S. 1047, PPP Flexibility for Farmers and Ranchers Act
Summary
S. 1047, the PPP Flexibility for Farmers and Ranchers Act, introduced in the Senate of the United States on March 25, 2021 by Mr. Marshall, Mr. Hickenlooper and Ms. Ernst. It was read twice and referred to the Committee on Small Business and Entrepreneurship. The bill amends the Small Business Act to allow certain ranchers and farmers categorized as partnerships to use an alternative calculation for a maximum loan amount under the paycheck protection program. It inserts the words ‘‘is a partnership,’’ into section 7(a)(36)(V)(i)(I) and makes the change effective as if included in the CARES Act, excluding loans already forgiven.
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Cite this document
“S. 1047, PPP Flexibility for Farmers and Ranchers Act.”
Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/bills-bills-117s1047is-bills-117s1047is/
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II
117TH CONGRESS
1ST SESSION
S. 1047
To amend the Small Business Act to allow certain ranchers and farmers
categorized as partnerships to use an alternative calculation for a max-
imum loan amount under the paycheck protection program, and for
other purposes.
IN THE SENATE OF THE UNITED STATES
MARCH 25, 2021
Mr. MARSHALL (for himself, Mr. HICKENLOOPER, and Ms. ERNST) introduced
the following bill; which was read twice and referred to the Committee
on Small Business and Entrepreneurship
A BILL
To amend the Small Business Act to allow certain ranchers
and farmers categorized as partnerships to use an alter-
native calculation for a maximum loan amount under
the paycheck protection program, 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 Flexibility for
5 Farmers and Ranchers Act’’.
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1 SEC. 2. PARTNERSHIP PAYCHECK PROTECTION PROGRAM
2 LOAN CALCULATION AS FARMER OR RANCH-
3 ER.
4 (a) IN GENERAL.—Section 7(a)(36)(V)(i)(I) of the
5 Small Business Act (15 U.S.C. 636(a)(36)(V)(i)(I)) is
6 amended by inserting ‘‘is a partnership,’’ after ‘‘inde-
7 pendent contractor,’’.
8 (b) EFFECTIVE DATE; APPLICABILITY.—
9 (1) IN GENERAL.—Except as provided in para-
10 graph (2), the amendment made by subsection (a)
11 shall be effective as if included in the CARES Act
12 (Public Law 116–136; 134 Stat. 281) and shall
13 apply to any loan made pursuant to section 7(a)(36)
14 of the Small Business Act (15 U.S.C. 636(a)(36))
15 before, on, or after the date of enactment of this
16 Act, including forgiveness of such a loan.
17 (2) EXCLUSION OF LOANS ALREADY FOR-
18 GIVEN.—The amendments made by subsection (a)
19 shall not apply to a loan made pursuant to section
20 7(a)(36) of the Small Business Act (15 U.S.C.
21 636(a)(36)) for which the borrower received forgive-
22 ness before the date of enactment of this Act under
23 section 1106 of the CARES Act (15 U.S.C. 9005).
Æ
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