S 1200 · 117th Congress · Commerce

Fair PPP Accounting Act

Introduced 2021-04-19· Sponsored by Sen. Portman, Rob [R-OH]· Senate

Bill Progress

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Introduced
2
Committee
3
Senate Vote
4
House
5
Enacted
Latest: Read twice and referred to the Committee on Small Business and Entrepreneurship.(2021-04-19)

Plain Language Summary

[AI summary unavailable — showing source text] Fair PPP Accounting Act 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.…

Summarized by Claude AI · Non-partisan · For informational purposes only

Cosponsors (2)

1 Democrat1 Republican
Sen. Shaheen, Jeanne [D-NH]NH
Sen. Collins, Susan M. [R-ME]ME