Sec. 5. Reporting by entities receiving financial assistance relating to COVID–19 response efforts
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/bill/116/s/5049/is/section-5A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Not later than one year after the date of the enactment of this Act, and 5 years after such date of enactment, any entity that receives more than $50,000,000 in direct or indirect financial assistance from the Federal Government related to the response to the coronavirus disease 2019 (commonly referred to as COVID–19 ), including such assistance provided under, or treated as provided under, the Internal Revenue Code of 1986, or provided under title III of the Defense Production Act of 1950 ( 50 U.S.C. 4531 et seq.), shall submit to the appropriate congressional committees a report that discloses— the value of property, plant, and equipment investments of the entity in the United States; the number of individuals employed by the entity in the United States; and the production and capacity production capacity of the entity in the United States; and the value of property, plant, and equipment investments of the entity in foreign countries; the number of individuals employed by the entity in foreign countries; and the production and capacity production capacity of the entity in foreign countries.
An entity described in subsection
(a)shall pay a penalty to the United States in an amount the Secretary of the Treasury determines is equivalent to the amount, if any, by which investments of the entity described in subsection (a)(2)(A) exceed the amount of investments of the entity described in subsection (a)(1)(A). The amount of a penalty imposed under paragraph
(1)on an entity may not exceed 5 times the amount of direct or indirect financial assistance described in subsection
(a)received by the entity from the Federal Government. In this section, the term appropriate congressional committees means the Committee on Homeland Security and Governmental Affairs, the Committee on Finance, the Committee on Banking, Housing, and Urban Affairs, and the Committee on Appropriations, and the Committee on Health, Education, Labor, and Pensions of the Senate; and the Committee on Homeland Security, the Committee on Ways and Means, the Committee on Financial Services, the Committee on Appropriations, and the Committee on Education and Labor of the House of Representatives.
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Sec. 5
Reporting by entities receiving financial assistance relating to COVID–19 response efforts
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