A bill to modify the maximum paycheck protection program loan amount for farmers and ranchers, sole proprietors, independent contractors, and self-employed individuals.
About This Bill
Committee
Latest Action · April 20, 2021
Read twice and referred to the Committee on Small Business and Entrepreneurship.
This bill modifies the calculation of loan amounts for partnerships with no employees (e.g., self-employed farmers) under the Paycheck Protection Program, which was established to support small businesses in response to COVID-19.
Specifically, the bill allows such individuals to apply for a loan in the amount of the difference between their gross and net income loan amounts, even if they have already received a loan based on their net income and received forgiveness for that loan.
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