EIDL Forgiveness Act

I 116TH CONGRESS 2D SESSION H. R. 8361 To exclude EIDL advance amounts from the calculation of loan forgiveness under the paycheck protection program, and for other purposes. 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. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘EIDL Forgiveness 4 Act’’. 5 VerDate Sep 11 2014 19:40 Oct 05, 2020 Jkt 019200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H8361.IH H8361 pamtmann on DSKBC07HB2PROD with BILLS 2 •HR 8361 IH SEC. 2. EXCLUSION OF EIDL ADVANCE AMOUNTS FROM 1 CALCULATION OF LOAN FORGIVENESS 2 UNDER THE PAYCHECK PROTECTION PRO- 3 GRAM. 4 (a) IN GENERAL.—Section 1106 of the CARES Act 5 (15 U.S.C. 9005) is amended by adding at the end the 6 following new subsection: 7 ‘‘(m) EXCLUSION OF CERTAIN AMOUNTS.—The 8 amount of loan forgiveness an eligible recipient may re- 9 ceive under this section shall be determined without regard 10 to any amount of an advance such eligible recipient re- 11 ceived under section 1110(e) of this Act.’’. 12 (b) PAYCHECK PROTECTION PROGRAM.—Section 13 7(a)(36)(G) of the Small Business Act (15 U.S.C. 14 636(a)(36)(G)) is amended— 15 (1) in the subparagraph heading, by striking 16 ‘‘BORROWER REQUIREMENTS’’ and all that follows 17 through ‘‘eligible recipient applying’’ and inserting 18 ‘‘BORROWER CERTIFICATION REQUIREMENTS.—An 19 eligible recipient applying’’; 20 (2) by redesignating subclauses (I) through 21 (IV) as clauses (i) through (iv), respectively; and 22 (3) in clause (iv) (as so redesignated), by in- 23 serting before the period at the end the following: ‘‘, 24 except for any amount of an advance such eligible 25 VerDate Sep 11 2014 19:40 Oct 05, 2020 Jkt 019200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H8361.IH H8361 pamtmann on DSKBC07HB2PROD with BILLS 3 •HR 8361 IH recipient received under section 1110(e) of the 1 CARES Act (15 U.S.C. 9009(e))’’. 2 Æ VerDate Sep 11 2014 19:40 Oct 05, 2020 Jkt 019200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6301 E:\BILLS\H8361.IH H8361 pamtmann on DSKBC07HB2PROD with BILLS