S. 4607, Disaster Relief for Southeastern Small Businesses Act
Summary
Senate bill 4607, the Disaster Relief for Southeastern Small Businesses Act of 2020, introduced in the Senate of the United States on September 17, 2020, by Kennedy with Jones and referred to the Committee on Finance. Its printed purpose is to provide forgiveness for paycheck protection program and economic injury disaster loans related to COVID–19 made to businesses that are located in an area for which the President declared a major disaster related to Hurricane Laura or Hurricane Sally. Section 2 defines covered area, covered entity and covered loan and provides that a covered entity shall receive forgiveness. The Act applies to covered loans made before, on, or after the date of enactment.
Summary drafted by a model from the document's text below and checked by script against that text before publication. It is a navigation aid, not a reading of what the document proves. Where AI is used
- Issuer
- Congressional materials
- Document type
- Bills Bills 116S4607Is Bills 116S4607Is
- Case
- Bills Bills 116S4607Is Bills 116S4607Is
Cite this document
“S. 4607, Disaster Relief for Southeastern Small Businesses Act.”
Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/bills-bills-116s4607is-bills-116s4607is/
, SHA-256 dd9c44901f153b37de8c0c64d235f12e3bb6c08397cc5e94aaac670a373d8010.Full text
II
116TH CONGRESS
2D SESSION
S. 4607
To provide forgiveness for paycheck protection program and economic injury
disaster loans related to COVID–19 made to businesses that are located
in an area for which the President declared a major disaster related
to Hurricane Laura or Hurricane Sally, and for other purposes.
IN THE SENATE OF THE UNITED STATES
SEPTEMBER 17, 2020
Mr. KENNEDY (for himself and Mr. JONES) introduced the following bill;
which was read twice and referred to the Committee on Finance
A BILL
To provide forgiveness for paycheck protection program and
economic injury disaster loans related to COVID–19
made to businesses that are located in an area for which
the President declared a major disaster related to Hurri-
cane Laura or Hurricane Sally, 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 ‘‘Disaster Relief for
5 Southeastern Small Businesses Act of 2020’’.
pamtmann on DSKBC07HB2PROD with BILLS
VerDate Sep 11 2014 18:03 Sep 24, 2020 Jkt 099200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S4607.IS S4607
2
1 SEC. 2. LOAN FORGIVENESS FOR BUSINESSES LOCATED IN
2 MAJOR DISASTER AREAS.
3 (a) DEFINITIONS.—In this section:
4 (1) ADMINISTRATOR.—The term ‘‘Adminis-
5 trator’’ means the Administrator of the Small Busi-
6 ness Administration.
7 (2) COVERED DISASTER.—The term ‘‘covered
8 area’’ means an area for which the President de-
9 clared a major disaster under section 401 of the
10 Robert T. Stafford Disaster Relief and Emergency
11 Assistance Act (42 U.S.C. 5170) related to Hurri-
12 cane Laura or Hurricane Sally.
13 (3) COVERED ENTITY.—The term ‘‘covered en-
14 tity’’ means any entity—
15 (A) the principal place of business of which
16 is located in a covered area; and
17 (B) that received a covered loan.
18 (4) COVERED LOAN.—The term ‘‘covered loan’’
19 means a loan made under—
20 (A) section 7(a)(36) of the Small Business
21 Act (15 U.S.C. 636(a)(36)); or
22 (B) section 7(b)(2) of the Small Business
23 Act (15 U.S.C. 636(b)(2)) related to COVID–
24 19.
pamtmann on DSKBC07HB2PROD with BILLS
25 (b) LOAN FORGIVENESS.—
•S 4607 IS
VerDate Sep 11 2014 18:03 Sep 24, 2020 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\S4607.IS S4607
3
1 (1) IN GENERAL.—Notwithstanding section
2 1106 of the CARES Act (15 U.S.C. 9005), a cov-
3 ered entity shall receive forgiveness of indebtedness
4 on a covered loan in an amount equal to the covered
5 loan amount if the covered entity submits to the
6 lender of the covered loan a one-page online or paper
7 form, to be established by the Administrator not
8 later than 7 days after the date of enactment of this
9 Act, that attests that the covered entity used the
10 covered loan proceeds for eligible activities as de-
11 scribed in paragraph (a)(36) or (b)(2) of section 7
12 of the Small Business Act (15 U.S.C. 636), as appli-
13 cable.
14 (2) REVIEW AND AUDIT.—The Administrator
15 may review and audit covered loans for which for-
16 giveness is provided to covered entities under para-
17 graph (1) using the same process used for loans
18 made under section 7(a)(36) of the Small Business
19 Act (15 U.S.C. 636(a)(36)).
20 (3) TAXABILITY.—For purposes of the Internal
21 Revenue Code of 1986—
22 (A) any amount which (but for this para-
23 graph) would be includible in gross income of
pamtmann on DSKBC07HB2PROD with BILLS
24 the covered entity by reason of forgiveness de-
•S 4607 IS
VerDate Sep 11 2014 18:03 Sep 24, 2020 Jkt 099200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\S4607.IS S4607
4
1 scribed in paragraph (1) shall be excluded from
2 gross income; and
3 (B) no deduction shall be denied or re-
4 duced, no tax attribute shall be reduced, and no
5 basis increase shall be denied, by reason of the
6 exclusion from gross income provided by sub-
7 paragraph (A).
8 (c) INAPPLICABILITY OF EIDL ADVANCE AMOUNT
9 TO PPP LOAN FORGIVENESS AMOUNT.—Notwithstanding
10 paragraph (6) of section 1110(e) of the CARES Act (15
11 U.S.C. 9009(e)), with respect to a covered entity that re-
12 ceived an advance grant under such section 1110(e), the
13 advance amount shall not be reduced from the loan for-
14 giveness amount for a loan for payroll costs made to the
15 covered entity under section 7(a)(36) of the Small Busi-
16 ness Act (15 U.S.C. 636(a)(36)).
17 (d) APPLICABILITY.—This Act shall apply with re-
18 spect to covered loans and advance grants under section
19 1110(e) of the CARES Act (15 U.S.C. 9009(e)) made to
20 a covered entity before, on, or after the date of enactment
21 of this Act.
Æ
pamtmann on DSKBC07HB2PROD with BILLS
•S 4607 IS
VerDate Sep 11 2014 18:03 Sep 24, 2020 Jkt 099200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6301 E:\BILLS\S4607.IS S4607
File and source
- File
- BILLS_bills-116s4607is_bills-116s4607is.pdf
- Size
- 232,832 bytes
- SHA-256
- dd9c44901f153b37de8c0c64d235f12e3bb6c08397cc5e94aaac670a373d8010
- Original
- www.govinfo.gov