1. Short title This Act may be cited as the Prioritized Paycheck Protection Program Act or the P4 Act . 2. Paycheck Protection Program improvements (a) Extension for certain business concerns Section 7(a)(36)(B) of the Small Business Act ( 15 U.S.C. 636(a)(36)(B) ) is amended— (1) by striking Except and inserting the following: (i) In general Except ; and (2) by adding at the end the following: (ii) Supplemental PPP loans (I) Definitions In this clause— (aa) the terms exchange , issuer , and security have the meanings given such terms in section 3(a) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c(a) ); (bb) the term gross receipts means gross receipts within the meaning of section 448(c) of the Internal Revenue Code of 1986; (cc) the term national securities exchange means an exchange registered as a national securities exchange under section 6 of the Securities Exchange Act of 1934 ( 15 U.S.C. 78f ); (dd) the term publicly traded entity means an issuer, the securities of which are listed on a national securities exchange; (ee) the term smaller concern means an eligible recipient that— (AA) has not more than 100 employees; (BB) operates under a sole proprietorship or as an independent contractor; or (CC) is an eligible self-employed individual; and (ff) the term significant loss in revenue means that, due to the impact of COVID–19— (AA) the gross receipts of the eligible recipient during the first or second calendar quarter of 2020 are less than 50 percent of the gross receipts of the eligible recipient during the same calendar quarter in 2019; (BB) if the eligible recipient was not in business on April 1, 2019, the gross receipts of the eligible recipient during any 2-month period during the first 2 calendar quarters of 2020 are less than 50 percent of the amount of the gross receipts of the eligible recipient during any prior 2-month period during the first 2 calendar quarters of 2020