H.R. 7175, Paycheck Protection for Producers Act
Summary
H.R. 7175 was introduced in the House of Representatives on June 11, 2020, by Kind, for himself, Thompson of Pennsylvania, Brindisi, and Joyce of Pennsylvania, and referred to the Committee on Small Business. It may be cited as the Paycheck Protection for Producers Act. Section 2 amends section 7(a)(36) of the Small Business Act (15 U.S.C. 636(a)(36)) to add a subparagraph on the calculation of the maximum loan amount for farmers and ranchers under the paycheck protection program. A covered recipient is an eligible recipient that operates as a sole proprietorship or as an independent contractor, or is an eligible self-employed individual, and reports farm income or expenses on a Schedule F.
Summary drafted by a model from the document's text below and checked by script against that text before publication. It is a navigation aid, not a reading of what the document proves. Where AI is used
- Issuer
- Congressional materials
- Document type
- Bills Bills 116Hr7175Ih Bills 116Hr7175Ih
- Case
- Bills Bills 116Hr7175Ih Bills 116Hr7175Ih
Cite this document
“H.R. 7175, Paycheck Protection for Producers Act.”
Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/bills-bills-116hr7175ih-bills-116hr7175ih/
, SHA-256 548938ce55cd080612a7c9edd8e46a3724ce93c9247d706d4368f977bcbc1a6c.Full text
I
116TH CONGRESS
2D SESSION
H. R. 7175
To modify the calculation of the maximum loan amount for certain farmers
and ranchers under the paycheck protection program of the Small Busi-
ness Administration, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
JUNE 11, 2020
Mr. KIND (for himself, Mr. THOMPSON of Pennsylvania, Mr. BRINDISI, and
Mr. JOYCE of Pennsylvania) introduced the following bill; which was re-
ferred to the Committee on Small Business
A BILL
To modify the calculation of the maximum loan amount
for certain farmers and ranchers under the paycheck
protection program of the Small Business Administra-
tion, and for other purposes.
1 Be it enacted by the Senate and House of Representa-
2 tives of the United States of America in Congress assembled,
3 SECTION 1. SHORT TITLE.
4 This Act may be cited as the ‘‘Paycheck Protection
5 for Producers Act’’.
pamtmann on DSKBC07HB2PROD with BILLS
VerDate Sep 11 2014 23:43 Jun 30, 2020 Jkt 099200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H7175.IH H7175
2
1 SEC. 2. CALCULATION OF MAXIMUM LOAN AMOUNT FOR
2 FARMERS AND RANCHERS UNDER THE PAY-
3 CHECK PROTECTION PROGRAM.
4 (a) IN GENERAL.—Section 7(a)(36) of the Small
5 Business Act (15 U.S.C. 636(a)(36)) is amended—
6 (1) in subparagraph (E), in the matter pre-
7 ceding clause (i), by striking ‘‘During’’ and inserting
8 ‘‘Except as provided in subparagraph (T), during’’;
9 and
10 (2) by adding at the end the following:
11 ‘‘(T) CALCULATION OF MAXIMUM LOAN
12 AMOUNT FOR FARMERS AND RANCHERS.—
13 ‘‘(i) DEFINITION.—In this subpara-
14 graph, the term ‘covered recipient’ means
15 an eligible recipient that—
16 ‘‘(I) operates as a sole propri-
17 etorship or as an independent con-
18 tractor, or is an eligible self-employed
19 individual;
20 ‘‘(II) reports farm income or ex-
21 penses on a Schedule F (or any equiv-
22 alent successor schedule); and
23 ‘‘(III) was in business during the
24 period beginning on February 15,
pamtmann on DSKBC07HB2PROD with BILLS
25 2019, and ending on June 30, 2019.
•HR 7175 IH
VerDate Sep 11 2014 23:43 Jun 30, 2020 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H7175.IH H7175
3
1 ‘‘(ii) NO EMPLOYEES.—With respect
2 to covered recipient without employees, the
3 maximum covered loan amount shall be the
4 lesser of—
5 ‘‘(I) the sum of—
6 ‘‘(aa) the product obtained
7 by multiplying—
8 ‘‘(AA) the gross income
9 of the covered recipient in
10 2019, as reported on a
11 Schedule F (or any equiva-
12 lent successor schedule),
13 that is not more than
14 $100,000, divided by 12;
15 and
16 ‘‘(BB) 2.5; and
17 ‘‘(bb) the outstanding
18 amount of a loan under sub-
19 section (b)(2) that was made
20 during the period beginning on
21 January 31, 2020, and ending on
22 April 3, 2020, that the borrower
23 intends to refinance under the
pamtmann on DSKBC07HB2PROD with BILLS
24 covered loan, not including any
25 amount of any advance under the
•HR 7175 IH
VerDate Sep 11 2014 23:43 Jun 30, 2020 Jkt 099200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H7175.IH H7175
4
1 loan that is not required to be re-
2 paid; or
3 ‘‘(II) $10,000,000.
4 ‘‘(iii) WITH EMPLOYEES.—With re-
5 spect to a covered recipient with employ-
6 ees, the maximum covered loan amount
7 shall be calculated using the formula de-
8 scribed in subparagraph (E), except that
9 the gross income of the covered recipient
10 described in clause (ii)(I)(aa)(AA) of this
11 subparagraph, as divided by 12, shall be
12 added to the sum calculated under sub-
13 paragraph (E)(i)(I).
14 ‘‘(iv) RECALCULATION.—A lender that
15 made a covered loan to a covered recipient
16 before the date of enactment of this sub-
17 paragraph may, at the request of the cov-
18 ered recipient—
19 ‘‘(I) recalculate the maximum
20 loan amount applicable to that cov-
21 ered loan based on the formula de-
22 scribed in clause (ii) or (iii), as appli-
23 cable, if doing so would result in a
pamtmann on DSKBC07HB2PROD with BILLS
24 larger covered loan amount; and
•HR 7175 IH
VerDate Sep 11 2014 23:43 Jun 30, 2020 Jkt 099200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\H7175.IH H7175
5
1 ‘‘(II) provide the covered recipi-
2 ent with additional covered loan
3 amounts based on that recalcula-
4 tion.’’.
Æ
pamtmann on DSKBC07HB2PROD with BILLS
•HR 7175 IH
VerDate Sep 11 2014 23:43 Jun 30, 2020 Jkt 099200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6301 E:\BILLS\H7175.IH H7175
File and source
- File
- BILLS_bills-116hr7175ih_bills-116hr7175ih.pdf
- Size
- 233,262 bytes
- SHA-256
- 548938ce55cd080612a7c9edd8e46a3724ce93c9247d706d4368f977bcbc1a6c
- Original
- www.govinfo.gov