; and (v) the balance sheets for any such loans. (B) Transmittal to Congress The Under Secretary of Commerce for International Trade shall include the information provided in reports under subparagraph (A) in the annual report required under section 401. (b) Duty-Free status Notwithstanding any other provision of law, covered entities approved under subsection (c) are eligible for a one-time duty-free import of articles into the United States that are imported for the sole and express purposes of re-shoring or near-shoring. (c) Process for approval (1) Notice An entity that seeks to re-shore or near-shore may submit notice of the intent of the entity to re-shore or near-shore, as the case may be, along with such paperwork as the Secretary may consider appropriate demonstrating that intent. (2) Approval The Secretary, in consultation with the Trade Representative, shall approve entities that have submitted notice under paragraph (1) to re-shore or near-shore pursuant to such procedures as the Secretary considers appropriate. (3) Use of contractor If an entity uses a contract company for the production of goods or services in the People's Republic of China, the approval of the entity under paragraph (2) shall not take effect until the entity notifies the Secretary and the Secretary confirms that a replacement contract has been awarded in the United States or an Americas partner country. (d) Termination and penalty (1) In general Except as provided in paragraph (4), a covered entity approved under subsection (c) to re-shore or near-shore shall have 5 years following that approval to complete re-shoring or near-shoring, as the case may be, of the business of that entity, which may include the moving of materials, personnel, and production. (2) Termination of benefits Except as provided in paragraph (4), a covered entity is not eligible for benefits under this section on or after the date that is 5 years after the date on which the entity is approved under subsection (d). (3) Penalty Except as provided in paragraph