,,ii  #aagth ,,congress  #ast ,session  
,s4 #abdi  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,april #bj1    
#bjba ,mr4 ,cardin 7for himself1 ,mr4   
,lankford1 ,ms4 ,baldwin1 ,ms4 ,collins1
 ,mr4 ,king1 ,mr4 ,portman1 and ,mr4    
,marshall7 introduced the following     
bill2 which was read twice and referred 
to the ,committee on ,small ,business   
and ,entrepreneurship  ,a ,,bill  ,to   
amend the ,small ,business ,act to      
modify the maximum paycheck protection  
program loan amount for farmers and     
ranchers1 sole proprietors1 independent 
contractors1 and self-employed          
individuals1 and for other purposes4    
#a4 ,short title ,this ,act may be cited
 as the ,,ppp ,flexibility for ,farmers1
 ,ranchers1 and the ,self-,employed     
,act4  #b4 ,calculation of maximum ,,ppp
 loan amount  7a7 ,in general ,section  
#g7;a77#cf77,v7 of the ,small ,business 
,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77,v77  
is amended--  7#a7 by striking clause   
7i7 and inserting the following3  7i7   

,definition ,in this subparagraph1 the  
term covered recipient means an eligible
 recipient that--  7,i7  7aa7 operates  
as a sole proprietorship1 as an         
independent contractor1 or as a         
partnership with gross farming income   
from self-employment2 or  7bb7 is an    
eligible self-employed individual2      
7,,ii7 reports farm income or expenses  
on a ,schedule ,f 7or any equivalent    
successor schedule72 and  7,,iii7 was in
 business as of ,february #ae1 #bjbj4  2
 and  7#b7 by striking clause 7iv7 and  
inserting the following3  7iv7          
,partnerships with no employees ,with   
respect to a partnership without        
employees1 the maximum covered loan     
amount shall be equal to the sum of--   
7,i7 the product obtained by            
multiplying-- 7aa7 the gross income1    
limited to the amount attributable to   
general partners as determined by the   
sum of their distributive shares of     
gross farming income from               
self-employment1 that is not more than  

#ajj1jjj per partner1 and no more than  
#ejj1jjj in total1 divided by #ab2 and  
7bb7 #b4e2 and  7,,ii7 the outstanding  
amount of a loan under subsection       
7b77#b7 that was made during the period 
beginning on ,january #ca1 #bjbj and    
ending on ,april #c1 #bjbj that the     
borrower intends to refinance under the 
covered loan1 not including any amount  
of any advance under the loan that is   
not required to be repaid4  7v7         
,recalculation  7,i7 ,in general ,a     
lender that made a covered loan before  
the date of enactment of the ,,ppp      
,flexibility for ,farmers1 ,ranchers1   
and the ,self-,employed ,act may1 at the
 request of the covered recipient-- 7aa7
 recalculate the maximum loan amount    
applicable to that covered loan based on
 the formula described in clause 7ii71  
7iii71 or 7iv71 as applicable1 if doing 
so would result in a larger covered loan
 amount2 and  7bb7 provide the covered  
recipient with additional covered loan  
amounts based on that recalculation4    

7,,ii7 ,loan limitation ,for purposes of
 receiving a recalculated loan amount   
related to a covered loan under         
subclause 7,i71 paragraph 7#cg77;,f7    
shall not apply4  7,,iii7 ,effect of    
forgiveness ,subject to rules issued by 
the ,administrator1 a covered recipient 
shall be eligible to submit a request   
for a recalculated loan amount related  
to a covered loan under subclause 7,i7  
without regard to whether the covered   
recipient has sought or received        
forgiveness with respect to the         
applicable covered loan under section   
#g;,a4  7,,iv7 ,forgiveness of          
recalculated loan amount ,for purposes  
of this subparagraph1 as soon as is     
practicable upon expenditure of         
additional covered loan amounts provided
 under subclause 7,i7--  7aa7 an        
eligible recipient shall attest to      
compliance with applicable requirements 
under this paragraph2 and  7bb7 the     
additional covered loan amounts shall be
 forgiven under section #g;,a4  7,v7    

