Text of Senate Amendment 1405 (Congressional Record, Senate, March 24, 2021, page S1777)
Summary
Page S1777 of the Congressional Record, Senate, for March 24, 2021, printing amendments to H.R. 1799, the bill to extend the covered period of the Paycheck Protection Program, each ordered to lie on the table. SA 1405 appears only in fragments on the captured page: its sponsor is cut off and it refers to a program under section 323(d) of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, title III of division N of Public Law 116–260. The surrounding text prints Mr. Lankford's amendment numbered 1402, letting Schedule C filers calculate the maximum PPP loan from gross income as in SBA interim final rule SBA–2021–0010, Mr. Risch's amendment numbered 1404 on nonprofit ineligibility, and amendment 1406 from Mr. Marshall and five colleagues on partnership loan calculation as a farmer or rancher.
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“Text of Senate Amendment 1405 (Congressional Record, Senate, March 24, 2021, page S1777).”
Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/text-of-senate-amendment-1405-congressional-record-senate-march-24-202-f02e56d982/
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March 24, 2021 CONGRESSIONAL RECORD — SENATE S1777
Tejano music, and Celia Cruz, also known as by him to the bill H.R. 1799, to amend 636(a)(36)(V)(i)(I)) is amended by inserting ‘‘is
the Queen of Salsa, have made lasting and the Small Business Act and the CARES a partnership,’’ after ‘‘independent con-
significant contributions to music through- Act to extend the covered period for tractor,’’.
out the world; (b) EFFECTIVE DATE; APPLICABILITY.—
the paycheck protection program, and
Whereas Latinas serve in the medical pro- (1) IN GENERAL.—Except as provided in
fession, and the first female and first His- for other purposes; which was ordered paragraph (2), the amendment made by sub-
panic Surgeon General of the United States to lie on the table; as follows: section (a) shall be effective as if included in
was appointed in 1990; At the appropriate place, insert the fol- the CARES Act (Public Law 116–136; 134 Stat.
Whereas Latinas serve as journalists, re- lowing: 281) and shall apply to any loan made pursu-
porting vital news and information to the SEC. lll. REVISIONS TO LOAN AMOUNT CAL- ant to section 7(a)(36) of the Small Business
public; CULATION AND ELIGIBILITY. Act (15 U.S.C. 636(a)(36)) before, on, or after
Whereas Latinas are world-class athletes, (a) DEFINITIONS.—In this section— the date of enactment of this Act, including
representing the United States in the Olym- (1) the term ‘‘covered loan’’ means a loan forgiveness of such a loan.
pics and other international competitions; made under paragraph (36) or (37) of section (2) EXCLUSION OF LOANS ALREADY FOR-
Whereas Latinas are paid just 55 cents for 7(a) of the Small Business Act (15 U.S.C. GIVEN.—The amendments made by sub-
every dollar paid to White, non-Hispanic 636(a)); section (a) shall not apply to a loan made
men; (2) the term ‘‘eligible applicant’’ means a pursuant to section 7(a)(36) of the Small
Whereas, in the face of societal obstacles, taxpayer that files Internal Revenue Service Business Act (15 U.S.C. 636(a)(36)) for which
including unequal pay, disparities in edu- Form 1040, Schedule C; and the borrower received forgiveness before the
cation, health care needs, and civil rights (3) the term ‘‘interim final rule’’ means the date of enactment of this Act under section
struggles, Latinas continue to break through interim final rule of the Small Business Ad- 1106 of the CARES Act (15 U.S.C. 9005).
and thrive; ministration entitled ‘‘Business Loan Pro-
Whereas the United States should continue gram Temporary Changes; Paycheck Protec- SA 1404. Mr. RISCH submitted an
to invest in the future of Latinas to address tion Program – Revisions to Loan Amount amendment intended to be proposed by
the barriers they face; and Calculation and Eligibility’’, Docket Number
him to the bill H.R. 1799, to amend the
Whereas, by 2060, Latinas will represent 1⁄4 SBA–2021–0010.
(b) CALCULATION OF MAXIMUM LOAN Small Business Act and the CARES
of the female population of the United
AMOUNT FOR CERTAIN APPLICANTS.— Act to extend the covered period for
States: Now, therefore, be it
Resolved, That the Senate— (1) IN GENERAL.—An eligible applicant ap- the paycheck protection program, and
(1) celebrates and honors the successes of plying for a covered loan may calculate the for other purposes; which was ordered
Latinas and the contributions they have maximum amount of the covered loan using to lie on the table; as follows:
made and continue to make to the United the gross income of the eligible applicant, as
At the appropriate place, insert the fol-
States; and reported on the applicable Internal Revenue
lowing:
(2) recognizes the changes that are still to Service Form 1040, Schedule C filed by the
SEC. lll. INELIGIBILITY OF CERTAIN NON-
be made to ensure that Latinas can realize eligible applicant. PROFIT ORGANIZATIONS UNDER
their full potential as equal members of soci- (2) RETROACTIVE EFFECT.—Notwithstanding THE PAYCHECK PROTECTION PRO-
ety. any provision of the interim final rule, para- GRAM.
graph (1) shall apply with respect to any cov- Clause (xvii)(I) of section 7(a)(36)(A) of the
f ered loan made to an eligible applicant that Small Business Act (15 U.S.C. 636(a)(36)(A)),
AMENDMENTS SUBMITTED AND is approved on or after the date of enactment as added by section 5001(a)(1)(A)(iii) of Public
PROPOSED of the Economic Aid to Hard-Hit Small Busi- Law 117–2, is amended by inserting ‘‘(5) (if
nesses, Nonprofits, and Venues Act (title III the organization is subject to reporting re-
SA 1402. Mr. LANKFORD submitted an of division N of Public Law 116–260).
