CARES ACT AMENDMENTS.

SEC. 412. [15 U.S.C. 9101] CARES ACT AMENDMENTS. (a) Continued Application of Required Assurances.—Section 4114 of the CARES Act (15 U.S.C. 9074) is amended by adding at the end the following new subsections: “(c) Continued Application.— “(1) In general.—If, after the date of enactment of this subsection, a contractor expends any funds made available pursuant to section 4112 and distributed pursuant to section 4113, the assurances in paragraphs (1) through (3) of subsection (a) shall continue to apply until the dates included in such paragraphs, or the date on which the contractor fully expends such financial assistance, whichever is later. “(2) Special rule.—Not later than April 5, 2021, each contractor described in section 4111(3)(A)(i) that has received funds pursuant to such section 4112 shall report to the Secretary on the amount of such funds that the contractor has expended through March 31, 2021. If the contractor has expended an amount that is less than 100 percent of the total amount of funds the contractor received under such section, the Secretary shall initiate an action to recover any funds that remain unexpended as of April 30, 2021. “(d) Recall of Employees.— “(1) In general.—Subject to paragraph (2), any contractor that has unspent financial assistance provided under this subtitle as of the date of enactment of this subsection and conducted involuntary furloughs or reduced pay rates and benefits, between March 27, 2020, and the date on which the contractor entered into an agreement with the Secretary related to financial assistance under this subtitle, shall recall (as defined in section 4111) employees who were involuntarily furloughed during such period by not later than January 4, 2021. “(2) Waiver.—The Secretary of the Treasury shall waive the requirement under paragraph (1) for a contractor to recall employees if the contractor certifies that the contractor has or will have insufficient remaining financial assistance provided under this subtitle to keep recalled employees employed for more than two weeks upon returning to work. “(3) Audits.—The Inspector General of the Department of the Treasury shall audit certifications made under paragraph (2).” . (b) Definition of Recall.—Section 4111 of the CARES Act (15 U.S.C. 9071) is amended— (1) in paragraph (4) by striking “and” at the end; (2) by redesignating paragraph (5) as paragraph (6); and (3) by inserting after paragraph (4) the following: “(5) the term ‘recall’ means the dispatch of a notice by a contractor, via mail, courier, or electronic mail, to an involuntarily furloughed employee notifying the employee that— “(A) the employee must, within a specified period of time that is not less than 14 days, elect either— “(i) to return to employment or bypass return to employment in accordance with an applicable collective bargaining agreement or, in the absence of a collective bargaining agreement, company policy; or “(ii) to permanently separate from employment with the contractor; and “(B) failure to respond within such time period specified will be deemed to be an election under subparagraph (A)(ii); and” . (c) Definition of Businesses Critical to Maintaining National Security.—Section 4002 of the CARES Act (15 U.S.C. 9041) is amended by adding at the end the following: “(11) Aerospace-related businesses critical to maintaining national security.—The term ‘businesses critical to maintaining national security’ means those businesses that manufacture or produce aerospace-related products, civil or defense, including those that design, integrate, assemble, supply, maintain, and repair such products, and other businesses involved in aerospace-related manufacturing or production as further defined by the Secretary, in consultation with the Secretary of Defense and the Secretary of Transportation. For purposes of the preceding sentence, aerospace-related products include, but are not limited to, components, parts, or systems of aircraft, aircraft engines, or appliances for inclusion in an aircraft, aircraft engine, or appliance.” .