,reimbursement for loan processing ,the 
,administrator shall reimburse a lender 
for processing recalculation requests   
under this clause in an amount          
determined by the ,administrator4  4    
7b7 ,effective date2 applicability ,the 
amendments made by subsection 7a7 shall 
be effective as if included in the      
,,cares ,act 7,public ,law #aaf-acf7 and
 shall apply to any loan made pursuant  
to section #g7;a77#cf7 of the ,small    
,business ,act 7#ae ,u4,s4,c4           
#fcf7;a77#cf77 before1 on1 or after the 
date of enactment of this ,act4  #c4    
,revisions to loan amount calculation   
and eligibility  7a7 ,definitions ,in   
this section-- 7#a7 the term            
,administrator means the ,administrator 
of the ,small ,business ,administration2
  7#b7 the term covered loan means a    
loan made under paragraph 7#cf7 or 7#cg7
 of section #g7;a7 of the ,small        
,business ,act 7#ae ,u4,s4,c4 #fcf7;a772
  7#c7 the term eligible applicant means
 a taxpayer that files ,internal        

,revenue ,service ,form #ajdj1 ,schedule
 ,c2 and  7#d7 the term interim final   
rule means the interim final rule of the
 ,small ,business ,administration       
entitled ,business ,loan ,program       
,temporary ,changes2 ,paycheck          
,protection ,program - ,revisions to    
,loan ,amount ,calculation and          
,eligibility1 ,docket ,number           
,,sba-#bjba-jjaj4  7b7 ,calculation of  
maximum loan amount for certain         
applicants  7#a7 ,in general ,an        
eligible applicant applying for a       
covered loan may calculate the maximum  
amount of the covered loan using the    
gross income of the eligible applicant1 
as reported on the applicable ,internal 
,revenue ,service ,form #ajdj1 ,schedule
 ,c filed by the eligible applicant1    
that is not more than #ajj1jjj4  7#b7   
,retroactive effect ,notwithstanding any
 provision of the interim final rule1   
paragraph 7#a7 shall apply with respect 
to any covered loan made to an eligible 
applicant that is approved on or after  

the date of enactment of the ,economic  
,aid to ,hard-,hit ,small ,businesses1  
,nonprofits1 and ,venues ,act 7title    
,,iii of division ,n of ,public ,law    
#aaf-bfj74  7c7 ,recalculation  7#a7 ,in
 general ,the ,administrator shall      
create a process to allow eligible      
applicants to request a recalculation of
 the amount of a covered loan and       
receive additional amounts equal to the 
difference between the amount of the    
covered loan originally received by the 
eligible applicant and the amount of the
 covered loan based on the application  
of this section4  7#b7 ,loan limitation 
,for purposes of receiving additional   
amounts under paragraph 7#a71 section   
#g7;a77#cg77;,f7 of the ,small ,business
 ,act 7#ae ,u4,s4,c4 #fcf7;a77#cg77;,f77
 shall not apply4  7#c7 ,effect of      
forgiveness ,subject to rules issued by 
the ,administrator1 an eligible         
applicant shall be eligible to submit a 
request for a recalculated loan amount  
under paragraph 7#a7 without regard to  

whether the eligible applicant has      
sought or received forgiveness with     
respect to the applicable covered loan  
under section #g;,a of the ,small       
,business ,act 7#ae ,u4,s4,c4 #fcfm74   
7#d7 ,forgiveness of additional amounts 
,for purposes of this subsection1 as    
soon as is practicable upon expenditure 
of additional covered loan amounts      
provided under paragraph 7#a7-- 7,a7 an 
eligible applicant shall attest to      
compliance with applicable requirements 
under section #g7;a77#cg7 of the ,small 
,business ,act 7#ae ,u4,s4,c4           
#fcf7;a77#cg772 and  7,b7 the additional
 loan amounts shall be forgiven under   
section #g;,a of the ,small ,business   
,act 7#ae ,u4,s4,c4 #fcfm74  7#e7       
,reimbursement for loan processing ,the 
,administrator shall reimburse a lender 
for processing recalculation requests   
under this subsection in an amount      
determined by the ,administrator4  #d4  
,maximum amount of second draw loan  7a7
 ,in general ,section #g7;a77#cg7 of the

 ,small ,business ,act 7#ae ,u4,s4,c4   
#fcf7;a77#cg77 is amended by striking   
subparagraph 7,c7 and inserting the     
following3  7,c7 ,maximum loan amount   
7i7 ,in general ,except as otherwise    
provided in this subparagraph1 the      
maximum amount of a covered loan made to
 an eligible entity is the sum of--     
7,i7 the lesser of-- 7aa7 the product   
obtained by multiplying-- 7,,aa7 at the 
election of the eligible entity1 the    
average total monthly payment for       
payroll costs incurred or paid by the   
eligible entity during the #a-year      
period before the date on which the loan
 is made or calendar year #bjai2 by     
7,,bb7 #b4e2 or  7bb7 #b1jjj1jjj2 plus  
7,,ii7 with respect to a loan received  
under paragraph 7#cf7 for which the     
eligible entity received forgiveness    
under section #aajf of the ,,cares ,act 
7as in effect before the date of        
enactment of this paragraph71 the amount
 of an increase with respect to that    
loan that the eligible entity would have

