesOf the amount appropriated under paragraph (1), the Secretary shall reserve—(A) $400,000,000 of such amount for making payments under this section to the Commonwealth of Puerto Rico, the United States Virgin Islands, Guam, the Commonwealth of the Northern Mariana Islands, and American Samoa; and (B) $800,000,000 of such amount for making payments under this section to eligible grantees described in subparagraphs (C) and (D) of subsection (k)(2); and (C) $15,000,000 for administrative expenses of the Secretary described in subsection (h). (b) Payments for rental assistance(1) Allocation and payments to states and units of local government(A) In generalThe amount appropriated under paragraph (1) of subsection (a) that remains after the application of paragraph (2) of such subsection shall be allocated and paid to eligible grantees described in subparagraph (B) in the same manner as the amount appropriated under subsection (a)(1) of section 801 of title 42 is allocated and paid to States and units of local government under subsections (b) and (c) of such section, and shall be subject to the same requirements, except that—(i) the deadline for payments under section 801(b)(1) of such title shall, for purposes of payments under this section, be deemed to be not later than 30 days after December 27, 2020; (ii) the amount referred to in paragraph (3) of section 801(c) of such title shall be deemed to be the amount appropriated under paragraph (1) of subsection (a) of this Act 11 So in original. Probably should be “this section”. that remains after the application of paragraph (2) of such subsection; (iii) section 801(c) of title 42 shall be applied—(I) by substituting “1 of the 50 States or the District of Columbia” for “1 of the 50 States” each place it appears; (II) in paragraph (2)(A), by substituting “$200,000,000” for “$1,250,000,000”; (III) in paragraph (2)(B), by substituting “each of the 50 States and District of Columbia” for “each of the 50 States”; (IV) in paragraph (4), by substituting “excluding the Commonwealth of Puerto Rico, the United States Virgin Islands, Guam, the Commonwealth of the Northern Mariana Islands, and American Samoa” for “excluding the District of Columbia and territories specified in subsection (a)(2)(A)”; and (V) without regard to paragraph (6); (iv) section 801(d) of such title shall not apply to such payments; and (v) section 801(e) of such title 22 See Codification note below. shall be applied—(I) by substituting “under section 9058a of title 15” for “under this section”; and (II) by substituting “local government elects to receive funds from the Secretary under section 9058a of title 15 and will use the funds in a manner consistent with such section” for “local government’s proposed uses of the funds are consistent with subsection (d)”. (B) Eligible grantees describedThe eligible grantees described in this subparagraph are the following:(i) A State that is 1 of the 50 States or the District of Columbia. (ii) A unit of local government located in a State described in clause (i). (2) Allocation and payments to tribal communities(A) In generalFrom the amount reserved under subsection (a)(2)(B), the Secretary shall—(i) pay the amount equal to 0.3 percent of such amount to the Department of Hawaiian Home Lands; and (ii) subject to subparagraph (B), from the remainder of such amount, allocate and pay to each Indian tribe (or, if applicable, the tribally designated housing entity of an Indian tribe) that was eligible for a grant under title I of the Native American Housing Assistance and Self-Determination Act of 1996 (NAHASDA) (25 U.S.C. 4111 et seq.) for fiscal year 2020 an amount that bears the same proportion to the such remainder as the amount each such Indian tribe (or entity) was eligible to receive for such fiscal year from the amount appropriated under paragraph (1) under the heading “native american programs” under the heading “Public and Indian Housing” of title II of division H of the Further Consolidated Appropriations Act, 2020 (Public Law 116–94) to carry out the Native American Housing Block Grants program bears to the amount appropriated under such paragraph for such fiscal year, provided the Secretary shall be authorized to allocate, in an equitable manner as determined by the Secretary, and pay any Indian tribe that opted out of receiving a grant allocation under the Native American Housing Block Grants program formula in fiscal year 2020, including by establishing a minimum amount of payments to such Indian tribe, provided such Indian tribe notifies the Secretary not later than 30 days after December 27, 2020, that it intends to receive allocations and payments under this section. (B) Pro rata adjustment; distribution of declined funds(i) Pro rata adjustmentsThe Secretary shall make pro rata reductions in the amounts of the allocations determined under clause (ii) of subparagraph (A) for entities described in such clause as necessary to ensure that the total amount of payments made pursuant to such clause does not exceed the remainder amount described in such clause. (ii) Distribution of declined fundsIf the Secretary determines as of 30 days after December 27, 2020, that an entity described in clause (ii) of subparagraph (A) has declined to receive its full allocation under such clause then, not later than 15 days after such date, the Secretary shall redistribute, on a pro rata basis, such allocation among the other entities described in such clause that have not declined to receive their allocations. (3) Allocations and payments to territories(A) In generalFrom the amount reserved under subsection (a)(2)(A), subject to subparagraph (B), the Secretary shall allocate and pay to each eligible grantee described in subparagraph (C) an amount equal to the product of—(i) the amount so reserved; and (ii) each such eligible grantee’s share of the combined total population of all such eligible grantees, as determined by the Secretary. (B) Allocation adjustment(i) RequirementThe sum of the amounts allocated under subparagraph (A) to all of the eligible grantees described in clause (ii) of subparagraph (C) shall not be less than the amount equal to 0.3 percent of the amount appropriated under subsection (a)(1). (ii) ReductionThe Secretary shall reduce the amount of the allocation determined under subparagraph (A) for the eligible grantee described in clause (i) of subparagraph (C) as necessary to meet the requirement of clause (i). (C) Eligible grantees describedThe eligible grantees described in this subparagraph are—(i) the Commonwealth of Puerto Rico; and (ii) the United States Virgin Islands, Guam, the Commonwealth of the Northern Mariana Islands, and American Samoa. (c) Use of funds(1) In generalAn eligible grantee shall only use the funds provided from a payment made under this section to provide financial assistance and housing stability services to eligible households. (2) Financial assistance(A) In generalNot less than 90 percent of the funds received by an eligible grantee from a payment made under this section shall be used to provide financial assistance to eligible households, including the payment of(i) rent; (ii) rental arrears; (iii) utilities and home energy costs; (iv) utilities and home energy costs arrears; and (v) other expenses related to housing incurred due, directly or indirectly, to the novel coronavirus disease (COVID–19) outbreak, as defined by the Secretary. Such assistance shall be provided for a period not to exceed 12 months except that grantees may provide assistance for an additional 3 months only if necessary to ensure housing stability for a household subject to the availability of funds. (B) Limitation on assistance for prospective rent payments(i) In generalSubject to the exception in clause (ii), an eligible grantee shall not provide an eligible household with financial assistance for prospective rent payments for more than 3 months based on any application by or on behalf of the household. (ii) ExceptionFor any eligible household described in clause (i), such household may receive financial assistance for prospective rent payments for additional months:(I) subject to the availability of remaining funds currently allocated to the eligible grantee, and (II) based on a subsequent application for additional financial assistance provided that the total months of financial assistance provided to the household do not exceed the total months of assistance allowed under subparagraph (A). (iii) Further limitationTo the extent that applicants have rental arrears, grantees may not make commitments for prospective rent payments unless they have also provided assistance to reduce an eligible household’s rental arrears. (C) Distribution of financial assistance(i) Payments(I) In generalWith respect to financial assistance for rent and rental arrears and utilities and home energy costs and utility and home energy costs arrears provided to an eligible household from a payment made under this section, an eligible grantee shall make payments to a lessor or utility provider on behalf of the eligible household, except that, if the lessor or utility provider does not agree to accept such payment from the grantee after outreach to the lessor or utility provider by the grantee, the grantee may make such payments directly to the eligible household for the purpose of making payments to the lessor or utility provider. (II) Rule of constructionNothing in this section shall be construed to invalidate any otherwise legitimate grounds for eviction. (ii) DocumentationFor any payments made by an eligible grantee to a lessor or utility provider on behalf of an eligible household, the eligible grantee shall provide documentation of such payments to such household. (3) Housing stability servicesNot more than 10 percent of funds received by an eligible grantee from a payment made under this section may be used to provide eligible households with case management and other services related to the novel coronavirus disease (COVID–19) outbreak, as defined by the Secretary, intended to help keep households stably housed. (4) Prioritization of assistance(A) In reviewing applications for financial assistance and housing stability services to eligible households from a payment made under this section, an eligible grantee shall prioritize consideration of the applications of an eligible household that satisfies any of the following conditions:(i) The income of the household does not exceed 50 percent of the area median income for the household. (ii) 1 or more individuals within the household are unemployed as of the date of the application for assistance and have not been employed for the 90-day period preceding such date. (B) Nothing in this section shall be construed to prohibit an eligible grantee from providing a process for the further prioritizing of applications for financial assistance and housing stability services from a payment made under this section, including to eligible households in which 1 or more individuals within the household were unable to reach their place of employment or their place of employment was closed because of a public health order imposed as a direct result of the COVID–19 public health emergency. (5) Administrative costs(A) In generalNot more than 10 percent of the amount paid to an eligible grantee under this section may be used for administrative costs attributable to providing financial assistance and housing stability services under paragraphs (2) and (3), respectively, including for data collection and reporting requirements related to such funds. (B) No other administrative costsAmounts paid under this section shall not be used for any administrative costs other than to the extent allowed under subparagraph (A). (d) Reallocation of unused fundsBeginning on September 30, 2021, the Secretary shall recapture excess funds, as determined by the Secretary, not obligated by a grantee for the purposes described under subsection (c) and the Secretary shall reallocate and repay such amounts to eligible grantees who, at the time of such reallocation, have obligated at least 65 percent of the amount originally allocated and paid to such grantee under subsection (b)(1), only for the allowable uses described under subsection (c). The amount of any such reallocation shall be determined based on demonstrated need within a grantee’s jurisdiction, as determined by the Secretary. (e) Availability(1) In generalFunds provided to an eligible grantee under a payment made under this section shall remain available through September 30, 2022. (2) Extension for funds provided pursuant to a reallocation of unused fundsFor funds reallocated to an eligible grantee pursuant to subsection (d), an eligible grantee may request, subject to the approval of the Secretary, a 90-day extension of the deadline established in paragraph (1). (f) Application for assistance by landlords and owners(1) In generalSubject to paragraph (2), nothing in this section shall preclude a landlord or owner of a residential dwelling from—(A) assisting a renter of such dwelling in applying for assistance from a payment made under this section; or (B) applying for such assistance on behalf of a renter of such dwelling. (2) Requirements for applications submitted on behalf of tenantsIf a landlord or owner of a residential dwelling submits an application for assistance from a payment made under this section on behalf of a renter of such dwelling—(A) the landlord must obtain the signature of the tenant on such application, which may be documented electronically; (B) documentation of such application shall be provided to the tenant by the landlord; and (C) any payments received by the landlord from a payment made under this section shall be used to satisfy the tenant’s rental obligations to the owner. (g) Reporting requirements(1) In generalThe Secretary, in consultation with the Secretary of Housing and Urban Development, shall provide public reports not less frequently than quarterly regarding the use of funds made available under this section, which shall include, with respect to each eligible grantee under this section, both for the past quarter and over the period for which such funds are available—(A) the number of eligible households that receive assistance from such payments; (B) the acceptance rate of applicants for assistance; (C) the type or types of assistance provided to each eligible household; (D) the average amount of funding provided per eligible household receiving assistance; (E) household income level, with such information disaggregated for households with income that—(i) does not exceed 30 percent of the area median income for the household; (ii) exceeds 30 percent but does not exceed 50 percent of the area median income for the household; and (iii) exceeds 50 percent but does not exceed 80 percent of area median income for the household; and (F) the average number of monthly rental or utility payments that were covered by the funding amount that a household received, as applicable. (2) DisaggregationEach report under this subsection shall disaggregate the information relating to households provided under subparagraphs (A) through (F) of paragraph (1) by the gender, race, and ethnicity of the primary applicant for assistance in such households. (3) Alternative reporting requirements for certain granteesThe Secretary may establish alternative reporting requirements for grantees described in subsection (b)(2). (4) Privacy requirements(A) In generalEach eligible grantee that receives a payment under this section shall establish data privacy and security requirements for the information described in paragraph (1) that—(i) include appropriate measures to ensure that the privacy of the individuals and households is protected; (ii) provide that the information, including any personally identifiable information, is collected and used only for the purpose of submitting reports under paragraph (1); and (iii) provide confidentiality protections for data collected about any individuals who are survivors of intimate partner violence, sexual assault, or stalking. (B) Statistical research(i) In generalThe Secretary—(I) may provide full and unredacted information provided under subparagraphs (A) through (F) of paragraph (1), including personally identifiable information, for statistical research purposes in accordance with existing law; and (II) may collect and make available for statistical research, at the census tract level, information collected under subparagraph (A). (ii) Application of privacy requirementsA recipient of information under clause (i) shall establish for such information the data privacy and security requirements described in subparagraph (A). (5) Nonapplication of the Paperwork Reduction ActSubchapter I of chapter 35 of title 44 shall not apply to the collection of information for the reporting or research requirements specified in this subsection. (h) Administrative expenses of the SecretaryOf the funds appropriated pursuant to subsection (a), not more than $15,000,000 may be used for administrative expenses of the Secretary in administering this section, including technical assistance to grantees in order to facilitate effective use of funds provided under this section. (i) Inspector General Oversight; Recoupment(1) Oversight authorityThe Inspector General of the Department of the Treasury shall conduct monitoring and oversight of the receipt, disbursement, and use of funds made available under this section. (2) RecoupmentIf the Inspector General of the Department of the Treasury determines that a State, Tribal government, or unit of local government has failed to comply with subsection (c), the amount equal to the amount of funds used in violation of such subsection shall be booked as a debt of such entity owed to the Federal Government. Amounts recovered under this subsection shall be deposited into the general fund of the Treasury. (3) AppropriationOut of any money in the Treasury of the United States not otherwise appropriated, there are appropriated to the Office of the Inspector General of the Department of the Treasury, $6,500,000 to carry out oversight and recoupment activities under this subsection. Amounts appropriated under the preceding sentence shall remain available until expended. (4) Authority of Inspector GeneralNothing in this subsection shall be construed to diminish the authority of any Inspector General, including such authority as provided in the Inspector General Act of 1978 (5 U.S.C. App.) 33 So in original. Probably should be followed by a period. See References in Text note below. (j) Treatment of assistanceAssistance provided to a household from a payment made under this section shall not be regarded as income and shall not be regarded as a resource for purposes of determining the eligibility of the household or any member of the household for benefits or assistance, or the amount or extent of benefits or assistance, under any Federal program or under any State or local program financed in whole or in part with Federal funds. (k) DefinitionsIn this section:(1) Area median incomeThe term “area median income” means, with respect to a household, the median income for the area in which the household is located, as determined by the Secretary of Housing and Urban Development. (2) Eligible granteeThe term “eligible grantee” means any of the following:(A) A State (as defined in section 801(g)(4) of title 42. (B) A unit of local government (as defined in paragraph (5)). (C) An Indian tribe or its tribally designated housing entity (as such terms are defined in section 4 of the Native American Housing Assistance and Self-Determination Act of 1996 (25 U.S.C. 4103)) that was eligible to receive a grant under title I of such Act (25 U.S.C. 4111 et seq.) for fiscal year 2020 from the amount appropriated under paragraph (1) under the heading “native american programs” under the heading “Public and Indian Housing” of title II of division H of the Further Consolidated Appropriations Act, 2020 (Public Law 116–94) to carry out the Native American Housing Block Grants program. For the avoidance of doubt, the term Indian tribe shall include Alaska native corporations established pursuant to the Alaska Native Claims Settlement Act (43 U.S.C. 1601 et seq.). (D) The Department of Hawaiian Homelands. (3) Eligible household(A) In generalThe term “eligible household” means a household of 1 or more individuals who are obligated to pay rent on a residential dwelling and with respect to which the eligible grantee involved determines—(i) that 1 or more individuals within the household has 44 So in original. Probably should be followed by a dash.(I) qualified for unemployment benefits or (II) experienced a reduction in household income, incurred significant costs, or experienced other financial hardship due, directly or indirectly, to the novel coronavirus disease (COVID–19) outbreak, which the applicant shall attest in writing; (ii) that 1 or more individuals within the household can demonstrate a risk of experiencing homelessness or housing instability, which may include—(I) a past due utility or rent notice or eviction notice; (II) unsafe or unhealthy living conditions; or (III) any other evidence of such risk, as determined by the eligible grantee involved; and (iii) the household has a household income that is not more than 80 percent of the area median income for the household. (B) ExceptionTo the extent feasible, an eligible grantee shall ensure that any rental assistance provided to an eligible household pursuant to funds made available under this section is not duplicative of any other Federally funded rental assistance provided to such household. (C) Income determination(i) In determining the income of a household for purposes of determining such household’s eligibility for assistance from a payment made under this section (including for purposes of subsection (c)(4)), the eligible grantee involved shall consider either(I) the household’s total income for calendar year 2020, or (II) subject to clause (ii), sufficient confirmation, as determined by the Secretary, of the household’s monthly income at the time of application for such assistance. (ii) In the case of income determined under subclause (II), the eligible grantee shall be required to re-determine the eligibility of a household’s income after each such period of 3 months for which the household receives assistance from a payment made under this section. (4) Inspector GeneralThe term “Inspector General” means the Inspector General of the Department of the Treasury. (5) SecretaryThe term “Secretary” means the Secretary of the Treasury. (6) Unit of local governmentThe term “unit of local government” has the meaning given such term in paragraph (2) of section 801(g) of title 42, except that, in applying such term for purposes of this section, such paragraph shall be applied by substituting “200,000” for “500,000”. (l) Termination of programThe authority of an eligible grantee to make new obligations to provide payments under subsection (c) shall terminate on the date established in subsection (e) for that eligible grantee. Amounts not expended in accordance with this section shall revert to the Department of the Treasury.

