I 
117TH CONGRESS 
1ST SESSION H. R. 2583 
To modify the calculation of the maximum loan amount under the paycheck 
protection program for farmers, ranchers, and sole proprietors, and for 
other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
APRIL 15, 2021 
Mrs. HINSON (for herself and Ms. SPANBERGER) introduced the following bill; 
which was referred to the Committee on Small Business 
A BILL 
To modify the calculation of the maximum loan amount 
under the paycheck protection program for farmers, 
ranchers, and sole proprietors, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘PPP Equity Act of 
2021’’. 
SEC. 2. GROSS REVENUE CALCULATION FOR FARMERS, 
RANCHERS, AND SOLE PROPRIETORS. 
(a) IN GENERAL.—Section 7(a)(36)(V) of the Small 
Business Act (15 U.S.C. 636(a)(36)(V)) is amended— 
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(1) in the subparagraph heading, by striking 
‘‘FARMERS AND RANCHERS’’ and inserting ‘‘FARM-
ERS, RANCHERS, AND SOLE PROPRIETORS’’; 
(2) in clause (i)— 
(A) in subclause (I), by inserting ‘‘is a sole 
proprietor,’’ after ‘‘independent contractor,’’; 
and 
(B) in subclause (II), by striking ‘‘farm in-
come or expenses on a Schedule F’’ and insert-
ing ‘‘income or expenses on a Schedule C (or 
any equivalent successor schedule) or Schedule 
F’’; and 
(3) in clause (ii)(I)(aa)(AA), by inserting 
‘‘Schedule C (or any equivalent successor schedule) 
or’’ before ‘‘Schedule F’’. 
(b) CONFORMING AMENDMENTS.—Section 313(b) of 
the Economic Aid to Hard-Hit Small Businesses, Non-
profits, and Venues Act (Public Law 116–260) is amend-
ed— 
(1) by striking ‘‘DATE;’’ in the subsection head-
ing and all that follows through ‘‘Except’’ and in-
serting ‘‘DATE.—Except’’; and 
(2) by striking paragraph (2). 
(c) EFFECTIVE DATE; APPLICABILITY.— 
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(1) IN GENERAL.—This Act and the amend-
ments made by this Act shall be effective as if in-
cluded 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) PROCESS FOR BORROWERS PREVIOUSLY EX-
CLUDED.—Not later than 60 days after the date of 
the enactment of this Act, the Administrator of the 
Small Business Administration shall establish a 
process under which a borrower that was prohibited 
from requesting a recalculation of a covered loan 
under section 7(a)(36)(V)(iv) of the Small Business 
Act (15 U.S.C. 636(a)(36)(V)(iv)) because of the 
application of section 313(b)(2) of the Economic Aid 
to Hard-Hit Small Businesses, Nonprofits, and 
Venues Act (Public Law 116–260), as in effect on 
the day before the date of the enactment of this Act, 
may submit, via mail or online, a request for such 
recalculation. 
Æ 
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