S.Amdt. 1188

SA 1188. Ms. MURKOWSKI submitted an amendment intended to be proposed
to amendment SA 891 proposed by Mr. Schumer (for himself, Mr. Wyden,
Mrs. Murray, Mr. Brown, Mr. Peters, Mr. Cardin, Ms. Cantwell, Ms.
Stabenow, Mr. Tester, Mr. Menendez, Mr. Schatz, Mr. Carper, Mr. Leahy,
and Mr. Sanders) to the bill H.R. 1319, to provide for reconciliation
pursuant to title II of S. Con. Res. 5; which was ordered to lie on the
table; as follows:

At the end of title V, add the following:

SEC. 5007. PPP AND SECOND DRAW LOANS FOR BUSINESSES THAT
EXPERIENCED EXTREME HARDSHIP.

(a) PPP.--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 ``subparagraph (V)'' and inserting
``subparagraphs (V) and (W)''; and
(2) by adding at the end the following:
``(W) Calculation of maximum loan amount for businesses
that experienced extreme hardship.--
``(i) Definition.--In this subparagraph, the term `extreme
hardship' means, with respect to an eligible recipient
applying for assistance under this paragraph--

``(I) except as provided in subclauses (II), (III), and
(IV), that the eligible recipient had gross receipts during
the first, second, third, or, only with respect to an
application submitted on or after January 1, 2021, fourth
quarter in 2020 that demonstrate not less than a 75 percent
reduction from the gross receipts of the eligible recipient
during the same quarter in 2019;
``(II) if the eligible recipient was not in business during
the first or second quarter of 2019, but was in business
during the third and fourth quarter of 2019, that the
eligible recipient had gross receipts during the first,
second, third, or, only with respect to an application
submitted on or after January 1,

[[Page S1339]]

2021, fourth quarter of 2020 that demonstrate not less than a
75 percent reduction from the gross receipts of the eligible
recipient during the third or fourth quarter of 2019;
``(III) if the eligible recipient was not in business
during the first, second, or third quarter of 2019, but was
in business during the fourth quarter of 2019, that the
eligible recipient had gross receipts during the first,
second, third, or, only with respect to an application
submitted on or after January 1, 2021, fourth quarter of 2020
that demonstrate not less than a 75 percent reduction from
the gross receipts of the eligible recipient during the
fourth quarter of 2019; or
``(IV) if the eligible recipient was not in business during
2019, but was in operation on February 15, 2020, that the
eligible recipient had gross receipts during the second,
third, or, only with respect to an application submitted on
or after January 1, 2021, fourth quarter of 2020 that
demonstrate not less than a 75 percent reduction from the
gross receipts of the eligible recipient during the first
quarter of 2020.

``(ii) Maximum loan amount.--In calculating the maximum
covered loan amount under subparagraph (E) with respect to an
eligible recipient that experienced extreme hardship,
subclauses (I)(aa)(BB) and (II)(aa)(BB), as applicable, of
subparagraph (E)(i) shall be applied by substituting `3.5'
for `2.5'.''.
(b) Second Draw.--Section 7(a)(37) of the Small Business
Act (15 U.S.C. 636(a)(37)) is amended--
(1) in subparagraph (A)(i), by inserting `` `extreme
hardship,' '' after `` `eligible self-employed individual,'
''; and
(2) in subparagraph (C), by adding at the end the
following:
``(v) Extreme hardship.--In calculating the maximum loan
amount under clause (i), (ii), or (iii) with respect to an
eligible entity that experienced extreme hardship, clause
(i)(I)(bb), (ii)(I)(bb), and (iii)(I)(bb), as applicable,
shall be applied by substituting `3.5' for `2.5'.''.
(c) Covered Period for Loan Forgiveness for Second Draw
Loans.--Section 7(a)(37)(J)(i) of the Small Business Act (15
U.S.C. 636(a)(37)(J)(i)) is amended to read as follows:
``(i) Definition of covered period.--In this subparagraph,
the term `covered period' means the period--

``(I) beginning on the date of the origination of a covered
loan; and
``(II) ending on a date selected by the eligible recipient
of the covered loan that occurs during the period--

``(aa) beginning on the date that is 8 weeks after such
date of origination; and
``(bb) ending on the date that is 52 weeks after such date
of origination.''.
(d) Applicability.--The amendments made by this section
shall apply--
(1) for the amendments made by subsections (a) and (b),
with respect to an applicant for a loan under paragraph (36)
or (37) of section 7(a) of the Small Business Act (15 U.S.C.
636(a)(37)) before, on, or after the date of enactment of
this Act; and
(2) for the amendment made by subsection (c), with respect
to an applicant for loan forgiveness under section
7(a)(37)(J) of that Act (15 U.S.C. 636(a)(37)(J)) that has
not yet received the loan forgiveness.
______