15 U.S.C. § 9058b Funding for water assistance program

(a) In generalIn addition to amounts otherwise available, there is appropriated to the Secretary of Health and Human Services (in this section referred to as the “Secretary”) for fiscal year 2021, out of any amounts in the Treasury not otherwise appropriated, $500,000,000, to remain available until expended, for grants to States and Indian Tribes to assist low-income households, particularly those with the lowest incomes, that pay a high proportion of household income for drinking water and wastewater services, by providing funds to owners or operators of public water systems or treatment works to reduce arrearages of and rates charged to such households for such services. (b) AllotmentThe Secretary shall—(1) allot amounts appropriated in this section to a State or Indian Tribe based on—(A) the percentage of households in the State, or under the jurisdiction of the Indian Tribe, with income equal or less than 150 percent of the Federal poverty line; and (B) the percentage of households in the State, or under the jurisdiction of the Indian Tribe, that spend more than 30 percent of monthly income on housing; and (2) reserve up to 3 percent of the amount appropriated in this section for Indian Tribes and tribal organizations. (c) DefinitionIn this section, the term “State” means each of the 50 States of the United States, the District of Columbia, the Commonwealth of Puerto Rico, American Samoa, Guam, the United States Virgin Islands, and the Commonwealth of the Northern Mariana Islands.

15 U.S.C. § 9058c Emergency rental assistance

(a) Funding(1) AppropriationIn addition to amounts otherwise available, there is appropriated to the Secretary of the Treasury for fiscal year 2021, out of any money in the Treasury not otherwise appropriated, $21,550,000,000, to remain available until September 30, 2027, for making payments to eligible grantees under this section— (2) Reservation of fundsOf the amount appropriated under paragraph (1), the Secretary shall reserve—(A) $305,000,000 for making payments under this section to the Commonwealth of Puerto Rico, the United States Virgin Islands, Guam, the Commonwealth of the Northern Mariana Islands, and American Samoa; (B) $30,000,000 for costs of the Secretary for the administration of emergency rental assistance programs and technical assistance to recipients of any grants made by the Secretary to provide financial and other assistance to renters; (C) $3,000,000 for administrative expenses of the Inspector General relating to oversight of funds provided in this section; and (D) $2,500,000,000 for payments to high-need grantees as provided in this section. (b) Allocation of funds to eligible grantees(1) Allocation for States and units of local government(A) In generalThe amount appropriated under paragraph (1) of subsection (a) that remains after the application of paragraph (2) of such subsection shall be allocated to eligible grantees described in subparagraphs (A) and (B) of subsection (f)(1) in the same manner as the amount appropriated under section 9058a of this title is allocated to States and units of local government under subsection (b)(1) of such section, except that section 9058a(b) of this title shall be applied—(i) without regard to clause (i) of paragraph (1)(A); (ii) by deeming the amount appropriated under paragraph (1) of subsection (a) of this Act 11 So in original. Probably should be “this section”. that remains after the application of paragraph (2) of such subsection to be the amount deemed to apply for purposes of applying clause (ii) of section 9058a(b)(1)(A) of this title; (iii) by substituting “$152,000,000” for “$200,000,000” each place such term appears; (iv) in subclause (I) of such section 9058a(b)(1)(A)(v) of this title, by substituting “under section 9058c of title 15” for “under section 9058a of title 15”; and (v) in subclause (II) of such section 9058a(b)(1)(A)(v) of this title, by substituting “local government elects to receive funds from the Secretary under section 9058c of title 15 and will use the funds in a manner consistent with such section” for “local government elects to receive funds from the Secretary under section 9058a of title 15 and will use the funds in a manner consistent with such section”. (B) Pro rata adjustmentThe Secretary shall make pro rata adjustments in the amounts of the allocations determined under subparagraph (A) of this paragraph for entities described in such subparagraph as necessary to ensure that the total amount of allocations made pursuant to such subparagraph does not exceed the remainder appropriated amount described in such subparagraph. (2) Allocations for territoriesThe amount reserved under subsection (a)(2)(A) shall be allocated to eligible grantees described in subsection (f)(1)(C) in the same manner as the amount appropriated under section 9058a(a)(2)(A) of this title is allocated under section 9058a(b)(3) of this title to eligible grantees described under subparagraph (C) of such section 9058a(b)(3) of this title, except that section 9058a(b)(3) of this title shall be applied—(A) in subparagraph (A), by inserting “of section 9058c of this title” after “the amount reserved under subsection (a)(2)(A)”; and (B) in clause (i) of subparagraph (B), by substituting “the amount equal to 0.3 percent of the amount appropriated under subsection (a)(1)” with “the amount equal to 0.3 percent of the amount appropriated under subsection (a)(1) of section 9058c of this title”. (3) High-need granteesThe Secretary shall allocate funds reserved under subsection (a)(2)(D) to eligible grantees with a high need for assistance under this section, with the number of very low-income renter households paying more than 50 percent of income on rent or living in substandard or overcrowded conditions, rental market costs, and change in employment since February 2020 used as the factors for allocating funds. (c) Payment schedule(1) In generalThe Secretary shall pay all eligible grantees not less than 40 percent of each such eligible grantee’s total allocation provided under subsection (b) within 60 days of March 11, 2021. (2) Subsequent paymentsThe Secretary shall pay to eligible grantees additional amounts in tranches up to the full amount of each such eligible grantee’s total allocation in accordance with a procedure established by the Secretary, provided that any such procedure established by the Secretary shall require that an eligible grantee must have obligated not less than 75 percent of the funds already disbursed by the Secretary pursuant to this section prior to disbursement of additional amounts. (d) Use of funds(1) In generalAn eligible grantee shall only use the funds provided from payments made under this section as follows:(A) Financial assistance(i) In generalSubject to clause (ii) of this subparagraph, funds received by an eligible grantee from payments made under this section shall be used to provide financial assistance to eligible households, not to exceed 18 months, including the payment of—(I) rent; (II) rental arrears; (III) utilities and home energy costs; (IV) utilities and home energy costs arrears; and (V) other expenses related to housing, as defined by the Secretary. (ii) LimitationThe aggregate amount of financial assistance an eligible household may receive under this section, when combined with financial assistance provided under section 9058a of this title, shall not exceed 18 months. (B) Housing stability servicesNot more than 10 percent of funds received by an eligible grantee from payments made under this section may be used to provide case management and other services intended to help keep households stably housed. (C) Administrative costsNot more than 15 percent of the total amount paid to an eligible grantee under this section may be used for administrative costs attributable to providing financial assistance, housing stability services, and other affordable rental housing and eviction prevention activities, including for data collection and reporting requirements related to such funds. (D) Other affordable rental housing and eviction prevention activitiesAn eligible grantee may use any funds from payments made under this section that are unobligated on October 1, 2022, for purposes in addition to those specified in this paragraph, provided that—(i) such other purposes are affordable rental housing and eviction prevention purposes, as defined by the Secretary, serving very low-income families (as such term is defined in section 1437a(b) of title 42); and (ii) prior to obligating any funds for such purposes, the eligible grantee has obligated not less than 75 percent of the total funds allocated to such eligible grantee in accordance with this section. (2) Distribution of assistanceAmounts appropriated under subsection (a)(1) of this section shall be subject to the same terms and conditions that apply under paragraph (4) of section 9058a(c) of this title to amounts appropriated under subsection (a)(1) of such section 9058a of this title. (e) Reallocation of funds(1) In generalBeginning March 31, 2022, the Secretary shall reallocate funds allocated to eligible grantees in accordance with subsection (b) but not yet paid in accordance with subsection (c)(2) according to a procedure established by the Secretary. (2) Eligibility for reallocated fundsThe Secretary shall require an eligible grantee to have obligated 50 percent of the total amount of funds allocated to such eligible grantee under subsection (b) to be eligible to receive funds reallocated under paragraph (1) of this subsection. (3) Payment of reallocated funds by the SecretaryThe Secretary shall pay to each eligible grantee eligible for a payment of reallocated funds described in paragraph (2) of this subsection the amount allocated to such eligible grantee in accordance with the procedure established by the Secretary in accordance with paragraph (1) of this subsection. (4) Use of reallocated fundsEligible grantees may use any funds received in accordance with this subsection only for purposes specified in paragraph (1) of subsection (d). (f) DefinitionsIn this section:(1) Eligible granteeThe term “eligible grantee” means any of the following:(A) The 50 States of the United States and the District of Columbia. (B) A unit of local government (as defined in paragraph (5)). (C) The Commonwealth of Puerto Rico, the United States Virgin Islands, Guam, the Commonwealth of the Northern Mariana Islands, and American Samoa. (2) Eligible householdThe term “eligible household” means a household of 1 or more individuals who are obligated to pay rent on a residential dwelling and with respect to which the eligible grantee involved determines that—(A) 1 or more individuals within the household has—(i) qualified for unemployment benefits; or (ii) experienced a reduction in household income, incurred significant costs, or experienced other financial hardship during or due, directly or indirectly, to the coronavirus pandemic; (B) 1 or more individuals within the household can demonstrate a risk of experiencing homelessness or housing instability; and (C) the household is a low-income family (as such term is defined in section 1437a(b) of title 42.22 So in original. A closing parenthesis probably should precede the period. (3) Inspector generalThe term “Inspector General” means the Inspector General of the Department of the Treasury. (4) SecretaryThe term “Secretary” means the Secretary of the Treasury. (5) Unit of local governmentThe term “unit of local government” has the meaning given such term in section 9058a of this title. (g) AvailabilityFunds provided to an eligible grantee under a payment made under this section shall remain available through September 30, 2025.

