EIDL Advance Protection Act

II 116TH CONGRESS 2D SESSION S. 4885 To amend the CARES Act to provide that EIDL emergency grant advance payments shall not be subject to certain reductions. 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. 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 Advance Protec- 4 tion Act’’. 5 SEC. 2. EMERGENCY EIDL GRANT ADVANCE PAYMENTS. 6 Section 1110(e)(6) of the CARES Act (15 U.S.C. 7 9009(e)(6)) is amended— 8 (1) by striking ‘‘If an applicant’’ and inserting 9 the following: 10 VerDate Sep 11 2014 04:32 Nov 24, 2020 Jkt 019200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S4885.IS S4885 pbinns on DSKJLVW7X2PROD with BILLS 2 •S 4885 IS ‘‘(A) IN GENERAL.—Except as provided in 1 subparagraph (B), if an applicant’’; and 2 (2) by adding at the end the following: 3 ‘‘(B) EXCEPTION FOR PAYCHECK PROTEC- 4 TION PROGRAM LOAN FORGIVENESS.—If an ap- 5 plicant that receives an advance under this sub- 6 section transfers into, or is approved for, the 7 loan program under paragraph (36) of section 8 7(a) of the Small Business Act (15 U.S.C. 9 636(a)), as added by section 1102(a) of this 10 Act, the advance amount may not be reduced 11 from the loan forgiveness amount for a loan for 12 payroll costs made under such paragraph (36), 13 as determined under section 1106.’’. 14 Æ VerDate Sep 11 2014 04:32 Nov 24, 2020 Jkt 019200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\S4885.IS S4885 pbinns on DSKJLVW7X2PROD with BILLS