Sec. 3. 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 beginning on March 1, 2020, and ending on July 1, 2020, as compared with the same period during 2019. To be eligible for a forgivable loan under subsection (a), a remote recreational business shall— 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 under subsection
(a)shall be equal to 75 percent of the gross annual receipts for the remote recreational business for fiscal year 2019. Not later than 1 year after the date of enactment of this Act, the Administrator shall forgive 100 percent of the value of a loan made to a remote recreational business under subsection
(a)less the amount the remote recreational business received from— any other loan forgiveness program, including any program established under the CARES Act ( Public Law 116–136 ); or an advance under section 1110 of the CARES Act ( 15 U.S.C. 9009 ).
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Sec. 3
Forgivable loan program for remote recreational businesses
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