15 U.S.C. § 9058d Homeowner Assistance Fund

(a) AppropriationIn addition to amounts otherwise available, there is appropriated to the Secretary of the Treasury for the Homeowner Assistance Fund established under subsection (c) for fiscal year 2021, out of any money in the Treasury not otherwise appropriated, $9,961,000,000, to remain available until September 30, 2025, for qualified expenses that meet the purposes specified under subsection (c) and expenses described in subsection (d)(1). (b) DefinitionsIn this section:(1) Conforming loan limitThe term “conforming loan limit” means the applicable limitation governing the maximum original principal obligation of a mortgage secured by a single-family residence, a mortgage secured by a 2-family residence, a mortgage secured by a 3-family residence, or a mortgage secured by a 4-family residence, as determined and adjusted annually under section 1717(b)(2) of title 12 and section 1454(a)(2) of title 12. (2) DwellingThe term “dwelling” means any building, structure, or portion thereof which is occupied as, or designed or intended for occupancy as, a residence by one or more individuals. (3) Eligible entityThe term “eligible entity” means—(A) a State; or (B) any entity eligible for payment under subsection (f). (4) MortgageThe term “mortgage” means any credit transaction—(A) that is secured by a mortgage, deed of trust, or other consensual security interest on a principal residence of a borrower that is (i) a 1- to 4-unit dwelling, or (ii) residential real property that includes a 1- to 4-unit dwelling; and (B) the unpaid principal balance of which was, at the time of origination, not more than the conforming loan limit. (5) FundThe term “Fund” means the Homeowner Assistance Fund established under subsection (c). (6) SecretaryThe term “Secretary” means the Secretary of the Treasury. (7) StateThe term “State” means any State of the United States, the District of Columbia, the Commonwealth of Puerto Rico, Guam, American Samoa, the United States Virgin Islands, and the Commonwealth of the Northern Mariana Islands. (c) Establishment of Fund(1) Establishment; qualified expensesThere is established in the Department of the Treasury a Homeowner Assistance Fund to mitigate financial hardships associated with the coronavirus pandemic by providing such funds as are appropriated by subsection (a) to eligible entities for the purpose of preventing homeowner mortgage delinquencies, defaults, foreclosures, loss of utilities or home energy services, and displacements of homeowners experiencing financial hardship after January 21, 2020, through qualified expenses related to mortgages and housing, which include—(A) mortgage payment assistance; (B) financial assistance to allow a homeowner to reinstate a mortgage or to pay other housing related costs related to a period of forbearance, delinquency, or default; (C) principal reduction; (D) facilitating interest rate reductions; (E) payment assistance for—(i) utilities, including electric, gas, home energy, and water; (ii) internet service, including broadband internet access service, as defined in section 8.1(b) of title 47, Code of Federal Regulations (or any successor regulation); (iii) homeowner’s insurance, flood insurance, and mortgage insurance; and (iv) homeowner’s association, condominium association fees, or common charges; (F) reimbursement of funds expended by a State, local government, or designated entity under subsection (f) during the period beginning on January 21, 2020, and ending on the date that the first funds are disbursed by the eligible entity under the Homeowner Assistance Fund, for the purpose of providing housing or utility payment assistance to homeowners or otherwise providing funds to prevent foreclosure or post-foreclosure eviction of a homeowner or prevent mortgage delinquency or loss of housing or utilities as a response to the coronavirus disease (COVID) pandemic; and (G) any other assistance to promote housing stability for homeowners, including preventing mortgage delinquency, default, foreclosure, post-foreclosure eviction of a homeowner, or the loss of utility or home energy services, as determined by the Secretary. (2) TargetingNot less than 60 percent of amounts made to each eligible entity allocated amounts under subsection (d) or (f) shall be used for qualified expenses that assist homeowners having incomes equal to or less than 100 percent of the area median income for their household size or equal to or less than 100 percent of the median income for the United States, as determined by the Secretary of Housing and Urban Development, whichever is greater. The eligible entity shall prioritize remaining funds to socially disadvantaged individuals. (d) Allocation of Funds(1) AdministrationOf any amounts made available under this section, the Secretary shall reserve—(A) to the Department of the Treasury, an amount not to exceed $40,000,000 to administer and oversee the Fund, and to provide technical assistance to eligible entities for the creation and implementation of State and tribal programs to administer assistance from the Fund; and (B) to the Inspector General of the Department of the Treasury, an amount to not exceed $2,600,000 for oversight of the program under this section. (2) For StatesAfter the application of paragraphs (1), (4), and (5) of this subsection and subject to paragraph (3) of this subsection, the Secretary shall allocate the remaining funds available within the Homeowner Assistance Fund to each State of the United States, the District of Columbia, and the Commonwealth of Puerto Rico based on homeowner need, for such State relative to all States of the United States, the District of Columbia, and the Commonwealth of Puerto Rico, as of March 11, 2021, which is determined by reference to—(A) the average number of unemployed individuals measured over a period of time not fewer than 3 months and not more than 12 months; and (B) the total number of mortgagors with—(i) mortgage payments that are more than 30 days past due; or (ii) mortgages in foreclosure. (3) Small State minimum(A) In generalEach State of the United States, the District of Columbia, and the Commonwealth of Puerto Rico shall receive no less than $50,000,000 for the purposes established in (c) 11 So in original. Probably should be preceded by “subsection”.. (B) Pro rata adjustmentsThe Secretary shall adjust on a pro rata basis the amount of the payments for each State of the United States, the District of Columbia, and the Commonwealth of Puerto Rico determined under this subsection without regard to this subparagraph to the extent necessary to comply with the requirements of subparagraph (A). (4) Territory set-asideNotwithstanding any other provision of this section, of the amounts appropriated under subsection (a), the Secretary shall reserve $30,000,000 to be disbursed to Guam, American Samoa, the United States Virgin Islands, and the Commonwealth of the Northern Mariana Islands based on each such territory’s share of the combined total population of all such territories, as determined by the Secretary. For the purposes of this paragraph, population shall be determined based on the most recent year for which data are available from the United States Census Bureau. (5) Tribal set-asideThe Secretary shall allocate funds to any eligible entity designated under subsection (f) pursuant to the requirements of that subsection. (e) Distribution of funds to States(1) In generalThe Secretary shall make payments, beginning not later than 45 days after March 11, 2021, from amounts allocated under subsection (d) to eligible entities that have notified the Secretary that they request to receive payment from the Fund and that the eligible entity will use such payments in compliance with this section. (2) If a State does not request allocated funds by the 45th day after March 11, 2021, such State shall not be eligible for a payment from the Secretary pursuant to this section, and the Secretary shall, by the 180th day after March 11, 2021, reallocate any funds that were not requested by such State among the States that have requested funds by the 45th day after March 11, 2021. For any such reallocation of funds, the Secretary shall adhere to the requirements of subsection (d), except for paragraph (1), to the greatest extent possible, provided that the Secretary shall also take into consideration in determining such reallocation a State’s remaining need and a State’s record of using payments from the Fund to serve homeowners at disproportionate risk of mortgage default, foreclosure, or displacement, including homeowners having incomes equal to or less than 100 percent of the area median income for their household size or 100 percent of the median income for the United States, as determined by the Secretary of Housing and Urban Development, whichever is greater, and minority homeowners. (f) Tribal set-aside(1) Set-asideNotwithstanding any other provision of this section, of the amounts appropriated under subsection (a), the Secretary shall use 5 percent to make payments to entities that are eligible for payments under clauses (i) and (ii) of section 9058a(b)(2)(A) of this title for the purposes described in subsection (c). (2) Allocation and paymentThe Secretary shall allocate the funds set aside under paragraph (1) using the allocation formulas described in clauses (i) and (ii) of section 9058a(b)(2)(A) of this title, and shall make payments of such amounts beginning no later than 45 days after March 11, 2021, to entities eligible for payment under clauses (i) and (ii) of section 9058a(b)(2)(A) of this title that notify the Secretary that they request to receive payments allocated from the Fund by the Secretary for purposes described under subsection (c) and will use such payments in compliance with this section. (3) AdjustmentAllocations provided under this subsection may be further adjusted as provided by section 9058a(b)(2)(B) of this title.

15 U.S.C. § 9059 Protection of collective bargaining agreement

(a) In generalNeither the Secretary, nor any other actor, department, or agency of the Federal Government, shall condition the issuance of a loan or loan guarantee under paragraph (1), (2), or (3) of section 9042(b) of this title on an air carrier’s or eligible business’s implementation of measures to enter into negotiations with the certified bargaining representative of a craft or class of employees of the air carrier or eligible business under the Railway Labor Act (45 U.S.C. 151 et seq.) or the National Labor Relations Act (29 U.S.C. 151 et seq.), regarding pay or other terms and conditions of employment. (b) Period of effectWith respect to an air carrier or eligible business to which the loan or loan guarantee is provided under this part, this section shall be in effect with respect to the air carrier or eligible business beginning on the date on which the air carrier or eligible business is first issued such loan or loan guarantee and ending on the date that is 1 year after the loan or loan guarantee is no longer outstanding.

15 U.S.C. § 9060 Reports

(a) Disclosure of transactionsNot later than 72 hours after any transaction by the Secretary under paragraph (1), (2), or (3) of section 9042(b) of this title, the Secretary shall publish on the website of the Department of the Treasury—(1) a plain-language description of the transaction, including the date of application, date of application approval, and identity of the counterparty; (2) the amount of the loan or loan guarantee; (3) the interest rate, conditions, and any other material or financial terms associated with the transaction, if applicable; and (4) a copy of the relevant and final term sheet, if applicable, and contract or other relevant documentation regarding the transaction. (b) Reports(1) To Congress(A) In generalIn addition to such reports as are required under section 5302(c) of title 31, not later than 7 days after the Secretary makes any loan or loan guarantee under paragraph (1), (2), or (3) of section 9042(b) of this title, the Secretary shall submit to the Chairmen and Ranking Members of the Committee on Banking, Housing, and Urban Affairs and the Committee on Finance of the Senate and the Chairmen and Ranking Members of the Committee on Financial Services and the Committee on Ways and Means of the House of Representatives a report summarizing—(i) an overview of actions taken by the Secretary under paragraph (1), (2) or (3) of section 9042(b) of this title during such period; (ii) the actual obligation, expenditure, and disbursements of the funds during such period; and (iii) a detailed financial statement with respect to the exercise of authority under paragraph (1), (2) or (3) of section 9042(b) of this title showing—(I) all loans and loan guarantees made, renewed, or restructured; (II) all transactions during such period, including the types of parties involved; (III) the nature of the assets purchased; (IV) a description of the vehicles established to exercise such authority; and (V) any or all repayment activity, delinquencies or defaults on loans and loan guarantees issued under paragraph (1), (2) or (3) of section 9042(b) of this title. (B) PublicationNot later than 7 days after the date on which the Secretary submits a report under subparagraph (A) to the committees of Congress described in such subparagraph, the Secretary shall publish such report on the website of the Department of the Treasury. (C) 30-day reportsEvery 30 days during such time as a loan or loan guarantee under paragraph (1), (2), or (3) of section 9042(b) of this title is outstanding, the Secretary shall publish on the website of the Department of the Treasury a report summarizing the information set forth in subparagraph (A). (2) Board of Governors(A) In generalWith respect to any program or facility described in paragraph (4) of section 9042(b) of this title, the Board of Governors of the Federal Reserve System shall provide to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives such reports as are required to be provided under section 343(3) of title 12—(i) not later than 7 days after the Board authorizes a new facility or other financial assistance in accordance with section 343(3)(C)(i) of title 12; and (ii) once every 30 days with respect to outstanding loans or financial assistance in accordance with section 343(3)(C)(ii) of title 12. (B) PublicationNot later than 7 days after the Board of Governors of the Federal Reserve System submits a report under subparagraph (A) to the committees of Congress described in subparagraph (A), the Board shall publish on its website such report. (c) TestimonyThe Secretary and the Chairman of the Board of Governors of the Federal Reserve System shall testify, on a semiannual basis, before the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives regarding the obligations of the Department of the Treasury and the Federal Reserve System, and transactions entered into, under this Act. This subsection shall have no force or effect after December 31, 2027. (d) Program descriptionsThe Secretary shall post on the website of the Department of the Treasury all criteria, guidelines, eligibility requirements, and application materials for the making of any loan or loan guarantee under paragraph (1), (2), or (3) of section 9042(b) of this title. (e) Administrative contractsNot later than 24 hours after the Secretary enters into a contract in connection with the administration of any loan or loan guarantee authorized to be made under paragraph (1), (2), or (3) of section 9042(b) of this title, the Secretary shall post on the website of the Department of the Treasury a copy of the contract. (f) Government Accountability Office(1) StudyThe Comptroller General of the United States shall conduct a study on the loans, loan guarantees, and other investments provided under section 9042 of this title. (2) ReportNot later than 9 months after March 27, 2020, and annually thereafter through the year succeeding the last year for which loans, loan guarantees, or other investments made under section 9042 of this title are outstanding, the Comptroller General shall submit to the Committee on Financial Services, the Committee on Transportation and Infrastructure, the Committee on Appropriations, and the Committee on the Budget of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs, the Committee on Commerce, Science, and Transportation, the Committee on Appropriations, and the Committee on the Budget of the Senate a report on the loans, loan guarantees, and other investments made under section 9042 of this title.

