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II
116TH CONGRESS
2D SESSION
S. 4927
To exclude EIDL advance amounts from the calculation of loan forgiveness
under the paycheck protection program, and for other purposes.
IN THE SENATE OF THE UNITED STATES
NOVEMBER 30, 2020
Mr. KING (for himself, Mr. DAINES, and Mr. TESTER) introduced the fol-
lowing 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.
Be it enacted by the Senate and House of Representa-
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tives of the United States of America in Congress assembled,
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SECTION 1. SHORT TITLE.
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This Act may be cited as the ‘‘EIDL Forgiveness
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Act’’.
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•S 4927 IS
SEC. 2. EXCLUSION OF EIDL ADVANCE AMOUNTS FROM
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CALCULATION
OF
LOAN
FORGIVENESS
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UNDER THE PAYCHECK PROTECTION PRO-
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GRAM.
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(a) IN GENERAL.—Section 1106 of the CARES Act
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(15 U.S.C. 9005) is amended by adding at the end the
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following:
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‘‘(m) EXCLUSION
OF
CERTAIN
AMOUNTS.—The
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amount of loan forgiveness an eligible recipient may re-
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ceive under this section shall be determined without regard
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to the amount of any advance the eligible recipient re-
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ceived under section 1110(e) of this Act.’’.
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(b) PAYCHECK
PROTECTION
PROGRAM.—Section
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7(a)(36)(G) of the Small Business Act (15 U.S.C.
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636(a)(36)(G)) is amended—
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(1) by striking ‘‘BORROWER REQUIREMENTS’’
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and all that follows through ‘‘eligible recipient apply-
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ing’’ and inserting ‘‘BORROWER CERTIFICATION RE-
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QUIREMENTS.—An eligible recipient applying’’;
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(2) by redesignating subclauses (I) through
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(IV) as clauses (i) through (iv), respectively, and ad-
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justing the margin accordingly; and
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(3) in clause (iv) (as so redesignated), by in-
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serting before the period at the end the following: ‘‘,
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except for the amount of any advance the eligible re-
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•S 4927 IS
cipient received under section 1110(e) of the
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CARES Act (15 U.S.C. 9009(e))’’.
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Æ
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