Statements on Introduced Bills and Joint Resolutions

Floor Speech

3918

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 ``Paycheck Protection for Producers Act''. SEC. 2. CALCULATION OF MAXIMUM LOAN AMOUNT FOR FARMERS AND RANCHERS UNDER THE PAYCHECK PROTECTION PROGRAM.

(a) In General.--Section 7(a)(36) of the Small Business Act (15 U.S.C. 636(a)(36)) is amended--

(1) in subparagraph (E), in the matter preceding clause (i), by striking ``During'' and inserting ``Except as provided in subparagraph (T), during''; and

(2) by adding at the end the following:

``(T) Calculation of maximum loan amount for farmers and ranchers.--

``(i) Definition.--In this subparagraph, the term `covered recipient' means an eligible recipient that--

``(I) operates as a sole proprietorship or as an independent contractor, or is an eligible self-employed individual;

``(II) reports farm income or expenses on a Schedule F (or any equivalent successor schedule); and

``(III) was in business during the period beginning on February 15, 2019 and ending on June 30, 2019.

``(ii) No employees.--With respect to covered recipient without employees, the maximum covered loan amount shall be the lesser of--

``(I) the sum of--

``(aa) the product obtained by multiplying--

``(AA) the gross income of the covered recipient in 2019, as reported on a Schedule F (or any equivalent successor schedule), that is not more than $100,000, divided by 12; and

``(BB) 2.5; and

``(bb) the outstanding amount of a loan under subsection (b)(2) that was made during the period beginning on January 31, 2020 and ending on April 3, 2020 that the borrower intends to refinance under the covered loan, not including any amount of any advance under the loan that is not required to be repaid; or

``(II) $10,000,000.

``(iii) With employees.--With respect to a covered recipient with employees, the maximum covered loan amount shall be calculated using the formula described in subparagraph (E), except that the gross income of the covered recipient described in clause (ii)(I)(aa)(AA) of this subparagraph, as divided by 12, shall be added to the sum calculated under subparagraph (E)(i)(I).

``(iv) Recalculation.--A lender that made a covered loan to a covered recipient before the date of enactment of this subparagraph may, at the request of the covered recipient--

``(I) recalculate the maximum loan amount applicable to that covered loan based on the formula described in clause (ii) or (iii), as applicable, if doing so would result in a larger covered loan amount; and

``(II) provide the covered recipient with additional covered loan amounts based on that recalculation.''. ______

By Mr. DURBIN:

S. 3924. A bill to provide tax credits to low- to moderate-income individuals for certain computer and education costs, to direct the Federal Communications Commission to modify the requirements for the Lifeline program to provide increased support, and for other purposes; to the Committee on Finance.

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