EIDL Forgiveness Act

Bill: 116-hr-8361
Sponsor: full_name: Rep. Neguse, Joe [D-CO-2]
Introduced: 2020-09-23
Policy area: Commerce
Subjects: Cardiovascular and respiratory health

Government lending and loan guarantees

Infectious and parasitic diseases

Small business
Latest action: action_date: 2020-09-23
text: Referred to the House Committee on Small Business.

Summaries:
action_date: 2020-09-23
action_desc: Introduced in House
text: <p><b>EIDL Forgiveness Act</b></p> <p>This bill modifies the loan forgiveness determination for a paycheck protection loan by excluding from such determination any advance amount for an economic injury disaster loan that was made to the recipient in relation to COVID-19 (i.e., coronavirus disease 2019).</p>

tv_txt: I 116th CONGRESS 2d Session H. R. 8361 IN THE HOUSE OF REPRESENTATIVES September 23, 2020 Mr. Neguse (for himself and Mr. Curtis ) introduced the following bill; which was referred to the Committee on Small Business A BILL To exclude EIDL advance amounts from the calculation of loan forgiveness under the paycheck protection program, and for other purposes.

1. Short title This Act may be cited as the EIDL Forgiveness Act . 2. Exclusion of EIDL advance amounts from calculation of loan forgiveness under the paycheck protection program (a) In general Section 1106 of the CARES Act ( 15 U.S.C. 9005 ) is amended by adding at the end the following new subsection: (m) Exclusion of certain amounts The amount of loan forgiveness an eligible recipient may receive under this section shall be determined without regard to any amount of an advance such eligible recipient received under section 1110(e) of this Act. . (b) Paycheck protection program Section 7(a)(36)(G) of the Small Business Act ( 15 U.S.C. 636(a)(36)(G) ) is amended— (1) in the subparagraph heading, by striking Borrower requirements and all that follows through eligible recipient applying and inserting Borrower certification requirements .—An eligible recipient applying ; (2) by redesignating subclauses (I) through (IV) as clauses (i) through (iv), respectively; and (3) in clause (iv) (as so redesignated), by inserting before the period at the end the following: , except for any amount of an advance such eligible recipient received under section 1110(e) of the CARES Act ( 15 U.S.C. 9009(e) ) .