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II
117TH CONGRESS
1ST SESSION
S. 1492
To direct the Administrator of the Small Business Administration to establish
a forgivable loan program for remote recreational businesses, and for
other purposes.
IN THE SENATE OF THE UNITED STATES
APRIL 29, 2021
Ms. SMITH (for herself, Ms. KLOBUCHAR, and Mrs. MURRAY) introduced the
following bill; which was read twice and referred to the Committee on
Small Business and Entrepreneurship
A BILL
To direct the Administrator of the Small Business Adminis-
tration to establish a forgivable loan program for remote
recreational businesses, 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 ‘‘Remote Recreational
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Small Business Interruption Program Act’’.
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SEC. 2. DEFINITIONS.
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In this Act:
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(1) ADMINISTRATOR.—The term ‘‘Adminis-
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trator’’ means the Administrator of the Small Busi-
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ness Administration.
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(2) REMOTE
RECREATIONAL
BUSINESS.—The
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term ‘‘remote recreational business’’ means a busi-
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ness in the contiguous United States that is—
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(A) a small business concern (as defined in
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section 3 of the Small Business Act (15 U.S.C.
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632)) operating in the recreational industry;
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(B) located within 75 miles of the United
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States and Canadian border; and
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(C) only accessible by land via Canada.
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SEC. 3. FORGIVABLE LOAN PROGRAM FOR REMOTE REC-
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REATIONAL BUSINESSES.
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(a) IN GENERAL.—The Administrator shall establish
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a program to make forgivable loans available to remote
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recreational businesses that experienced a loss in revenue
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that is greater than 50 percent during the period begin-
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ning on March 1, 2020 and ending on July 1, 2020 as
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compared with the same period during 2019.
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(b) ELIGIBILITY.—To be eligible for a forgivable loan
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under subsection (a), a remote recreational business
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shall—
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(1) have been in operation on March 1, 2020;
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and
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•S 1492 IS
(2) show that the closure of the United States
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and Canadian border restricted the ability of Amer-
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ican customers to access the location of the remote
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recreational business.
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(c) LOAN AMOUNT.—The maximum loan amount
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under subsection (a) shall be equal to 75 percent of the
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gross annual receipts for the remote recreational business
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for fiscal year 2019.
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(d) FORGIVENESS.—Not later than 1 year after the
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date of enactment of this Act, the Administrator shall for-
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give 100 percent of the value of a loan made to a remote
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recreational business under subsection (a) less the amount
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the remote recreational business received from—
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(1) any other loan forgiveness program, includ-
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ing any program established under the CARES Act
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(Public Law 116–136); or
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(2) an advance under section 1110 of the
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CARES Act (15 U.S.C. 9009).
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Æ
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