,,ii  #aag? ,,congress  #a/ ,session    
,s4 #abdi  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,april #bj1 #bjba ,mr4 
,c>d9 7= himself1 ,mr4 ,lank=d1 ,ms4    
,baldw91 ,ms4 ,coll9s1 ,mr4 ,k+1 ,mr4   
,portman1 & ,mr4 ,m>%all7 introduc$ !   
foll[+ bill2 :i* 0 read twice & ref]r$  
to ! ,committee on ,small ,bus9ess &    
,entrepr5eur%ip  ,a ,,bill  ,to am5d !  
,small ,bus9ess ,act to modify ! maximum
 pay*eck protection program loan am\nt =
 f>m]s & ran*]s1 sole proprietors1      
indep5d5t contractors1 & self-employ$   
individuals1 & = o!r purposes4  #a4     
,%ort title ,?is ,act may be cit$ z !   
,,ppp ,flexibility = ,f>m]s1 ,ran*]s1 & 
! ,self-,employ$ ,act4  #b4 ,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  #c4 ,revisions  
to loan am\nt calculation & eligibility 
7a7 ,def9itions ,9 ?is section-- 7#a7 ! 

t]m ,adm9i/rator means ! ,adm9i/rator ( 
! ,small ,bus9ess ,adm9i/ration2  7#b7 !
 t]m cov]$ loan means a loan made "u    
p>agraph 7#cf7 or 7#cg7 ( section #g7;a7
 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4
 #fcf7;a772  7#c7 ! t]m eligible        
applicant means a taxpay] t files       
,int]nal ,rev5ue ,s]vice ,=m #ajdj1     
,s*$ule ,c2 &  7#d7 ! t]m int]im f9al   
rule means ! int]im f9al rule ( ! ,small
 ,bus9ess ,adm9i/ration entitl$ ,bus9ess
 ,loan ,program ,tempor>y ,*anges2      
,pay*eck ,protection ,program -         
,revisions to ,loan ,am\nt ,calculation 
& ,eligibility1 ,docket ,numb]          
,,sba-#bjba-jjaj4  7b7 ,calculation (   
maximum loan am\nt = c]ta9 applicants   
7#a7 ,9 g5]al ,an eligible applicant    
apply+ = a cov]$ loan may calculate !   
maximum am\nt ( ! cov]$ loan us+ ! gross
 income ( ! eligible applicant1 z       
report$ on ! applicable ,int]nal ,rev5ue
 ,s]vice ,=m #ajdj1 ,s*$ule ,c fil$ by !
 eligible applicant1 t is n m ?an       
#ajj1jjj4  7#b7 ,retroactive effect     

,not)/&+ any provision ( ! int]im f9al  
rule1 p>agraph 7#a7 %all apply ) respect
 to any cov]$ loan made to an eligible  
applicant t is approv$ on or aft] ! date
 ( enactm5t ( ! ,economic ,aid to       
,h>d-,hit ,small ,bus9esses1 ,nonpr(its1
 & ,v5ues ,act 7title ,,iii ( division  
,n ( ,public ,law #aaf-bfj74  7c7       
,recalculation  7#a7 ,9 g5]al ,!        
,adm9i/rator %all create a process to   
all[ eligible applicants to reque/ a    
recalculation ( ! am\nt ( a cov]$ loan &
 receive additional am\nts equal to !   
diff]5ce betwe5 ! am\nt ( ! cov]$ loan  
orig9ally receiv$ by ! eligible         
applicant & ! am\nt ( ! cov]$ loan bas$ 
on ! application ( ?is section4  7#b7   
,loan limitation ,= purposes ( receiv+  
additional am\nts "u p>agraph 7#a71     
section #g7;a77#cg77;,f7 ( ! ,small     
,bus9ess ,act 7#ae ,u4,s4,c4            
#fcf7;a77#cg77;,f77 %all n apply4  7#c7 
,effect ( =giv5ess ,subject to rules    
issu$ by ! ,adm9i/rator1 an eligible    
applicant %all be eligible to submit a  

