Congressional Record, Volume 167, Number 55 (Wednesday, March 24, 2021) — Senate, Page S1777 (SA 1402)

Summary

Senate page S1777 of the Congressional Record for Wednesday, March 24, 2021 prints amendment SA 1402, submitted by Lankford to the bill extending the paycheck protection program covered period, and ordered to lie on the table. Under the heading Revisions to Loan Amount Calculation and Eligibility, it would let a taxpayer filing Internal Revenue Service Form 1040, Schedule C calculate the maximum covered loan using gross income. This would apply to loans approved on or after enactment of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, notwithstanding the interim final rule. Borrowers approved earlier could ask the lender to recalculate and receive a supplemental payment equal to the difference.

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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 1402. Mr. LANKFORD 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. ___. REVISIONS TO LOAN AMOUNT CALCULATION AND
                   ELIGIBILITY.

       (a) Definitions.--In this section--
       (1) the term ``covered loan'' means a loan made under
     paragraph (36) or (37) of section 7(a) of the Small Business
     Act (15 U.S.C. 636(a));
       (2) the term ``eligible applicant'' means a taxpayer that
     files Internal Revenue Service Form 1040, Schedule C; and
       (3) the term ``interim final rule'' means the interim final
     rule of the Small Business Administration entitled ``Business
     Loan Program Temporary Changes; Paycheck Protection Program -
     Revisions to Loan Amount Calculation and Eligibility'',
     Docket Number SBA-2021-0010.
       (b) Calculation of Maximum Loan Amount for Certain
     Applicants.--
       (1) In general.--An eligible applicant applying for a
     covered loan may calculate the maximum amount of the covered
     loan using the gross income of the eligible applicant, as
     reported on the applicable Internal Revenue Service Form
     1040, Schedule C filed by the eligible applicant.
       (2) Retroactive effect.--Notwithstanding any provision of
     the interim final rule, paragraph (1) shall apply with
     respect to any covered loan made to an eligible applicant
     that is approved on or after the date of enactment of the
     Economic Aid to Hard-Hit Small Businesses, Nonprofits, and
     Venues Act (title III of division N of Public Law 116-260).
       (c) Recalculation.--
       (1) In general.--With respect to a covered loan made to an
     eligible applicant that was approved during the period
     beginning on the date of enactment of the Economic Aid to
     Hard-Hit Small Businesses, Nonprofits, and Venues Act (title
     III of division N of Public Law 116-260) and ending on the
     day before the date of enactment of this Act, the eligible
     applicant may submit to the lender with respect to the
     covered loan a request to recalculate the amount of the
     covered loan based on the application of this section.
       (2) Supplemental payments.--If, after receiving a request
     from an eligible applicant under paragraph (1), the
     applicable lender determines that the amount of the
     applicable covered loan, because of the application of this
     section, would be greater than the amount of the covered loan
     originally made to the eligible applicant, the lender shall
     provide to the eligible applicant a payment that is equal to
     the difference between the amount of the covered loan
     originally made to the eligible applicant and the amount of
     the covered loan based on the application of this section.
                                 ______

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