Sec. 7. Ban on political spending and lobbying expenditures
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Section 4003(c) of the CARES Act is amended— in paragraph (2)— in subparagraph (H), by striking and at the end; in subparagraph (I), by striking the period at the end and inserting the following: 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 make— any expenditures relating to Federal lobbying activities, as defined in section 3 of the Lobbying Disclosure Act of 1995 ( 2 U.S.C. 1602 ); or any dues payment to an organization described in section 501(c)(6) of the Internal Revenue Code of 1986 that may be used for expenditures described in clause (i); and 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 engage in political spending, including independent expenditures through third-party organizations, including payments to organizations described in section 501(c)(6) or 501(c)(4) of the Internal Revenue Code of 1986 or any political action committee that may be used for political spending. ; and in paragraph (3)(A)— in clause (ii)— in subclause (II), by striking and at the end; in subclause (III), by striking the period at the end and inserting a semicolon; and by adding at the end the following: until the date 12 months after the date on which the loan or loan guarantee is no longer outstanding, not to make— any expenditures relating to Federal lobbying activities, as defined in section 3 of the Lobbying Disclosure Act of 1995 ( 2 U.S.C. 1602 ); or any dues payment to an organization described in section 501(c)(6) of the Internal Revenue Code of 1986 that may be used for expenditures described in item (aa); and until the date 12 months after the date on which the loan or loan guarantee is no longer outstanding, not to engage in political spending, including independent expenditures through third-party organizations, including payments to organizations described in section 501(c)(6) or 501(c)(4) of the Internal Revenue Code of 1986 or any political action committee that may be used for political spending. ; and by striking clause (iii).
The amendments made by subsection
(a)shall apply to any loan, loan guarantee, or other investment under paragraph (1), (2), (3), or
(4)of section 4003(b) of the CARES Act made on or after the date of enactment of this Act.
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Sec. 7
Ban on political spending and lobbying expenditures
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