H. R. 2583
IN THE HOUSE OF REPRESENTATIVES
April 15, 2021
Mrs. Hinson (for herself and Ms. Spanberger) introduced the following bill; which was referred to the Committee on Small Business
To modify the calculation of the maximum loan amount under the paycheck protection program for farmers, ranchers, and sole proprietors, and for other purposes.
This Act may be cited as the
PPP Equity Act of 2021.
Gross revenue calculation for farmers, ranchers, and sole proprietors
Section 7(a)(36)(V) of the Small Business Act (15 U.S.C. 636(a)(36)(V)) is amended—
in the subparagraph heading, by striking
farmers and ranchers and inserting
farmers, ranchers, and sole proprietors;
in clause (i)—
in subclause (I), by inserting
is a sole proprietor, after
independent contractor,; and
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
in clause (ii)(I)(aa)(AA), by inserting
Schedule C (or any equivalent successor schedule) or before
Section 313(b) of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Public Law 116–260) is amended—
Date; in the subsection heading and all that follows through
Except and inserting
by striking paragraph (2).
Effective date; applicability
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.
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.