II 

117TH CONGRESS 

2D SESSION S. 5026 

To permit certain businesses to select an alternative covered period for loan 

forgiveness under the Paycheck Protection Program and provide certain 

businesses additional loan forgiveness, and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

SEPTEMBER 29, 2022 

Mrs. GILLIBRAND introduced the following bill; which was read twice and 

referred to the Committee on Small Business and Entrepreneurship 

A BILL 

To permit certain businesses to select an alternative covered 

period for loan forgiveness under the Paycheck Protection Program and provide certain businesses additional 

loan forgiveness, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Low-Revenue Recipi5 ent Paycheck Protection Program Relief Act of 2022’’. 

6 SEC. 2. LOW-REVENUE RECIPIENT LOAN FORGIVENESS. 

7 (a) IN GENERAL.—Section 7A of the Small Business 

8 Act (15 U.S.C. 636m) is amended— 


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1 (1) in subsection (i)— 

2 (A) in paragraph (1), by inserting ‘‘or 

3 (m)(2)’’ after ‘‘subsection (b)’’; and 

4 (B) in paragraph (3)(B), by inserting ‘‘or 

5 (m)(2)’’ after ‘‘subsection (b)’’; and 

6 (2) by adding at the end the following: 

7 ‘‘(m) LOW-REVENUE RECIPIENTS LOAN FORGIVE8 NESS.— 

9 ‘‘(1) IN GENERAL.—With respect to a covered 

10 loan received by a low-revenue recipient not later 

11 than December 1, 2020, and for which the low-rev12 enue recipient has received no loan forgiveness under 

13 this section, at the election of the low-revenue recipi14 ent, the term ‘covered period’ shall, for the purposes 

15 of this section, mean the period— 

16 ‘‘(A) beginning on the earlier of— 

17 ‘‘(i) the date selected by the low-rev18 enue recipient; or 

19 ‘‘(ii) September 1, 2021; and 

20 ‘‘(B) ending on a date selected by the eligi21 ble recipient of the covered loan that occurs 

22 during the period— 

23 ‘‘(i) beginning on the date that is 8 

24 weeks after the start date of the covered 

25 period specified in subparagraph (A); and 


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1 ‘‘(ii) ending on the date that is 24 

2 weeks after the start date of the covered 

3 period specified in subparagraph (A). 

4 ‘‘(2) ADDITIONAL LOAN FORGIVENESS.— 

5 ‘‘(A) IN GENERAL.—A low-revenue recipi6 ent that received loan forgiveness under this 

7 section for a covered loan received not later 

8 than December 1, 2020, shall be eligible for ad9 ditional forgiveness of indebtedness on the cov10 ered loan in accordance with this paragraph. 

11 ‘‘(B) ADDITIONAL FORGIVENESS CALCULA12 TION.—The amount of forgiveness of indebted13 ness on a covered loan for which a low-revenue 

14 recipient is eligible under this paragraph is the 

15 amount equal to the difference between— 

16 ‘‘(i) the amount of forgiveness of in17 debtedness on the covered loan that the 

18 low-revenue recipient would be eligible for 

19 under this section, as in effect on the date 

20 on which the low-revenue recipient applies 

21 for loan forgiveness under this paragraph, 

22 if— 

23 ‘‘(I) the low-revenue recipient 

24 had not received any loan forgiveness 


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1 for the covered loan under this sec2 tion; 

3 ‘‘(II) for the purposes of this sec4 tion, the term ‘covered period’ meant 

5 the period described in paragraph (1); 

6 and 

7 ‘‘(III) for the purposes of para8 graphs (5) and (7) of subsection (d), 

9 the covered loan was made on or after 

10 the date of enactment of the Eco11 nomic Aid to Hard-Hit Small Busi12 nesses, Nonprofits, and Venues Act 

13 (Public Law 116–260; 134 Stat. 

14 1993); and 

15 ‘‘(ii) the amount of loan forgiveness 

16 for the covered loan that the low-revenue 

17 recipient received under this section. 

18 ‘‘(C) EXCESS PAYMENT REFUND.—If the 

19 Administrator, pursuant to loan forgiveness 

20 under this paragraph and in accordance with 

21 subsection (c)(3), makes a remittance to a lend22 er in an amount exceeding the total outstanding 

23 balance of the applicable covered loan, including 

24 any accrued interest, the lender shall pay to the 


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1 low-revenue recipient an amount equal to that 

2 excess. 

3 ‘‘(D) ADDITIONAL FORGIVENESS LIMIT.— 

4 No low-revenue recipient may receive loan for5 giveness under this paragraph more than once. 

6 ‘‘(3) LOW-REVENUE RECIPIENT DEFINED.—In 

7 this subsection, the term ‘low-revenue recipient’ 

8 means an eligible recipient that received a covered 

9 loan not later than December 1, 2020, and— 

10 ‘‘(A) was not in operation during the pe11 riod beginning on April 1, 2020, and ending on 

12 December 31, 2020; or 

13 ‘‘(B) during the period described in sub14 paragraph (A), had gross receipts of not more 

15 than 20 percent of the gross receipts of the eli16 gible recipient during the corresponding period 

17 in 2019.’’. 

18 (b) REGULATIONS.—Not later than 14 days after the 

19 date of enactment of this Act, the Administrator of the 

20 Small Business Administration shall issue regulations car21 rying out subsection (m) of section 7A of the Small Busi22 ness Act (15 U.S.C. 636m), as added by subsection (a). 

Æ 


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