Sec. 2. Forgiveness and disclosure
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Section 1106(d) of the CARES Act ( 15 U.S.C. 9005(d) ) is amended— by redesignating paragraph
(8)as paragraph (10); and by inserting after paragraph
(7)the following: The amount of loan forgiveness under this section shall be reduced by the amount of after-tax income of the eligible recipient for the first taxable year ending after the date of issuance of the covered loan, up to the amount of the covered loan amount. For an eligible recipient that is a nonprofit organization, the amount of loan forgiveness under this section shall be reduced by the amount of the increase, if any, in the net assets of the eligible recipient during the 1-year period beginning on the date of issuance of the covered loan, up to the amount of the covered loan amount. . Section 1106(e) of the CARES Act ( 15 U.S.C. 9005(e) ) is amended— in paragraph (3), by striking and at the end; by redesignating paragraph
(4)as paragraph (5); and by inserting after paragraph
(3)the following: documentation verifying after-tax income and net assets for purposes of paragraphs
(8)and
(9)of subsection (d), including tax filings reported to the Internal Revenue Service; and . The amendments made by paragraphs
(1)and
(2)shall apply to any loan made under section 7(a)(36) of the Small Business Act ( 15 U.S.C. 636(a)(36) ) on or after the date of enactment of this Act. Section 7(a)(36) of the Small Business Act ( 15 U.S.C. 636(a)(36) ) is amended by adding at the end the following: Nothing in this paragraph shall be construed to limit or modify the duty or authority to disclose a record in the possession, custody, or control of the Federal Government that relates to an eligible recipient that receives a covered loan or to such covered loan (without regard to the amount of the covered loan, the number of employees of the eligible recipient, or other factors)— to the public in accordance with section 552 of title 5, United States Code (commonly known as the “Freedom of Information Act”); to the Commissioner of Internal Revenue, the inspector general of an agency, the Pandemic Recovery Accountability Committee, a committee or member of Congress, or another officer or employee of the Federal Government in accordance with applicable law; or to another person or entity in accordance with applicable law. .
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