1. Short title
This Act may be cited as the “EIDL Forgiveness Act”.
EIDL Forgiveness Act
A BILL
To exclude EIDL advance amounts from the calculation of loan forgiveness under the paycheck protection program, and for other purposes.
2. Exclusion of EIDL advance amounts from calculation of loan forgiveness under the paycheck protection program
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.”
Paycheck protection program— Section 7(a)(36)(G) of the Small Business Act (15 U.S.C. 636(a)(36)(G)) is amended—
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”;
by redesignating subclauses (I) through (IV) as clauses (i) through (iv), respectively; and
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))”.