PPP Equity Act of 2021
Bill: H.R.2583 | Sponsor: Rep. Hinson, Ashley (R-IA)
Policy area: Commerce

Summary:
PPP Equity Act of 2021
This bill allows farmers, ranchers, and sole proprietors to retroactively recalculate their loans under the Paycheck Protection Program, established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019), based on gross income rather than net profits.

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 Representatives 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--
            (1) in the subparagraph heading, by striking ``farmers and 
        ranchers'' and inserting ``farmers, 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 income or 
                expenses on a Schedule F'' and inserting ``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, Nonprofits, and Venues Act (Public Law 116-
260) is amended--
            (1) by striking ``Date;'' in the subsection heading and all 
        that follows through ``Except'' and inserting ``Date.--
        Except''; and
            (2) by striking paragraph (2).
    (c) Effective Date; Applicability.--
            (1) In general.--This Act and the amendments made by this 
        Act shall be effective as if included 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 excluded.--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.
                                 <all>