Section 1 Short title
This Act may be cited as the “PPP Equity Act of 2021”.
PPP Equity Act of 2021
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.
Sec. 2 Gross revenue calculation for farmers, ranchers, and sole proprietors
in the subparagraph heading, by striking “farmers and ranchers” and inserting “farmers, ranchers, and sole proprietors”;
in clause (i)—
in subclause (I), by inserting “is a sole proprietor,” after “independent contractor,”; and
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
in clause (ii)(I)(aa)(AA), by inserting “Schedule C (or any equivalent successor schedule) or” before “Schedule F”.
Conforming amendments— Section 313(b) of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Public Law 116–260) is amended—
by striking “Date;” in the subsection heading and all that follows through “Except” and inserting “Date.—Except”; and
by striking paragraph (2).
Effective date; applicability—
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.
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.