15 U.S.C. § 9061 Direct appropriation

(a) In generalNotwithstanding any other provision of law, there is appropriated, out of amounts in the Treasury not otherwise appropriated, to the fund established under section 5302(a)(1) of title 31, $500,000,000,000 to carry out this part. (b) Omitted (c) Clarification(1) In generalOn or after January 1, 2021, any remaining funds made available under section 9042(b) of this title may be used only for—(A) modifications, restructurings, or other amendments of loans, loan guarantees, or other investments in accordance with section 9063(b)(1) of this title; and (B) exercising any options, warrants, or other investments made prior to January 1, 2021; and (C) paying costs and administrative expenses as provided in section 9042(f) of this title. (2) Deficit reductionOn January 1, 2026, any funds described in paragraph (1) that are remaining shall be transferred to the general fund of the Treasury to be used for deficit reduction.

15 U.S.C. § 9062 Rule of construction

Nothing in this part shall be construed to allow the Secretary to provide relief to eligible businesses, States, and municipalities except in the form of loans, loan guarantees, and other investments as provided in this part and under terms and conditions that are in the interest of the Federal Government.

15 U.S.C. § 9063 Termination of authority

(a) In generalExcept as provided in subsection (b), on December 31, 2020, the authority provided under this part to make loans, loan guarantees, or other investments shall terminate. (b) Outstanding(1) In generalExcept as provided in paragraph (2), any loan or loan guarantee made under paragraph (1), (2), or (3) of section 9042(b) of this title outstanding on the date described in subsection (a)—(A) may be modified, restructured, or otherwise amended; and (B) may not be forgiven. (2) DurationThe duration of any loan or loan guarantee made under section 9042(b)(1) of this title that is modified, restructured, or otherwise amended under paragraph (1) shall not be extended beyond 5 years from the initial origination date of the loan or loan guarantee. (c) Federal Reserve programs or facilities(1) In generalAfter December 31, 2020, the Board of Governors of the Federal Reserve System and the Federal Reserve banks shall not make any loan, purchase any obligation, asset, security, or other interest, or make any extension of credit through any program or facility established under section 343(3) of title 12 in which the Secretary made a loan, loan guarantee, or other investment pursuant to section 9042(b)(4) of this title, other than a loan submitted, on or before December 14, 2020, to the Main Street Lending Program’s lender portal for the sale of a participation interest in such loan, provided that the Main Street Lending Program purchases a participation interest in such loan on or before January 8, 2021 and under the terms and conditions of the Main Street Lending Program as in effect on the date the loan was submitted to the Main Street Lending Program’s lender portal for the sale of a participation interest in such loan. (2) No modificationAfter December 31, 2020, the Board of Governors of the Federal Reserve System and the Federal Reserve banks—(A) shall not modify the terms and conditions of any program or facility established under section 343(3) of title 12 in which the Secretary made a loan, loan guarantee, or other investment pursuant to section 9042(b)(4) of this title, including by authorizing transfer of such funds to a new program or facility established under section 343(3) of title 12; and (B) may modify or restructure a loan, obligation, asset, security, other interest, or extension of credit made or purchased through any such program or facility provided that—(i) the loan, obligation, asset, security, other interest, or extension of credit is an eligible asset or for an eligible business, including an eligible nonprofit organization, each as defined by such program or facility; and (ii) the modification or restructuring relates to an eligible asset or single and specific eligible business, including an eligible nonprofit organization, each as defined by such program or facility; and (iii) the modification or restructuring is necessary to minimize costs to taxpayers that could arise from a default on the loan, obligation, asset, security, other interest, or extension of credit. (3) Use of funds(A) In generalExcept as provided in subparagraph (B), the Secretary is permitted to use the fund established under section 5302 of title 31 for any purpose permitted under that section. (B) ExceptionThe fund established under section 5302 of title 31 shall not be available for any program or facility established under section 343(3) of title 12 that is the same as any such program or facility in which the Secretary made an investment pursuant to section 9042(b)(4) of this title, except the Term Asset-Backed Securities Loan Facility.

15 U.S.C. § 9071 Definitions

Unless otherwise specified, the terms in section 40102(a) of title 49 shall apply to this part, except that— (1) the term “airline catering employee” means an employee who performs airline catering services; (2) the term “airline catering services” means preparation, assembly, or both, of food, beverages, provisions and related supplies for delivery, and the delivery of such items, directly to aircraft or to a location on or near airport property for subsequent delivery to aircraft; (3) the term “contractor” means—(A) a person that performs, under contract with a passenger air carrier conducting operations under part 121 of title 14, Code of Federal Regulations—(i) catering functions; or (ii) functions on the property of an airport that are directly related to the air transportation of persons, property, or mail, including but not limited to the loading and unloading of property on aircraft; assistance to passengers under part 382 of title 14, Code of Federal Regulations; security; airport ticketing and check-in functions; ground-handling of aircraft; or aircraft cleaning and sanitization functions and waste removal; or (B) a subcontractor that performs such functions; (4) the term “employee” means an individual, other than a corporate officer, who is employed by an air carrier or a contractor; (5) the term “recall” means the dispatch of a notice by a contractor, via mail, courier, or electronic mail, to an involuntarily furloughed employee notifying the employee that—(A) the employee must, within a specified period of time that is not less than 14 days, elect either—(i) to return to employment or bypass return to employment in accordance with an applicable collective bargaining agreement or, in the absence of a collective bargaining agreement, company policy; or (ii) to permanently separate from employment with the contractor; and (B) failure to respond within such time period specified will be deemed to be an election under subparagraph (A)(ii); and (6) the term “Secretary” means the Secretary of the Treasury.

15 U.S.C. § 9072 Pandemic relief for aviation workers

(a) Financial assistance for employee wages, salaries, and benefitsNotwithstanding any other provision of law, to preserve aviation jobs and compensate air carrier industry workers, the Secretary shall provide financial assistance that shall exclusively be used for the continuation of payment of employee wages, salaries, and benefits to—(1) passenger air carriers, in an aggregate amount up to $25,000,000,000; (2) cargo air carriers, in the aggregate amount up to $4,000,000,000; and (3) contractors, in an aggregate amount up to $3,000,000,000. (b) Administrative expensesNotwithstanding any other provision of law, the Secretary, may use $67,000,000 of the funds made available under section 9080(a) 11 So in original. There is no subsec. (a) in section 9080 of this title. of this title for costs and administrative expenses associated with providing financial assistance under this part.

15 U.S.C. § 9073 Procedures for providing payroll support

(a) Awardable amountsThe Secretary shall provide financial assistance under this part—(1) to an air carrier in an amount equal to the salaries and benefits reported by the air carrier to the Department of Transportation pursuant to part 241 of title 14, Code of Federal Regulations, for the period from April 1, 2019, through September 30, 2019; and (2) to an air carrier that does not transmit reports under such part 241, in an amount that such air carrier certifies, using sworn financial statements or other appropriate data, as the amount of wages, salaries, benefits, and other compensation that such air carrier paid the employees of such air carrier during the period from April 1, 2019, through September 30, 2019; and (3) to a contractor, in an amount that the contractor certifies, using sworn financial statements or other appropriate data, as the amount of wages, salaries, benefits, and other compensation that such contractor paid the employees of such contractor during the period from April 1, 2019, through September 30, 2019. (b) Deadlines and procedures(1) In general(A) Forms; terms and conditionsFinancial assistance provided to an air carrier or contractor under this part shall be in such form, on such terms and conditions (including requirements for audits and the clawback of any financial assistance provided upon failure by a passenger air carrier, cargo air carrier, or contractor to honor the assurances specified in section 9074 of this title), as the Secretary determines appropriate. (B) ProceduresThe Secretary shall publish streamlined and expedited procedures not later than 5 days after March 27, 2020, for air carriers and contractors to submit requests for financial assistance under this part. (2) Deadline for immediate payroll assistanceNot later than 10 days after March 27, 2020, the Secretary shall make initial payments to air carriers and contractors that submit requests for financial assistance approved by to the Secretary. (3) Subsequent paymentsThe Secretary shall determine an appropriate method for timely distribution of payments to air carriers and contractors with approved requests for financial assistance from any funds remaining available after providing initial financial assistance payments under paragraph (2). (c) Pro rata authorityThe Secretary shall have the authority to reduce, on a pro rata basis, the amounts due to air carriers and contractors under the applicable paragraph of section 9072 of this title in order to address any shortfall in assistance that would otherwise be provided under such section. (d) AuditsThe Inspector General of the Department of the Treasury shall audit certifications made under subsection (a).

15 U.S.C. § 9074 Required assurances

(a) In generalTo be eligible for financial assistance under this part, an air carrier or contractor shall enter into an agreement with the Secretary, or otherwise certify in such form and manner as the Secretary shall prescribe, that the air carrier or contractor shall—(1) refrain from conducting involuntary furloughs or reducing pay rates and benefits until September 30, 2020; (2) through September 30, 2021, ensure that neither the air carrier or contractor nor any affiliate of the air carrier or contractor may, in any transaction, purchase an equity security of the air carrier or contractor or the parent company of the air carrier or contractor that is listed on a national securities exchange; (3) through September 30, 2021, ensure that the air carrier or contractor shall not pay dividends, or make other capital distributions, with respect to the common stock (or equivalent interest) of the air carrier or contractor; and (4) meet the requirements of sections 9075 and 9076 of this title. (b) Department of Transportation Authority to condition assistance on continuation of service(1) In generalThe Secretary of Transportation is authorized to require, to the extent reasonable and practicable, an air carrier provided financial assistance under this part to maintain scheduled air transportation service, as the Secretary of Transportation deems necessary, to ensure services to any point served by that carrier before March 1, 2020. (2) Required considerationsWhen considering whether to exercise the authority provided by this section, the Secretary of Transportation shall take into consideration the air transportation needs of small and remote communities and the need to maintain well-functioning health care supply chains, including medical devices and supplies, and pharmaceutical supply chains. (3) SunsetThe authority provided under this subsection shall terminate on March 1, 2022, and any requirements issued by the Secretary of Transportation under this subsection shall cease to apply after that date. (c) Continued application(1) In generalIf, after December 27, 2020, a contractor expends any funds made available pursuant to section 9072 of this title and distributed pursuant to section 9073 of this title, the assurances in paragraphs (1) through (3) of subsection (a) shall continue to apply until the dates included in such paragraphs, or the date on which the contractor fully expends such financial assistance, whichever is later. (2) Special ruleNot later than April 5, 2021, each contractor described in section 9071(3)(A)(i) of this title that has received funds pursuant to such section 9072 of this title shall report to the Secretary on the amount of such funds that the contractor has expended through March 31, 2021. If the contractor has expended an amount that is less than 100 percent of the total amount of funds the contractor received under such section, the Secretary shall initiate an action to recover any funds that remain unexpended as of April 30, 2021. (d) Recall of employees(1) In generalSubject to paragraph (2), any contractor that has unspent financial assistance provided under this part as of December 27, 2020, and conducted involuntary furloughs or reduced pay rates and benefits, between March 27, 2020, and the date on which the contractor entered into an agreement with the Secretary related to financial assistance under this part, shall recall (as defined in section 9071 of this title) employees who were involuntarily furloughed during such period by not later than January 4, 2021. (2) WaiverThe Secretary of the Treasury shall waive the requirement under paragraph (1) for a contractor to recall employees if the contractor certifies that the contractor has or will have insufficient remaining financial assistance provided under this part to keep recalled employees employed for more than two weeks upon returning to work. (3) AuditsThe Inspector General of the Department of the Treasury shall audit certifications made under paragraph (2).

