PRACTICAL Act of 2021
- Last Action
- 4/15/2021
Actions
- 2021-04-15Referred to the House Committee on Small Business.
- 2021-04-15Introduced in House
- 2021-04-15Introduced in House
CRS Summary
As of 2021-04-15 (00)
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.
Cosponsors (5)
- Chrissy Houlahan (D-PA)
- Daniel Meuser (R-PA)
- Michael Turner (R-OH)
- Steve Stivers (R-OH)
- Claudia Tenney (R-NY)
Subjects
- Business expenses
- Cardiovascular and respiratory health
- Emergency medical services and trauma care
- Government lending and loan guarantees
- Infectious and parasitic diseases
- Small business
- Wages and earnings
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.