 been eligible to receive under section 
#cab of the ,economic ,aid to ,hard-,hit
 ,small ,businesses1 ,nonprofits1 and   
,venues ,act 7title ,,iii of division ,n
 of ,public ,law #aaf-bfj7 if the       
eligible entity had not received such   
forgiveness4  7ii7 ,seasonal employers  
,the maximum amount of a covered loan   
made to an eligible entity that is a    
seasonal employer is the sum of-- 7,i7  
the lesser of--  7aa7 the product       
obtained by multiplying-- 7,,aa7 at the 
election of the eligible entity1 the    
average total monthly payments for      
payroll costs incurred or paid by the   
eligible entity for any #ab-week period 
between ,february #ae1 #bjai and        
,february #ae1 #bjbj2 by 7,,bb7 #b4e2 or
  7bb7 #b1jjj1jjj2 plus  7,,ii7 with    
respect to a loan received under        
paragraph 7#cf7 for which the seasonal  
employer received forgiveness under     
section #aajf of the ,,cares ,act 7as in
 effect before the date of enactment of 
this paragraph71 the amount of an       

increase with respect to that loan that 
the seasonal employer would have been   
eligible to receive under section #cab  
of the ,economic ,aid to ,hard-,hit     
,small ,businesses1 ,nonprofits1 and    
,venues ,act 7title ,,iii of division ,n
 of ,public ,law #aaf-bfj7 if the       
seasonal employer had not received such 
forgiveness4  7iii7 ,new entities ,the  
maximum amount of a covered loan made to
 an eligible entity that did not exist  
during the #a-year period preceding     
,february #ae1 #bjbj is the sum of--    
7,i7 the lesser of-- 7aa7 the product   
obtained by multiplying-- 7,,aa7 the    
quotient obtained by dividing the sum of
 the total monthly payments by the      
eligible entity for payroll costs paid  
or incurred by the eligible entity as of
 the date on which the eligible entity  
applies for the covered loan by the     
number of months in which those payroll 
costs were paid or incurred2 by 7,,bb7  
#b4e2 or  7bb7 #b1jjj1jjj2 plus  7,,ii7 
with respect to a loan received under   

paragraph 7#cf7 for which the eligible  
entity received forgiveness under       
section #aajf of the ,,cares ,act 7as in
 effect before the date of enactment of 
this paragraph71 the amount of an       
increase with respect to that loan that 
the eligible entity would have been     
eligible to receive under section #cab  
of the ,economic ,aid to ,hard-,hit     
,small ,businesses1 ,nonprofits1 and    
,venues ,act 7title ,,iii of division ,n
 of ,public ,law #aaf-bfj7 if the       
eligible entity had not received such   
forgiveness4  7iv7 ,,naics #gb entities 
,the maximum amount of a covered loan   
made to an eligible entity that is      
assigned a ,north ,american ,industry   
,classification ,system code beginning  
with #gb at the time of disbursal is the
 sum of-- 7,i7 the lesser of--  7aa7 the
 product obtained by multiplying--      
7,,aa7 at the election of the eligible  
entity1 the average total monthly       
payment for payroll costs incurred or   
paid by the eligible entity during the  

#a-year period before the date on which 
the loan is made or calendar year #bjai2
 by 7,,bb7 #c4e2 or  7bb7 #b1jjj1jjj2   
plus  7,,ii7 with respect to a loan     
received under paragraph 7#cf7 for which
 the eligible entity received           
forgiveness under section #aajf of the  
,,cares ,act 7as in effect before the   
date of enactment of this paragraph71   
the amount of an increase with respect  
to that loan that the eligible entity   
would have been eligible to receive     
under section #cab of the ,economic ,aid
 to ,hard-,hit ,small ,businesses1      
,nonprofits1 and ,venues ,act 7title    
,,iii of division ,n of ,public ,law    
#aaf-bfj7 if the eligible entity had not
 received such forgiveness4  4  7b7     
,effective date2 applicability ,the     
amendments made by subsection 7a7 shall 
be effective as if included in the      
,economic ,aid to ,hard-,hit ,small     
,businesses1 ,nonprofits1 and ,venues   
,act 7title ,,iii of division ,n of     
,public ,law #aaf-bfj7 and shall apply  

