Paycheck Protection Clarification for Producers Act

Bill: 117-hr-1246
Sponsor: full_name: Rep. Kind, Ron [D-WI-3]
Introduced: 2021-02-23
Policy area: Commerce
Subjects: Cardiovascular and respiratory health

Economic performance and conditions

Food industry and services

Government lending and loan guarantees

Infectious and parasitic diseases

Wages and earnings
Latest action: action_date: 2021-02-23
text: Referred to the House Committee on Small Business.

Summaries:
action_date: 2021-02-23
action_desc: Introduced in House
text: <p><b>Paycheck Protection Clarification for Producers Act</b></p> <p> This bill expands eligibility for agricultural producers under the Paycheck Protection Program, established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019), to include certain agricultural producers such as partnerships or limited liability companies. Currently, only certain agricultural producers that are sole proprietorships, independent contractors, or self-employed individuals may receive support under the program.</p> <p><br> </p>

tv_txt: I 117th CONGRESS 1st Session H. R. 1246 IN THE HOUSE OF REPRESENTATIVES February 23, 2021 Mr. Kind (for himself and Mr. Fortenberry ) introduced the following bill; which was referred to the Committee on Small Business A BILL To amend the Small Business Act to allow ranchers and farmers to use an alternative calculation for a maximum loan amount under the paycheck protection program.

1. Short title This Act may be cited as the Paycheck Protection Clarification for Producers Act . 2. Paycheck protection program loan calculation for farmers or ranchers (a) In general Section 7(a)(36)(V)(i) of the Small Business Act (as amended by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act ( Public Law 116–260 )) is amended by striking subclause (I) and redesignating subclauses (II) and (III) as subclauses (I) and (II), respectively. (b) Effective date; Applicability (1) In general Except as provided in paragraph (2), the amendments made by subsection (a) shall be effective as if included in the CARES Act ( Public Law 116–136 ; 134 Stat. 281) and shall apply to any loan made pursuant to section 7(a)(36) of the Small Business Act ( 15 U.S.C. 636(a)(36) ) before, on, or after the date of enactment of this Act, including forgiveness of such a loan. (2) Exclusion of loans already forgiven The amendments made by subsection (a) shall not apply to a loan made pursuant to section 7(a)(36) of the Small Business Act ( 15 U.S.C. 636(a)(36) ) for which the borrower received forgiveness before the date of enactment of this Act under section 1106 of the CARES.