,,ii  #aag? ,,congress  #a/ ,session    
,s4 #abcb  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,april #bj1 #bjba,ms4  
,baldw9 introduc$ ! foll[+ bill2 :i* 0  
read twice & ref]r$ to ! ,committee on  
,small ,bus9ess & ,entrepr5eur%ip  ,a   
,,bill  ,to modify ! maximum pay*eck    
protection program loan am\nt = f>m]s & 
ran*]s1 sole proprietors1 indep5d5t     
contractors1 & self-employ$ individuals4
  #a4 ,calculation ( maximum ,,ppp loan 
am\nt  7a7 ,9 g5]al ,section            
#g7;a77#cf77,v7 ( ! ,small ,bus9ess ,act
 7#ae ,u4,s4,c4 #fcf7;a77#cf77,v77 is   
am5d$-- 7#a7 by /rik+ clause 7i7 &      
ins]t+ ! foll[+3  7i7 ,def9ition ,9 ?is 
subp>agraph1 ! t]m cov]$ recipi5t means 
an eligible recipi5t t-- 7,i7 7aa7      
op]ates z a sole proprietor%ip1 z an    
indep5d5t contractor1 or z a p>tn]%ip ) 
gross f>m+ income f self-employm5t2 or  
7bb7 is an eligible self-employ$        
individual2  7,,ii7 reports f>m income  
or exp5ses on a ,s*$ule ,f 7or any      
equival5t successor s*$ule72 &  7,,iii7 

0 9 bus9ess z ( ,febru>y #ae1 #bjbj4  2 
&  7#b7 by /rik+ clause 7iv7 & ins]t+ ! 
foll[+3  7iv7 ,p>tn]%ips ) no employees 
,) respect to a p>tn]%ip )\t employees1 
! maximum cov]$ loan am\nt %all be equal
 to ! sum (-- 7,i7 ! product obta9$ by  
multiply+-- 7aa7 ! gross income1 limit$ 
to ! am\nt attributable to g5]al p>tn]s 
z det]m9$ by ! sum ( _! di/ributive %>es
 ( gross f>m+ income f self-employm5t1 t
 is n m ?an #ajj1jjj p] p>tn]1 & no m   
?an #ejj1jjj 9 total1 divid$ by #ab2 &  
7bb7 #b4e2 &  7,,ii7 ! out/&+ am\nt ( a 
loan "u subsection 7b77#b7 t 0 made dur+
 ! p]iod beg9n+ on ,janu>y #ca1 #bjbj & 
end+ on ,april #c1 #bjbj t ! borr[]     
int5ds to ref9ance "u ! cov]$ loan1 n   
includ+ any am\nt ( any advance "u !    
loan t is n requir$ to be repaid4  7v7  
,recalculation  7,i7 ,9 g5]al ,a l5d] t 
made a cov]$ loan be=e ! date ( enactm5t
 ( ! ,,ppp ,flexibility = ,f>m]s1       
,ran*]s1 & ! ,self-,employ$ ,act may1 at
 ! reque/ ( ! cov]$ recipi5t-- 7aa7     
recalculate ! maximum loan am\nt        

applicable to t cov]$ loan bas$ on !    
=mula describ$ 9 clause 7ii71 7iii71 or 
7iv71 z applicable1 if do+ s w\ld result
 9 a l>g] cov]$ loan am\nt2 &  7bb7     
provide ! cov]$ recipi5t ) additional   
cov]$ loan am\nts bas$ on t             
recalculation4  7,,ii7 ,loan limitation 
,= purposes ( receiv+ a recalculat$ loan
 am\nt relat$ to a cov]$ loan "u        
subclause 7,i71 p>agraph 7#cg77;,f7 %all
 n apply4  7,,iii7 ,effect ( =giv5ess   
,subject to rules issu$ by !            
,adm9i/rator1 a cov]$ recipi5t %all be  
eligible to submit a reque/ = a         
recalculat$ loan am\nt relat$ to a cov]$
 loan "u subclause 7,i7 )\t reg>d to    
:e!r ! cov]$ recipi5t has s\ght or      
receiv$ =giv5ess ) respect to !         
applicable cov]$ loan "u section #g;,a4 
7,,iv7 ,=giv5ess ( recalculat$ loan     
am\nt ,= purposes ( ?is subp>agraph1 z  
soon z is practicable ^u exp5diture (   
additional cov]$ loan am\nts provid$ "u 
subclause 7,i7-- 7aa7 an eligible       
recipi5t %all atte/ to compliance )     

applicable requirem5ts "u ?is p>agraph2 
&  7bb7 ! additional cov]$ loan am\nts  
%all be =giv5 "u section #g;,a4  7,v7   
,reimbursem5t = loan process+ ,!        
,adm9i/rator %all reimburse a l5d] =    
process+ recalculation reque/s "u ?is   
clause 9 an am\nt det]m9$ by !          
,adm9i/rator4  4  7b7 ,effective date2  
applicability ,! am5dm5ts made by       
subsection 7a7 %all be effective z if   
includ$ 9 ! ,,c>es ,act 7,public ,law   
#aaf-acf7 & %all apply to any loan made 
pursuant to section #g7;a77#cf7 ( !     
,small ,bus9ess ,act 7#ae ,u4,s4,c4     
#fcf7;a77#cf77 be=e1 on1 or aft] ! date 
( enactm5t ( ?is ,act4