US HR7175

Bill

Paycheck Protection for Producers Act

Introduced
06/11/2020

In Committee
06/11/2020

Crossed Over

Passed

Dead
12/31/2020

Introduced Session

116th Congress

Bill Summary

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. The bill defines "covered recipients" as eligible recipients who operate as sole proprietorships or independent contractors, report farm income or expenses on a Schedule F tax form, and were in business during the period from February 15, 2019 to June 30, 2019. For covered recipients without employees, the maximum loan amount is based on 2.5 times their 2019 gross farm income up to $100,000, or the outstanding amount of a previous loan, whichever is less. For covered recipients with employees, the maximum loan amount is calculated using the existing formula, but with the addition of the covered recipient's 2019 gross farm income divided by 12.

Committee Categories

Business and Industry

Sponsors (17)

Ron Kind (D)*, Jim Baird (R), Mike Bost (R), Anthony Brindisi (D), Cheri Bustos (D), Jim Costa (D), Rodney Davis (R), Abby Finkenauer (D), Ruben Gallego (D), James Hagedorn (R), John Joyce (R), Fred Keller (R), Chellie Pingree (D), Lloyd Smucker (R), Elise Stefanik (R), G.T. Thompson (R), Peter Welch (D),

Last Action

Referred to the House Committee on Small Business. (on 06/11/2020)

Official Document

https://www.congress.gov/bill/116th-congress/house-bill/7175/all-info

(5 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://www.congress.gov/bill/116th-congress/house-bill/7175/all-info
BillText	https://www.congress.gov/116/bills/hr7175/BILLS-116hr7175ih.pdf
Bill	https://www.congress.gov/116/bills/hr7175/BILLS-116hr7175ih.pdf.pdf

Bill	Bill Name	Last Action	Type
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
S3918	Paycheck Protection for Producers Act	Read twice and referred to the Committee on Small Business and Entrepreneurship. (text: CR S2809)	Same As
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 > HR7175

US HR7175

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (17)

Last Action

Official Document

bill text

bill summary

bill summary

bill summary