3.0.0 1249 2023-01-11T13:49:16Z 2023-01-11T13:49:16Z Senate S 2021-04-20 117 sssb00 Small Business and Entrepreneurship Committee Senate Standing Referred to 2021-04-20T21:54:25Z Seasonal Business PPP Parity Act 117 1140 S 2021-04-15 Read twice and referred to the Committee on Small Business and Entrepreneurship. Related bill CRS Fair PPP Accounting Act 117 1200 S 2021-04-19 Read twice and referred to the Committee on Small Business and Entrepreneurship. Related bill CRS A bill to modify the maximum paycheck protection program loan amount for farmers and ranchers, sole proprietors, independent contractors, and self-employed individuals. 117 1232 S 2021-04-20 Read twice and referred to the Committee on Small Business and Entrepreneurship. Related bill CRS 2021-04-20 sssb00 Small Business and Entrepreneurship Committee Senate Read twice and referred to the Committee on Small Business and Entrepreneurship. IntroReferral 2021-04-20 Introduced in Senate IntroReferral 10000 9 Library of Congress C000141 Sen. Cardin, Benjamin L. [D-MD] Ben Cardin D MD N L000575 Sen. Lankford, James [R-OK] James Lankford R OK 2021-04-20 True B001230 Sen. Baldwin, Tammy [D-WI] Tammy Baldwin D WI 2021-04-20 True C001035 Sen. Collins, Susan M. [R-ME] Susan Collins R ME M. 2021-04-20 True K000383 Sen. King, Angus S., Jr. [I-ME] Angus King I ME S. 2021-04-20 True P000449 Sen. Portman, Rob [R-OH] Rob Portman R OH 2021-04-20 True M001198 Sen. Marshall, Roger [R-KS] Roger Marshall R KS 2021-04-20 True K000367 Sen. Klobuchar, Amy [D-MN] Amy Klobuchar D MN 2021-04-27 False C001096 Sen. Cramer, Kevin [R-ND] Kevin Cramer R ND 2021-04-27 False E000295 Sen. Ernst, Joni [R-IA] Joni Ernst R IA 2021-04-29 False Commerce Agricultural prices, subsidies, credit Business expenses Cardiovascular and respiratory health Emergency medical services and trauma care Food industry and services Government lending and loan guarantees Infectious and parasitic diseases Migrant, seasonal, agricultural labor Self-employed Small business Travel and tourism Wages and earnings Commerce 00 2021-04-20 Introduced in Senate 2022-08-05T14:59:27Z PPP Flexibility for Farmers, Ranchers, and the Self-Employed Act

This bill makes various changes to the Paycheck Protection Program (PPP) with respect to certain loans, loan applicants, and loan recipients.

First, the bill permits farming partnerships with gross farming income from self-employment to request a recalculation of the amount of their PPP loans based on the partners' distributive shares of gross income from the partnership. The recalculation is available retroactively for loans made on or before the date of enactment of this bill.

Additionally, applicants for PPP loans may calculate their maximum loan amount based on the applicant's Internal Revenue Service Form 1040, Schedule C (i.e., profit or loss from a business). This applies retroactively to PPP loans made or approved on or before December 27, 2020.

The bill also increases the maximum amount of a second draw PPP loan for individuals who received PPP loan forgiveness. The maximum second draw PPP loan amount for an eligible individual includes the increased PPP loan amount the individual would have received under the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act had the individual not already received loan forgiveness. This applies retroactively to second draw loans made on for before the date of enactment of this bill.

The bill changes from a quarterly period to any contiguous 90-day period the calculation of revenue loss in determining eligibility for a second draw PPP loan.

The bill also extends certain dates with respect to the administration of the PPP.

]]> PPP Flexibility for Farmers, Ranchers, and the Self-Employed Act Display Title PPP Flexibility for Farmers, Ranchers, and the Self-Employed Act Official Title as Introduced A bill to amend the Small Business Act to modify the maximum paycheck protection program loan amount for farmers and ranchers, sole proprietors, independent contractors, and self-employed individuals, and for other purposes. Introduced in Senate IS Short Title(s) as Introduced PPP Flexibility for Farmers, Ranchers, and the Self-Employed Act Introduced in Senate IS Introduced in Senate 2021-04-20T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-117s1249is/xml/BILLS-117s1249is.xml 2021-04-20 Read twice and referred to the Committee on Small Business and Entrepreneurship. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.