Section 1 Short title
This Act may be cited as the “EIDL Advance Protection Act”.
EIDL Advance Protection Act
A BILL
To amend the CARES Act to provide that EIDL emergency grant advance payments shall not be subject to certain reductions.
Sec. 2 Emergency EIDL grant advance payments
Section 1110(e)(6) of the CARES Act (15 U.S.C. 9009(e)(6)) is amended—
by striking “If an applicant” and inserting the following:
“(A) In general—Except as provided in subparagraph (B), if an applicant”
by adding at the end the following:
“(B) Exception for paycheck protection program loan forgiveness—If an applicant that receives an advance under this subsection transfers into, or is approved for, the loan program under paragraph (36) of section 7(a) of the Small Business Act (15 U.S.C. 636(a)), as added by section 1102(a) of this Act, the advance amount may not be reduced from the loan forgiveness amount for a loan for payroll costs made under such paragraph (36), as determined under section 1106.”