15 U.S.C. § 9075 Protection of collective bargaining agreement

(a) In generalNeither the Secretary, nor any other actor, department, or agency of the Federal Government, shall condition the issuance of financial assistance under this part on an air carrier’s or contractor’s implementation of measures to enter into negotiations with the certified bargaining representative of a craft or class of employees of the air carrier or contractor under the Railway Labor Act (45 U.S.C. 151 et seq.) or the National Labor Relations Act (29 U.S.C. 151 et seq.), regarding pay or other terms and conditions of employment. (b) Period of effectWith respect to an air carrier or contractor to which financial assistance is provided under this part, this section shall be in effect with respect to the air carrier or contractor beginning on the date on which the air carrier or contractor is first issued such financial assistance and ending on September 30, 2020.

15 U.S.C. § 9076 Limitation on certain employee compensation

(a) In generalThe Secretary may only provide financial assistance under this part to an air carrier or contractor after such carrier or contractor enters into an agreement with the Secretary which provides that, during the 2-year period beginning March 24, 2020, and ending March 24, 2022, no officer or employee of the air carrier or contractor whose total compensation exceeded $425,000 in calendar year 2019 (other than an employee whose compensation is determined through an existing collective bargaining agreement entered into prior to March 27, 2020)—(1) will receive from the air carrier or contractor total compensation which exceeds, during any 12 consecutive months of such 2-year period, the total compensation received by the officer or employee from the air carrier or contractor in calendar year 2019; (2) will receive from the air carrier or contractor severance pay or other benefits upon termination of employment with the air carrier or contractor which exceeds twice the maximum total compensation received by the officer or employee from the air carrier or contractor in calendar year 2019; and (3) no officer or employee of the eligible business whose total compensation exceeded $3,000,000 in calendar year 2019 may receive during any 12 consecutive months of such period total compensation in excess of the sum of—(A) $3,000,000; and (B) 50 percent of the excess over $3,000,000 of the total compensation received by the officer or employee from the eligible business in calendar year 2019. (b) Total compensation definedIn this section, the term “total compensation” includes salary, bonuses, awards of stock, and other financial benefits provided by an air carrier or contractor to an officer or employee of the air carrier or contractor.

15 U.S.C. § 9077 Tax payer protection

The Secretary may receive warrants, options, preferred stock, debt securities, notes, or other financial instruments issued by recipients of financial assistance under this part which, in the sole determination of the Secretary, provide appropriate compensation to the Federal Government for the provision of the financial assistance.

15 U.S.C. § 9078 Reports

(a) ReportNot later than November 1, 2020, the Secretary shall submit to the Committee on Transportation and Infrastructure and the Committee on Financial Services of the House of Representatives and the Committee on Commerce, Science, and Transportation and the Committee on Banking, Housing, and Urban Affairs of the Senate a report on the financial assistance provided to air carriers and contractors under this part, including a description of any financial assistance provided. (b) UpdateNot later than the last day of the 1-year period following March 27, 2020, the Secretary shall update and submit to the Committee on Transportation and the Committee on Financial Services and Infrastructure of the House of Representatives and the Committee on Commerce, Science, and Transportation and the Committee on Banking, Housing, and Urban Affairs of the Senate the report described in subsection (a).

15 U.S.C. § 9079 Coordination

In implementing this part the Secretary shall coordinate with the Secretary of Transportation.

15 U.S.C. § 9080 Direct appropriation

Notwithstanding any other provision of law, there is appropriated, out of amounts in the Treasury not otherwise appropriated, $32,000,000,000 to carry out this part.

15 U.S.C. § 9091 Definitions

Unless otherwise specified, the definitions in section 40102(a) of title 49 shall apply to this part, except that in this part— (1) the term “catering functions” means preparation, assembly, or both, of food, beverages, provisions and related supplies for delivery, and the delivery of such items, directly to aircraft or to a location on or near airport property for subsequent delivery to aircraft; (2) the term “contractor” means—(A) a person that performs, under contract with a passenger air carrier conducting operations under part 121 of title 14, Code of Federal Regulations—(i) catering functions; or (ii) functions on the property of an airport that are directly related to the air transportation of persons, property, or mail, including, but not limited to, the loading and unloading of property on aircraft, assistance to passengers under part 382 of title 14, Code of Federal Regulations, security, airport ticketing and check-in functions, ground-handling of aircraft, or aircraft cleaning and sanitization functions and waste removal; or (B) a subcontractor that performs such functions; (3) the term “employee” means an individual, other than a corporate officer, who is employed by an air carrier or a contractor; (4) the term “recall” means the dispatch of a notice by a passenger air carrier or a contractor, via mail, courier, or electronic mail, to an involuntarily furloughed employee notifying the employee that—(A) the employee must, within a specified period of time, elect either—(i) to return to employment or bypass return to employment, in accordance with an applicable collective bargaining agreement or, in the absence of a collective bargaining agreement, company policy; or (ii) to permanently separate from employment with the passenger air carrier or contractor; and (B) failure to respond within such time period specified shall be considered an election under subparagraph (A)(ii); (5) the term “returning employee” means an involuntarily furloughed employee who has elected to return to employment pursuant to a recall notice; and (6) the term “Secretary” means the Secretary of the Treasury.

15 U.S.C. § 9092 Pandemic relief for aviation workers

(a) Financial assistance for employee wages, salaries, and benefitsNotwithstanding any other provision of law, to preserve aviation jobs and compensate air carrier industry workers, the Secretary shall provide financial assistance that shall exclusively be used for the continuation of payment of employee wages, salaries, and benefits to—(1) passenger air carriers, in an aggregate amount up to $15,000,000,000; and (2) contractors, in an aggregate amount up to $1,000,000,000. (b) Administrative expensesNotwithstanding any other provision of law, the Secretary may use funds made available under section 9072(b) of this title for costs and administrative expenses associated with providing financial assistance under this part.

15 U.S.C. § 9093 Procedures for providing payroll support

(a) Awardable amountsThe Secretary shall provide financial assistance under this part—(1) to a passenger air carrier required to file reports pursuant to part 241 of title 14, Code of Federal Regulations, as of March 27, 2020, in an amount equal to—(A) the amount such air carrier was approved to receive (without taking into account any pro rata reduction) under section 9073 of this title; or (B) at the request of such air carrier, or in the event such air carrier did not receive assistance under section 9073 of this title, the amount of the salaries and benefits reported by the air carrier to the Department of Transportation pursuant to such part 241, for the period from October 1, 2019, through March 31, 2020; (2) to a passenger air carrier that was not required to transmit reports under such part 241, as of March 27, 2020, in an amount equal to—(A) the amount such air carrier was approved to receive (without taking into account any pro rata reduction) under section 9073 of this title, plus an additional 15 percent of such amount; (B) at the request of such air carrier, provided such air carrier received assistance under section 9073 of this title, the sum of—(i) the amount that such air carrier certifies, using sworn financial statements or other appropriate data, as the amount of total salaries and related fringe benefits that such air carrier incurred and would be required to be reported to the Department of Transportation pursuant to such part 241, if such air carrier was required to transmit such information during the period from April 1, 2019, through September 30, 2019; and (ii) an additional amount equal to the difference between the amount certified under clause (i) and the amount the air carrier received under section 9073 of this title; or (C) in the event such air carrier did not receive assistance under section 9073 of this title, an amount that such an air carrier certifies, using sworn financial statements or other appropriate data, as the amount of total salaries and related fringe benefits that such air carrier incurred and would be required to be reported to the Department of Transportation pursuant to such part 241, if such air carrier was required to transmit such information during the period from October 1, 2019, through March 31, 2020; and (3) to a contractor in an amount equal to—(A) the amount such contractor was approved to receive (without taking into account any pro rata reduction) under section 9073 of this title; or (B) in the event such contractor did not receive assistance under section 9073 of this title, an amount that the contractor certifies, using sworn financial statements or other appropriate data, as the amount of wages, salaries, benefits, and other compensation that such contractor paid the employees of such contractor during the period from October 1, 2019, through March 31, 2020. (b) Deadlines and procedures(1) In general(A) Forms; terms and conditionsFinancial assistance provided to a passenger air carrier or contractor under this part shall—(i) be, to the maximum extent practicable, in the same form and on the same terms and conditions (including requirements for audits and the clawback of any financial assistance provided upon failure by a passenger air carrier or contractor to honor the assurances specified in section 9094 of this title), as agreed to by the Secretary and the recipient for assistance received under section 9073 of this title, except if inconsistent with this part; or (ii) in the event such a passenger air carrier or a contractor did not receive assistance under section 9073 of this title, be, to the maximum extent practicable, in the same form and on the same terms and conditions (including requirements for audits and the clawback of any financial assistance provided upon failure by a passenger air carrier or contractor to honor the assurances specified in section 9094 of this title), as agreed to by the Secretary and similarly situated recipients of assistance under section 9073 of this title. (B) ProceduresThe Secretary shall, to the maximum extent practicable, publish streamlined and expedited procedures not later than 5 days after December 27, 2020, for passenger air carriers and contractors to submit requests for financial assistance under this part. (2) Deadline for immediate payroll assistanceNot later than 10 days after December 27, 2020, the Secretary shall make initial payments to passenger air carriers and contractors that submit requests for financial assistance approved by the Secretary. (3) Subsequent paymentsThe Secretary shall determine an appropriate method for the timely distribution of payments to passenger air carriers and contractors with approved requests for financial assistance from any funds remaining available after providing initial financial assistance payments under paragraph (2). (c) Pro rata reductionsThe Secretary shall have the authority to reduce, on a pro rata basis, the amounts due to passenger air carriers and contractors under subsection (a) in order to address any shortfall in assistance that would otherwise be provided under such subsection. (d) AuditsThe Inspector General of the Department of the Treasury shall audit certifications made under subsection (a).

15 U.S.C. § 9094 Required assurances

(a) In generalTo be eligible for financial assistance under this part, a passenger air carrier or a contractor shall enter into an agreement with the Secretary, or otherwise certify in such form and manner as the Secretary shall prescribe, that the passenger air carrier or contractor shall—(1) refrain from conducting involuntary furloughs or reducing pay rates and benefits until—(A) with respect to passenger air carriers, March 31, 2021; or (B) with respect to contractors, March 31, 2021, or the date on which the contractor expends such financial assistance, whichever is later; (2) ensure that neither the passenger air carrier or contractor nor any affiliate of the passenger air carrier or contractor may, in any transaction, purchase an equity security of the passenger air carrier or contractor or the parent company of the passenger air carrier or contractor that is listed on a national securities exchange through—(A) with respect to passenger air carriers, March 31, 2022; or (B) with respect to contractors, March 31, 2022, or the date on which the contractor expends such financial assistance, whichever is later; (3) ensure that the passenger air carrier or contractor shall not pay dividends, or make other capital distributions, with respect to common stock (or equivalent interest) of the air carrier or contractor through—(A) with respect to passenger air carriers, March 31, 2022; or (B) with respect to contractors, March 31, 2022, or the date on which the contractor expends such financial assistance, whichever is later; and (4) meet the requirements of sections 9095 and 9096 of this title. (b) Recalls of employeesAn agreement or certification under this section shall require a passenger air carrier or contractor to perform the following actions:(1) In the case of a passenger air carrier or contractor that received financial assistance under title IV of the CARES Act [15 U.S.C. 9041 et seq., 9071 et seq.] —(A) recall (as defined in section 9091 of this title), not later than 72 hours after executing such agreement or certification, any employees involuntarily furloughed by such passenger air carrier or contractor between October 1, 2020, and the date such passenger air carrier or contractor enters into an agreement with the Secretary with respect to financial assistance under this part; (B) compensate returning employees for lost pay and benefits (offset by any amounts received by the employee from a passenger air carrier or contractor as a result of the employee’s furlough, including, but not limited to, furlough pay, severance pay, or separation pay) between—(i) in the case of a passenger air carrier, December 1, 2020, and the date on which such passenger air carrier enters into an agreement with the Secretary with respect to financial assistance under this part; or (ii) in the case of a contractor, December 27, 2020, and the date on which such contractor enters into an agreement with the Secretary with respect to financial assistance under this part; and (C) restore the rights and protections for such returning employees as if such employees had not been involuntarily furloughed. (2) In the case of a passenger air carrier or contractor that did not receive financial assistance under title IV of the CARES Act [15 U.S.C. 9041 et seq., 9071 et seq.] to—(A) recall (as defined in section 9091 of this title), within 72 hours after executing such agreement or certification, any employees involuntarily furloughed by such passenger air carrier or contractor between March 27, 2020, and the date such passenger air carrier or contractor enters into an agreement with the Secretary for financial assistance under this part; (B) compensate returning employees under this paragraph for lost pay and benefits (offset by any amounts received by the employee from a passenger air carrier or contractor as a result of the employee’s furlough, including, but not limited to, furlough pay, severance pay, or separation pay) between—(i) in the case of a passenger air carrier, December 1, 2020, and the date such passenger air carrier enters into an agreement with the Secretary for financial assistance under this part; or (ii) in the case of a contractor, December 27, 2020, and the date on which such contractor enters into an agreement with the Secretary with respect to financial assistance under this part; and (C) restore the rights and protections for such returning employees as if such employees had not been involuntarily furloughed.

