Remote Recreational Small Business Interruption Program Act
Bill: S.1492 | Sponsor: Sen. Smith, Tina (D-MN)
Policy area: Commerce

Summary:
Remote Recreational Small Business Interruption Program 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 July 1, 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 ``Remote Recreational Small Business 
Interruption Program Act''.

SEC. 2. 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 in 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) only accessible by land via Canada.

SEC. 3. 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 beginning on March 1, 2020 and ending on July 1, 2020 as 
compared with the same period during 2019.
    (b) Eligibility.--To be eligible for a forgivable loan under 
subsection (a), a remote recreational business shall--
            (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 under subsection (a) 
shall be equal to 75 percent of the gross annual receipts for the 
remote recreational business for fiscal year 2019.
    (d) Forgiveness.--Not later than 1 year after the date of enactment 
of this Act, the Administrator shall forgive 100 percent of the value 
of a loan made to a remote recreational business under subsection (a) 
less the amount the remote recreational business received from--
            (1) any other loan forgiveness program, including any 
        program established under the CARES Act (Public Law 116-136); 
        or
            (2) an advance under section 1110 of the CARES Act (15 
        U.S.C. 9009).
                                 <all>