S. 4885, EIDL Advance Protection Act
Summary
S. 4885, the EIDL Advance Protection Act, was introduced in the Senate on November 10, 2020, by Blackburn and referred to the Committee on Small Business and Entrepreneurship. It amends the CARES Act so that EIDL emergency grant advance payments are not subject to certain reductions. If an applicant that receives an advance transfers into, or is approved for, the loan program under paragraph (36) of the Small Business Act, the advance amount may not be reduced from the loan forgiveness amount for a loan for payroll costs.
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Cite this document
“S. 4885, EIDL Advance Protection Act.”
Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/bills-bills-116s4885is-bills-116s4885is/
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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.
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 Advance Protec-
5 tion Act’’.
6 SEC. 2. EMERGENCY EIDL GRANT ADVANCE PAYMENTS.
7 Section 1110(e)(6) of the CARES Act (15 U.S.C.
8 9009(e)(6)) is amended—
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9 (1) by striking ‘‘If an applicant’’ and inserting
10 the following:
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2
1 ‘‘(A) IN GENERAL.—Except as provided in
2 subparagraph (B), if an applicant’’; and
3 (2) by adding at the end the following:
4 ‘‘(B) EXCEPTION FOR PAYCHECK PROTEC-
5 TION PROGRAM LOAN FORGIVENESS.—If an ap-
6 plicant that receives an advance under this sub-
7 section transfers into, or is approved for, the
8 loan program under paragraph (36) of section
9 7(a) of the Small Business Act (15 U.S.C.
10 636(a)), as added by section 1102(a) of this
11 Act, the advance amount may not be reduced
12 from the loan forgiveness amount for a loan for
13 payroll costs made under such paragraph (36),
14 as determined under section 1106.’’.
Æ
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