H.R. 2582, PRACTICAL Act of 2021
Summary
House bill 2582, the PRACTICAL Act of 2021, introduced in the House of Representatives on April 15, 2021, by Hill and Houlahan and referred to the Committee on Small Business. Its printed purpose is to amend the definition of eligible entity in the second draw loan program of the Small Business Administration, and for other purposes. Section 2, on eligibility for Paycheck Protection Program second draw loans, amends the Small Business Act to refer to gross receipts during any contiguous 90-day period in 2020 that demonstrate not less than a 25-percent reduction from gross receipts during the same period in 2019. It also adds a provision for an entity that was not in business during the entirety of 2019.
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“H.R. 2582, PRACTICAL Act of 2021.”
Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/bills-bills-117hr2582ih-bills-117hr2582ih/
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I
117TH CONGRESS
1ST SESSION
H. R. 2582
To amend the definition of eligible entity in the second draw loan program
of the Small Business Administration, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
APRIL 15, 2021
Mr. HILL (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 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 ‘‘PPP Revenue Adjust-
5 ment Calculation To Increase Capital Accessibility Long-
6 term Act of 2021’’ or the ‘‘PRACTICAL Act of 2021’’.
7 SEC. 2. ELIGIBILITY FOR PAYCHECK PROTECTION PRO-
8 GRAM SECOND DRAW LOANS.
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9 Section 7(a)(37)(A)(iv)(I)(bb) of the Small Business
10 Act (15 U.S.C. 636(a)(37)(A)(iv)(I)(bb)) is amended—
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2
1 (1) in subitem (AA), by striking ‘‘during the
2 first’’ and all that follows through ‘‘in 2019’’ and in-
3 serting the following: ‘‘during any contiguous 90-day
4 period in 2020 that demonstrate not less than a 25-
5 percent reduction from the gross receipts of the enti-
6 ty during the same period in 2019’’; and
7 (2) by striking subitems (BB), (CC), and (DD)
8 and inserting the following:
9 ‘‘(BB) if the entity was
10 not in business during the
11 entirety of 2019, but was in
12 business for not fewer than
13 90 consecutive days begin-
14 ning in 2019, had gross re-
15 ceipts during any contiguous
16 90-day period beginning in
17 2020 that demonstrate not
18 less than a 25-percent re-
19 duction from the gross re-
20 ceipts of the entity during
21 the same 90-day period be-
22 ginning in 2019; and
23 ‘‘(CC) if the entity was
24 not in business during 2019,
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25 but was in operation for not
•HR 2582 IH
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3
1 fewer than 90 consecutive
2 days during 2020, had gross
3 receipts during any contig-
4 uous 90-day period in 2020
5 that demonstrate not less
6 than a 25-percent reduction
7 from the gross receipts of
8 the entity during an earlier
9 contiguous 90-day period in
10 2020;’’.
Æ
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