PRACTICAL Act of 2021

United States117th CongressHR-2582House of Representatives
Latest legislative activity: Apr 15, 2021

Summary

Official 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.

Bill texts

Available versions
Introduced (House)View official text

1 version available

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Timeline

  1. Introduced in House

  2. Referred to the House Committee on Small Business.

    House of Representatives

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