[Congressional Record Volume 167, Number 55 (Wednesday, March 24, 2021)]
[Senate]
[Page S1777]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 1402. Mr. LANKFORD submitted an amendment intended to be proposed 
by him to the bill H.R. 1799, to amend the Small Business Act and the 
CARES Act to extend the covered period for the paycheck protection 
program, and for other purposes; which was ordered to lie on the table; 
as follows:

       At the appropriate place, insert the following:

     SEC. ___. REVISIONS TO LOAN AMOUNT CALCULATION AND 
                   ELIGIBILITY.

       (a) Definitions.--In this section--
       (1) the term ``covered loan'' means a loan made under 
     paragraph (36) or (37) of section 7(a) of the Small Business 
     Act (15 U.S.C. 636(a));
       (2) the term ``eligible applicant'' means a taxpayer that 
     files Internal Revenue Service Form 1040, Schedule C; and
       (3) the term ``interim final rule'' means the interim final 
     rule of the Small Business Administration entitled ``Business 
     Loan Program Temporary Changes; Paycheck Protection Program - 
     Revisions to Loan Amount Calculation and Eligibility'', 
     Docket Number SBA-2021-0010.
       (b) Calculation of Maximum Loan Amount for Certain 
     Applicants.--
       (1) In general.--An eligible applicant applying for a 
     covered loan may calculate the maximum amount of the covered 
     loan using the gross income of the eligible applicant, as 
     reported on the applicable Internal Revenue Service Form 
     1040, Schedule C filed by the eligible applicant.
       (2) Retroactive effect.--Notwithstanding any provision of 
     the interim final rule, paragraph (1) shall apply with 
     respect to any covered loan made to an eligible applicant 
     that is approved on or after the date of enactment of the 
     Economic Aid to Hard-Hit Small Businesses, Nonprofits, and 
     Venues Act (title III of division N of Public Law 116-260).
       (c) Recalculation.--
       (1) In general.--With respect to a covered loan made to an 
     eligible applicant that was approved during the period 
     beginning on the date of enactment of the Economic Aid to 
     Hard-Hit Small Businesses, Nonprofits, and Venues Act (title 
     III of division N of Public Law 116-260) and ending on the 
     day before the date of enactment of this Act, the eligible 
     applicant may submit to the lender with respect to the 
     covered loan a request to recalculate the amount of the 
     covered loan based on the application of this section.
       (2) Supplemental payments.--If, after receiving a request 
     from an eligible applicant under paragraph (1), the 
     applicable lender determines that the amount of the 
     applicable covered loan, because of the application of this 
     section, would be greater than the amount of the covered loan 
     originally made to the eligible applicant, the lender shall 
     provide to the eligible applicant a payment that is equal to 
     the difference between the amount of the covered loan 
     originally made to the eligible applicant and the amount of 
     the covered loan based on the application of this section.
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