Sec. 1640. Credit adjustments for paycheck protection program loan forgiveness under highway and public transportation project cost reimbursement contracts
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/bill/117/hr/3684/pcs/section-1640·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Notwithstanding section 112 of title 23, United States Code, a covered contractor shall only make credit adjustments to the indirect cost rate applied to such contractor to reflect the portion of loan forgiveness attributable to the receipt of Federal funds. For purposes of this section, beginning on the date on which the credit attributable to Federal funds is recovered fully, no further indirect cost rate credit shall be applied or otherwise provided. For purposes of this section, the term covered contractor means a contractor or subcontractor at any tier that— provides architectural and engineering services under a federally-funded Federal-aid highway program or Federal lands highway program cost reimbursement contract under title 23, United States Code; received loan forgiveness in accordance with section 1106 of the Coronavirus Aid, Relief, and Economic Security Act ( Public Law 116–136 ), for a loan provided under paragraph
(36)of section 7(a) of the Small Business Act ( 15 U.S.C. 636(a) ); and applied such loan proceeds to indirect costs that were reimbursed, in whole or in part, with Federal funds.
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Sec. 1640
Credit adjustments for paycheck protection program loan forgiveness under highway and public transportation project cost reimbursement contracts
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