15 U.S.C. § 9095 Protection of collective bargaining agreements

(a) In generalNeither the Secretary, nor any other actor, department, or agency of the Federal Government, shall condition the issuance of financial assistance under this part on a passenger air carrier’s or contractor’s implementation of measures to enter into negotiations with the certified bargaining representative of a craft or class of employees of the passenger air carrier or contractor under the Railway Labor Act (45 U.S.C. 151 et seq.) or the National Labor Relations Act (29 U.S.C. 151 et seq.), regarding pay or other terms and conditions of employment. (b) Passenger air carrier period of effectWith respect to any passenger air carrier to which financial assistance is provided under this part, this section shall be in effect with respect to the passenger air carrier for the period beginning on the date on which the passenger air carrier is first issued such financial assistance and ending on March 31, 2021. (c) Contractor period of effectWith respect to any contractor to which financial assistance is provided under this part, this section shall be in effect with respect to the contractor beginning on the date on which the contractor is first issued such financial assistance and ending on March 31, 2021, or until the date on which all funds are expended, whichever is later.

15 U.S.C. § 9096 Limitation on certain employee compensation

(a) In generalThe Secretary may only provide financial assistance under this part to a passenger air carrier or contractor after such carrier or contractor enters into an agreement with the Secretary that provides that, during the 2-year period beginning October 1, 2020, and ending October 1, 2022—(1) no officer or employee of the passenger air carrier or contractor whose total compensation exceeded $425,000 in calendar year 2019 (other than an employee whose compensation is determined through an existing collective bargaining agreement entered into prior to December 27, 2020) will receive from the passenger air carrier or contractor—(A) total compensation that exceeds, during any 12 consecutive months of such 2-year period, the total compensation received by the officer or employee from the passenger air carrier or contractor in calendar year 2019; or (B) severance pay or other benefits upon termination of employment with the passenger air carrier or contractor which exceeds twice the maximum total compensation received by the officer or employee from the passenger air carrier or contractor in calendar year 2019; and (2) no officer or employee of the passenger air carrier or contractor whose total compensation exceeded $3,000,000 in calendar year 2019 may receive during any 12 consecutive months of such period total compensation in excess of the sum of—(A) $3,000,000; and (B) 50 percent of the excess over $3,000,000 of the total compensation received by the officer or employee from the passenger air carrier or contractor in calendar year 2019. (b) Total compensation definedIn this section, the term “total compensation” includes salary, bonuses, awards of stock, and other financial benefits provided by a passenger air carrier or contractor to an officer or employee of the passenger air carrier or contractor.

15 U.S.C. § 9097 Minimum air service guarantees

(a) In generalThe Secretary of Transportation is authorized to require, to the extent reasonable and practicable, an air carrier provided financial assistance under this part to maintain scheduled air transportation, as the Secretary of Transportation determines necessary, to ensure services to any point served by that air carrier before March 1, 2020. (b) Required considerationsWhen considering whether to exercise the authority provided by this section, the Secretary of Transportation shall take into consideration the air transportation needs of small and remote communities, the need to maintain well-functioning health care supply chains, including medical devices and supplies, and pharmaceutical supply chains. (c) SunsetThe authority provided under this section shall terminate on March 1, 2022, and any requirements issued by the Secretary of Transportation under this section shall cease to apply after that date. (d) Sense of CongressIt is the sense of Congress that, when implementing this section, the Secretary of Transportation should take into consideration the following:(1) A number of airports and communities have lost air service as a result of consolidated operations by covered air carriers, as permitted by the Department of Transportation, including smaller airports that are located near larger airports. (2) Airports covering common points, as determined by the Department of Transportation, do not align with the grouping commonly used by many air carriers, other Federal agencies, and distribution channels used by consumers to purchase air travel. (3) The demographic, geographic, economic, and other characteristics of an area and affected communities when determining whether consolidated operations at a single airport effectively serve the needs of the point. (4) Maintaining a robust air transportation system, including maintaining air service to airports throughout the United States, plays an important role in the effective distribution of a coronavirus vaccine. (5) The objections from community respondents on whether a specific airport should or should not be included in a consolidated point, including those objections noting the importance of the required considerations set forth in subsection (b).

15 U.S.C. § 9098 Taxpayer protection

(a) CARES Act assistance recipientsWith respect to a recipient of financial assistance under section 4113 of the CARES Act (15 U.S.C. 9073) that receives financial assistance under this part, the Secretary may receive warrants, options, preferred stock, debt securities, notes, or other financial instruments issued by such recipient that are, to the maximum extent practicable, in the same form and amount, and under the same terms and conditions, as agreed to by the Secretary and such recipient to provide appropriate compensation to the Federal Government for the provision of the financial assistance under this part. (b) Other applicantsWith respect to a recipient of financial assistance under this part that did not receive financial assistance under section 4113 of the CARES Act (15 U.S.C. 9073), the Secretary may receive warrants, options, preferred stock, debt securities, notes, or other financial instruments issued by such recipient in a form and amount that are, to the maximum extent practicable, under the same terms and conditions as agreed to by the Secretary and similarly situated recipients of financial assistance under such section to provide appropriate compensation to the Federal Government for the provision of the financial assistance under this part.

15 U.S.C. § 9099 Reports

(a) ReportNot later than May 1, 2021, the Secretary shall submit to the Committee on Transportation and Infrastructure and the Committee on Financial Services of the House of Representatives and the Committee on Commerce, Science, and Transportation and the Committee on Banking, Housing, and Urban Affairs of the Senate a report on the financial assistance provided to passenger air carriers and contractors under this part, that includes—(1) a description of any financial assistance provided to passenger air carriers under this part; (2) any audits of passenger air carriers or contractors receiving financial assistance under this part; (3) any reports filed by passenger air carriers or contractors receiving financial assistance under this part; (4) any instances of non-compliance by passenger air carriers or contractors receiving financial assistance under this part with the requirements of this part or agreements entered into with the Secretary to receive such financial assistance; and (5) information relating to any clawback of any financial assistance provided to passenger air carriers or contractors under this part. (b) Internet updatesThe Secretary shall update the website of the Department of the Treasury, at minimum, on a weekly basis as necessary to reflect new or revised distributions of financial assistance under this part with respect to each passenger air carrier or contractor that receives such assistance, the identification of any applicant that applied for financial assistance under this part, and the date of application for such assistance. (c) Supplemental updateNot later than the last day of the 1-year period following December 27, 2020, the Secretary shall update and submit to the Committee on Transportation and Infrastructure and the Committee on Financial Services of the House of Representatives and the Committee on Commerce, Science, and Transportation and the Committee on Banking, Housing, and Urban Affairs of the Senate, the report submitted under subsection (a). (d) Protection of certain dataThe Secretary may withhold information that would otherwise be required to be made available under this section only if the Secretary determines to withhold the information in accordance with section 552 of title 5.

15 U.S.C. § 9100 Coordination

In implementing this part, the Secretary shall coordinate with the Secretary of Transportation.

15 U.S.C. § 9101 Funding

There is appropriated, out of amounts in the Treasury not otherwise appropriated, $16,000,000,000 to carry out this part, to remain available until expended.

