Point Roberts Small Business Fairness Act

Bill: 117-hr-3760
Sponsor: full_name: Rep. DelBene, Suzan K. [D-WA-1]
Introduced: 2021-06-08
Policy area: Commerce
Subjects: Border security and unlawful immigration

Canada

Cardiovascular and respiratory health

Emergency medical services and trauma care

Government lending and loan guarantees

Infectious and parasitic diseases

Small business
Latest action: action_date: 2021-06-08
text: Referred to the House Committee on Small Business.

Summaries:
action_date: 2021-06-08
action_desc: Introduced in House
text: <p><b>Point Roberts Small Business Fairness Act </b></p> <p>This bill requires the Small Business Administration (SBA) to establish a program to make forgivable loans to certain small businesses that are impacted by border closures due to COVID-19 (i.e., coronavirus disease 2019).</p> <p>Eligible small businesses must (1) have experienced a loss in revenue that is greater than 50% during the second, third, or fourth quarter of 2020 compared with the same period in the previous year; and (2) show that the closure of the U.S.-Canada border directly resulted in a reduction in gross receipts or 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: I 117th CONGRESS 1st Session H. R. 3760 IN THE HOUSE OF REPRESENTATIVES June 8, 2021 Ms. DelBene 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 certain businesses located near the United States and Canadian border, and for other purposes.

1. Short title This Act may be cited as the Point Roberts Small Business Fairness Act . 2. Definitions In this Act: (1) Administrator The term Administrator means the Administrator of the Small Business Administration. (2) Covered business The term covered business means a small business concern (as defined in section 3 of the Small Business Act ( 15 U.S.C. 632 ))— (A) located in the contiguous United States; (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 covered businesses (a) In general The Administrator shall establish a program to make forgivable loans available to covered businesses that had gross receipts during the second, third, or fourth quarter of 2020 that demonstrate a greater than 50 percent reduction from the gross receipts of the entity during the same quarter in 2019. (b) Eligibility To be eligible for a forgivable loan under subsection (a), a covered business shall— (1) have been in operation on March 1, 2020; and (2) show that the closure of the United States and Canadian border— (A) directly resulted in a reduction in the gross receipts of the covered business; or (B) restricted the ability of customers to access the location of the covered business. (c) Loan amount The maximum loan amount under subsection (a) shall be equal to 75 percent of the gross annual receipts for the covered 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 covered business under subsection (a) less the amount the covered 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 ).