II 

116TH CONGRESS 

2D SESSION S. 4171 

To direct the Administrator of the Small Business Administration to establish 

or certify a calculator that assists lenders and recipients with paycheck 

protection program loan forgiveness, and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

JULY 2, 2020 

Mr. KING (for himself and Mr. KENNEDY) introduced the following bill; which 

was read twice and referred to the Committee on Small Business and Entrepreneurship 

A BILL 

To direct the Administrator of the Small Business Administration to establish or certify a calculator that assists 

lenders and recipients with paycheck protection program 

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 ‘‘Calculate PPP For5 giveness Act of 2020’’. 

6 SEC. 2. CALCULATOR FOR PAYCHECK PROTECTION PRO7 GRAM LOAN FORGIVENESS. 

8 (a) DEFINITIONS.—In this section— 


pbinns on DSKJLVW7X2PROD with BILLS
2 

•S 4171 IS

1 (1) the term ‘‘Administrator’’ means the Ad2 ministrator of the Small Business Administration; 

3 and 

4 (2) the term ‘‘covered loan’’ has the meaning 

5 given the term in section 7(a)(36) of the Small Busi6 ness Act (15 U.S.C. 636(a)(36)). 

7 (b) ONLINE CALCULATOR.—The Administrator shall 

8 take actions, in accordance with this section, to ensure the 

9 availability of a calculator with respect to forgiveness of 

10 covered loans that— 

11 (1) is easily accessible by the public online; 

12 (2) can be utilized without cost; 

13 (3) with respect to a covered loan, allows a 

14 lender or recipient to accurately estimate the 

15 amount of loan forgiveness related to the covered 

16 loan; and 

17 (4) assists a lender or recipient to complete an 

18 application to request loan forgiveness with respect 

19 to a covered loan. 

20 (c) MANNER OF PROVISION.—Not later than 5 days 

21 after the date of enactment of this Act, the Administrator 

22 shall establish, and thereafter maintain— 

23 (1) a calculator that satisfies the requirements 

24 specified in subsection (b); or 


pbinns on DSKJLVW7X2PROD with BILLS
3 

•S 4171 IS

1 (2) a process to certify a calculator established 

2 and maintained by a third party that satisfies those 

3 requirements. 

4 (d) CERTIFICATION PROCESS REQUIREMENTS.— 

5 (1) IN GENERAL.—If, under subsection (c), the 

6 Administrator elects only to establish the certifi7 cation process referenced in paragraph (2) of that 

8 subsection, the Administrator— 

9 (A) not later than 10 days after the date 

10 of enactment of this Act, shall certify not less 

11 than 1 calculator that satisfies the requirements 

12 specified in subsection (b); 

13 (B) upon request, shall review and, after a 

14 certification under subparagraph (A), may cer15 tify additional calculators that satisfy the re16 quirements specified in paragraphs (1), (3), and 

17 (4) of subsection (b), with certification deter18 minations made not later than 10 days after 

19 the receipt of an application for review; and 

20 (C) not later than 10 days after the date 

21 of enactment of this Act, and weekly thereafter, 

22 shall make available to the public online a list 

23 specifying the calculators— 

24 (i) certified pursuant to this section; 

25 and 


pbinns on DSKJLVW7X2PROD with BILLS
4 

•S 4171 IS

1 (ii) under review for certification. 

2 (2) ASSISTED APPLICATIONS.—The Adminis3 trator shall accept an application to request loan for4 giveness with respect to a covered loan submitted 

5 with the assistance of a calculator certified under 

6 this section. 

7 (3) USE OF LOGO.—The Administrator may es8 tablish a logo that a third party may utilize to sig9 nify that a calculator is certified pursuant to this 

10 section. 

11 (e) COORDINATION WITH DEPARTMENT OF THE

12 TREASURY.—The Administrator shall carry out this sec13 tion in coordination with the Secretary of the Treasury. 

14 (f) EXPIRATION.—The requirements under this sec15 tion shall cease to have effect on October 31, 2021. 

Æ 


pbinns on DSKJLVW7X2PROD with BILLS