S. 1200, Fair PPP Accounting Act
Summary
S. 1200, the Fair PPP Accounting Act, is a bill introduced in the Senate on April 19, 2021 by Mr. Portman (for himself, Mrs. Shaheen, and Ms. Collins). Its stated purpose is to amend the definition of eligible entity in the second draw loan program, and for other purposes. Section 2 is headed Eligibility for Paycheck Protection Program Second Draw Loans and amends section 7(a)(37)(A)(iv)(I)(bb) of the Small Business Act. One subitem is amended by striking text and inserting gross receipts during any contiguous 90-day period in 2020 that demonstrate not less than a 25 percent reduction from the gross receipts of the entity during the same period in 2019.
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Cite this document
“S. 1200, Fair PPP Accounting Act.”
Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/bills-bills-117s1200is-bills-117s1200is/
, SHA-256 4ccd82e3f5dccc02dffddfe8cc847d04cee5475ccd30cf1786618223f376e994.Full text
II
117TH CONGRESS
1ST SESSION
S. 1200
To amend the definition of eligible entity in the second draw loan program
of the Small Business Administration, and for other purposes.
IN THE SENATE OF THE UNITED STATES
APRIL 19, 2021
Mr. PORTMAN (for himself, Mrs. SHAHEEN, and Ms. COLLINS) introduced the
following bill; which was read twice and referred to the Committee on
Small Business and Entrepreneurship
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 ‘‘Fair PPP Accounting
5 Act’’.
6 SEC. 2. ELIGIBILITY FOR PAYCHECK PROTECTION PRO-
7 GRAM SECOND DRAW LOANS.
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8 Section 7(a)(37)(A)(iv)(I)(bb) of the Small Business
9 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
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24 not in business during 2019,
25 but was in operation for not
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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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