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II
117TH CONGRESS
1ST SESSION
S. 1047
To amend the Small Business Act to allow certain ranchers and farmers
categorized as partnerships to use an alternative calculation for a max-
imum loan amount under the paycheck protection program, and for
other purposes.
IN THE SENATE OF THE UNITED STATES
MARCH 25, 2021
Mr. MARSHALL (for himself, Mr. HICKENLOOPER, and Ms. ERNST) introduced
the following bill; which was read twice and referred to the Committee
on Small Business and Entrepreneurship
A BILL
To amend the Small Business Act to allow certain ranchers
and farmers categorized as partnerships to use an alter-
native calculation for a maximum loan amount under
the paycheck protection program, and for other purposes.
Be it enacted by the Senate and House of Representa-
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tives of the United States of America in Congress assembled,
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SECTION 1. SHORT TITLE.
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This Act may be cited as the ‘‘PPP Flexibility for
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Farmers and Ranchers Act’’.
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•S 1047 IS
SEC. 2. PARTNERSHIP PAYCHECK PROTECTION PROGRAM
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LOAN CALCULATION AS FARMER OR RANCH-
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ER.
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(a) IN GENERAL.—Section 7(a)(36)(V)(i)(I) of the
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Small Business Act (15 U.S.C. 636(a)(36)(V)(i)(I)) is
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amended by inserting ‘‘is a partnership,’’ after ‘‘inde-
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pendent contractor,’’.
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(b) EFFECTIVE DATE; APPLICABILITY.—
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(1) IN GENERAL.—Except as provided in para-
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graph (2), the amendment made by subsection (a)
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shall be effective as if included in the CARES Act
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(Public Law 116–136; 134 Stat. 281) and shall
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apply to any loan made pursuant to section 7(a)(36)
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of the Small Business Act (15 U.S.C. 636(a)(36))
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before, on, or after the date of enactment of this
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Act, including forgiveness of such a loan.
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(2) EXCLUSION
OF
LOANS
ALREADY
FOR-
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GIVEN.—The amendments made by subsection (a)
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shall not apply to a loan made pursuant to section
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7(a)(36) of the Small Business Act (15 U.S.C.
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636(a)(36)) for which the borrower received forgive-
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ness before the date of enactment of this Act under
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section 1106 of the CARES Act (15 U.S.C. 9005).
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Æ
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