H.R. 2583, PPP Equity Act of 2021
Summary
H.R. 2583, the PPP Equity Act of 2021, was introduced in the House of Representatives by Mrs. Hinson and Ms. Spanberger and referred to the Committee on Small Business. It would modify the calculation of the maximum loan amount under the paycheck protection program for farmers, ranchers, and sole proprietors, adding Schedule C income or expenses alongside Schedule F. It strikes section 313(b)(2) of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act. The bill would apply to any loan made before, on, or after enactment, including forgiveness, and requires the Administrator of the Small Business Administration to set up a recalculation process for borrowers previously excluded within 60 days.
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Cite this document
“H.R. 2583, PPP Equity Act of 2021.”
Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/bills-bills-117hr2583ih-bills-117hr2583ih/
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I
117TH CONGRESS
1ST SESSION
H. R. 2583
To modify the calculation of the maximum loan amount under the paycheck
protection program for farmers, ranchers, and sole proprietors, and for
other purposes.
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
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 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 Equity Act of
5 2021’’.
6 SEC. 2. GROSS REVENUE CALCULATION FOR FARMERS,
7 RANCHERS, AND SOLE PROPRIETORS.
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8 (a) IN GENERAL.—Section 7(a)(36)(V) of the Small
9 Business Act (15 U.S.C. 636(a)(36)(V)) is amended—
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2
1 (1) in the subparagraph heading, by striking
2 ‘‘FARMERS AND RANCHERS’’ and inserting ‘‘FARM-
3 ERS, RANCHERS, AND SOLE PROPRIETORS’’;
4 (2) in clause (i)—
5 (A) in subclause (I), by inserting ‘‘is a sole
6 proprietor,’’ after ‘‘independent contractor,’’;
7 and
8 (B) in subclause (II), by striking ‘‘farm in-
9 come or expenses on a Schedule F’’ and insert-
10 ing ‘‘income or expenses on a Schedule C (or
11 any equivalent successor schedule) or Schedule
12 F’’; and
13 (3) in clause (ii)(I)(aa)(AA), by inserting
14 ‘‘Schedule C (or any equivalent successor schedule)
15 or’’ before ‘‘Schedule F’’.
16 (b) CONFORMING AMENDMENTS.—Section 313(b) of
17 the Economic Aid to Hard-Hit Small Businesses, Non-
18 profits, and Venues Act (Public Law 116–260) is amend-
19 ed—
20 (1) by striking ‘‘DATE;’’ in the subsection head-
21 ing and all that follows through ‘‘Except’’ and in-
22 serting ‘‘DATE.—Except’’; and
23 (2) by striking paragraph (2).
24 (c) EFFECTIVE DATE; APPLICABILITY.—
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1 (1) IN GENERAL.—This Act and the amend-
2 ments made by this Act shall be effective as if in-
3 cluded in the CARES Act (Public Law 116–136;
4 134 Stat. 281) and shall apply to any loan made
5 pursuant to section 7(a)(36) of the Small Business
6 Act (15 U.S.C. 636(a)(36)) before, on, or after the
7 date of enactment of this Act, including forgiveness
8 of such a loan.
9 (2) PROCESS FOR BORROWERS PREVIOUSLY EX-
10 CLUDED.—Not later than 60 days after the date of
11 the enactment of this Act, the Administrator of the
12 Small Business Administration shall establish a
13 process under which a borrower that was prohibited
14 from requesting a recalculation of a covered loan
15 under section 7(a)(36)(V)(iv) of the Small Business
16 Act (15 U.S.C. 636(a)(36)(V)(iv)) because of the
17 application of section 313(b)(2) of the Economic Aid
18 to Hard-Hit Small Businesses, Nonprofits, and
19 Venues Act (Public Law 116–260), as in effect on
20 the day before the date of the enactment of this Act,
21 may submit, via mail or online, a request for such
22 recalculation.
Æ
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