[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 4927 Introduced in Senate (IS)]

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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 
 following 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.

    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:
    ``(m) Exclusion of Certain Amounts.--The amount of loan forgiveness 
an eligible recipient may receive under this section shall be 
determined without regard to the amount of any advance the 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) 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 adjusting the margin 
        accordingly; and
            (3) in clause (iv) (as so redesignated), by inserting 
        before the period at the end the following: ``, except for the 
        amount of any advance the eligible recipient received under 
        section 1110(e) of the CARES Act (15 U.S.C. 9009(e))''.
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