H.R. 6252, Low-Revenue Recipient Paycheck Protection Program Relief Act of 2021
Summary
H.R. 6252, the Low-Revenue Recipient Paycheck Protection Program Relief Act of 2021, introduced in the House of Representatives on December 13, 2021 by Mr. Nadler, Ms. Norton and Mrs. Carolyn B. Maloney of New York. The bill would permit certain businesses to select an alternative covered period for loan forgiveness under the Paycheck Protection Program and provide additional loan forgiveness. It adds subsection (m) to Section 7A of the Small Business Act, for a covered loan received by a low-revenue recipient not later than December 1, 2020.
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Cite this document
“H.R. 6252, Low-Revenue Recipient Paycheck Protection Program Relief Act of 2021.”
Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/bills-bills-117hr6252ih-bills-117hr6252ih/
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I
117TH CONGRESS
1ST SESSION
H. R. 6252
To permit certain businesses to select an alternative covered period for loan
forgiveness under the Paycheck Protection Program and provide certain
businesses additional loan forgiveness, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
DECEMBER 13, 2021
Mr. NADLER (for himself, Ms. NORTON, and Mrs. CAROLYN B. MALONEY of
New York) introduced the following bill; which was referred to the Com-
mittee on Small Business
A BILL
To permit certain businesses to select an alternative covered
period for loan forgiveness under the Paycheck Protec-
tion Program and provide certain businesses additional
loan forgiveness, 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 ‘‘Low-Revenue Recipi-
5 ent Paycheck Protection Program Relief Act of 2021’’.
6 SEC. 2. LOW-REVENUE RECIPIENT LOAN FORGIVENESS.
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7 (a) IN GENERAL.—Section 7A of the Small Business
8 Act (15 U.S.C. 636m) is amended—
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1 (1) in subsection (i)—
2 (A) in paragraph (1), by inserting ‘‘or
3 (m)(2)’’ after ‘‘subsection (b)’’; and
4 (B) in paragraph (3)(B), by inserting ‘‘or
5 (m)(2)’’ after ‘‘subsection (b)’’; and
6 (2) by adding at the end the following:
7 ‘‘(m) LOW-REVENUE RECIPIENTS LOAN FORGIVE-
8 NESS.—
9 ‘‘(1) IN GENERAL.—With respect to a covered
10 loan received by a low-revenue recipient not later
11 than December 1, 2020, and for which such low-rev-
12 enue recipient has received no loan forgiveness under
13 this section, at the election of such low-revenue re-
14 cipient, the term ‘covered period’ shall, for the pur-
15 poses of this section, mean the period—
16 ‘‘(A) beginning on the earlier of—
17 ‘‘(i) the date selected by the low-rev-
18 enue recipient; or
19 ‘‘(ii) September 1, 2021; and
20 ‘‘(B) ending on a date selected by the eligi-
21 ble recipient of the covered loan that occurs
22 during the period—
23 ‘‘(i) beginning on the date that is 8
24 weeks after the start date of the covered
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25 period specified in subparagraph (A); and
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1 ‘‘(ii) ending on the date that is 24
2 weeks after the start date of the covered
3 period specified in such subparagraph.
4 ‘‘(2) ADDITIONAL LOAN FORGIVENESS.—
5 ‘‘(A) IN GENERAL.—A low-revenue recipi-
6 ent that received loan forgiveness under this
7 section for a covered loan received not later
8 than December 1, 2020, shall be eligible for ad-
9 ditional forgiveness of indebtedness on such
10 covered loan in accordance with this paragraph.
11 ‘‘(B) ADDITIONAL FORGIVENESS CALCULA-
12 TION.—The amount of forgiveness of indebted-
13 ness on a covered loan for which a low-revenue
14 recipient is eligible under this paragraph is the
15 amount equal to the difference between—
16 ‘‘(i) the amount of forgiveness of in-
17 debtedness on such covered loan that such
18 low-revenue recipient would be eligible for
19 under this section, as in effect on the date
20 on which such low-revenue recipient applies
21 for loan forgiveness under this paragraph,
22 if—
23 ‘‘(I) such low-revenue recipient
24 had not received any loan forgiveness
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1 for such covered loan under this sec-
2 tion;
3 ‘‘(II) for the purposes of this sec-
4 tion, the term ‘covered period’ meant
5 the period described in paragraph (1);
6 and
7 ‘‘(III) for the purposes of para-
8 graphs (5) and (7) of subsection (d),
9 such covered loan was made on or
10 after the date of the enactment of the
11 Economic Aid to Hard-Hit Small
12 Businesses, Nonprofits, and Venues
13 Act (Public Law 116–260; 134 Stat.
14 1993); and
15 ‘‘(ii) the amount of loan forgiveness
16 for such covered loan that such low-rev-
17 enue recipient received under this section.
18 ‘‘(C) EXCESS PAYMENT REFUND.—If the
19 Administrator, pursuant to loan forgiveness
20 under this paragraph and in accordance with
21 subsection (c)(3), makes a remittance to a lend-
22 er in an amount exceeding the total outstanding
23 balance of the applicable covered loan, including
24 any accrued interest, the lender shall pay to the
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1 low-revenue recipient an amount equal to such
2 excess.
3 ‘‘(D) ADDITIONAL FORGIVENESS LIMIT.—
4 No low-revenue recipient may receive loan for-
5 giveness under this paragraph more than once.
6 ‘‘(3) LOW-REVENUE RECIPIENT DEFINED.—In
7 this subsection, the term ‘low-revenue recipient’
8 means an eligible recipient that received a covered
9 loan not later than December 1, 2020, and—
10 ‘‘(A) was not in operation during the pe-
11 riod beginning on April 1, 2020, and ending on
12 December 31, 2020; or
13 ‘‘(B) during such period, had gross re-
14 ceipts of not more than 20 percent of the gross
15 receipts of such eligible recipient during the
16 corresponding period in 2019.’’.
17 (b) REGULATIONS.—Not later than two weeks after
18 the date of the enactment of this Act, the Administrator
19 of the Small Business Administration shall issue regula-
20 tions carrying out subsection (m) of section 7A of the
21 Small Business Act (15 U.S.C. 636m), as added by sub-
22 section (a) of this Act.
Æ
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