H.R. 1246, Paycheck Protection Clarification for Producers Act
Summary
H.R. 1246, the Paycheck Protection Clarification for Producers Act, was introduced February 23, 2021 by Mr. Kind (for himself and Mr. Fortenberry) and referred to the Committee on Small Business. It would amend the Small Business Act to allow ranchers and farmers to use an alternative calculation for a maximum loan amount under the paycheck protection program. It strikes subclause (I) of the Small Business Act provision and redesignates subclauses (II) and (III). The amendments take effect as if included in the CARES Act and do not apply to a loan for which the borrower received forgiveness before enactment.
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Cite this document
“H.R. 1246, Paycheck Protection Clarification for Producers Act.”
Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/bills-bills-117hr1246ih-bills-117hr1246ih/
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I
117TH CONGRESS
1ST SESSION
H. R. 1246
To amend the Small Business Act to allow ranchers and farmers to use
an alternative calculation for a maximum loan amount under the pay-
check protection program.
IN THE HOUSE OF REPRESENTATIVES
FEBRUARY 23, 2021
Mr. KIND (for himself and Mr. FORTENBERRY) introduced the following bill;
which was referred to the Committee on Small Business
A BILL
To amend the Small Business Act to allow ranchers and
farmers to use an alternative calculation for a maximum
loan amount under the paycheck protection program.
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 Clarification for Producers Act’’.
6 SEC. 2. PAYCHECK PROTECTION PROGRAM LOAN CAL-
7 CULATION FOR FARMERS OR RANCHERS.
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8 (a) IN GENERAL.—Section 7(a)(36)(V)(i) of the
9 Small Business Act (as amended by the Economic Aid to
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2
1 Hard-Hit Small Businesses, Nonprofits, and Venues Act
2 (Public Law 116–260)) is amended by striking subclause
3 (I) and redesignating subclauses (II) and (III) as sub-
4 clauses (I) and (II), respectively.
5 (b) EFFECTIVE DATE; APPLICABILITY.—
6 (1) IN GENERAL.—Except as provided in para-
7 graph (2), the amendments made by subsection (a)
8 shall be effective as if included in the CARES Act
9 (Public Law 116–136; 134 Stat. 281) and shall
10 apply to any loan made pursuant to section 7(a)(36)
11 of the Small Business Act (15 U.S.C. 636(a)(36))
12 before, on, or after the date of enactment of this
13 Act, including forgiveness of such a loan.
14 (2) EXCLUSION OF LOANS ALREADY FOR-
15 GIVEN.—The amendments made by subsection (a)
16 shall not apply to a loan made pursuant to section
17 7(a)(36) of the Small Business Act (15 U.S.C.
18 636(a)(36)) for which the borrower received forgive-
19 ness before the date of enactment of this Act under
20 section 1106 of the CARES.
Æ
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•HR 1246 IH
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