ANGLE Act
Bill: H.R.3188 | Sponsor: Rep. Fischbach, Michelle (R-MN)
Policy area: Commerce

Summary:
Assistance Needed for Great Losses Experienced in Isolated Northern Lakes Economic Territory Act or the ANGLE Act
This bill requires the Small Business Administration (SBA) to establish a program to make forgivable loans to certain remote recreational businesses that are impacted by border closures due to COVID-19 (i.e., coronavirus disease 2019).
Eligible remote recreational businesses must (1) have experienced a loss in revenue that is greater than 50% between March 1, 2020, and December 31, 2020, as compared with the same period in the previous year; and (2) show that the closure of the U.S.-Canada border restricted the ability of American customers to access the location of such businesses.
The maximum loan amount shall be equal to 75% of the business's FY2019 revenue, and the SBA shall forgive 100% of the value of such loan, less the amount the borrower received from (1) any other loan forgiveness program, or (2) any emergency advance under the economic impact disaster loan program.

To direct the Administrator of the Small Business Administration to 
establish a forgivable loan program for remote recreational businesses, 
                        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 ``Assistance Needed for Great Losses 
Experienced in Isolated Northern Lakes Economic Territory Act'' or the 
``ANGLE Act''.

SEC. 2. FORGIVABLE LOAN PROGRAM FOR REMOTE RECREATIONAL BUSINESSES.

    (a) In General.--The Administrator shall establish a program to 
make forgivable loans available to remote recreational businesses that 
experienced a loss in revenue that is greater than 50 percent during 
the period between March 1, 2020, and December 31, 2020, as compared 
with the same period during previous year.
    (b) Eligibility.--To be eligible for a forgivable loan, a remote 
recreational business must--
            (1) have been in operation on March 1, 2020; and
            (2) show that the closure of the United States and Canadian 
        border restricted the ability of American customers to access 
        the location of the remote recreational business.
    (c) Loan Amount.--The maximum loan amount shall be equal to 75 
percent of the remote recreational gross annual receipts for fiscal 
year 2019.
    (d) Forgiveness.--Not later than 1 calendar year from the date of 
enactment of this Act, the Administrator shall forgive 100 percent of 
the value of a loan received less the amount the borrower received 
from--
            (1) any other loan forgiveness program, including any 
        program established under the CARES Act (Public Law 116-136); 
        and
            (2) an advance received under section 1110 of the CARES Act 
        (15 U.S.C. 9009).

SEC. 3. DEFINITIONS.

    In this Act:
            (1) Administrator.--The term ``Administrator'' means the 
        Administrator of the Small Business Administration.
            (2) Remote recreational business.--The term ``remote 
        recreational business'' means a business in the contiguous 
        United States that is--
                    (A) a small business concern (as defined under 
                section 3 of the Small Business Act (15 U.S.C. 632)) 
                operating in the recreational industry;
                    (B) located within 75 miles of the United States 
                and Canadian border; and
                    (C) is only accessible by land via Canada.
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