Remote Recreational Small Business Interruption Program Act

Bill: 116-s-4560
Sponsor: full_name: Sen. Smith, Tina [D-MN]
Introduced: 2020-09-10
Policy area: Commerce
Subjects: Canada

Cardiovascular and respiratory health

Emergency medical services and trauma care

Government lending and loan guarantees

Infectious and parasitic diseases

Outdoor recreation

Small business
Latest action: action_date: 2020-09-10
text: Read twice and referred to the Committee on Small Business and Entrepreneurship.

Summaries:
action_date: 2020-09-10
action_desc: Introduced in Senate
text: <p><b>Remote Recreational Small Business Interruption Program</b> <b>Act</b></p> <p>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).</p> <p>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.</p> <p>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. </p>

tv_txt: II 116th CONGRESS 2d Session S. 4560 IN THE SENATE OF THE UNITED STATES September 10, 2020 Ms. Smith (for herself, Ms. Klobuchar , and Mrs. Murray ) 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 a forgivable loan program for remote recreational businesses, and for other purposes.

1. Short title This Act may be cited as the Remote Recreational Small Business Interruption Program Act . 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. 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 ).