Sec. 313. CALCULATION OF MAXIMUM LOAN AMOUNT FOR FARMERS AND RANCHERS UNDER THE PAYCHECK PROTECTION PROGRAM
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## SEC. 313 CALCULATION OF MAXIMUM LOAN AMOUNT FOR FARMERS AND RANCHERS UNDER THE PAYCHECK PROTECTION PROGRAM ###
(a)In General Section 7(a)(36) of the Small Business Act (15 U.S.C. 636(a)(36)), as amended by section 310 of this Act, is amended— ####
(1)in subparagraph (E), in the matter preceding clause (i), by striking “During” and inserting “Except as provided in subparagraph (V), during”; and ####
(2)by adding at the end the following: > > ##### “(V) Calculation of maximum loan amount for farmers and ranchers > > > ###### “(i) Definition > > In this subparagraph, the term ‘covered recipient’ means an eligible recipient that— > > > ###### “(I) > > operates as a sole proprietorship or as an independent contractor, or is an eligible self-employed individual; > > > ###### “(II) > > reports farm income or expenses on a Schedule F (or any equivalent successor schedule); and > > > ###### “(III) > > was in business as of February 15, 2020. > > > ###### “(ii) No employees > > With respect to covered recipient without employees, the maximum covered loan amount shall be the lesser of— > > > ###### “(I) > > the sum of— > > > ###### “(aa) > > the product obtained by multiplying— > > > ###### “(AA) > > the gross income of the covered recipient in 2019, as reported on a Schedule F (or any equivalent successor schedule), that is not more than $100,000, divided by 12; and > > > ###### “(BB) > > 2.5; and > > > ###### “(bb) > > the outstanding amount of a loan under subsection (b)(2) that was made during the period beginning on January 31, 2020 and ending on April 3, 2020 that the borrower intends to refinance under the covered loan, not including any amount of any advance under the loan that is not required to be repaid; or > > > ###### “(II) > > $2,000,000. > > > ###### “(iii) With employees > > With respect to a covered recipient with employees, the maximum covered loan amount shall be calculated using the formula described in subparagraph (E), except that the gross income of the covered recipient described in clause (ii)(I)(aa)(AA) of this subparagraph, as divided by 12, shall be added to the sum calculated under subparagraph (E)(i)(I). > > > ###### “(iv) Recalculation > > A lender that made a covered loan to a covered recipient before the date of enactment of this subparagraph may, at the request of the covered recipient— > > > ###### “(I) > > recalculate the maximum loan amount applicable to that covered loan based on the formula described in clause
(ii)or (iii), as applicable, if doing so would result in a larger covered loan amount; and > > > ###### “(II) > > provide the covered recipient with additional covered loan amounts based on that recalculation.” > . ###
(b)Effective Date; Applicability **[**[15 U.S.C. 636 note](/us/usc/t15/s636)**]** ####
(1)In general Except as provided in paragraph (2), the amendments made by subsection
(a)shall be effective as if included in the CARES Act (Public Law 116-136; 134 Stat. 281) and shall apply to any loan made pursuant to section 7(a)(36) of the Small Business Act (15 U.S.C. 636(a)(36)) before, on, or after the date of enactment of this Act, including forgiveness of such a loan. ####
(2)Exclusion of loans already forgiven The amendments made by subsection
(a)shall not apply to a loan made pursuant to section 7(a)(36) of the Small Business Act (15 U.S.C. 636(a)(36)) for which the borrower received forgiveness before the date of enactment of this Act under section 1106 of the CARES Act, as in effect on the day before such date of enactment.
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Sec. 313
CALCULATION OF MAXIMUM LOAN AMOUNT FOR FARMERS AND RANCHERS UNDER THE PAYCHECK PROTECTION PROGRAM
Stat.134 Stat. 281
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