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Increased PPP Loan Forgiveness for Low-Revenue Businesses

This act allows businesses that received Paycheck Protection Program (PPP) loans and experienced low revenue to more easily qualify for loan forgiveness. They can choose a new covered period or apply for additional forgiveness, potentially reducing their financial obligations.
Key points
Low-revenue businesses (those not operating or with significantly lower revenue in 2020 compared to 2019) can select a new, more favorable covered period for PPP loan forgiveness.
Businesses that already received partial PPP loan forgiveness may apply for additional forgiveness, potentially leading to a refund of overpaid amounts.
The changes aim to support small businesses most affected during the initial pandemic period by reducing their financial burdens related to PPP loans.
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Expired
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Additional Information
Print number: 117_S_5026
Sponsor: Sen. Gillibrand, Kirsten E. [D-NY]
Process start date: 2022-09-29
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Low-Revenue Recipient Paycheck Protection Program Relief Act of 2022

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_5026.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2022-09-29.

What are the main provisions?

Key points include:

  • Low-revenue businesses (those not operating or with significantly lower revenue in 2020 compared to 2019) can select a new, more favorable covered period for PPP loan forgiveness.
  • Businesses that already received partial PPP loan forgiveness may apply for additional forgiveness, potentially leading to a refund of overpaid amounts.
  • The changes aim to support small businesses most affected during the initial pandemic period by reducing their financial burdens related to PPP loans.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Gillibrand, Kirsten E. [D-NY].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

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