Calculate PPP Forgiveness Act of 2020

I 116TH CONGRESS 2D SESSION H. R. 7413 To direct the Administrator of the Small Business Administration to establish or certify a calculator that assists lenders and recipients with paycheck protection program loan forgiveness, and for other purposes. IN THE HOUSE OF REPRESENTATIVES JUNE 29, 2020 Mrs. WAGNER (for herself and Mr. CLAY) introduced the following bill; which was referred to the Committee on Small Business A BILL To direct the Administrator of the Small Business Adminis- tration to establish or certify a calculator that assists lenders and recipients with paycheck protection program loan forgiveness, 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 ‘‘Calculate PPP For- 4 giveness Act of 2020’’. 5 VerDate Sep 11 2014 01:34 Jul 23, 2020 Jkt 099200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H7413.IH H7413 pbinns on DSKJLVW7X2PROD with BILLS 2 •HR 7413 IH SEC. 2. CALCULATOR FOR PAYCHECK PROTECTION PRO- 1 GRAM LOAN FORGIVENESS. 2 (a) IN GENERAL.—The Administrator of the Small 3 Business Administration shall take actions, in accordance 4 with this section, to ensure the availability of a calculator 5 with respect to forgiveness of covered loans that— 6 (1) is easily accessible by the public online; 7 (2) can be utilized without cost; 8 (3) with respect to a covered loan, allows a 9 lender or recipient to accurately estimate the 10 amount of loan forgiveness related to such loan; and 11 (4) assists a lender or recipient to complete an 12 application to request loan forgiveness with respect 13 to a covered loan. 14 (b) MANNER OF PROVISION.—Not later than 5 days 15 after the date of enactment of this Act, the Administrator 16 shall establish, and thereafter maintain, at least one of 17 the following: 18 (1) A calculator that satisfies the requirements 19 specified in subsection (a). 20 (2) A process to certify a calculator established 21 and maintained by a third party that satisfies such 22 requirements. 23 (c) CERTIFICATION PROCESS REQUIREMENTS.— 24 (1) IN GENERAL.—If, under subsection (b), the 25 Administrator elects only to establish the certifi- 26 VerDate Sep 11 2014 01:34 Jul 23, 2020 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H7413.IH H7413 pbinns on DSKJLVW7X2PROD with BILLS 3 •HR 7413 IH cation process referenced in paragraph (2) of that 1 subsection, the Administrator— 2 (A) not later than 10 days after the date 3 of enactment of this Act, shall certify at least 4 one calculator that satisfies the requirements 5 specified in subsection (a); 6 (B) upon request, shall review and, after a 7 certification under subparagraph (A), may cer- 8 tify additional calculators that satisfy the re- 9 quirements specified in paragraphs (1), (3), and 10 (4) of subsection (a) (with certification deter- 11 minations made not later than 10 days after 12 the receipt of an application for review); and 13 (C) not later than 10 days after the date 14 of enactment of this Act, and weekly thereafter, 15 shall make available to the public online a list 16 specifying the calculators— 17 (i) certified pursuant to this section; 18 and 19 (ii) under review for certification. 20 (2) ASSISTED APPLICATIONS.—The Adminis- 21 trator shall accept an application to request loan for- 22 giveness with respect to a covered loan submitted 23 with the assistance of a calculator certified under 24 this section. 25 VerDate Sep 11 2014 01:34 Jul 23, 2020 Jkt 099200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H7413.IH H7413 pbinns on DSKJLVW7X2PROD with BILLS 4 •HR 7413 IH (3) USE OF LOGO.—The Administrator may es- 1 tablish a logo that a third party may utilize to sig- 2 nify that a calculator is certified pursuant to this 3 section. 4 (d) COORDINATION WITH DEPARTMENT OF THE 5 TREASURY.—The Administrator shall carry out this sec- 6 tion in coordination with the Secretary of the Treasury. 7 (e) COVERED LOAN DEFINED.—In this section, the 8 term ‘‘covered loan’’ has the meaning given such term in 9 section 7(a)(36) of the Small Business Act (15 U.S.C. 10 636(a)(36)). 11 (f) EXPIRATION.—The requirements under this sec- 12 tion shall cease to have effect on October 31, 2021. 13 Æ VerDate Sep 11 2014 01:34 Jul 23, 2020 Jkt 099200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6301 E:\BILLS\H7413.IH H7413 pbinns on DSKJLVW7X2PROD with BILLS