Section 1 Short title
This Act may be cited as the “PPP Flexibility for Farmers and Ranchers Act”.
PPP Flexibility for Farmers and Ranchers Act
A BILL
To amend the Small Business Act to allow certain ranchers and farmers categorized as partnerships to use an alternative calculation for a maximum loan amount under the paycheck protection program, and for other purposes.
Sec. 2 Partnership paycheck protection program loan calculation as farmer or rancher
In general— Section 7(a)(36)(V)(i)(I) of the Small Business Act (15 U.S.C. 636(a)(36)(V)(i)(I)) is amended by inserting “is a partnership,” after “independent contractor,”.
Effective date; Applicability—
In general— Except as provided in paragraph (2), the amendment made by subsection (a) 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.
Exclusion of loans already forgiven— The amendments made by subsection (a) shall not 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 (15 U.S.C. 9005).