Congressional Record, Volume 167, Number 55 (Wednesday, March 24, 2021) — Senate, Page S1777 (SA 1403)

Summary

Senate page S1777 of the Congressional Record for Wednesday, March 24, 2021 prints amendment SA 1403, submitted by Marshall with Ernst to the bill extending the paycheck protection program covered period, and ordered to lie on the table. Under the heading Partnership Paycheck Protection Program Loan Calculation as Farmer or Rancher, it inserts the words "is a partnership," into section 7(a)(36)(V)(i)(I) of the Small Business Act. The change would take effect as if included in the CARES Act and apply to loans made before, on or after enactment. It would not apply to loans forgiven before enactment.

Summary drafted by a model from the document's text below and checked by script against that text before publication. It is a navigation aid, not a reading of what the document proves. Where AI is used

Full text

[Congressional Record Volume 167, Number 55 (Wednesday, March 24, 2021)]
[Senate]
[Page S1777]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 1403. Mr. MARSHALL (for himself and Ms. Ernst) submitted an
amendment intended to be proposed by him to the bill H.R. 1799, to
amend the Small Business Act and the CARES Act to extend the covered
period for the paycheck protection program, and for other purposes;
which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. __. PARTNERSHIP PAYCHECK PROTECTION PROGRAM LOAN
                   CALCULATION AS FARMER OR RANCHER.

       (a) In General.--Section 7(a)(36)(V)(i)(I) of the Small
     Business Act (15 U.S.C. 636(a)(36)(V)(i)(I)) is amended by
     inserting ``is a partnership,'' after ``independent
     contractor,''.
       (b) Effective Date; Applicability.--
       (1) In general.--Except as provided in paragraph (2), the
     amendment made by subsection (a) shall be effective as if
     included in the CARES Act (Public Law 116-136; 134 Stat. 281)
     and shall apply to any loan made pursuant to section 7(a)(36)
     of the Small Business Act (15 U.S.C. 636(a)(36)) before, on,
     or after the date of enactment of this Act, including
     forgiveness of such a loan.
       (2) Exclusion of loans already forgiven.--The amendments
     made by subsection (a) shall not apply to a loan made
     pursuant to section 7(a)(36) of the Small Business Act (15
     U.S.C. 636(a)(36)) for which the borrower received
     forgiveness before the date of enactment of this Act under
     section 1106 of the CARES Act (15 U.S.C. 9005).
                                 ______

File and source

File

CREC_crec-2021-03-24_crec-2021-03-24-pt1-pgs1777-4.htm

Size

1,940 bytes

SHA-256

6f1d14a920c2ba467cbdcc04a02b6a548b11a367dd3f33a3235cf5633a73a77b

Our copy

CREC_crec-2021-03-24_crec-2021-03-24-pt1-pgs1777-4.htm

Original

No public link identified.