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.
To amend the definition of eligible entity in the second draw loan 
 program of the Small Business Administration, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``PPP Revenue Adjustment Calculation 
To Increase Capital Accessibility Long-term Act of 2021'' or the 
``PRACTICAL Act of 2021''.

SEC. 2. ELIGIBILITY FOR PAYCHECK PROTECTION PROGRAM SECOND DRAW LOANS.

    Section 7(a)(37)(A)(iv)(I)(bb) of the Small Business Act (15 U.S.C. 
636(a)(37)(A)(iv)(I)(bb)) is amended--
            (1) in subitem (AA), by striking ``during the first'' and 
        all that follows through ``in 2019'' and inserting the 
        following: ``during any contiguous 90-day period in 2020 that 
        demonstrate not less than a 25-percent reduction from the gross 
        receipts of the entity during the same period in 2019''; and
            (2) by striking subitems (BB), (CC), and (DD) and inserting 
        the following:

                                                    ``(BB) if the 
                                                entity was not in 
                                                business during the 
                                                entirety of 2019, but 
                                                was in business for not 
                                                fewer than 90 
                                                consecutive days 
                                                beginning in 2019, had 
                                                gross receipts during 
                                                any contiguous 90-day 
                                                period beginning in 
                                                2020 that demonstrate 
                                                not less than a 25-
                                                percent reduction from 
                                                the gross receipts of 
                                                the entity during the 
                                                same 90-day period 
                                                beginning in 2019; and

                                                    ``(CC) if the 
                                                entity was not in 
                                                business during 2019, 
                                                but was in operation 
                                                for not fewer than 90 
                                                consecutive days during 
                                                2020, had gross 
                                                receipts during any 
                                                contiguous 90-day 
                                                period in 2020 that 
                                                demonstrate not less 
                                                than a 25-percent 
                                                reduction from the 
                                                gross receipts of the 
                                                entity during an 
                                                earlier contiguous 90-
                                                day period in 2020;''.

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PRACTICAL Act of 2021
To amend the definition of eligible entity in the second draw loan program of the Small Business Administration, and for other purposes.
PPP Revenue Adjustment Calculation To Increase Capital Accessibility Long-term Act of 2021
PRACTICAL Act of 2021
Rep. Hill, J. French