Covered funding is defined
What the document says“the term `covered funding' means any new offer of high-cost universal service program funding, including funding provided through a reverse competitive bidding mechanism provided under this section, for the deployment of a broadband-capable network and the provision of supported services over the network”
The first of the subsection's two definitions. It fixes what the rest of the new subsection reaches: new offers of high-cost universal service program funding, including offers made through a reverse competitive bidding mechanism under section 254, where the money is for deploying a broadband-capable network and providing supported services over it. The term is defined for this subsection only.
What the document actually says“the term `covered funding' means any new offer of high-cost universal service program funding, including funding provided through a reverse competitive bidding mechanism provided under this section, for the deployment of a broadband-capable network and the provision of supported services over the network”
Covered funding means new money offered to build internet where it costs a lot. It counts whether or not a bidding contest hands it out.
Some places cost a lot to wire for internet. A fund helps pay for that work. This law gives that money a name. The new rules below apply to money with that name.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.