; and (3) by adding at the end the following: (vii) Treatment of certain business concerns (I) In general A business concern that is assigned a North American Industry Classification System Code beginning with 511110, 515112, or 515120 at the time of disbursal of a covered loan and is a franchisee or affiliate of or owned or controlled by a parent company or an investment company, or management thereof, shall be treated as an independent, non-affiliated entity upon certification to the Administrator that the request for the covered loan is necessary to support expenses associated with the continued provision of local news, information, content, or emergency information. (II) Report The Administrator and the Secretary of the Treasury shall submit to the Committee on Small Business and Entrepreneurship of the Senate, the Committee on Small Business of the House of Representatives, and the Congressional Oversight Commission established under section 4020 of division B of the CARES Act ( Public Law 116–136 ) a report regarding covered loans made to business concerns described in subclause (I). .