[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S. 5026 Introduced in Senate (IS)]
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117th CONGRESS
2d Session
S. 5026
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 SENATE OF THE UNITED STATES
September 29, 2022
Mrs. Gillibrand introduced the following bill; which was read twice and
referred to the Committee on Small Business and Entrepreneurship
_______________________________________________________________________
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 2022''.
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 the low-revenue recipient has received no loan
forgiveness under this section, at the election of the 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 subparagraph (A).
``(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 the 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 the covered loan that the low-
revenue recipient would be eligible for under
this section, as in effect on the date on which
the low-revenue recipient applies for loan
forgiveness under this paragraph, if--
``(I) the low-revenue recipient had
not received any loan forgiveness for
the 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), the covered loan was made on or
after the date of 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
the covered loan that the 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 that
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 the period described in subparagraph
(A), had gross receipts of not more than 20 percent of
the gross receipts of the eligible recipient during the
corresponding period in 2019.''.
(b) Regulations.--Not later than 14 days after the date of
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).
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