Sec. 3. Calculator for paycheck protection program loan forgiveness
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In this section— the term Administrator means the Administrator of the Small Business Administration; and the term covered loan has the meaning given the term in section 7(a)(36) of the Small Business Act ( 15 U.S.C. 636(a)(36) ). The Administrator shall take actions, in accordance with this section, to ensure the availability of a calculator with respect to forgiveness of covered loans that— is easily accessible by the public online; can be utilized without cost; with respect to a covered loan, allows a lender or recipient to accurately estimate the amount of loan forgiveness related to the covered loan; and assists a lender or recipient to complete an application to request loan forgiveness with respect to a covered loan.
Not later than 5 days after the date of enactment of this Act, the Administrator shall establish, and thereafter maintain— a calculator that satisfies the requirements specified in subsection (b); or a process to certify a calculator established and maintained by a third party that satisfies those requirements. If, under subsection (c), the Administrator elects only to establish the certification process referenced in paragraph
(2)of that subsection, the Administrator— not later than 10 days after the date of enactment of this Act, shall certify not less than 1 calculator that satisfies the requirements specified in subsection (b); upon request, shall review and, after a certification under subparagraph (A), may certify additional calculators that satisfy the requirements specified in paragraphs (1), (3), and
(4)of subsection (b), with certification determinations made not later than 10 days after the receipt of an application for review; and not later than 10 days after the date of enactment of this Act, and weekly thereafter, shall make available to the public online a list specifying the calculators— certified pursuant to this section; and under review for certification. The Administrator shall accept an application to request loan forgiveness with respect to a covered loan submitted with the assistance of a calculator certified under this section. The Administrator may establish a logo that a third party may utilize to signify that a calculator is certified pursuant to this section. The Administrator shall carry out this section in coordination with the Secretary of the Treasury. The requirements under this section shall cease to have effect on October 31, 2021.
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Sec. 3
Calculator for paycheck protection program loan forgiveness
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