EIDL Forgiveness Act

Bill: 116-s-4927
Sponsor: full_name: Sen. King, Angus S., Jr. [I-ME]
Introduced: 2020-11-30
Policy area: Commerce
Subjects: Cardiovascular and respiratory health

Government lending and loan guarantees

Infectious and parasitic diseases

Small business
Latest action: action_date: 2020-11-30
text: Read twice and referred to the Committee on Small Business and Entrepreneurship.

Summaries:
action_date: 2020-11-30
action_desc: Introduced in Senate
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: II 116th CONGRESS 2d Session S. 4927 IN THE SENATE OF THE UNITED STATES November 30, 2020 Mr. King (for himself, Mr. Daines , and Mr. Tester ) introduced the following bill; which was read twice and referred to the Committee on Small Business and Entrepreneurship 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: (m) Exclusion of certain amounts The amount of loan forgiveness an eligible recipient may receive under this section shall be determined without regard to the amount of any advance the 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) 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 adjusting the margin accordingly; and (3) in clause (iv) (as so redesignated), by inserting before the period at the end the following: , except for the amount of any advance the eligible recipient received under section 1110(e) of the CARES Act ( 15 U.S.C. 9009(e) ) .