[Congressional Record Volume 167, Number 55 (Wednesday, March 24, 2021)]
[Senate]
[Page S1778]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 1408. Ms. MURKOWSKI submitted an amendment intended to be proposed 
by her 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. __. PPP AND SECOND DRAW LOANS FOR BUSINESSES THAT 
                   EXPERIENCED EXTREME HARDSHIP.

       (a) PPP.--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 ``subparagraph (V)'' and inserting 
     ``subparagraphs (V) and (W)''; and
       (2) by adding at the end the following:
       ``(W) Calculation of maximum loan amount for businesses 
     that experienced extreme hardship.--
       ``(i) Definition.--In this subparagraph, the term `extreme 
     hardship' means, with respect to an eligible recipient 
     applying for assistance under this paragraph--

       ``(I) except as provided in subclauses (II), (III), and 
     (IV), that the eligible recipient had gross receipts during 
     the first, second, third, or, only with respect to an 
     application submitted on or after January 1, 2021, fourth 
     quarter in 2020 that demonstrate not less than a 75 percent 
     reduction from the gross receipts of the eligible recipient 
     during the same quarter in 2019;
       ``(II) if the eligible recipient was not in business during 
     the first or second quarter of 2019, but was in business 
     during the third and fourth quarter of 2019, that the 
     eligible recipient had gross receipts during the first, 
     second, third, or, only with respect to an application 
     submitted on or after January 1, 2021, fourth quarter of 2020 
     that demonstrate not less than a 75 percent reduction from 
     the gross receipts of the eligible recipient during the third 
     or fourth quarter of 2019;
       ``(III) if the eligible recipient was not in business 
     during the first, second, or third quarter of 2019, but was 
     in business during the fourth quarter of 2019, that the 
     eligible recipient had gross receipts during the first, 
     second, third, or, only with respect to an application 
     submitted on or after January 1, 2021, fourth quarter of 2020 
     that demonstrate not less than a 75 percent reduction from 
     the gross receipts of the eligible recipient during the 
     fourth quarter of 2019; or
       ``(IV) if the eligible recipient was not in business during 
     2019, but was in operation on February 15, 2020, that the 
     eligible recipient had gross receipts during the second, 
     third, or, only with respect to an application submitted on 
     or after January 1, 2021, fourth quarter of 2020 that 
     demonstrate not less than a 75 percent reduction from the 
     gross receipts of the eligible recipient during the first 
     quarter of 2020.

       ``(ii) Maximum loan amount.--In calculating the maximum 
     covered loan amount under subparagraph (E) with respect to an 
     eligible recipient that experienced extreme hardship, 
     subclauses (I)(aa)(BB) and (II)(aa)(BB), as applicable, of 
     subparagraph (E)(i) shall be applied by substituting `3.5' 
     for `2.5'.''.
       (b) Second Draw.--Section 7(a)(37) of the Small Business 
     Act (15 U.S.C. 636(a)(37)) is amended--
       (1) in subparagraph (A)(i), by inserting `` `extreme 
     hardship,' '' after `` `eligible self-employed individual,' 
     ''; and
       (2) in subparagraph (C), by adding at the end the 
     following:
       ``(v) Extreme hardship.--In calculating the maximum loan 
     amount under clause (i), (ii), or (iii) with respect to an 
     eligible entity that experienced extreme hardship, clause 
     (i)(I)(bb), (ii)(I)(bb), and (iii)(I)(bb), as applicable, 
     shall be applied by substituting `3.5' for `2.5'.''.
       (c) Covered Period for Loan Forgiveness for Second Draw 
     Loans.--Section 7(a)(37)(J)(i) of the Small Business Act (15 
     U.S.C. 636(a)(37)(J)(i)) is amended to read as follows:
       ``(i) Definition of covered period.--In this subparagraph, 
     the term `covered period' means the period--

       ``(I) beginning on the date of the origination of a covered 
     loan; and
       ``(II) ending on a date selected by the eligible recipient 
     of the covered loan that occurs during the period--

       ``(aa) beginning on the date that is 8 weeks after such 
     date of origination; and
       ``(bb) ending on the date that is 52 weeks after such date 
     of origination.''.
       (d) Applicability.--The amendments made by this section 
     shall apply--
       (1) for the amendments made by subsections (a) and (b), 
     with respect to an applicant for a loan under paragraph (36) 
     or (37) of section 7(a) of the Small Business Act (15 U.S.C. 
     636(a)(37)) before, on, or after the date of enactment of 
     this Act; and
       (2) for the amendment made by subsection (c), with respect 
     to an applicant for loan forgiveness under section 
     7(a)(37)(J) of that Act (15 U.S.C. 636(a)(37)(J)) that has 
     not yet received the loan forgiveness.

                          ____________________