PRACTICAL Act of 2021

Summary

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.

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Timeline

1. 15 April 2021

   Introduced

   Referred to the House Committee on Small Business.

   Source: IntroReferral

2. 15 April 2021

   Introduced

   Introduced in House

   Source: IntroReferral

3. 15 April 2021

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 15 April 2021 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 15 April 2021

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 15 April 2021

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 15 April 2021

  Open at official source

Sponsors

• J. Hill · R · Sponsor
• Rep. Houlahan, Chrissy [D-PA-6] · D · Sponsor
• Daniel Meuser · R · Cosponsor
• Michael Turner · R · Cosponsor
• Steve Stivers · R · Cosponsor
• Rep. Tenney, Claudia [R-NY-24] · R · Cosponsor
• · hssm00 · Standing

Related records

• related to ← Fair PPP Accounting Act