Low-Revenue Recipient Paycheck Protection Program Relief Act of 2021

Bill 117 HR 6252, also known as the Low-Revenue Recipient Paycheck Protection Program Relief Act of 2021, aims to provide additional relief to small businesses that have been negatively impacted by the COVID-19 pandemic. The bill specifically targets businesses that have experienced a significant decrease in revenue and have struggled to maintain their workforce.

The key provisions of the bill include expanding eligibility for the Paycheck Protection Program (PPP) to businesses with less than 500 employees that have experienced a revenue decline of at least 25% in any quarter of 2020 compared to the same quarter in 2019. This expansion is intended to help businesses that may not have qualified for the original PPP program but are still in need of financial assistance.

Additionally, the bill allocates $25 billion in funding specifically for businesses that fall into the low-revenue category, defined as those with gross receipts of less than $250,000 in the most recent fiscal year. This funding is intended to provide targeted relief to businesses that may have been overlooked in previous relief efforts. Overall, the Low-Revenue Recipient Paycheck Protection Program Relief Act of 2021 seeks to provide much-needed support to small businesses that have been disproportionately impacted by the economic effects of the pandemic. By expanding eligibility for the PPP and providing targeted funding for low-revenue businesses, the bill aims to help these businesses survive and recover from the challenges they have faced.