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House Bill 2583
117th Congress(2021-2022)
PPP Equity Act of 2021
Introduced
Introduced
Introduced in House on Apr 15, 2021
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Introduced in House 
Apr 15, 2021
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Introduced in House(Apr 15, 2021)
Apr 15, 2021
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H. R. 2583 (Introduced-in-House)


117th CONGRESS
1st Session
H. R. 2583


To modify the calculation of the maximum loan amount under the paycheck protection program for farmers, ranchers, and sole proprietors, and for other purposes.

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.

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 “PPP Equity Act of 2021”.

SEC. 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.