S. 4927, EIDL Forgiveness Act
Summary
S. 4927, the EIDL Forgiveness Act, was introduced in the Senate on November 30, 2020, by King with Daines and Tester and referred to the Committee on Small Business and Entrepreneurship. It excludes EIDL advance amounts from the calculation of loan forgiveness under the paycheck protection program. A new subsection added to section 1106 of the CARES Act provides that the loan forgiveness amount is determined without regard to any advance received under section 1110(e). The bill also amends the borrower certification requirements in the Small Business Act.
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Cite this document
“S. 4927, EIDL Forgiveness Act.”
Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/bills-bills-116s4927is-bills-116s4927is/
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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.
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:
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 the amount of any advance the 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) by striking ‘‘BORROWER REQUIREMENTS’’
17 and all that follows through ‘‘eligible recipient apply-
18 ing’’ and inserting ‘‘BORROWER CERTIFICATION RE-
19 QUIREMENTS.—An eligible recipient applying’’;
20 (2) by redesignating subclauses (I) through
21 (IV) as clauses (i) through (iv), respectively, and ad-
22 justing the margin accordingly; 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 the amount of any advance the eligible re-
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1 cipient received under section 1110(e) of the
2 CARES Act (15 U.S.C. 9009(e))’’.
Æ
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