PPP Equity Act of 2021

Bill: 117-hr-2583
Sponsor: full_name: Rep. Hinson, Ashley [R-IA-1]
Introduced: 2021-04-15
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: 2021-04-15
text: Referred to the House Committee on Small Business.

Summaries:
action_date: 2021-04-15
action_desc: Introduced in House
text: <p><b>PPP Equity Act of 2021</b></p> <p>This bill allows farmers, ranchers, and sole proprietors to retroactively recalculate their loans under the Paycheck Protection Program, established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019), based on gross income rather than net profits.</p>

tv_txt: I 117th CONGRESS 1st Session H. R. 2583 IN THE HOUSE OF REPRESENTATIVES April 15, 2021 Mrs. Hinson (for herself and Ms. Spanberger ) introduced the following bill; which was referred to the Committee on Small Business A BILL To modify the calculation of the maximum loan amount under the paycheck protection program for farmers, ranchers, and sole proprietors, and for other purposes.

1. Short title This Act may be cited as the PPP Equity Act of 2021 . 2. Gross revenue calculation for farmers, ranchers, and sole proprietors (a) In general Section 7(a)(36)(V) of the Small Business Act ( 15 U.S.C. 636(a)(36)(V) ) is amended— (1) in the subparagraph heading, by striking farmers and ranchers and inserting farmers, ranchers, and sole proprietors ; (2) in clause (i)— (A) in subclause (I), by inserting is a sole proprietor, after independent contractor, ; and (B) in subclause (II), by striking farm income or expenses on a Schedule F and inserting income or expenses on a Schedule C (or any equivalent successor schedule) or Schedule F ; and (3) in clause (ii)(I)(aa)(AA), by inserting Schedule C (or any equivalent successor schedule) or before Schedule F . (b) Conforming amendments Section 313(b) of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act ( Public Law 116–260 ) is amended— (1) by striking Date; in the subsection heading and all that follows through Except and inserting Date.— Except ; and (2) by striking paragraph (2). (c) Effective date; applicability (1) In general This Act and the amendments made by this Act 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) Process for borrowers previously excluded Not later than 60 days after the date of the enactment of this Act, the Administrator of the Small Business Administration shall establish a process under which a borrower that was prohibited from requesting a recalculation of a covered loan under section 7(a)(36)(V)(iv) of the Small Business Act ( 15 U.S.C. 636(a)(36)(V)(iv) ) because of the application of section 313(b)(2) of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act ( Public Law 116–260 ), as in effect on the day before the date of the enactment of this Act, may submit, via mail or online, a request for such recalculation.