to any loan made pursuant to section    
#g7;a77#cg7 of the ,small ,business ,act
 7#ae ,u4,s4,c4 #fcf7;a77#cg77 before1  
on1 or after the date of enactment of   
this ,act4  #e4 ,eligibility for        
paycheck protection program second draw 
loans ,section                          
#g7;a77#cg77;,a77iv77,i77bb7 of the     
,small ,business ,act 7#ae ,u4,s4,c4    
#fcf7;a77#cg77;,a77iv77,i77bb77 is      
amended to read as follows3  7bb7 7,,aa7
 except as provided in subitems 7,,bb71 
7,,cc7 and 7,,dd71 had gross receipts   
during any contiguous #ij-;day period in
 #bjbj that demonstrate not less than a 
#be percent reduction from the gross    
receipts of the entity during the same  
period in #bjai2 7,,bb7 if the entity   
was not in business during the entirety 
of #bjai1 but was in business for not   
fewer than #ij contiguous days during   
#bjai1 had gross receipts during any    
contiguous #ij-;day period in #bjbj that
 demonstrate not less than a #be percent
 reduction from the gross receipts of   

the entity during the same contiguous   
#ij-;day period during #bjai2 7,,cc7 if 
the entity was not in business for the  
entirety of #bjai and was not in        
business for #ij contiguous days during 
#bjai1 had gross receipts during any    
contiguous #ij-;day period in #bjbj that
 demonstrate not less than a #be percent
 reduction from the gross receipts of   
the entity during a contiguous #ij-;day 
period beginning on the date the        
business began operations in #bjai2 and 
7,,dd7 if the entity was not in business
 during #bjai1 but was in business for  
not fewer than #ij contiguous days      
during #bjbj1 had gross receipts during 
any contiguous #ij-;day period in #bjbj 
that demonstrate not less than a #be    
percent reduction from the gross        
receipts of the entity during an earlier
 contiguous #ij-;day period in #bjbj2  4
  #f4 ,eligibility for relief under the 
paycheck protection program and the     
restaurant revitalization fund ,section 
#ejjc of the ,american ,rescue ,plan    

,act 7,public ,law #aag-b7 is amended-- 
7#a7 in subsection 7a77#g7-- 7,a7 in    
subparagraph 7,a71 by inserting and     
subsection 7c77#g7 after 7,d72 and  7,b7
 by striking the flush text following   
subparagraph 7,d77ii72 and  7#b7 in     
subsection 7c71 by adding at the end the
 following3  7#g7 ,reduction in         
pandemic-related revenue loss  7,a7     
,definition ,in this paragraph1 the term
 covered loan means a loan made under   
paragraph 7#cf7 or 7#cg7 of section     
#g7;a7 of the ,small ,business ,act 7#ae
 ,u4,s4,c4 #fcf7;a774  7,b7 ,reduction  
,for purposes of this section--  7i7 the
 pandemic-related revenue loss for an   
eligible entity shall be reduced by any 
amounts received from a covered loan in 
#bjbj or #bjba2 and  7ii7 if an eligible
 entity receives a covered loan after   
submitting an application for assistance
 under this section1 the otherwise      
applicable amount of an award under this
 section shall be reduced by the total  
amount of the covered loan received by  

the eligible entity4  7,c7              
,ineligibility for covered loan ,if an  
eligible entity has applied for a       
covered loan and is approved for an     
award under this section before the     
,administrator issues a loan number for 
the covered loan-- 7i7 the eligible     
entity is ineligible for the covered    
loan2 and  7ii7 acceptance by the       
eligible entity of any loan proceeds of 
the covered loan is an unauthorized use 
of the covered loan4  4  #g4 ,extension 
7a7 ,salaries and expenses ,the matter  
under the heading ,salaries and         
,expenses under the heading ,small      
,business ,administration under the     
heading ,independent ,agencies in title 
,,ii of division ,b of the ,paycheck    
,protection ,program and ,health ,care  
,enhancement ,act 7,public ,law         
#aaf-aci7 is amended by striking        
,september #cj1 #bjba and inserting     
,september #cj1 #bjbc4  7b7             
,modification of set-,asides ,section   
#cbc7;d77#b77;,b77iii7 of the ,economic 

,aid to ,hard-,hit ,small ,businesses1  
,nonprofits1 and ,venues ,act 7title    
,,iii of division ,n of ,public ,law    
#aaf-bfj7 is amended by striking ,march 
#ca1 #bjba and inserting ,june #cj1     
#bjba4