[Congressional Record Volume 166, Number 106 (Tuesday, June 9, 2020)]
[Senate]
[Page S2809]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. THUNE (for himself and Ms. Baldwin):
  S. 3918. A bill to modify the calculation of the maximum loan amount 
for certain farmers and ranchers under the paycheck protection program 
of the Small Business Administration, and for other purposes; to the 
Committee on Small Business and Entrepreneurship.
  Mr. THUNE. Mr. President, I ask unanimous consent that the text of 
the bill be printed in the Record.
  There being no objection, the text of the bill was ordered to be 
printed in the Record, as follows:

                                S. 3918

       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 ``Paycheck Protection for 
     Producers Act''.

     SEC. 2. CALCULATION OF MAXIMUM LOAN AMOUNT FOR FARMERS AND 
                   RANCHERS UNDER THE PAYCHECK PROTECTION PROGRAM.

       (a) In General.--Section 7(a)(36) of the Small Business Act 
     (15 U.S.C. 636(a)(36)) is amended--
       (1) in subparagraph (E), in the matter preceding clause 
     (i), by striking ``During'' and inserting ``Except as 
     provided in subparagraph (T), during''; and
       (2) by adding at the end the following:
       ``(T) Calculation of maximum loan amount for farmers and 
     ranchers.--
       ``(i) Definition.--In this subparagraph, the term `covered 
     recipient' means an eligible recipient that--

       ``(I) operates as a sole proprietorship or as an 
     independent contractor, or is an eligible self-employed 
     individual;
       ``(II) reports farm income or expenses on a Schedule F (or 
     any equivalent successor schedule); and
       ``(III) was in business during the period beginning on 
     February 15, 2019 and ending on June 30, 2019.

       ``(ii) No employees.--With respect to covered recipient 
     without employees, the maximum covered loan amount shall be 
     the lesser of--

       ``(I) the sum of--

       ``(aa) the product obtained by multiplying--
       ``(AA) the gross income of the covered recipient in 2019, 
     as reported on a Schedule F (or any equivalent successor 
     schedule), that is not more than $100,000, divided by 12; and
       ``(BB) 2.5; and
       ``(bb) the outstanding amount of a loan under subsection 
     (b)(2) that was made during the period beginning on January 
     31, 2020 and ending on April 3, 2020 that the borrower 
     intends to refinance under the covered loan, not including 
     any amount of any advance under the loan that is not required 
     to be repaid; or

       ``(II) $10,000,000.

       ``(iii) With employees.--With respect to a covered 
     recipient with employees, the maximum covered loan amount 
     shall be calculated using the formula described in 
     subparagraph (E), except that the gross income of the covered 
     recipient described in clause (ii)(I)(aa)(AA) of this 
     subparagraph, as divided by 12, shall be added to the sum 
     calculated under subparagraph (E)(i)(I).
       ``(iv) Recalculation.--A lender that made a covered loan to 
     a covered recipient before the date of enactment of this 
     subparagraph may, at the request of the covered recipient--

       ``(I) recalculate the maximum loan amount applicable to 
     that covered loan based on the formula described in clause 
     (ii) or (iii), as applicable, if doing so would result in a 
     larger covered loan amount; and
       ``(II) provide the covered recipient with additional 
     covered loan amounts based on that recalculation.''.

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