In this section:
The term "agricultural enterprise" has the meaning given the term in section 647(b) of this title.
The term "covered entity"-
The term "covered period" has the meaning given the term in section 9009(a)(1) of this title, as amended by section 332 of this Act.
The term "economic loss" means, with respect to a covered entity-
The term "eligible entity" means an entity that, during the covered period, is eligible for a loan made under section 636(b)(2) of this title, as described in section 9009(b) of this title.
The term "low-income community" has the meaning given the term in section 45D(e) of title 26.
Subject to paragraph (2), a covered entity, after submitting a request to the Administrator that the Administrator verifies under subsection (c), shall receive a total of $10,000 under section 9009(e) of this title, without regard to whether-
With respect to a covered entity that received an emergency grant under section 9009(e) of this title before December 27, 2020, the amount of the payment that the covered entity shall receive under this subsection (after satisfaction of the procedures required under subparagraph (B)) shall be the difference between $10,000 and the amount of that previously received grant.
If the Administrator receives a request under paragraph (1) from a covered entity described in subparagraph (A) of this paragraph, the Administrator shall, not later than 21 days after the date on which the Administrator receives the request-
Nothing in this paragraph may be construed to require any entity that received an emergency grant under section 9009(e) of this title before December 27, 2020, to repay any amount of that grant.
In carrying out this section, the Administrator shall require any information, including any tax records, from an entity submitting a request under subsection (b) that the Administrator determines to be necessary to verify that the entity is a covered entity, without regard to whether the entity has previously submitted such information to the Administrator.
The Administrator shall process and approve requests for payments under subsection (b) in the order that the Administrator receives the requests, except that the Administrator shall give-
In addition to any other restriction imposed under this section, any eligibility restriction applicable to a loan made under section 636(b)(2) of this title, including any restriction under section 123.300 or 123.301 of title 13, Code of Federal Regulations, or any successor regulation, shall apply with respect to funding provided under this section.
The Administrator shall provide notice to each of the following entities stating that the entity may be eligible for a payment under this section if the entity satisfies the requirements under clauses (ii), (iii), and (iv) of subsection (a)(2)(A):
In carrying out this section, the Administrator may rely on loan officers and other personnel of the Office of Disaster Assistance of the Administration and other resources of the Administration, including contractors of the Administration.
There are authorized to be appropriated to the Administrator $20,000,000,000 to carry out this section-
Notwithstanding any other provision of law, any criminal charge or civil enforcement action alleging that a borrower engaged in fraud with respect to the use of any amount received pursuant to this section shall be filed not later than 10 years after the offense was committed.
15 U.S.C. § 9009b
EDITORIAL NOTES
REFERENCES IN TEXTSection 332 of this Act, referred to in subsec. (a)(3), is section 332 of div. N of Pub. L. 116-260.
CODIFICATIONSection was enacted as part of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, and not as part of the CARES Act which in part comprises this chapter.
AMENDMENTS2022-Subsec. (i). Pub. L. 117-165 added subsec. (i).
STATUTORY NOTES AND RELATED SUBSIDIARIES
EFFECTIVE DATESection effective on Dec. 27, 2020, and applicable to loans and grants made on or after Dec. 27, 2020, see section 348 of Pub. L. 116-260, set out as an Effective Date of 2020 Amendment note under section 636 of this title.
TAX TREATMENT OF TARGETED EIDL ADVANCES Pub. L. 117-2, §9672, 135 Stat. 184, provided that: "For purposes of the Internal Revenue Code of 1986 [26 U.S.C. 1 et seq.]-"(1) amounts received from the Administrator of the Small Business Administration in the form of a targeted EIDL advance under section 331 of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (title III of division N of Public Law 116-260) [15 U.S.C. 9009b] shall not be included in the gross income of the person that receives such amounts,"(2) no deduction shall be denied, no tax attribute shall be reduced, and no basis increase shall be denied, by reason of the exclusion from gross income provided by paragraph (1), and "(3) in the case of a partnership or S corporation that receives such amounts-"(A) any amount excluded from income by reason of paragraph (1) shall be treated as tax exempt income for purposes of sections 705 and 1366 of the Internal Revenue Code of 1986 [26 U.S.C. 705, 1366], and"(B) the Secretary of the Treasury (or the Secretary's delegate) shall prescribe rules for determining a partner's distributive share of any amount described in subparagraph (A) for purposes of section 705 of the Internal Revenue Code of 1986."
CLARIFICATION OF TAX TREATMENT OF CERTAIN LOAN FORGIVENESS AND OTHER BUSINESS FINANCIAL ASSISTANCEFunding under this section not included in gross income of recipient, see section 278 of div. N of Pub. L. 116-260, set out as a note under section 9008 of this title.
DEFINITIONS"Administration" and "Administrator" mean the Small Business Administration and Administrator of the Small Business Administration, see section 302 of div. N of Pub. L. 116-260, set out as a note under section 9001 of this title.
- Administrator
- the terms "Administration" and "Administrator" mean the Small Business Administration and the Administrator thereof, respectively; and
- Administration
- the terms "Administration" and "Administrator" mean the Small Business Administration and the Administrator thereof, respectively; and