reque/ = a recalculat$ loan am\nt "u    
p>agraph 7#a7 )\t reg>d to :e!r !       
eligible applicant has s\ght or receiv$ 
=giv5ess ) respect to ! applicable cov]$
 loan "u section #g;,a ( ! ,small       
,bus9ess ,act 7#ae ,u4,s4,c4 #fcfm74    
7#d7 ,=giv5ess ( additional am\nts ,=   
purposes ( ?is subsection1 z soon z is  
practicable ^u exp5diture ( additional  
cov]$ loan am\nts provid$ "u p>agraph   
7#a7-- 7,a7 an eligible applicant %all  
atte/ to compliance ) applicable        
requirem5ts "u section #g7;a77#cg7 ( !  
,small ,bus9ess ,act 7#ae ,u4,s4,c4     
#fcf7;a77#cg772 &  7,b7 ! additional    
loan am\nts %all be =giv5 "u section    
#g;,a ( ! ,small ,bus9ess ,act 7#ae     
,u4,s4,c4 #fcfm74  7#e7 ,reimbursem5t = 
loan process+ ,! ,adm9i/rator %all      
reimburse a l5d] = process+             
recalculation reque/s "u ?is subsection 
9 an am\nt det]m9$ by ! ,adm9i/rator4   
#d4 ,maximum am\nt ( second draw loan   
7a7 ,9 g5]al ,section #g7;a77#cg7 ( !   
,small ,bus9ess ,act 7#ae ,u4,s4,c4     

#fcf7;a77#cg77 is am5d$ by /rik+        
subp>agraph 7,c7 & ins]t+ ! foll[+3     
7,c7 ,maximum loan am\nt  7i7 ,9 g5]al  
,except z o!rwise provid$ 9 ?is         
subp>agraph1 ! maximum am\nt ( a cov]$  
loan made to an eligible entity is ! sum
 (--  7,i7 ! less] (-- 7aa7 ! product   
obta9$ by multiply+-- 7,,aa7 at !       
election ( ! eligible entity1 ! av]age  
total mon?ly paym5t = payroll co/s      
incurr$ or paid by ! eligible entity    
dur+ ! #a-ye> p]iod be=e ! date on :i* !
 loan is made or cal5d> ye> #bjai2 by   
7,,bb7 #b4e2 or  7bb7 #b1jjj1jjj2 plus  
7,,ii7 ) respect to a loan receiv$ "u   
p>agraph 7#cf7 = :i* ! eligible entity  
receiv$ =giv5ess "u section #aajf ( !   
,,c>es ,act 7z 9 effect be=e ! date (   
enactm5t ( ?is p>agraph71 ! am\nt ( an  
increase ) respect to t loan t !        
eligible entity w\ld h be5 eligible to  
receive "u section #cab ( ! ,economic   
,aid to ,h>d-,hit ,small ,bus9esses1    
,nonpr(its1 & ,v5ues ,act 7title ,,iii (
 division ,n ( ,public ,law #aaf-bfj7 if

 ! eligible entity _h n receiv$ su*     
=giv5ess4  7ii7 ,seasonal employ]s ,!   
maximum am\nt ( a cov]$ loan made to an 
eligible entity t is a seasonal employ] 
is ! sum (-- 7,i7 ! less] (--  7aa7 !   
product obta9$ by multiply+-- 7,,aa7 at 
! election ( ! eligible entity1 ! av]age
 total mon?ly paym5ts = payroll co/s    
incurr$ or paid by ! eligible entity =  
any #ab-week p]iod betwe5 ,febru>y #ae1 
#bjai & ,febru>y #ae1 #bjbj2 by 7,,bb7  
#b4e2 or  7bb7 #b1jjj1jjj2 plus  7,,ii7 
) respect to a loan receiv$ "u p>agraph 
7#cf7 = :i* ! seasonal employ] receiv$  
=giv5ess "u section #aajf ( ! ,,c>es    
,act 7z 9 effect be=e ! date ( enactm5t 
( ?is p>agraph71 ! am\nt ( an increase )
 respect to t loan t ! seasonal employ] 
w\ld h be5 eligible to receive "u       
section #cab ( ! ,economic ,aid to      
,h>d-,hit ,small ,bus9esses1 ,nonpr(its1
 & ,v5ues ,act 7title ,,iii ( division  
,n ( ,public ,law #aaf-bfj7 if !        
seasonal employ] _h n receiv$ su*       
=giv5ess4  7iii7 ,new entities ,!       