15 U.S.C. § 9111 Assistance for providers of transportation services affected by COVID–19

(a) DefinitionsIn this section:(1) Covered periodThe term “covered period”, with respect to a provider of transportation services, means the period—(A) beginning on December 27, 2020; and (B) ending on the later of—(i) March 31, 2021; or (ii) the date on which all funds provided to the provider of transportation services under subsection (c) are expended. (2) COVID–19The term “COVID–19” means the Coronavirus Disease 2019. (3) Payroll costs(A) In generalThe term “payroll costs” means—(i) any payment to an employee of compensation in the form of—(I) salary, wage, commission, or similar compensation; (II) payment of a cash tip or an equivalent; (III) payment for vacation, parental, family, medical, or sick leave; (IV) payment required for the provision of group health care or other group insurance benefits, including insurance premiums; (V) payment of a retirement benefit; (VI) payment of a State or local tax assessed on employees with respect to compensation; or (VII) paid administrative leave; and (ii) any payment of compensation to, or income of, a sole proprietor or independent contractor—(I) that is—(aa) a wage; (bb) a commission; (cc) income; (dd) net earnings from self-employment; or (ee) similar compensation; and (II) in an amount equal to not more than $100,000 during 1 calendar year, as prorated for the covered period. (B) ExclusionsThe term “payroll costs” does not include—(i) any compensation of an individual employee in excess of an annual salary of $100,000, as prorated for the covered period; (ii) any tax imposed or withheld under chapter 21, 22, or 24 of title 26 during the covered period; (iii) any compensation of an employee whose principal place of residence is outside the United States; (iv) any qualified sick leave wages for which a credit is allowed under section 7001 of the Families First Coronavirus Response Act (26 U.S.C. 3111 note; Public Law 116–127); (v) any qualified family leave wages for which a credit is allowed under section 7003 of that Act (26 U.S.C. 3111 note; Public Law 116–127); or (vi) any bonus, raise in excess of inflation, or other form of additional employee compensation. (4) Provider of transportation servicesThe term “provider of transportation services” means an entity that—(A) is established or organized—(i) in the United States; or (ii) pursuant to Federal law; (B) has significant operations, and a majority of employees based, in the United States; (C) was in operation on March 1, 2020; and (D) is the operator of—(i) a vessel of the United States (as defined in section 116 of title 46) that is—(I) a passenger vessel (as defined in section 2101 of that title) carrying fewer than 2,400 passengers; (II) a small passenger vessel (as defined in section 2101 of that title); or (III) a vessel providing pilotage services and regulated by a State in accordance with chapter 85 of that title; (ii) a company providing transportation services using a bus characterized by an elevated passenger deck located over a baggage compartment (commonly known as an “over-the-road bus”), including local and intercity fixed-route service, commuter service, and charter or tour service (including tour or excursion service that includes features in addition to bus transportation, such as meals, lodging, admission to points of interest or special attractions, or the services of a guide); (iii) a company providing transportation services using a school bus (as defined in section 571.3 of title 49, Code of Federal Regulations (or successor regulations)); or (iv) any other passenger transportation service company subject to regulation by the Department of Transportation as the Secretary, in consultation with the Secretary of Transportation, determines to be appropriate. (5) SecretaryThe term “Secretary” means the Secretary of the Treasury. (b) FundingOut of any funds in the Treasury not otherwise appropriated, there are appropriated to provide grants to eligible providers of transportation services under this section, $2,000,000,000 for fiscal year 2021, to remain available until expended. (c) Provision of assistance(1) In generalThe Secretary, in consultation with the Secretary of Transportation, shall use the amounts made available under subsection (b) to provide grants to eligible providers of transportation services described in paragraph (2) that certify to the Secretary that the providers of transportation services have experienced a revenue loss of 25 percent or more, on an annual basis, as a direct or indirect result of COVID–19. (2) Description of eligible providers of transportation services(A) In generalAn eligible provider of transportation services referred to in paragraph (1) is—(i) a provider of transportation services that, on March 1, 2020—(I) had 500 or fewer full-time, part-time, or temporary employees; and (II) was not a subsidiary, parent, or affiliate of any other entity with a combined total workforce of more than 500 full-time, part-time, or temporary employees; or (ii) a provider of transportation services that—(I) on March 1, 2020, had more than 500 full-time, part-time, or temporary employees; and (II) has not received assistance under paragraph (1), (2), or (3) of section 9042(b) of this title, or subtitle B of title IV of division A,11 So in original. The comma probably should not appear. of the Coronavirus Aid, Relief, and Economic Security Act (Public Law 116–136; 134 Stat. 281) [15 U.S.C. 9071 et seq.]. (B) Scope of eligibility for certain companies(i) In generalA provider of transportation services that has entered into or maintains a contract or agreement described in clause (ii) shall not be determined to be ineligible for assistance under this subsection on the basis of that contract or agreement, subject to clause (iv). (ii) Contract or agreement describedA contract or agreement referred to in clause (i) is a contract or agreement for transportation services that is supported by a public entity using funds received under the Emergency Appropriations for Coronavirus Health Response and Agency Operations (division B of Public Law 116–136; 134 Stat. 505). (iii) Adjustment of assistanceThe Secretary may reduce the amount of assistance available under this subsection to a provider of transportation services described in clause (i) based on the amount of funds provided under this section or the Emergency Appropriations for Coronavirus Health Response and Agency Operations (division B of Public Law 116–136; 134 Stat. 505) that have supported a contract or agreement described in clause (ii) to which the provider of transportation services is a party. (iv) Notice requirementA provider of transportation services that has entered into or maintains a contract or agreement described in clause (ii), and that applies for assistance under this subsection, shall submit to the Secretary a notice describing the contract or agreement, including the amount of funds provided for the contract or agreement under this subsection or the Emergency Appropriations for Coronavirus Health Response and Agency Operations (division B of Public Law 116–136; 134 Stat. 505). (3) Amount(A) Factors for considerationIn determining the amount of assistance to be provided to an eligible provider of transportation services under this subsection, the Secretary shall take into consideration information provided by the provider of transportation services, including—(i) the amount of debt owed by the provider of transportation services on major equipment, if any; (ii) other sources of Federal assistance provided to the provider of transportation services, if any; and (iii) such other information as the Secretary may require. (B) Limitations(i) AwardThe Secretary shall ensure that the amount of assistance provided to a provider of transportation services under this subsection, when combined with any other Federal assistance provided in response to COVID–19 under the Coronavirus Aid, Relief, and Economic Security Act (Public Law 116–136; 134 Stat. 281), the Paycheck Protection Program and Health Care Enhancement Act (Public Law 116–139; 134 Stat. 620), or any other provision of law, does not exceed the total amount of revenue earned by the provider of transportation services during calendar year 2019. (ii) CertificationA provider of transportation services seeking assistance under this subsection shall submit to the Secretary—(I) documentation describing the total amount of revenue earned by the provider of transportation services during calendar year 2019; and (II) a certification that the amount of assistance sought under this subsection, when combined with any other Federal assistance described in clause (i), does not exceed the total amount of revenue earned by the provider of transportation services during calendar year 2019. (4) Form of assistanceThe amounts made available under subsection (b) shall be provided to eligible providers of transportation services in the form of grants. (5) Equal accessThe Secretary shall ensure equal access to the assistance provided under this section to eligible providers of transportation services that are small, minority-owned, and women-owned businesses. (6) Conditions of receiptAs a condition of receipt of assistance under this subsection, the Secretary shall require that a provider of transportation services shall agree—(A) subject to paragraph (7)—(i) to commence using the funds, on a priority basis and to the extent the funds are available, to maintain through the applicable covered period, expenditures on payroll costs for all employees as of December 27, 2020, after making any adjustments required for—(I) retirement; or (II) voluntary employee separation; (ii) not to impose, during the covered period—(I) any involuntary furlough; or (II) any reduction in pay rates or benefits for nonexecutive employees; and (iii) to recall or rehire any employees laid off, furloughed, or terminated after March 27, 2020, to the extent warranted by increased service levels; (B) to return to the Secretary any funds received under this subsection that are not used by the provider of transportation services by the date that is 1 year after the date of receipt of the funds; and (C) to examine the anticipated expenditure of the funds by the provider of transportation services for the purposes described in subparagraph (A) not less frequently than once every 90 days after the date of receipt of the funds. (7) Ramp-up periodThe requirement described in paragraph (6)(A)(iii) shall not apply to a provider of transportation services until the later of—(A) the date that is 30 days after the date of receipt of the funds; and (B) the date that is 90 days after December 27, 2020. (8) Additional conditions of certain receipts(A) Prioritization of payroll costsAs a condition of receipt of a grant under this subsection, the Secretary shall require that, except as provided in subparagraph (B), a provider of transportation services shall agree to use an amount equal to not less than 60 percent of the funds on payroll costs of the provider of transportation services. (B) ExceptionSubparagraph (A) shall not apply to a provider of transportation services if the provider of transportation services certifies to the Secretary that, after making any adjustments required for retirement or voluntary employee separation—(i) each nonseasonal employee on the payroll of the provider of transportation services on January 1, 2020—(I) if laid off, furloughed, or terminated by the provider of transportation services as described in paragraph (6)(A)(iii), is rehired, or has been offered rehire, by the provider of transportation services; and (II) if rehired under clause (i) or subject to a reduction in salary before the date of receipt by the provider of transportation services of assistance under this subsection, receives not less than 100 percent of the previous salary of the employee; (ii) the provider of transportation services—(I) is staffed at a level of full-time equivalent, seasonal employees, on a monthly basis, that is greater than or equivalent to the level at which the provider of transportation services was staffed with full-time equivalent, seasonal employees on a monthly basis during calendar year 2019; (II) is offering priority in rehiring to seasonal employees that were laid off, furloughed, terminated, or not offered rehire in calendar year 2020, as the provider of transportation services achieves staffing at the level described in subclause (I); and (III) offers any seasonal employee rehired under subclause (II) or subject to a reduction in salary before the date of receipt by the provider of transportation services of assistance under this subsection not less than 100 percent of the previous salary of the employee; and (iii) the provider of transportation services will fully cover, through the applicable covered period, all payroll costs associated with the staffing requirements described in clauses (i) and (ii). (9) Forms; terms and conditionsA grant provided under this section shall be in such form, subject to such terms and conditions, and contain such covenants, representations, warranties, and requirements (including requirements for audits) as the Secretary determines to be appropriate in accordance with this section. (d) Eligible activities(1) In generalSubject to the priority described in subsection (c)(6)(A), a provider of transportation services shall use assistance provided under subsection (c) only for—(A) the payment of payroll costs; (B) the acquisition of services, equipment, including personal protective equipment, and other measures needed to protect workers and customers from COVID–19; (C) continued operations and maintenance during the applicable covered period of existing capital equipment and facilities—(i) including rent, leases, insurance, and interest on regularly scheduled debt service; but (ii) not including any prepayment of, or payment of principal on, a debt obligation, except for any principal on a debt obligation accrued by the provider of transportation services directly to maintain the expenditures of the provider of transportation services on payroll costs throughout the COVID–19 pandemic; or (D) the compensation of returning employees for lost pay and benefits during the COVID–19 pandemic, subject to subsection (e). (2) EligibilityThe use of assistance provided under subsection (c) for the compensation of returning employees under paragraph (1)(D) shall be counted toward the required amount of grants to be used on payroll costs under subsection (c)(6)(A). (e) Compensation of returning employeesNotwithstanding any other provision of law, any compensation provided to a returning employee under subsection (d)(1)(D)—(1) shall be offset by—(A) any amounts received by the employee from the provider of transportation services as a result of the layoff, furlough, or termination of the employee or any failure to hire the employee for seasonal employment during calendar year 2020, including—(i) furlough pay; (ii) severance pay; or (iii) separation pay; and (B) any amounts the employee received from unemployment insurance; and (2) shall not—(A) be considered an overpayment for purposes of any State or Federal unemployment law; or (B) be subject to any overpayment recovery efforts by a State agency (as defined in section 205 of the Federal-State Extended Unemployment Compensation Act of 1970 (U.S.C. 3304 note 22 So in original. Probably should be “26 U.S.C. 3304 note”. )). (f) Administrative provisions(1) In generalThe Secretary may take such actions as the Secretary determines to be necessary to carry out this section, including—(A) using direct hiring authority to hire employees to administer this section; (B) entering into contracts, including contracts for services authorized by this section; and (C) issuing such regulations and other guidance as may be necessary or appropriate to carry out the purposes of this section. (2) Administrative expensesOf the funds made available under this section, not more than $50,000,000 may be used by the Secretary for administrative expenses to carry out this section. (3) Availability for obligationThe funds made available under this section shall remain available for obligation until the date that is 3 years after December 27, 2020.

15 U.S.C. § 9121 Relief for airports

(a) In general(1) In generalIn addition to amounts otherwise available, there is appropriated for fiscal year 2021, out of any funds in the Treasury not otherwise appropriated, $8,000,000,000, to remain available until September 30, 2024, for assistance to sponsors of airports, as such terms are defined in section 47102 of title 49, to be made available to prevent, prepare for, and respond to coronavirus. (2) Requirements and limitationsAmounts made available under this section—(A) may not be used for any purpose not directly related to the airport; and (B) may not be provided to any airport that was allocated in excess of 4 years of operating funds to prevent, prepare for, and respond to coronavirus in fiscal year 2020. (b) AllocationsThe following terms shall apply to the amounts made available under this section:(1) Operating expenses and debt service payments(A) In generalNot more than $6,492,000,000 shall be made available for primary airports, as such term is defined in section 47102 of title 49, and certain cargo airports, for costs related to operations, personnel, cleaning, sanitization, janitorial services, combating the spread of pathogens at the airport, and debt service payments. (B) Distribution Amounts made available under this paragraph—(i) shall not be subject to the reduced apportionments under section 47114(f) of title 49; (ii) shall first be apportioned as set forth in sections 47114(c)(1)(A), 47114(c)(1)(C)(i),11 See References in Text note below. 47114(c)(1)(C)(ii),1 47114(c)(2)(A), 47114(c)(2)(B), and 47114(c)(2)(E) 1 of title 49; and (iii) shall not be subject to a maximum apportionment limit set forth in section 47114(c)(1)(B) of title 49. (C) Remaining amountsAny amount remaining after distribution under subparagraph (B) shall be distributed to the sponsor of each primary airport (as such term is defined in section 47102 of title 49) based on each such primary airport’s passenger enplanements compared to the total passenger enplanements of all such primary airports in calendar year 2019. (2) Federal share for development projects(A) In generalNot more than $608,000,000 allocated under subsection (a)(1) shall be available to pay a Federal share of 100 percent of the costs for any grant awarded in fiscal year 2021, or in fiscal year 2020 with less than a 100-percent Federal share, for an airport development project (as such term is defined in section 47102 of title 49). (B) Remaining amountsAny amount remaining under this paragraph shall be distributed as described in paragraph (1)(C). (3) Nonprimary airports(A) In generalNot more than $100,000,000 shall be made available for general aviation and commercial service airports that are not primary airports (as such terms are defined in section 47102 of title 49) for costs related to operations, personnel, cleaning, sanitization, janitorial services, combating the spread of pathogens at the airport, and debt service payments. (B) DistributionAmounts made available under this paragraph shall be apportioned to each non-primary airport based on the categories published in the most current National Plan of Integrated Airport Systems, reflecting the percentage of the aggregate published eligible development costs for each such category, and then dividing the allocated funds evenly among the eligible airports in each category, rounding up to the nearest thousand dollars. (C) Remaining amountsAny amount remaining under this paragraph shall be distributed as described in paragraph (1)(C). (4) Airport concessions(A) In generalNot more than $800,000,000 shall be made available for sponsors of primary airports to provide relief from rent and minimum annual guarantees to airport concessions, of which at least $640,000,000 shall be available to provide relief to eligible small airport concessions and of which at least $160,000,000 shall be available to provide relief to eligible large airport concessions located at primary airports. (B) DistributionThe amounts made available for each set-aside in this paragraph shall be distributed to the sponsor of each primary airport (as such term is defined in section 47102 of title 49) based on each such primary airport’s passenger enplanements compared to the total passenger enplanements of all such primary airports in calendar year 2019. (C) ConditionsAs a condition of approving a grant under this paragraph—(i) the sponsor shall provide such relief from March 21, 2021, until the sponsor has provided relief equaling the total grant amount, to the extent practicable and to the extent permissible under State laws, local laws, and applicable trust indentures; and (ii) for each set-aside, the sponsor shall provide relief from rent and minimum annual guarantee obligations to each eligible airport concession in an amount that reflects each eligible airport concession’s proportional share of the total amount of the rent and minimum annual guarantees of those eligible airport concessions at such airport. (c) Administration(1) Administrative expensesThe Administrator of the Federal Aviation Administration may retain up to 0.1 percent of the funds provided under this section to fund the award of, and oversight by the Administrator of, grants made under this section. (2) Workforce retention requirements(A) Required retentionAs a condition for receiving funds provided under this section, an airport shall continue to employ, through September 30, 2021, at least 90 percent of the number of individuals employed (after making adjustments for retirements or voluntary employee separations) by the airport as of March 27, 2020. (B) Waiver of retention requirementThe Secretary shall waive the workforce retention requirement if the Secretary determines that—(i) the airport is experiencing economic hardship as a direct result of the requirement; or (ii) the requirement reduces aviation safety or security. (C) ExceptionThe workforce retention requirement shall not apply to nonhub airports or nonprimary airports receiving funds under this section. (D) NoncomplianceAny financial assistance provided under this section to an airport that fails to comply with the workforce retention requirement described in subparagraph (A), and does not otherwise qualify for a waiver or exception under this paragraph, shall be subject to clawback by the Secretary. (d) DefinitionsIn this section:(1) Eligible large airport concessionThe term “eligible large airport concession” means a concession (as defined in section 23.3 of title 49, Code of Federal Regulations), that is in-terminal and has maximum gross receipts, averaged over the previous three fiscal years, of more than $56,420,000. (2) Eligible small airport concessionThe term “eligible small airport concession” means a concession (as defined in section 23.3 of title 49, Code of Federal Regulations), that is in-terminal and—(A) a small business with maximum gross receipts, averaged over the previous 3 fiscal years, of less than $56,420,000; or (B) is a joint venture (as defined in section 23.3 of title 49, Code of Federal Regulations).

