Low-Revenue Recipient Paycheck Protection Program Relief Act of 2022
Bill: S.5026 | Sponsor: Sen. Gillibrand, Kirsten E. (D-NY)
Policy area: Commerce

Summary:
Low-Revenue Recipient Paycheck Protection Program Relief Act of 2022
This bill provides additional forgiveness and flexibilities to certain low-revenue recipients of Paycheck Protection Program loans.

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.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Low-Revenue Recipient Paycheck 
Protection Program Relief Act of 2022''.

SEC. 2. LOW-REVENUE RECIPIENT LOAN FORGIVENESS.

    (a) In General.--Section 7A of the Small Business Act (15 U.S.C. 
636m) is amended--
            (1) in subsection (i)--
                    (A) in paragraph (1), by inserting ``or (m)(2)'' 
                after ``subsection (b)''; and
                    (B) in paragraph (3)(B), by inserting ``or (m)(2)'' 
                after ``subsection (b)''; and
            (2) by adding at the end the following:
    ``(m) Low-Revenue Recipients Loan Forgiveness.--
            ``(1) In general.--With respect to a covered loan received 
        by a low-revenue recipient not later than December 1, 2020, and 
        for which the low-revenue recipient has received no loan 
        forgiveness under this section, at the election of the low-
        revenue recipient, the term `covered period' shall, for the 
        purposes of this section, mean the period--
                    ``(A) beginning on the earlier of--
                            ``(i) the date selected by the low-revenue 
                        recipient; or
                            ``(ii) September 1, 2021; and
                    ``(B) ending on a date selected by the eligible 
                recipient of the covered loan that occurs during the 
                period--
                            ``(i) beginning on the date that is 8 weeks 
                        after the start date of the covered period 
                        specified in subparagraph (A); and
                            ``(ii) ending on the date that is 24 weeks 
                        after the start date of the covered period 
                        specified in subparagraph (A).
            ``(2) Additional loan forgiveness.--
                    ``(A) In general.--A low-revenue recipient that 
                received loan forgiveness under this section for a 
                covered loan received not later than December 1, 2020, 
                shall be eligible for additional forgiveness of 
                indebtedness on the covered loan in accordance with 
                this paragraph.
                    ``(B) Additional forgiveness calculation.--The 
                amount of forgiveness of indebtedness on a covered loan 
                for which a low-revenue recipient is eligible under 
                this paragraph is the amount equal to the difference 
                between--
                            ``(i) the amount of forgiveness of 
                        indebtedness on the covered loan that the low-
                        revenue recipient would be eligible for under 
                        this section, as in effect on the date on which 
                        the low-revenue recipient applies for loan 
                        forgiveness under this paragraph, if--
                                    ``(I) the low-revenue recipient had 
                                not received any loan forgiveness for 
                                the covered loan under this section;
                                    ``(II) for the purposes of this 
                                section, the term `covered period' 
                                meant the period described in paragraph 
                                (1); and
                                    ``(III) for the purposes of 
                                paragraphs (5) and (7) of subsection 
                                (d), the covered loan was made on or 
                                after the date of enactment of the 
                                Economic Aid to Hard-Hit Small 
                                Businesses, Nonprofits, and Venues Act 
                                (Public Law 116-260; 134 Stat. 1993); 
                                and
                            ``(ii) the amount of loan forgiveness for 
                        the covered loan that the low-revenue recipient 
                        received under this section.
                    ``(C) Excess payment refund.--If the Administrator, 
                pursuant to loan forgiveness under this paragraph and 
                in accordance with subsection (c)(3), makes a 
                remittance to a lender in an amount exceeding the total 
                outstanding balance of the applicable covered loan, 
                including any accrued interest, the lender shall pay to 
                the low-revenue recipient an amount equal to that 
                excess.
                    ``(D) Additional forgiveness limit.--No low-revenue 
                recipient may receive loan forgiveness under this 
                paragraph more than once.
            ``(3) Low-revenue recipient defined.--In this subsection, 
        the term `low-revenue recipient' means an eligible recipient 
        that received a covered loan not later than December 1, 2020, 
        and--
                    ``(A) was not in operation during the period 
                beginning on April 1, 2020, and ending on December 31, 
                2020; or
                    ``(B) during the period described in subparagraph 
                (A), had gross receipts of not more than 20 percent of 
                the gross receipts of the eligible recipient during the 
                corresponding period in 2019.''.
    (b) Regulations.--Not later than 14 days after the date of 
enactment of this Act, the Administrator of the Small Business 
Administration shall issue regulations carrying out subsection (m) of 
section 7A of the Small Business Act (15 U.S.C. 636m), as added by 
subsection (a).
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