Eligibility for paycheck protection program second draw loans

Section 7(a)(37)(A)(iv)(I)(bb) of the Small Business Act (15 U.S.C. 636(a)(37)(A)(iv)(I)(bb)) is amended— (1)in subitem (AA), by striking during the first and all that follows through in 2019 and inserting the following: during any contiguous 90-day period in 2020 that demonstrate not less than a 25-percent reduction from the gross receipts of the entity during the same period in 2019; and (2)by striking subitems (BB), (CC), and (DD) and inserting the following:

(BB)if the entity was not in business during the entirety of 2019, but was in business for not fewer than 90 consecutive days beginning in 2019, had gross receipts during any contiguous 90-day period beginning in 2020 that demonstrate not less than a 25-percent reduction from the gross receipts of the entity during the same 90-day period beginning in 2019; and (CC)if the entity was not in business during 2019, but was in operation for not fewer than 90 consecutive days during 2020, had gross receipts during any contiguous 90-day period in 2020 that demonstrate not less than a 25-percent reduction from the gross receipts of the entity during an earlier contiguous 90-day period in 2020;