H.R. 8361, EIDL Forgiveness Act
Summary
H.R. 8361, the EIDL Forgiveness Act, was introduced in the House of Representatives on September 23, 2020 by Mr. Neguse, for himself and Mr. Curtis, and referred to the Committee on Small Business. It would amend section 1106 of the CARES Act so that the amount of loan forgiveness an eligible recipient may receive is determined without regard to any advance received under section 1110(e). It would also amend the borrower certification requirements in section 7(a)(36)(G) of the Small Business Act to except any EIDL advance amount.
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Cite this document
“H.R. 8361, EIDL Forgiveness Act.”
Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/bills-bills-116hr8361ih-bills-116hr8361ih/
, SHA-256 558bc583a05be51b4f8d0c914d369fe336a66a82e3e9480313fec517a3773303.Full text
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.
1 Be it enacted by the Senate and House of Representa-
2 tives of the United States of America in Congress assembled,
3 SECTION 1. SHORT TITLE.
4 This Act may be cited as the ‘‘EIDL Forgiveness
5 Act’’.
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1 SEC. 2. EXCLUSION OF EIDL ADVANCE AMOUNTS FROM
2 CALCULATION OF LOAN FORGIVENESS
3 UNDER THE PAYCHECK PROTECTION PRO-
4 GRAM.
5 (a) IN GENERAL.—Section 1106 of the CARES Act
6 (15 U.S.C. 9005) is amended by adding at the end the
7 following new subsection:
8 ‘‘(m) EXCLUSION OF CERTAIN AMOUNTS.—The
9 amount of loan forgiveness an eligible recipient may re-
10 ceive under this section shall be determined without regard
11 to any amount of an advance such eligible recipient re-
12 ceived under section 1110(e) of this Act.’’.
13 (b) PAYCHECK PROTECTION PROGRAM.—Section
14 7(a)(36)(G) of the Small Business Act (15 U.S.C.
15 636(a)(36)(G)) is amended—
16 (1) in the subparagraph heading, by striking
17 ‘‘BORROWER REQUIREMENTS’’ and all that follows
18 through ‘‘eligible recipient applying’’ and inserting
19 ‘‘BORROWER CERTIFICATION REQUIREMENTS.—An
20 eligible recipient applying’’;
21 (2) by redesignating subclauses (I) through
22 (IV) as clauses (i) through (iv), respectively; and
23 (3) in clause (iv) (as so redesignated), by in-
24 serting before the period at the end the following: ‘‘,
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25 except for any amount of an advance such eligible
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1 recipient received under section 1110(e) of the
2 CARES Act (15 U.S.C. 9009(e))’’.
Æ
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