maximum am\nt ( a cov]$ loan made to an 
eligible entity t did n exi/ dur+ !     
#a-ye> p]iod prec$+ ,febru>y #ae1 #bjbj 
is ! sum (--  7,i7 ! less] (-- 7aa7 !   
product obta9$ by multiply+-- 7,,aa7 !  
quoti5t obta9$ by divid+ ! sum ( ! total
 mon?ly paym5ts by ! eligible entity =  
payroll co/s paid or incurr$ by !       
eligible entity z ( ! date on :i* !     
eligible entity applies = ! cov]$ loan  
by ! numb] ( mon?s 9 :i* ^? payroll co/s
 7 paid or incurr$2 by 7,,bb7 #b4e2 or  
7bb7 #b1jjj1jjj2 plus  7,,ii7 ) respect 
to a loan receiv$ "u p>agraph 7#cf7 =   
:i* ! eligible entity receiv$ =giv5ess  
"u section #aajf ( ! ,,c>es ,act 7z 9   
effect be=e ! date ( enactm5t ( ?is     
p>agraph71 ! am\nt ( an increase )      
respect to t loan t ! eligible entity   
w\ld h be5 eligible to receive "u       
section #cab ( ! ,economic ,aid to      
,h>d-,hit ,small ,bus9esses1 ,nonpr(its1
 & ,v5ues ,act 7title ,,iii ( division  
,n ( ,public ,law #aaf-bfj7 if !        
eligible entity _h n receiv$ su*        

=giv5ess4  7iv7 ,,naics #gb entities ,! 
maximum am\nt ( a cov]$ loan made to an 
eligible entity t is assign$ a ,nor?    
,am]ican ,indu/ry ,classification ,sy/em
 code beg9n+ ) #gb at ! "t ( disbursal  
is ! sum (-- 7,i7 ! less] (--  7aa7 !   
product obta9$ by multiply+-- 7,,aa7 at 
! election ( ! eligible entity1 ! av]age
 total mon?ly paym5t = payroll co/s     
incurr$ or paid by ! eligible entity    
dur+ ! #a-ye> p]iod be=e ! date on :i* !
 loan is made or cal5d> ye> #bjai2 by   
7,,bb7 #c4e2 or  7bb7 #b1jjj1jjj2 plus  
7,,ii7 ) respect to a loan receiv$ "u   
p>agraph 7#cf7 = :i* ! eligible entity  
receiv$ =giv5ess "u section #aajf ( !   
,,c>es ,act 7z 9 effect be=e ! date (   
enactm5t ( ?is p>agraph71 ! am\nt ( an  
increase ) respect to t loan t !        
eligible entity w\ld h be5 eligible to  
receive "u section #cab ( ! ,economic   
,aid to ,h>d-,hit ,small ,bus9esses1    
,nonpr(its1 & ,v5ues ,act 7title ,,iii (
 division ,n ( ,public ,law #aaf-bfj7 if
 ! eligible entity _h n receiv$ su*     

=giv5ess4  4  7b7 ,effective date2      
applicability ,! am5dm5ts made by       
subsection 7a7 %all be effective z if   
includ$ 9 ! ,economic ,aid to ,h>d-,hit 
,small ,bus9esses1 ,nonpr(its1 & ,v5ues 
,act 7title ,,iii ( division ,n (       
,public ,law #aaf-bfj7 & %all apply to  
any loan made pursuant to section       
#g7;a77#cg7 ( ! ,small ,bus9ess ,act    
7#ae ,u4,s4,c4 #fcf7;a77#cg77 be=e1 on1 
or aft] ! date ( enactm5t ( ?is ,act4   
#e4 ,eligibility = pay*eck protection   
program second draw loans ,section      
#g7;a77#cg77;,a77iv77,i77bb7 ( ! ,small 
,bus9ess ,act 7#ae ,u4,s4,c4            
#fcf7;a77#cg77;,a77iv77,i77bb77 is am5d$
 to read z foll[s3  7bb7 7,,aa7 except z
 provid$ 9 subitems 7,,bb71 7,,cc7 &    
7,,dd71 _h gross receipts dur+ any      
contigu\s #ij-;day p]iod 9 #bjbj t      
demon/rate n less ?an a #be p]c5t       
r$uction f ! gross receipts ( ! entity  
dur+ ! same p]iod 9 #bjai2 7,,bb7 if !  
entity 0 n 9 bus9ess dur+ ! entirety (  
#bjai1 b 0 9 bus9ess = n few] ?an #ij   