amendment intended to be proposed by him quirements under the Labor-Management
(c) RECALCULATION.— Reporting and Disclosure Act of 1959 (29
to the bill H.R. 1799, to amend the Small (1) IN GENERAL.—With respect to a covered
Business Act and the CARES Act to extend U.S.C. 401 et seq.)),’’ after ‘‘(4),’’.
loan made to an eligible applicant that was
the covered period for the paycheck protec- approved during the period beginning on the
tion program, and for other purposes; which SA 1405. Mr. RUBIO (for himself, Mr.
date of enactment of the Economic Aid to
was ordered to lie on the table. KENNEDY, Mr. MARSHALL, Mrs. CAPITO,
Hard-Hit Small Businesses, Nonprofits, and
SA 1403. Mr. MARSHALL (for himself and Venues Act (title III of division N of Public Mr. CRAMER, Mr. BRAUN, Mr.
Ms. ERNST) submitted an amendment in- Law 116–260) and ending on the day before LANKFORD, Mr. BARRASSO, Mr. RISCH,
tended to be proposed by him to the bill H.R. the date of enactment of this Act, the eligi- and Mr. SCOTT of South Carolina) sub-
1799, supra; which was ordered to lie on the ble applicant may submit to the lender with mitted an amendment intended to be
table. respect to the covered loan a request to re- proposed by him to the bill H.R. 1799,
SA 1404. Mr. RISCH submitted an amend- calculate the amount of the covered loan
ment intended to be proposed by him to the to amend the Small Business Act and
based on the application of this section. the CARES Act to extend the covered
bill H.R. 1799, supra; which was ordered to lie (2) SUPPLEMENTAL PAYMENTS.—If, after re-
on the table. period for the paycheck protection pro-
ceiving a request from an eligible applicant
SA 1405. Mr. RUBIO (for himself, Mr. KEN-
under paragraph (1), the applicable lender de- gram, and for other purposes; which
NEDY, Mr. MARSHALL, Mrs. CAPITO, Mr. was ordered to lie on the table; as fol-
termines that the amount of the applicable
CRAMER, Mr. BRAUN, Mr. LANKFORD, Mr. BAR- lows:
covered loan, because of the application of
RASSO, Mr. RISCH, and Mr. SCOTT of South
this section, would be greater than the On page 2, between lines 15 and 16, insert
Carolina) submitted an amendment intended
amount of the covered loan originally made the following:
to be proposed by him to the bill H.R. 1799,
to the eligible applicant, the lender shall (d) LIMITATION ON PRIORITIZATION.—During
supra; which was ordered to lie on the table.
provide to the eligible applicant a payment the period beginning on the date of enact-
SA 1406. Mr. MARSHALL (for himself, Mr.
that is equal to the difference between the ment of this Act and ending on the last day
RISCH, Mr. DAINES, Mr. LANKFORD, Mr.
amount of the covered loan originally made of the covered period, as defined in section
RUBIO, and Ms. ERNST) submitted an amend-
to the eligible applicant and the amount of 7(a)(36)(A)(iii) of the Small Business Act (15
ment intended to be proposed by him to the
the covered loan based on the application of U.S.C. 636(a)(36)(A)(iii)), as amended by this
bill H.R. 1799, supra; which was ordered to lie
this section. Act, the Administrator of the Small Busi-
on the table.
SA 1407. Mr. MURPHY (for Mr. DURBIN) ness Administration may not establish or en-
SA 1403. Mr. MARSHALL (for himself force any priority for processing lender ap-
proposed an amendment to the bill H.R. 1651,
to amend the CARES Act to extend the sun- and Ms. ERNST) submitted an amend- plications under paragraph (36) or (37) of sec-
set for the definition of a small business ment intended to be proposed by him tion 7(a) of the Small Business Act (15 U.S.C.
debtor, and for other purposes. to the bill H.R. 1799, to amend the 636(a)), except for any priority reasonably
SA 1408. Ms. MURKOWSKI submitted an Small Business Act and the CARES necessary to carry out the set-asides estab-
amendment intended to be proposed by her Act to extend the covered period for lished under section 323(d) of the Economic
to the bill H.R. 1799, to amend the Small Aid to Hard-Hit Small Businesses, Non-
the paycheck protection program, and
Business Act and the CARES Act to extend profits, and Venues Act (title III of division
for other purposes; which was ordered
rfrederick on DSKBCBPHB2PROD with SENATE
the covered period for the paycheck protec- N of Public Law 116–260).
to lie on the table; as follows:
tion program, and for other purposes; which
was ordered to lie on the table. At the appropriate place, insert the fol- SA 1406. Mr. MARSHALL (for him-
lowing: self, Mr. RISCH, Mr. DAINES, Mr.
f SEC. ll. PARTNERSHIP PAYCHECK PROTEC-
TION PROGRAM LOAN CALCULATION
LANKFORD, Mr. RUBIO, and Ms. ERNST)
TEXT OF AMENDMENTS submitted an amendment intended to
AS FARMER OR RANCHER.
SA 1402. Mr. LANKFORD submitted (a) IN GENERAL.—Section 7(a)(36)(V)(i)(I) of be proposed by him to the bill H.R.
an amendment intended to be proposed the Small Business Act (15 U.S.C. 1799, to amend the Small Business Act
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