H.R. 3188, ANGLE Act: Establish a Forgivable Loan Program for Remote Recreational Businesses (117th Congress)
Summary
H.R. 3188, the ANGLE Act, is a bill to direct the Administrator of the Small Business Administration to establish a forgivable loan program for remote recreational businesses. Fischbach, Emmer and Stauber introduced it in the House of Representatives on May 13, 2021, and it was referred to the Committee on Small Business. A business must have experienced a revenue loss greater than 50 percent between March 1, 2020, and December 31, 2020, have been in operation on March 1, 2020, and show that the closure of the United States and Canadian border restricted American customers' access. The maximum loan equals 75 percent of gross annual receipts for fiscal year 2019, and the Administrator would forgive 100 percent of the value of a loan received, less amounts from other forgiveness.
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“H.R. 3188, ANGLE Act: Establish a Forgivable Loan Program for Remote Recreational Businesses (117th Congress).”
Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/bills-bills-117hr3188ih-bills-117hr3188ih/
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I
117TH CONGRESS
1ST SESSION
H. R. 3188
To direct the Administrator of the Small Business Administration to establish
a forgivable loan program for remote recreational businesses, and for
other purposes.
IN THE HOUSE OF REPRESENTATIVES
MAY 13, 2021
Mrs. FISCHBACH (for herself, Mr. EMMER, and Mr. STAUBER) introduced the
following bill; which was referred to the Committee on Small Business
A BILL
To direct the Administrator of the Small Business Adminis-
tration to establish a forgivable loan program for remote
recreational businesses, 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 ‘‘Assistance Needed for
5 Great Losses Experienced in Isolated Northern Lakes
6 Economic Territory Act’’ or the ‘‘ANGLE Act’’.
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1 SEC. 2. FORGIVABLE LOAN PROGRAM FOR REMOTE REC-
2 REATIONAL BUSINESSES.
3 (a) IN GENERAL.—The Administrator shall establish
4 a program to make forgivable loans available to remote
5 recreational businesses that experienced a loss in revenue
6 that is greater than 50 percent during the period between
7 March 1, 2020, and December 31, 2020, as compared with
8 the same period during previous year.
9 (b) ELIGIBILITY.—To be eligible for a forgivable
10 loan, a remote recreational business must—
11 (1) have been in operation on March 1, 2020;
12 and
13 (2) show that the closure of the United States
14 and Canadian border restricted the ability of Amer-
15 ican customers to access the location of the remote
16 recreational business.
17 (c) LOAN AMOUNT.—The maximum loan amount
18 shall be equal to 75 percent of the remote recreational
19 gross annual receipts for fiscal year 2019.
20 (d) FORGIVENESS.—Not later than 1 calendar year
21 from the date of enactment of this Act, the Administrator
22 shall forgive 100 percent of the value of a loan received
23 less the amount the borrower received from—
24 (1) any other loan forgiveness program, includ-
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25 ing any program established under the CARES Act
26 (Public Law 116–136); and
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1 (2) an advance received under section 1110 of
2 the CARES Act (15 U.S.C. 9009).
3 SEC. 3. DEFINITIONS.
4 In this Act:
5 (1) ADMINISTRATOR.—The term ‘‘Adminis-
6 trator’’ means the Administrator of the Small Busi-
7 ness Administration.
8 (2) REMOTE RECREATIONAL BUSINESS.—The
9 term ‘‘remote recreational business’’ means a busi-
10 ness in the contiguous United States that is—
11 (A) a small business concern (as defined
12 under section 3 of the Small Business Act (15
13 U.S.C. 632)) operating in the recreational in-
14 dustry;
15 (B) located within 75 miles of the United
16 States and Canadian border; and
17 (C) is only accessible by land via Canada.
Æ
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