US S3918

Bill

US S3918

Paycheck Protection for Producers Act

Introduced
06/09/2020

In Committee
06/09/2020

Crossed Over

Passed

Dead
12/31/2020

Introduced Session

116th Congress

Bill Summary

A bill to modify the calculation of the maximum loan amount for certain farmers and ranchers under the paycheck protection program of the Small Business Administration, and for other purposes. This bill modifies the Paycheck Protection Program, established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019), by allowing certain farmers to calculate (or recalculate) their paycheck protection loan amount based on 2019 gross income. Under current law, such farmers must calculate their paycheck protection loan amount based on net income.

AI Summary

This bill modifies the Paycheck Protection Program, established to support small businesses in response to COVID-19, by allowing certain farmers to calculate (or recalculate) their paycheck protection loan amount based on 2019 gross income instead of net income as required under current law. Specifically, the bill allows farmers operating as sole proprietorships, independent contractors, or self-employed individuals who reported farm income or expenses on a Schedule F tax form and were in business during the period of February 15, 2019, to June 30, 2019, to use their 2019 gross income, up to $100,000, divided by 12 to determine their maximum loan amount. This change is intended to provide more favorable loan calculations for eligible farmers and ranchers under the Paycheck Protection Program.

Committee Categories

Business and Industry

Sponsors (3)

John Thune (R)*, Tammy Baldwin (D), Joni Ernst (R),

Last Action

Read twice and referred to the Committee on Small Business and Entrepreneurship. (text: CR S2809) (on 06/09/2020)

Official Document

https://www.congress.gov/bill/116th-congress/senate-bill/3918/all-info

(5 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://www.congress.gov/bill/116th-congress/senate-bill/3918/all-info
BillText	https://www.congress.gov/116/bills/s3918/BILLS-116s3918is.pdf
Bill	https://www.congress.gov/116/bills/s3918/BILLS-116s3918is.pdf.pdf

Bill	Bill Name	Last Action	Type
HR7175	Paycheck Protection for Producers Act	Referred to the House Committee on Small Business.	Same As
HR8265	To amend the Small Business Act and the CARES Act to establish a program for second draw loans and make other modifications to the paycheck protection program, and for other purposes.	Referred to the Committee on Small Business, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.	Related
S4321	Continuing Small Business Recovery and Paycheck Protection Program Act	Read twice and referred to the Committee on Small Business and Entrepreneurship.	Related
S4773	Continuing the Paycheck Protection Program Act	Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 562.	Related
S4775	Delivering Immediate Relief to America's Families, Schools and Small Businesses Act	Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 564.	Related

Bill > S3918

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (3)

Last Action

Official Document

bill text

bill summary

bill summary

bill summary