Calculate PPP Forgiveness Act of 2020

Bill: 116-s-4171
Sponsor: full_name: Sen. King, Angus S., Jr. [I-ME]
Introduced: 2020-07-02
Policy area: Commerce
Subjects: Business expenses

Cardiovascular and respiratory health

Emergency medical services and trauma care

Government information and archives

Government lending and loan guarantees

Infectious and parasitic diseases

Small business

Wages and earnings
Latest action: action_date: 2020-07-02
text: Read twice and referred to the Committee on Small Business and Entrepreneurship.

Summaries:
action_date: 2020-07-02
action_desc: Introduced in Senate
text: <p><b>Calculate PPP Forgiveness Act of 2020</b></p> <p>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.</p>

tv_txt: II 116th CONGRESS 2d Session S. 4171 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.

1. Short title This Act may be cited as the Calculate PPP Forgiveness Act of 2020 . 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.