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H.R. 2583: PPP Equity Act of 2021


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


I

117th CONGRESS

1st Session

H. R. 2583

IN THE HOUSE OF REPRESENTATIVES

April 15, 2021

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

A BILL

To modify the calculation of the maximum loan amount under the paycheck protection program for farmers, ranchers, and sole proprietors, and for other purposes.

1.

Short title

This Act may be cited as the PPP Equity Act of 2021.

2.

Gross revenue calculation for farmers, ranchers, and sole proprietors

(a)

In general

Section 7(a)(36)(V) of the Small Business Act (15 U.S.C. 636(a)(36)(V)) is amended—

(1)

in the subparagraph heading, by striking farmers and ranchers and inserting farmers, ranchers, and sole proprietors;

(2)

in clause (i)—

(A)

in subclause (I), by inserting is a sole proprietor, after independent contractor,; and

(B)

in subclause (II), by striking farm income or expenses on a Schedule F and inserting income or expenses on a Schedule C (or any equivalent successor schedule) or Schedule F; and

(3)

in clause (ii)(I)(aa)(AA), by inserting Schedule C (or any equivalent successor schedule) or before Schedule F.

(b)

Conforming amendments

Section 313(b) of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Public Law 116–260) is amended—

(1)

by striking Date; in the subsection heading and all that follows through Except and inserting Date.—Except; and

(2)

by striking paragraph (2).

(c)

Effective date; applicability

(1)

In general

This Act and the amendments made by this Act shall be effective as if included in the CARES Act (Public Law 116–136; 134 Stat. 281) and shall apply to any loan made pursuant to section 7(a)(36) of the Small Business Act (15 U.S.C. 636(a)(36)) before, on, or after the date of enactment of this Act, including forgiveness of such a loan.

(2)

Process for borrowers previously excluded

Not later than 60 days after the date of the enactment of this Act, the Administrator of the Small Business Administration shall establish a process under which a borrower that was prohibited from requesting a recalculation of a covered loan under section 7(a)(36)(V)(iv) of the Small Business Act (15 U.S.C. 636(a)(36)(V)(iv)) because of the application of section 313(b)(2) of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Public Law 116–260), as in effect on the day before the date of the enactment of this Act, may submit, via mail or online, a request for such recalculation.