[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5190 Introduced in House (IH)]
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117th CONGRESS
1st Session
H. R. 5190
To amend the Small Business Act to include excess loan amount errors in
the forgiveness of a paycheck protection program loan, and for other
purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
September 7, 2021
Ms. Houlahan (for herself and Mr. Evans) introduced the following bill;
which was referred to the Committee on Small Business
_______________________________________________________________________
A BILL
To amend the Small Business Act to include excess loan amount errors in
the forgiveness of a paycheck protection program loan, and for other
purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Small-Dollar PPP Forgiveness
Simplification Act of 2021''.
SEC. 2. SIMPLIFIED APPLICATION FOR COVERED LOANS UP TO $350,000.
(a) In General.--Section 7A(l) of the Small Business Act (15 U.S.C.
636m(l)) is amended--
(1) in paragraph (1)--
(A) in the paragraph heading, by striking
``$150,000'' and inserting ``$350,000''; and
(B) by striking ``not more than $150,000'' each
place it appears and inserting ``less than or equal to
$350,000''; and
(2) in paragraph (2)--
(A) in the paragraph heading, by striking
``$150,000'' and inserting ``$350,000''; and
(B) in subparagraph (A), by striking ``$150,000''
and inserting ``$350,000''.
(b) Effective Date.--The amendment made by this subsection shall be
effective as if included in the Economic Aid to Hard-Hit Small
Businesses, Nonprofits, and Venues Act (Public Law 116-260; 134 Stat.
1993) 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.
SEC. 3. FORGIVENESS OF EXCESS LOAN AMOUNTS FOR PAYCHECK PROTECTION
PROGRAM LOANS.
(a) Paycheck Protection Program Loans.--
(1) In general.--Section 7A(a)(1) of the Small Business Act
(15 U.S.C. 636m(a)(1)) is amended by inserting before the
semicolon at the end the following: ``and includes any amount
of a covered loan received due to an excess loan amount error
(as described in Procedural Notice 5000-20078 of the
Administration titled `Paycheck Protection Program Excess Loan
Amount Errors' and dated January 15, 2021)''.
(2) Conforming amendment.--Section 7A(l)(1)(A)(ii)(II) of
the Small Business Act is amended by striking ``complied'' and
inserting ``acted in good faith to comply''.
(3) Effective date.--The amendments made by this subsection
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.
(4) Applicability to loans already forgiven.--The
amendments made by this subsection shall 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 Act, as in effect on the day before the date of the
enactment of the Economic Aid to Hard-Hit Small Businesses,
Nonprofits, and Venues Act (Public Law 116-260; 134 Stat.
1993), or section 7A of the Small Business Act (15 U.S.C.
636m), as in effect on the day before the date of enactment of
this Act.
(b) Paycheck Protection Program Second Draw Loans.--
(1) In general.--Section 7(a)(37)(J)(i) of the Small
Business Act (15 U.S.C. 636(a)(37)(J)(i)) is amended to read as
follows:
``(i) Definitions.--In this subparagraph--
``(I) the term `covered loan'
includes any amount of a covered loan
received due to an excess loan amount
error (as described in Procedural
Notice 5000-20078 of the Administration
titled `Paycheck Protection Program
Excess Loan Amount Errors' and dated
January 15, 2021); and
``(II) the term `covered period'
has the meaning given that term in
section 7A(a).''.
(2) Effective date.--The amendment made by this subsection
shall be effective as if included in the Economic Aid to Hard-
Hit Small Businesses, Nonprofits, and Venues Act (Public Law
116-260; 134 Stat. 1993) and shall apply to any loan made
pursuant to section 7(a)(37) of the Small Business Act (15
U.S.C. 636(a)(37)) before, on, or after the date of enactment
of this Act, including forgiveness of such a loan.
(3) Applicability to loans already forgiven.--The amendment
made by this subsection shall apply to a loan made pursuant to
section 7(a)(37) of the Small Business Act (15 U.S.C.
636(a)(37)) for which the borrower received forgiveness before
the date of enactment of this Act.
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