[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 8361 Introduced in House (IH)]

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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

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                                 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 Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``EIDL Forgiveness Act''.

SEC. 2. EXCLUSION OF EIDL ADVANCE AMOUNTS FROM CALCULATION OF LOAN 
              FORGIVENESS UNDER THE PAYCHECK PROTECTION PROGRAM.

    (a) In General.--Section 1106 of the CARES Act (15 U.S.C. 9005) is 
amended by adding at the end the following new subsection:
    ``(m) Exclusion of Certain Amounts.--The amount of loan forgiveness 
an eligible recipient may receive under this section shall be 
determined without regard to any amount of an advance such eligible 
recipient received under section 1110(e) of this Act.''.
    (b) Paycheck Protection Program.--Section 7(a)(36)(G) of the Small 
Business Act (15 U.S.C. 636(a)(36)(G)) is amended--
            (1) in the subparagraph heading, by striking ``Borrower 
        requirements'' and all that follows through ``eligible 
        recipient applying'' and inserting ``Borrower certification 
        requirements.--An eligible recipient applying'';
            (2) by redesignating subclauses (I) through (IV) as clauses 
        (i) through (iv), respectively; and
            (3) in clause (iv) (as so redesignated), by inserting 
        before the period at the end the following: ``, except for any 
        amount of an advance such eligible recipient received under 
        section 1110(e) of the CARES Act (15 U.S.C. 9009(e))''.
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