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Senate Bill 1200
117th Congress(2021-2022)
Fair PPP Accounting Act
Introduced
Introduced
Introduced in Senate on Apr 19, 2021
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Introduced in Senate 
Apr 19, 2021
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Introduced in Senate(Apr 19, 2021)
Apr 19, 2021
Not Scanned for Linkage
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S. 1200 (Introduced-in-Senate)


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 Administration, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

This Act may be cited as the “Fair PPP Accounting Act”.

SEC. 2. Eligibility for paycheck protection program second draw loans.

Section 7(a)(37)(A)(iv)(I)(bb) of the Small Business Act (15 U.S.C. 636(a)(37)(A)(iv)(I)(bb)) is amended—

(1) in subitem (AA), by striking “during the first” and all that follows through “in 2019” and inserting the following: “during any contiguous 90-day period in 2020 that demonstrate not less than a 25 percent reduction from the gross receipts of the entity during the same period in 2019”; and

(2) by striking subitems (BB), (CC), and (DD) and inserting the following:

“(BB) if the entity was not in business during the entirety of 2019, but was in business for not fewer than 90 consecutive days beginning in 2019, had gross receipts during any contiguous 90-day period beginning in 2020 that demonstrate not less than a 25 percent reduction from the gross receipts of the entity during the same 90-day period beginning in 2019; and

“(CC) if the entity was not in business during 2019, but was in operation for not fewer than 90 consecutive days during 2020, had gross receipts during any contiguous 90-day period in 2020 that demonstrate not less than a 25 percent reduction from the gross receipts of the entity during an earlier contiguous 90-day period in 2020;”.