To amend the definition of eligible entity in the second draw loan program of the Small Business Administration, and for other purposes.
PPP Revenue Adjustment Calculation To Increase Capital Accessibility Long-term Act of 2021 or the PRACTICAL Act of 2021
This bill modifies eligibility for second draw loans under the Paycheck Protection Program, established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019).
Specifically, the bill provides for a period of 90 consecutive days to determine whether a borrower experienced a loss in revenue from 2019 to 2020 that qualifies them for a second draw loan. Currently, this qualification period must align with a corresponding calendar quarter from the previous year.
Read twice and referred to the Committee on Small Business and Entrepreneurship.
Introduced in House
Introduced in House
Referred to the House Committee on Small Business.
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