Sec. 2. Inclusion of certain beverage manufacturing entities for paycheck protection program second draw loans
330 words·~2 min read·
/bill/117/hr/1035/ih/section-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 7(a)(37)(C)(iv) of the Small Business Act (as added by section 311 of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act ( Public Law 116–260 )) is amended— in the heading, by striking and inserting NAICS 72 ; and Certain NAICS by inserting , or assigned such a code beginning with 3121 that also derived at least 35 percent of gross annual revenue during either calendar year 2019 or 2020 from in-person sales of products, after 72 . Section 1112(c)(1) of the CARES Act (as added by section 325 of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act ( Public Law 116–260 )) is amended— in subparagraph (A)(ii)(I)(bb), by inserting , or assigned such a code beginning with 3121 that also derived at least 35 percent of gross annual revenue during either calendar year 2019 or 2020 from in-person sales of products after 812 ; and in subparagraph (B)(ii)(I)(bb), by inserting , or assigned such a code beginning with 3121 that also derived at least 35 percent of gross annual revenue during either calendar year 2019 or 2020 from in-person sales of products after 812 .
Except as provided in paragraph (2), the amendments made by this Act shall be effective as if included in the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act ( Public Law 116–260 ) and shall apply to any loan made pursuant to section 7(a)(37) of the Small Business Act or any covered loan made under section 1112 of the CARES Act ( 15 U.S.C. 9011 ) before, on, or after the date of enactment of this Act, including forgiveness of such a loan. The amendments made by subsection
(a)shall not apply to a loan made pursuant to section 7(a)(37) of the Small Business Act or any covered loan made under section 1112 of the CARES Act ( 15 U.S.C. 9011 ) for which the borrower received forgiveness before the date of enactment of this Act.
Connectionstraces to 2
Traces to 2 documents
public-private-law
Citation graph
cites case law
Sec. 2
Inclusion of certain beverage manufacturing entities for paycheck protection program second draw loans
Cites 2Cited by 0 across 0 sources