Title: Calculate PPP Forgiveness Act of 2020
Policy area: Commerce

Summary:
Calculate PPP Forgiveness Act of 2020
This bill requires the Small Business Administration to establish or certify an online calculator that allows recipients of assistance under the Paycheck Protection Program established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019) to (1) estimate the amount of loan forgiveness for which they are eligible, and (2) assist with their applications to request loan forgiveness.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 4171 Introduced in Senate (IS)]

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116th CONGRESS
  2d Session
                                S. 4171

  To direct the Administrator of the Small Business Administration to 
 establish or certify a calculator that assists lenders and recipients 
   with paycheck protection program loan forgiveness, and for other 
                               purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                              July 2, 2020

 Mr. King (for himself and Mr. Kennedy) introduced the following bill; 
 which was read twice and referred to the Committee on Small Business 
                          and Entrepreneurship

_______________________________________________________________________

                                 A BILL


 
  To direct the Administrator of the Small Business Administration to 
 establish or certify a calculator that assists lenders and recipients 
   with paycheck protection program 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 ``Calculate PPP Forgiveness Act of 
2020''.

SEC. 2. CALCULATOR FOR PAYCHECK PROTECTION PROGRAM LOAN FORGIVENESS.

    (a) Definitions.--In this section--
            (1) the term ``Administrator'' means the Administrator of 
        the Small Business Administration; and
            (2) the term ``covered loan'' has the meaning given the 
        term in section 7(a)(36) of the Small Business Act (15 U.S.C. 
        636(a)(36)).
    (b) Online Calculator.--The Administrator shall take actions, in 
accordance with this section, to ensure the availability of a 
calculator with respect to forgiveness of covered loans that--
            (1) is easily accessible by the public online;
            (2) can be utilized without cost;
            (3) with respect to a covered loan, allows a lender or 
        recipient to accurately estimate the amount of loan forgiveness 
        related to the covered loan; and
            (4) assists a lender or recipient to complete an 
        application to request loan forgiveness with respect to a 
        covered loan.
    (c) Manner of Provision.--Not later than 5 days after the date of 
enactment of this Act, the Administrator shall establish, and 
thereafter maintain--
            (1) a calculator that satisfies the requirements specified 
        in subsection (b); or
            (2) a process to certify a calculator established and 
        maintained by a third party that satisfies those requirements.
    (d) Certification Process Requirements.--
            (1) In general.--If, under subsection (c), the 
        Administrator elects only to establish the certification 
        process referenced in paragraph (2) of that subsection, the 
        Administrator--
                    (A) not later than 10 days after the date of 
                enactment of this Act, shall certify not less than 1 
                calculator that satisfies the requirements specified in 
                subsection (b);
                    (B) upon request, shall review and, after a 
                certification under subparagraph (A), may certify 
                additional calculators that satisfy the requirements 
                specified in paragraphs (1), (3), and (4) of subsection 
                (b), with certification determinations made not later 
                than 10 days after the receipt of an application for 
                review; and
                    (C) not later than 10 days after the date of 
                enactment of this Act, and weekly thereafter, shall 
                make available to the public online a list specifying 
                the calculators--
                            (i) certified pursuant to this section; and
                            (ii) under review for certification.
            (2) Assisted applications.--The Administrator shall accept 
        an application to request loan forgiveness with respect to a 
        covered loan submitted with the assistance of a calculator 
        certified under this section.
            (3) Use of logo.--The Administrator may establish a logo 
        that a third party may utilize to signify that a calculator is 
        certified pursuant to this section.
    (e) Coordination With Department of the Treasury.--The 
Administrator shall carry out this section in coordination with the 
Secretary of the Treasury.
    (f) Expiration.--The requirements under this section shall cease to 
have effect on October 31, 2021.
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