To specify the ineligibility requirements based on illegal activity or criminal record applicable to the Paycheck Protection Program and certain emergency relief programs under the CARES Act, and for other purposes.

This bill extends to specified loan applicants certain eligibility requirements for participation in SBA programs that currently apply only to intermediaries (entities that borrow funds from the Small Business Administration to make loans to small businesses).

Specifically, the bill applies eligibility requirements for intermediaries that are based on illegal activity to any applicant for a loan under the Paycheck Protection Program established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019).