Fair PPP Accounting Act

II 117TH CONGRESS 1ST SESSION S. 1200 To amend the definition of eligible entity in the second draw loan program of the Small Business Administration, and for other purposes. IN THE SENATE OF THE UNITED STATES APRIL 19, 2021 Mr. PORTMAN (for himself, Mrs. SHAHEEN, and Ms. COLLINS) introduced the following bill; which was read twice and referred to the Committee on Small Business and Entrepreneurship A BILL To amend the definition of eligible entity in the second draw loan program of the Small Business Administra- tion, and for other purposes. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Fair PPP Accounting 4 Act’’. 5 SEC. 2. ELIGIBILITY FOR PAYCHECK PROTECTION PRO- 6 GRAM SECOND DRAW LOANS. 7 Section 7(a)(37)(A)(iv)(I)(bb) of the Small Business 8 Act (15 U.S.C. 636(a)(37)(A)(iv)(I)(bb)) is amended— 9 VerDate Sep 11 2014 22:13 May 10, 2021 Jkt 019200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S1200.IS S1200 pamtmann on DSKBC07HB2PROD with BILLS 2 •S 1200 IS (1) in subitem (AA), by striking ‘‘during the 1 first’’ and all that follows through ‘‘in 2019’’ and in- 2 serting the following: ‘‘during any contiguous 90-day 3 period in 2020 that demonstrate not less than a 25 4 percent reduction from the gross receipts of the enti- 5 ty during the same period in 2019’’; and 6 (2) by striking subitems (BB), (CC), and (DD) 7 and inserting the following: 8 ‘‘(BB) if the entity was 9 not in business during the 10 entirety of 2019, but was in 11 business for not fewer than 12 90 consecutive days begin- 13 ning in 2019, had gross re- 14 ceipts during any contiguous 15 90-day period beginning in 16 2020 that demonstrate not 17 less than a 25 percent re- 18 duction from the gross re- 19 ceipts of the entity during 20 the same 90-day period be- 21 ginning in 2019; and 22 ‘‘(CC) if the entity was 23 not in business during 2019, 24 but was in operation for not 25 VerDate Sep 11 2014 22:13 May 10, 2021 Jkt 019200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\S1200.IS S1200 pamtmann on DSKBC07HB2PROD with BILLS 3 •S 1200 IS fewer than 90 consecutive 1 days during 2020, had gross 2 receipts during any contig- 3 uous 90-day period in 2020 4 that demonstrate not less 5 than a 25 percent reduction 6 from the gross receipts of 7 the entity during an earlier 8 contiguous 90-day period in 9 2020;’’. 10 Æ VerDate Sep 11 2014 22:13 May 10, 2021 Jkt 019200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6301 E:\BILLS\S1200.IS S1200 pamtmann on DSKBC07HB2PROD with BILLS