; and (2) by striking such section and inserting such subsection . (c) 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 September 30, 2020, a contractor expends funds made available pursuant to section 4112 and distributed pursuant to section 4113, the assurances under this section shall continue to apply until all funds are expended, notwithstanding the time limits included in paragraphs (1) through (3) of subsection (a), or section 4115 or 4116. (2) Special rule Not later than January 5, 2021, each contractor 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 December 31, 2020. If the contractor has expended an amount that is less than 50 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 January 31, 2021. (d) Clawback of assistance Any contractor that 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 employees who were involuntary furloughed, or the Secretary shall claw back such financial assistance, as necessary. . (d) With respect to loans issued under paragraph (1) or (2) of section 4003(b) of the CARES Act ( 15 U.S.C. 9042(b) ) after the date of enactment of this Act to an air carrier, the Secretary may accept an unsecured debt instrument (in addition to a senior secured debt instrument) for a total loan allocation less than $300,000,000, if the air carrier certifies that the air carrier cannot feasibly issue collateral sufficient to receive the full amount of its loan allocation. 14. Emergency requirement (a) In general This Act is designated as an emergency requirement pursuant to section