[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6252 Introduced in House (IH)]
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117th CONGRESS
1st Session
H. R. 6252
To permit certain businesses to select an alternative covered period
for loan forgiveness under the Paycheck Protection Program and provide
certain businesses additional loan forgiveness, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
December 13, 2021
Mr. Nadler (for himself, Ms. Norton, and Mrs. Carolyn B. Maloney of New
York) introduced the following bill; which was referred to the
Committee on Small Business
_______________________________________________________________________
A BILL
To permit certain businesses to select an alternative covered period
for loan forgiveness under the Paycheck Protection Program and provide
certain businesses additional loan forgiveness, 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 ``Low-Revenue Recipient Paycheck
Protection Program Relief Act of 2021''.
SEC. 2. LOW-REVENUE RECIPIENT LOAN FORGIVENESS.
(a) In General.--Section 7A of the Small Business Act (15 U.S.C.
636m) is amended--
(1) in subsection (i)--
(A) in paragraph (1), by inserting ``or (m)(2)''
after ``subsection (b)''; and
(B) in paragraph (3)(B), by inserting ``or (m)(2)''
after ``subsection (b)''; and
(2) by adding at the end the following:
``(m) Low-Revenue Recipients Loan Forgiveness.--
``(1) In general.--With respect to a covered loan received
by a low-revenue recipient not later than December 1, 2020, and
for which such low-revenue recipient has received no loan
forgiveness under this section, at the election of such low-
revenue recipient, the term `covered period' shall, for the
purposes of this section, mean the period--
``(A) beginning on the earlier of--
``(i) the date selected by the low-revenue
recipient; or
``(ii) September 1, 2021; and
``(B) ending on a date selected by the eligible
recipient of the covered loan that occurs during the
period--
``(i) beginning on the date that is 8 weeks
after the start date of the covered period
specified in subparagraph (A); and
``(ii) ending on the date that is 24 weeks
after the start date of the covered period
specified in such subparagraph.
``(2) Additional loan forgiveness.--
``(A) In general.--A low-revenue recipient that
received loan forgiveness under this section for a
covered loan received not later than December 1, 2020,
shall be eligible for additional forgiveness of
indebtedness on such covered loan in accordance with
this paragraph.
``(B) Additional forgiveness calculation.--The
amount of forgiveness of indebtedness on a covered loan
for which a low-revenue recipient is eligible under
this paragraph is the amount equal to the difference
between--
``(i) the amount of forgiveness of
indebtedness on such covered loan that such
low-revenue recipient would be eligible for
under this section, as in effect on the date on
which such low-revenue recipient applies for
loan forgiveness under this paragraph, if--
``(I) such low-revenue recipient
had not received any loan forgiveness
for such covered loan under this
section;
``(II) for the purposes of this
section, the term `covered period'
meant the period described in paragraph
(1); and
``(III) for the purposes of
paragraphs (5) and (7) of subsection
(d), such covered loan was made on or
after 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);
and
``(ii) the amount of loan forgiveness for
such covered loan that such low-revenue
recipient received under this section.
``(C) Excess payment refund.--If the Administrator,
pursuant to loan forgiveness under this paragraph and
in accordance with subsection (c)(3), makes a
remittance to a lender in an amount exceeding the total
outstanding balance of the applicable covered loan,
including any accrued interest, the lender shall pay to
the low-revenue recipient an amount equal to such
excess.
``(D) Additional forgiveness limit.--No low-revenue
recipient may receive loan forgiveness under this
paragraph more than once.
``(3) Low-revenue recipient defined.--In this subsection,
the term `low-revenue recipient' means an eligible recipient
that received a covered loan not later than December 1, 2020,
and--
``(A) was not in operation during the period
beginning on April 1, 2020, and ending on December 31,
2020; or
``(B) during such period, had gross receipts of not
more than 20 percent of the gross receipts of such
eligible recipient during the corresponding period in
2019.''.
(b) Regulations.--Not later than two weeks after the date of the
enactment of this Act, the Administrator of the Small Business
Administration shall issue regulations carrying out subsection (m) of
section 7A of the Small Business Act (15 U.S.C. 636m), as added by
subsection (a) of this Act.
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