EIDL Advance Protection Act

Bill: 116-s-4885
Sponsor: full_name: Sen. Blackburn, Marsha [R-TN]
Introduced: 2020-11-10
Policy area: Commerce
Latest action: action_date: 2020-11-10
text: Read twice and referred to the Committee on Small Business and Entrepreneurship.

Summaries:
action_date: 2020-11-10
action_desc: Introduced in Senate
text: <p><b>EIDL Advance Protection Act</b></p> <p>This bill prohibits reducing an applicant's loan forgiveness under the Paycheck Protection Program based on an advance amount received by the applicant under the Economic Injury Disaster Loan program.</p>

tv_txt: II 116th CONGRESS 2d Session S. 4885 IN THE SENATE OF THE UNITED STATES November 10, 2020 Mrs. Blackburn introduced the following bill; which was read twice and referred to the Committee on Small Business and Entrepreneurship A BILL To amend the CARES Act to provide that EIDL emergency grant advance payments shall not be subject to certain reductions.

1. Short title This Act may be cited as the EIDL Advance Protection Act . 2. Emergency EIDL grant advance payments Section 1110(e)(6) of the CARES Act ( 15 U.S.C. 9009(e)(6) ) is amended— (1) by striking If an applicant and inserting the following: (A) In general Except as provided in subparagraph (B), if an applicant ; and (2) by adding at the end the following: (B) Exception for paycheck protection program loan forgiveness If an applicant that receives an advance under this subsection transfers into, or is approved for, the loan program under paragraph (36) of section 7(a) of the Small Business Act ( 15 U.S.C. 636(a) ), as added by section 1102(a) of this Act, the advance amount may not be reduced from the loan forgiveness amount for a loan for payroll costs made under such paragraph (36), as determined under section 1106. .