Sec. 2. Forgivable loan program for remote recreational businesses
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The Administrator shall establish a program to make forgivable loans available to remote recreational businesses that experienced a loss in revenue that is greater than 50 percent during the period between March 1, 2020, and July 1, 2020, as compared with the same period during previous year. To be eligible for a forgivable loan, a remote recreational business must— have been in operation on March 1, 2020; and show that the closure of the United States and Canadian border restricted the ability of American customers to access the location of the remote recreational business.
The maximum loan amount shall be equal to 75 percent of the remote recreational gross annual receipts for fiscal year 2019. Not later than 1 calendar year from the date of enactment of this Act, the Administrator shall forgive 100 percent of the value of a loan received less the amount the borrower received from— any other loan forgiveness program, including any program established under the CARES Act ( Public Law 116–136 ); and an advance received under section 1110 of the CARES Act ( 15 U.S.C. 9009 ).
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Sec. 2
Forgivable loan program for remote recreational businesses
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