Federal-aid highway program

(a) In general Chapter 1 of title 23, United States Code, is amended by adding at the end the following: 180. Business uninterrupted monetary program fund (a) Business Uninterrupted Monetary Program Fund (1) Establishment The Secretary shall require a recipient of Federal-aid highway funds under this title to establish a fund to be known as a business uninterrupted monetary program fund (in this section referred to as a Bump Fund) as required under section 106(k). (2) Fund requirements Amounts contributed to a BUMP Fund under this section— (A) may count toward the non-Federal share of the cost of a covered project; and (B) shall be provided to covered entities that are negatively impacted by an interruption cause by a covered project. (3) Contributions to the Fund (A) In general The Secretary shall require that the project sponsor of a covered project contribute an amount into a BUMP Fund that meets the following requirements: (i) The amount required to be set aside shall not impact the total non-Federal match requirement of the project. (ii) Such amount shall reflect the funds necessary to fully carry out the requirement described in paragraph (2)(B). (iii) Such amount may not constitute an amount of the non-Federal cost share that would impede the project sponsor from carrying out the project. (iv) The amount allocated to the BUMP fund shall be determined by the local sponsor, so long as— (I) the amount does not exceed 25 percent of the total non-Federal share; and (II) the amount reflects the estimated damages caused by the interruption. (B) Waiver The Secretary may waive or alter the percentage of the contribution amount required under subparagraph (A)— (i) if the Secretary determines that the project sponsor has an equivalent program established that is applicable to the project; (ii) the Secretary determines that there is no interruption that could occur with respect to a project; (iii) the amount of Federal funding for the total cost of the project is less than 10 percent of such cost; or (iv) for any other reason the Secretary determines appropriate. (4) Eligibility for receipt of funds An applicant for funds for a covered project, as part of the portion of the application that relates to the financial commitment of the applicant, shall provide information to the Secretary on the implementation of BUMP Fund including the following: (A) Which covered entities are eligible to receive funding under the BUMP Fund. (B) The terms for eligibility for amounts in a BUMP Fund. (C) The process by which the local sponsor or project partner shall— (i) determine the impact on covered entities; (ii) distribute the funds to covered entities; and (iii) verify the information provided by covered entities. (D) The total funding available per covered entity. (E) The outreach plan for informing covered entities. (F) Any other information the applicant determines is necessary. (5) Eligible expenses (A) In general Eligible expenses provided to a covered entity from a BUMP Fund may include, at the discretion of the project sponsor, the following: (i) Utilities for the covered entity. (ii) Insurance for the covered entity and employees of such entity. (iii) Rent or mortgage payments. (iv) Payroll expenses. (v) Loss of income. (vi) Any other expense the sponsor determines is consistent with the requirements of this section. (B) Invalidation of payment by Secretary The Secretary may disqualify an eligible expense submitted by a project sponsor at the time such recipient submits its financial commitment if the Secretary determines such an expense is not consistent with the requirements of this section. (6) Retention of funds Funds set aside for the BUMP Fund shall remain available for a period of 1 year after the completion of the project for which the BUMP Fund was established unless the project sponsor certifies to the Secretary that the funds are no longer needed. (7) Unused funds Any amounts deposited in a BUMP Funds that are not dispensed during the project may be available to the project sponsor for the following uses: (A) Project enhancements, including non-infrastructure project enhancements, or construction cost overruns for the project. (B) Environmental mitigation described under section 119(g) of title 23, United States Code. (C) Other projects eligible under this title, except that the amounts may not count toward non-Federal matching funds of any other project. (D) In any case in which the project sponsor does not manage the project, amounts may be returned to the initial recipient of the Federal funds provided for the covered project. (E) For any other purpose approved by the Secretary. (8) Derivation of funds for deposit into BUMP Fund The funds dedicated to BUMP Fund may be derived from— (A) a non-Federal source, consistent with the requirements of part 200 of title 2, Code of Federal Regulations, unless deposit of such non-Federal funds is prohibited by the terms of an agreement between the funding source and the project sponsor; or (B) Federal funds, if approved by the Secretary. (9) Projects without a non-Federal share For any covered project that is funded with 100 percent Federal funds, the Secretary shall determine, together with the project sponsor, an appropriate amount of funding for the BUMP Fund. (10) Combined BUMP Fund For a project sponsor that has more than 2 projects running concurrently, the project sponsor may maintain one BUMP Fund to cover all such projects. (b) Definitions In this section: (1) Business uninterrupted monetary program fund; BUMP Fund The term business uninterrupted monetary program fund or BUMP Fund means a fund for the purpose of providing financial assistance to covered entities directly and negatively impacted by covered project to reimburse such a covered entity for expenses incurred during an interruption caused by such project. (2) Covered entity The term covered entity means a private business or nonprofit organization, as defined by the project sponsor. (3) Covered project The term covered project means any project carried out under this title that has a total cost of $50,000,000 or greater. (4) Interruption The term ‘interruption’ means an activity carried out as part of a covered project that disrupts the activities of a covered entity and causes measurable negative impacts to the financial well-being of such entity. (5) Project sponsor The term project sponsor means the entity or affiliated project partner carrying out a covered project.. (b) Clerical amendment The analysis for chapter 1 of title 23, United States Code, is amended by adding at the end the following: 180. Business uninterrupted monetary program fund.. (c) Project approval and oversight Section 106 of title 23, United States Code, is amended by adding at the end the following: (k) Business uninterrupted monetary program fund A recipient of Federal financial assistance under this title for a project with an estimated total project cost of $50,000,000 or more shall establish a business uninterrupted monetary program fund as described under section 180, and subject to the requirements of such section, to address financial impacts to companies that suffer financial burdens as a result of project construction..