S.Amdt. 2595

SA 2595. Ms. ERNST submitted an amendment intended to be proposed to
amendment SA 2499 proposed by Mr. McConnell to the bill S. 178, to
condemn gross human rights violations of ethnic Turkic Muslims in
Xinjiang, and calling for an end to arbitrary detention, torture, and
harassment of these communities inside and outside China; which was
ordered to lie on the table; as follows:

At the appropriate place, insert the following:

SEC. ___. CALCULATION OF MAXIMUM LOAN AMOUNT FOR FARMERS AND
RANCHERS UNDER THE PAYCHECK PROTECTION PROGRAM.

Section 7(a)(36) of the Small Business Act (15 U.S.C.
636(a)(36)) is amended--
(1) in subparagraph (E), in the matter preceding clause
(i), by striking ``During'' and inserting ``Except as
provided in subparagraph (T), during''; and
(2) by adding at the end the following:
``(T) 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 during the period beginning on
February 15, 2019, and ending on June 30, 2019.

``(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

[[Page S5300]]

``(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.''.

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