Remote Recreational Small Business Interruption Program

Bill: 116-hr-7845
Sponsor: full_name: Rep. Peterson, Collin C. [D-MN-7]
Introduced: 2020-07-29
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: 2020-07-29
text: Referred to the House Committee on Small Business.

Summaries:
action_date: 2020-07-29
action_desc: Introduced in House
text: <p><b>Remote Recreational Small Business Interruption Program</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 business.</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, and (2) any emergency advance under the economic impact disaster loan program. </p>

tv_txt: I 116th CONGRESS 2d Session H. R. 7845 IN THE HOUSE OF REPRESENTATIVES July 29, 2020 Mr. Peterson introduced the following bill; which was referred to the Committee on Small Business 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 . 2. 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 between March 1, 2020, and July 1, 2020, as compared with the same period during previous year. (b) Eligibility To be eligible for a forgivable loan, a remote recreational business must— (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 shall be equal to 75 percent of the remote recreational gross annual receipts for fiscal year 2019. (d) Forgiveness Not later than 1 calendar year from the date of enactment of this Act, the Administrator shall forgive 100 percent of the value of a loan received less the amount the borrower received from— (1) any other loan forgiveness program, including any program established under the CARES Act ( Public Law 116–136 ); and (2) an advance received under section 1110 of the CARES Act ( 15 U.S.C. 9009 ). 3. Definitions In this Act: (1) Administrator The term Administrator means the Administrator of the Small Business Administration. (2) Administration The term remote recreational business means a business in the contiguous United States that is— (A) a small business concern (as defined under 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) is only accessible by land via Canada.