contigu\s days dur+ #bjai1 _h gross     
receipts dur+ any contigu\s #ij-;day    
p]iod 9 #bjbj t demon/rate n less ?an a 
#be p]c5t r$uction f ! gross receipts ( 
! entity dur+ ! same contigu\s #ij-;day 
p]iod dur+ #bjai2 7,,cc7 if ! entity 0 n
 9 bus9ess = ! entirety ( #bjai & 0 n 9 
bus9ess = #ij contigu\s days dur+ #bjai1
 _h gross receipts dur+ any contigu\s   
#ij-;day p]iod 9 #bjbj t demon/rate n   
less ?an a #be p]c5t r$uction f ! gross 
receipts ( ! entity dur+ a contigu\s    
#ij-;day p]iod beg9n+ on ! date !       
bus9ess began op]ations 9 #bjai2 &      
7,,dd7 if ! entity 0 n 9 bus9ess dur+   
#bjai1 b 0 9 bus9ess = n few] ?an #ij   
contigu\s days dur+ #bjbj1 _h gross     
receipts dur+ any contigu\s #ij-;day    
p]iod 9 #bjbj t demon/rate n less ?an a 
#be p]c5t r$uction f ! gross receipts ( 
! entity dur+ an e>li] contigu\s        
#ij-;day p]iod 9 #bjbj2  4  #f4         
,eligibility = relief "u ! pay*eck      
protection program & ! re/aurant        
revitalization fund ,section #ejjc ( !  

,am]ican ,rescue ,plan ,act 7,public    
,law #aag-b7 is am5d$--  7#a7 9         
subsection 7a77#g7-- 7,a7 9 subp>agraph 
7,a71 by ins]t+ & subsection 7c77#g7    
aft] 7,d72 &  7,b7 by /rik+ ! flu% text 
foll[+ subp>agraph 7,d77ii72 &  7#b7 9  
subsection 7c71 by add+ at ! end !      
foll[+3  7#g7 ,r$uction 9 p&emic-relat$ 
rev5ue loss  7,a7 ,def9ition ,9 ?is     
p>agraph1 ! t]m cov]$ loan means a loan 
made "u p>agraph 7#cf7 or 7#cg7 (       
section #g7;a7 ( ! ,small ,bus9ess ,act 
7#ae ,u4,s4,c4 #fcf7;a774  7,b7         
,r$uction ,= purposes ( ?is section--   
7i7 ! p&emic-relat$ rev5ue loss = an    
eligible entity %all be r$uc$ by any    
am\nts receiv$ f a cov]$ loan 9 #bjbj or
 #bjba2 &  7ii7 if an eligible entity   
receives a cov]$ loan aft] submitt+ an  
application = assi/ance "u ?is section1 
! o!rwise applicable am\nt ( an aw>d "u 
?is section %all be r$uc$ by ! total    
am\nt ( ! cov]$ loan receiv$ by !       
eligible entity4  7,c7 ,ineligibility = 
cov]$ loan ,if an eligible entity has   

appli$ = a cov]$ loan & is approv$ = an 
aw>d "u ?is section be=e ! ,adm9i/rator 
issues a loan numb] = ! cov]$ loan-- 7i7
 ! eligible entity is ineligible = !    
cov]$ loan2 &  7ii7 acceptance by !     
eligible entity ( any loan proce$s ( !  
cov]$ loan is an unau?oriz$ use ( !     
cov]$ loan4  4  #g4 ,ext5sion  7a7      
,sal>ies & exp5ses ,! matt] "u ! head+  
,sal>ies & ,exp5ses "u ! head+ ,small   
,bus9ess ,adm9i/ration "u ! head+       
,indep5d5t ,ag5cies 9 title ,,ii (      
division ,b ( ! ,pay*eck ,protection    
,program & ,heal? ,c>e ,enhancem5t ,act 
7,public ,law #aaf-aci7 is am5d$ by     
/rik+ ,septemb] #cj1 #bjba & ins]t+     
,septemb] #cj1 #bjbc4  7b7 ,modification
 ( set-,asides ,section                 
#cbc7;d77#b77;,b77iii7 ( ! ,economic    
,aid to ,h>d-,hit ,small ,bus9esses1    
,nonpr(its1 & ,v5ues ,act 7title ,,iii (
 division ,n ( ,public ,law #aaf-bfj7 is
 am5d$ by /rik+ ,m>* #ca1 #bjba & ins]t+
 ,june #cj1 #bjba4