H.R. 7845 — Introduced in House

I 116th CONGRESS 2d Session H. R. 7845 IN THE HOUSE OF REPRESENTATIVES July 29, 2020Mr. Peterson introduced the following bill; which was referred to the Committee on Small Business A BILL To direct the Administrator of the Small Business Administration to establish a forgivable loan program for remote recreational businesses, and for other purposes. 1. Short title This Act may be cited as the Remote Recreational Small Business Interruption Program. 2. Forgivable loan program for remote recreational businesses (a) In general The Administrator shall establish a program to make forgivable loans available to remote recreational businesses that experienced a loss in revenue that is greater than 50 percent during the period between March 1, 2020, and July 1, 2020, as compared with the same period during previous year. (b) Eligibility To be eligible for a forgivable loan, a remote recreational business must— (1) have been in operation on March 1, 2020; and (2) show that the closure of the United States and Canadian border restricted the ability of American customers to access the location of the remote recreational business. (c) Loan amount The maximum loan amount shall be equal to 75 percent of the remote recreational gross annual receipts for fiscal year 2019. (d) Forgiveness Not later than 1 calendar year from the date of enactment of this Act, the Administrator shall forgive 100 percent of the value of a loan received less the amount the borrower received from— (1) any other loan forgiveness program, including any program established under the CARES Act (Public Law 116–136); and (2) an advance received under section 1110 of the CARES Act (15 U.S.C. 9009). 3. Definitions In this Act: (1) Administrator The term Administrator means the Administrator of the Small Business Administration. (2) Administration The term remote recreational business means a business in the contiguous United States that is— (A) a small business concern (as defined under section 3 of the Small Business Act (15 U.S.C. 632)) operating in the recreational industry; (B) located within 75 miles of the United States and Canadian border; and (C) is only accessible by land via Canada.