15 U.S.C. § 9131 Definitions

In this part: (1) Eligible employee groupThe term “eligible employee group” means the portion of an employer’s United States workforce that—(A) does not exceed 25 percent of the employer’s total United States workforce as of April 1, 2020; and (B) contains only employees with a total compensation level of $200,000 or less per year; and (C) is engaged in aviation manufacturing activities and services, or maintenance, repair, and overhaul activities and services. (2) Aviation manufacturing companyThe term “aviation manufacturing company” means a corporation, firm, or other business entity—(A) that—(i) actively manufactures an aircraft, aircraft engine, propeller, or a component, part, or systems of an aircraft or aircraft engine under a Federal Aviation Administration production approval; (ii) holds a certificate issued under part 145 of title 14, Code of Federal Regulations, for maintenance, repair, and overhaul of aircraft, aircraft engines, components, or propellers; or (iii) operates a process certified to SAE AS9100 related to the design, development, or provision of an aviation product or service, including a part, component, or assembly; (B) which—(i) is established, created, or organized in the United States or under the laws of the United States; and (ii) has significant operations in, and a majority of its employees engaged in aviation manufacturing activities and services, or maintenance, repair, and overhaul activities and services based in the United States; (C) which has involuntarily furloughed or laid off at least 10 percent of its workforce in 2020 as compared to 2019 or has experienced at least a 15 percent decline in 2020 revenues as compared to 2019; (D) that, as supported by sworn financial statements or other appropriate data, has identified the eligible employee group and the amount of total compensation level for the eligible employee group; (E) that agrees to provide private contributions and maintain the total compensation level for the eligible employee group for the duration of an agreement under this part; (F) that agrees to provide immediate notice and justification to the Secretary of involuntary furloughs or layoffs exceeding 10 percent of the workforce that is not included in an eligible employee group for the duration of an agreement and receipt of public contributions under this part; (G) that has not conducted involuntary furloughs or reduced pay rates or benefits for the eligible employee group, subject to the employer’s right to discipline or terminate an employee in accordance with employer policy, between the date of application and the date on which such a corporation, firm, or other business entity enters into an agreement with the Secretary under this part; and (H) that—(i) in the case of a corporation, firm, or other business entity including any parent company or subsidiary of such a corporation, firm, or other business entity, that holds any type or production certificate or similar authorization issued under section 44704 of title 49, United States Code, with respect to a transport-category airplane covered under part 25 of title 14, Code of Federal Regulations, certificated with a passenger seating capacity of 50 or more, agrees to refrain from conducting involuntary layoffs or furloughs, or reducing pay rates and benefits, for the eligible employee group, subject to the employer’s right to discipline or terminate an employee in accordance with employer policy from the date of agreement until September 30, 2021, or the duration of the agreement and receipt of public contributions under this part, whichever period ends later; or (ii) in the case of corporation, firm, or other business entity not specified under subparagraph (i), agrees to refrain from conducting involuntary layoffs or furloughs, or reducing pay rates and benefits, for the eligible employee group, subject to the employer’s right to discipline or terminate an employee in accordance with employer policy for the duration of the agreement and receipt of public contributions under this part. (3) EmployeeThe term “employee” has the meaning given that term in section 203 of title 29. (4) EmployerThe term “employer” means an aviation manufacturing company that is an employer (as defined in section 203 of title 29). (5) Private contributionThe term “private contribution” means the contribution funded by the employer under this part to maintain 50 percent of the eligible employee group’s total compensation level, and combined with the public contribution, is sufficient to maintain the total compensation level for the eligible employee group as of April 1, 2020. (6) Public contributionThe term “public contribution” means the contribution funded by the Federal Government under this part to provide 50 percent of the eligible employees group’s total compensation level, and combined with the private contribution, is sufficient to maintain the total compensation level for those in the eligible employee group as of April 1, 2020. (7) SecretaryThe term “Secretary” means the Secretary of Transportation. (8) Total compensation levelThe term “total compensation level” means the level of total base compensation and benefits being provided to an eligible employee group employee, excluding overtime and premium pay, and excluding any Federal, State, or local payroll taxes paid, as of April 1, 2020.

15 U.S.C. § 9132 Payroll support program

(a) In GeneralThe Secretary shall establish a payroll support program and enter into agreements with employers who meet the eligibility criteria specified in subsection (b) and are not ineligible under subsection (c), to provide public contributions to supplement compensation of an eligible employee group. There is appropriated for fiscal year 2021, out of amounts in the Treasury not otherwise appropriated, $3,000,000,000, to remain available until September 30, 2023, for the Secretary to carry out the payroll support program authorized under the preceding sentence for which 1 percent of the funds may be used for implementation costs and administrative expenses. (b) EligibilityThe Secretary shall enter into an agreement and provide public contributions, for a term no longer than 6 months, solely with an employer that agrees to use the funds received under an agreement exclusively for the continuation of employee wages, salaries, and benefits, to maintain the total compensation level for the eligible employee group as of April 1, 2020 for the duration of the agreement, and to facilitate the retention, rehire, or recall of employees of the employer, except that such funds may not be used for back pay of returning rehired or recalled employees. (c) IneligibilityThe Secretary may not enter into any agreement under this section with an employer who was allowed a credit under section 2301 of the CARES Act (26 U.S.C. 3111 note) for the immediately preceding calendar quarter ending before such agreement is entered into, who received financial assistance under section 9073 of this title, or who is currently expending financial assistance under the paycheck protection program established under section 636(a)(36) of this title, as of the date the employer submits an application under the payroll support program established under subsection (a). (d) ReductionsTo address any shortfall in assistance that would otherwise be provided under this part, the Secretary shall reduce, on a pro rata basis, the financial assistance provided under this part. (e) Agreement DeadlineNo agreement may be entered into by the Secretary under the payroll support program established under subsection (a) after the last day of the 6 month period that begins on the effective date of the first agreement entered into under such program.

15 U.S.C. § 9141 Air transportation payroll support program extension

(a) DefinitionsThe definitions in section 40102(a) of title 49 shall apply with respect to terms used in this section, except that—(1) the term “catering functions” means preparation, assembly, or both, of food, beverages, provisions and related supplies for delivery, and the delivery of such items, directly to aircraft or to a location on or near airport property for subsequent delivery to aircraft; (2) the term “contractor” means—(A) a person that performs, under contract with a passenger air carrier conducting operations under part 121 of title 14, Code of Federal Regulations—(i) catering functions; or (ii) functions on the property of an airport that are directly related to the air transportation of persons, property, or mail, including the loading and unloading of property on aircraft, assistance to passengers under part 382 of title 14, Code of Federal Regulations, security, airport ticketing and check-in functions, ground-handling of aircraft, or aircraft cleaning and sanitization functions and waste removal; or (B) a subcontractor that performs such functions; (3) the term “employee” means an individual, other than a corporate officer, who is employed by an air carrier or a contractor; (4) the term “eligible air carrier” means an air carrier that—(A) received financial assistance pursuant 11 So in original. Probably should be followed by “to”. section 9092(a)(1) of this title; (B) provides air transportation as of March 31, 2021; (C) has not conducted involuntary furloughs or reduced pay rates or benefits between March 31, 2021, and the date on which the air carrier makes a certification to the Secretary pursuant to subparagraph (D); and (D) certifies to the Secretary that such air carrier will—(i) refrain from conducting involuntary furloughs or reducing pay rates or benefits until September 30, 2021, or the date on which assistance provided under this section is exhausted, whichever is later; (ii) refrain from purchasing an equity security of the air carrier or the parent company of the air carrier that is listed on a national securities exchange through September 30, 2022; (iii) refrain from paying dividends, or making other capital distributions, with respect to common stock (or equivalent interest) of such air carrier through September 30, 2022; (iv) during the 2-year period beginning April 1, 2021, and ending April 1, 2023, refrain from paying—(I) any officer or employee of the air carrier whose total compensation exceeded $425,000 in calendar year 2019 (other than an employee whose compensation is determined through an existing collective bargaining agreement entered into prior to March 11, 2021)—(aa) total compensation that exceeds, during any 12 consecutive months of such 2-year period, the total compensation received by the officer or employee from the air carrier in calendar year 2019; or (bb) severance pay or other benefits upon termination of employment with the air carrier which exceeds twice the maximum total compensation received by the officer or employee from the air carrier in calendar year 2019; and (II) any officer or employee of the air carrier whose total compensation exceeded $3,000,000 in calendar year 2019 during any 12 consecutive months of such period total compensation in excess of the sum of—(aa) $3,000,000; and (bb) 50 percent of the excess over $3,000,000 of the total compensation received by the officer or employee from the air carrier in calendar year 2019.22 So in original. The period probably should be a semicolon. (5) the term “eligible contractor” means a contractor that—(A) received financial assistance pursuant to section 9092(a)(2) of this title; (B) performs one or more of the functions described under paragraph (2) as of March 31, 2021; (C) has not conducted involuntary furloughs or reduced pay rates or benefits between March 31, 2021, and the date on which the contractor makes a certification to the Secretary pursuant to subparagraph (D); and (D) certifies to the Secretary that such contractor will—(i) refrain from conducting involuntary furloughs or reducing pay rates or benefits until September 30, 2021, or the date on which assistance provided under this section is exhausted, whichever is later; (ii) refrain from purchasing an equity security of the contractor or the parent company of the contractor that is listed on a national securities exchange through September 30, 2022; (iii) refrain from paying dividends, or making other capital distributions, with respect to common stock (or equivalent interest) of the contractor through September 30, 2022; (iv) during the 2-year period beginning April 1, 2021, and ending April 1, 2023, refrain from paying—(I) any officer or employee of the contractor whose total compensation exceeded $425,000 in calendar year 2019 (other than an employee whose compensation is determined through an existing collective bargaining agreement entered into prior to March 11, 2021)—(aa) total compensation that exceeds, during any 12 consecutive months of such 2-year period, the total compensation received by the officer or employee from the contractor in calendar year 2019; or (bb) severance pay or other benefits upon termination of employment with the contractor which exceeds twice the maximum total compensation received by the officer or employee from the contractor in calendar year 2019; and (II) any officer or employee of the contractor whose total compensation exceeded $3,000,000 in calendar year 2019 during any 12 consecutive months of such period total compensation in excess of the sum of—(aa) $3,000,000; and (bb) 50 percent of the excess over $3,000,000 of the total compensation received by the officer or employee from the contractor in calendar year 2019.33 So in original. The period probably should be “; and”. (6) the term “Secretary” means the Secretary of the Treasury. (b) Payroll support grants(1) In generalThe Secretary shall make available to eligible air carriers and eligible contractors, financial assistance exclusively for the continuation of payment of employee wages, salaries, and benefits to—(A) eligible air carriers, in an aggregate amount of $14,000,000,000; and (B) eligible contractors, in an aggregate amount of $1,000,000,000. (2) Apportionments(A) In generalThe Secretary shall apportion funds to eligible air carriers and eligible contractors in accordance with the requirements of this section not later than April 15, 2021. (B) Eligible air carriersThe Secretary shall apportion funds made available under paragraph (1)(A) to each eligible air carrier in the ratio that—(i) the amount received by the air carrier pursuant to section 9093(a) of this title bears to (ii) $15,000,000,000. (C) Eligible contractorsThe Secretary shall apportion, to each eligible contractor, an amount equal to the total amount such contractor received pursuant to section 9093(a) of this title. (3) In general(A) Forms; terms and conditionsThe Secretary shall provide financial assistance to an eligible air carrier or eligible contractor under this section in the same form and on the same terms and conditions as determined by pursuant to 44 So in original. section 9093(b)(1)(A) of this title. (B) ProceduresThe Secretary shall publish streamlined and expedited procedures not later than 5 days after March 11, 2021, for eligible air carriers and eligible contractors to submit requests for financial assistance under this section. (C) Deadline for immediate payroll assistanceNot later than 10 days after March 11, 2021, the Secretary shall make initial payments to air carriers and contractors that submit requests for financial assistance approved by the Secretary. (4) Taxpayer protectionThe Secretary shall receive financial instruments issued by recipients of financial assistance under this section in the same form and amount, and under the same terms and conditions, as determined by the Secretary under section 9098 of this title. (5) Administrative expensesOf the amounts made available under paragraph (1)(A), $10,000,000 shall be made available to the Secretary for costs and administrative expenses associated with providing financial assistance under this section. (c) FundingIn addition to amounts otherwise available, there is appropriated for fiscal year 2021, out of any money in the Treasury not otherwise appropriated, $15,000,000,000, to remain available until expended, to carry out this section.

Starting a business? Corpus forms LLCs in all 50 states and DC.