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H.R. 2582: PRACTICAL Act of 2021


The text of the bill below is as of Apr 15, 2021 (Introduced).


I

117th CONGRESS

1st Session

H. R. 2582

IN THE HOUSE OF REPRESENTATIVES

April 15, 2021

(for himself and Ms. Houlahan) introduced the following bill; which was referred to the Committee on Small Business

A BILL

To amend the definition of eligible entity in the second draw loan program of the Small Business Administration, and for other purposes.

1.

Short title

This Act may be cited as the PPP Revenue Adjustment Calculation To Increase Capital Accessibility Long-term Act of 2021 or the PRACTICAL Act of 2021.

2.

Eligibility for paycheck protection program second draw loans

Section 7(a)(37)(A)(iv)(I)(bb) of the Small Business Act (15 U.S.C. 636(a)(37)(A)(iv)(I)(bb)) is amended—

(1)

in subitem (AA), by striking during the first and all that follows through in 2019 and inserting the following: during any contiguous 90-day period in 2020 that demonstrate not less than a 25-percent reduction from the gross receipts of the entity during the same period in 2019; and

(2)

by striking subitems (BB), (CC), and (DD) and inserting the following:

(BB)

if the entity was not in business during the entirety of 2019, but was in business for not fewer than 90 consecutive days beginning in 2019, had gross receipts during any contiguous 90-day period beginning in 2020 that demonstrate not less than a 25-percent reduction from the gross receipts of the entity during the same 90-day period beginning in 2019; and

(CC)

if the entity was not in business during 2019, but was in operation for not fewer than 90 consecutive days during 2020, had gross receipts during any contiguous 90-day period in 2020 that demonstrate not less than a 25-percent reduction from the gross receipts of the entity during an earlier contiguous 90-day period in 2020;

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