Sec. 3. Revisions to loan amount calculation and eligibility
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In this section— the term Administrator means the Administrator of the Small Business Administration; the term covered loan means a loan made under paragraph
(36)or
(37)of section 7(a) of the Small Business Act ( 15 U.S.C. 636(a) ); the term eligible applicant means a taxpayer that files Internal Revenue Service Form 1040, Schedule C; and the term interim final rule means the interim final rule of the Small Business Administration entitled Business Loan Program Temporary Changes; Paycheck Protection Program – Revisions to Loan Amount Calculation and Eligibility , Docket Number SBA–2021–0010. An eligible applicant applying for a covered loan may calculate the maximum amount of the covered loan using the gross income of the eligible applicant, as reported on the applicable Internal Revenue Service Form 1040, Schedule C filed by the eligible applicant, that is not more than $100,000. Notwithstanding any provision of the interim final rule, paragraph
(1)shall apply with respect to any covered loan made to an eligible applicant that is approved on or after the date of enactment of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (title III of division N of Public Law 116–260 ). The Administrator shall create a process to allow eligible applicants to request a recalculation of the amount of a covered loan and receive additional amounts equal to the difference between the amount of the covered loan originally received by the eligible applicant and the amount of the covered loan based on the application of this section. For purposes of receiving additional amounts under paragraph (1), section 7(a)(37)(F) of the Small Business Act ( 15 U.S.C. 636(a)(37)(F) ) shall not apply. Subject to rules issued by the Administrator, an eligible applicant shall be eligible to submit a request for a recalculated loan amount under paragraph
(1)without regard to whether the eligible applicant has sought or received forgiveness with respect to the applicable covered loan under section 7A of the Small Business Act ( 15 U.S.C. 636m ). For purposes of this subsection, as soon as is practicable upon expenditure of additional covered loan amounts provided under paragraph (1)— an eligible applicant shall attest to compliance with applicable requirements under section 7(a)(37) of the Small Business Act ( 15 U.S.C. 636(a)(37) ); and the additional loan amounts shall be forgiven under section 7A of the Small Business Act ( 15 U.S.C. 636m ). The Administrator shall reimburse a lender for processing recalculation requests under this subsection in an amount determined by the Administrator.
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Sec. 3
Revisions to loan amount calculation and eligibility
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