Calculate PPP Forgiveness Act of 2020

II 116TH CONGRESS 2D SESSION S. 4171 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 SENATE OF THE UNITED STATES JULY 2, 2020 Mr. KING (for himself and Mr. KENNEDY) introduced the following bill; which was read twice and referred to the Committee on Small Business and En- trepreneurship 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 SEC. 2. CALCULATOR FOR PAYCHECK PROTECTION PRO- 6 GRAM LOAN FORGIVENESS. 7 (a) DEFINITIONS.—In this section— 8 VerDate Sep 11 2014 01:32 Jul 13, 2020 Jkt 099200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S4171.IS S4171 pbinns on DSKJLVW7X2PROD with BILLS 2 •S 4171 IS (1) the term ‘‘Administrator’’ means the Ad- 1 ministrator of the Small Business Administration; 2 and 3 (2) the term ‘‘covered loan’’ has the meaning 4 given the term in section 7(a)(36) of the Small Busi- 5 ness Act (15 U.S.C. 636(a)(36)). 6 (b) ONLINE CALCULATOR.—The Administrator shall 7 take actions, in accordance with this section, to ensure the 8 availability of a calculator with respect to forgiveness of 9 covered loans that— 10 (1) is easily accessible by the public online; 11 (2) can be utilized without cost; 12 (3) with respect to a covered loan, allows a 13 lender or recipient to accurately estimate the 14 amount of loan forgiveness related to the covered 15 loan; and 16 (4) assists a lender or recipient to complete an 17 application to request loan forgiveness with respect 18 to a covered loan. 19 (c) MANNER OF PROVISION.—Not later than 5 days 20 after the date of enactment of this Act, the Administrator 21 shall establish, and thereafter maintain— 22 (1) a calculator that satisfies the requirements 23 specified in subsection (b); or 24 VerDate Sep 11 2014 01:32 Jul 13, 2020 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\S4171.IS S4171 pbinns on DSKJLVW7X2PROD with BILLS 3 •S 4171 IS (2) a process to certify a calculator established 1 and maintained by a third party that satisfies those 2 requirements. 3 (d) CERTIFICATION PROCESS REQUIREMENTS.— 4 (1) IN GENERAL.—If, under subsection (c), the 5 Administrator elects only to establish the certifi- 6 cation process referenced in paragraph (2) of that 7 subsection, the Administrator— 8 (A) not later than 10 days after the date 9 of enactment of this Act, shall certify not less 10 than 1 calculator that satisfies the requirements 11 specified in subsection (b); 12 (B) upon request, shall review and, after a 13 certification under subparagraph (A), may cer- 14 tify additional calculators that satisfy the re- 15 quirements specified in paragraphs (1), (3), and 16 (4) of subsection (b), with certification deter- 17 minations made not later than 10 days after 18 the receipt of an application for review; and 19 (C) not later than 10 days after the date 20 of enactment of this Act, and weekly thereafter, 21 shall make available to the public online a list 22 specifying the calculators— 23 (i) certified pursuant to this section; 24 and 25 VerDate Sep 11 2014 01:32 Jul 13, 2020 Jkt 099200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\S4171.IS S4171 pbinns on DSKJLVW7X2PROD with BILLS 4 •S 4171 IS (ii) under review for certification. 1 (2) ASSISTED APPLICATIONS.—The Adminis- 2 trator shall accept an application to request loan for- 3 giveness with respect to a covered loan submitted 4 with the assistance of a calculator certified under 5 this section. 6 (3) USE OF LOGO.—The Administrator may es- 7 tablish a logo that a third party may utilize to sig- 8 nify that a calculator is certified pursuant to this 9 section. 10 (e) COORDINATION WITH DEPARTMENT OF THE 11 TREASURY.—The Administrator shall carry out this sec- 12 tion in coordination with the Secretary of the Treasury. 13 (f) EXPIRATION.—The requirements under this sec- 14 tion shall cease to have effect on October 31, 2021. 15 Æ VerDate Sep 11 2014 01:32 Jul 13, 2020 Jkt 099200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6301 E:\BILLS\S4171.IS S4171 pbinns on DSKJLVW7X2PROD with BILLS