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15 U.S.C. § 9043 — Limitation on certain employee compensation
Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** The Secretary may only enter into an agreement with an eligible business to make a loan or loan guarantee under paragraph (1), (2) or (3) of [section 9042(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section9042/b&num=0&edition=prelim) if such agreement provides that, during the period beginning on the date on which the agreement is executed and ending on the date that is 1 year after the date on which the loan or loan guarantee is no longer outstanding—
(1) no officer or employee of the eligible business whose total compensation exceeded $425,000 in calendar year 2019 (other than an employee whose compensation is determined through an existing collective bargaining agreement entered into prior to March 1, 2020)—
(A) will receive from the eligible business total compensation which exceeds, during any 12 consecutive months of such period, the total compensation received by the officer or employee from the eligible business in calendar year 2019; or
(B) will receive from the eligible business severance pay or other benefits upon termination of employment with the eligible business which exceeds twice the maximum total compensation received by the officer or employee from the eligible business in calendar year 2019; and
(2) no officer or employee of the eligible business whose total compensation exceeded $3,000,000 in calendar year 2019 may receive during any 12 consecutive months of such period total compensation in excess of the sum of—
(A) $3,000,000; and
(B) 50 percent of the excess over $3,000,000 of the total compensation received by the officer or employee from the eligible business in calendar year 2019.
**(b) Total compensation defined** In this section, the term “total compensation” inclu
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Source file: Laws/federal/codes/united-states-code/title-15/section-9043-limitation-on-certain-employee-compensation--cbcd496941.md
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Source location: Title 15, Chapter 116, § 9043; chapter-116-coronavirus-economic-stabilization-cares-act.md
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**(a) In general** The Secretary may only enter into an agreement with an eligible business to make a loan or loan guarantee under paragraph (1), (2) or (3) of [section 9042(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section9042/b&num=0&edition=prelim) if such agreement provides that, during the period beginning on the date on which the agreement is executed and ending on the date that is 1 year after the date on which the loan or loan guarantee is no longer outstanding—
(1) no officer or employee of the eligible business whose total compensation exceeded $425,000 in calendar year 2019 (other than an employee whose compensation is determined through an existing collective bargaining agreement entered into prior to March 1, 2020)—
(A) will receive from the eligible business total compensation which exceeds, during any 12 consecutive months of such period, the total compensation received by the officer or employee from the eligible business in calendar year 2019; or
(B) will receive from the eligible business severance pay or other benefits upon termination of employment with the eligible business which exceeds twice the maximum total compensation received by the officer or employee from the eligible business in calendar year 2019; and
(2) no officer or employee of the eligible business whose total compensation exceeded $3,000,000 in calendar year 2019 may receive during any 12 consecutive months of such period total compensation in excess of the sum of—
(A) $3,000,000; and
(B) 50 percent of the excess over $3,000,000 of the total compensation received by the officer or employee from the eligible business in calendar year 2019.
**(b) Total compensation defined** In this section, the term “total compensation” includes salary, bonuses, awards of stock, and other financial benefits provided by an eligible business to an officer or employee of the eligible business.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** Notwithstanding any other provision of law, to provide liquidity to eligible businesses, States, and municipalities related to losses incurred as a result of coronavirus, the Secretary is authorized to make loans, loan guarantees, and other investments in support of eligible businesses, States, and municipalities that do not, in the aggregate, exceed $0 and provide the subsidy amounts necessary for such loans, loan guarantees, and other investments in accordance with the provisions of the Federal Credit Reform Act of 1990 ([2 U.S.C. 661](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title2-section661&num=0&edition=prelim) et seq.).
**(b) Loans, loan guarantees, and other investments** Loans, loan guarantees, and other investments made pursuant to subsection (a) shall be made available as follows:
(1) Not more than $0 shall be available to make loans and loan guarantees for passenger air carriers, eligible businesses that are certified under part 145 of title 14, Code of Federal Regulations, and approved to perform inspection, repair, replace, or overhaul services, and ticket agents (as defined in [section 40102 of title 49](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title49-section40102&num=0&edition=prelim)).
(2) Not more than 0 11 So in original. Probably should be preceded by a dollar sign. shall be available to make loans and loan guarantees for cargo air carriers.
(3) Not more than 0 1 shall be available to make loans and loan guarantees for businesses critical to maintaining national security.
(4) Not more than the sum of $0 and any amounts available under paragraphs (1), (2), and (3) that are not used as provided under those paragraphs shall be available to make loans and loan guarantees to, and other inves
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Federal law — U.S. Code and appendices · legal_authorities
Page 2523
TITLE 15—COMMERCE AND TRADE
§ 9046
Subsec. (b)(2). Pub. L. 116–260, § 1003(b)(1)(B)(ii), sub-
stituted ‘‘0’’ for ‘‘$4,000,000,000’’.
Subsec. (b)(3). Pub. L. 116–260, § 1003(b)(1)(B)(iii), sub-
stituted ‘‘0’’ for ‘‘$17,000,000,000’’.
Subsec. (b)(4). Pub. L. 116–260, § 1003(b)(1)(B)(iv), sub-
stituted ‘‘$0’’ for ‘‘$454,000,000,000’’ in introductory pro-
visions.
Subsec. (e). Pub. L. 116–260, § 1004, substituted ‘‘Not-
withstanding any other provision of law, amounts’’ for
‘‘Amounts’’ in introductory provisions.
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF 2022 AMENDMENT
Amendment by Pub. L. 117–328 effective upon
issuance of guidance or the promulgation of a rule by
the Secretary of the Treasury, in consultation with the
Secretary of Transportation, see section 102(c) of Pub.
L. 117–328, set out as a note under secton 802 of Title 42,
The Public Health and Welfare.
EFFECTIVE DATE OF 2020 AMENDMENT
Pub. L. 116–260, div. N, title X, § 1003(b)(1), Dec. 27,
2020, 134 Stat. 2146, provided in part that the amend-
ment made by section 1003(b)(1) is effective Jan. 9, 2021.
CONSTRUCTION OF 2020 AMENDMENT
Pub. L. 116–260, div. N, title X, § 1003(b)(2), Dec. 27,
2020, 134 Stat. 2146, provided that: ‘‘The amendments
made under paragraph (1) [amending this section] shall
not be construed to affect obligations incurred by the
Department of the Treasury before January 1, 2021.’’
§ 9043. Limitation on certain employee com-
pensation
(a) In general
The Secretary may only enter into an agree-
ment with an eligible business to make a loan or
loan guarantee under paragraph (1), (2) or (3) of
section 9042(b) of this title if such agreement
provides that, during the period beginning on
the date on which the agreement is executed and
ending on
Source: Supplied 2024 U.S. Code historical extraction · 15 U.S.C. § 9043
Stored review status: historical_2024_not_currentness_verified. Same stored citation; legal effect and authority still require review.