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House Bill 8361
116th Congress(2019-2020)
EIDL Forgiveness Act
Introduced
Introduced
Introduced in House on Sep 23, 2020
Overview
Text
Introduced in House 
Sep 23, 2020
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Introduced in House(Sep 23, 2020)
Sep 23, 2020
About Linkage
Multiple bills can contain the same text. This could be an identical bill in the opposite chamber or a smaller bill with a section embedded in a larger bill.
Bill Sponsor regularly scans bill texts to find sections that are contained in other bill texts. When a matching section is found, the bills containing that section can be viewed by clicking "View Bills" within the bill text section.
Bill Sponsor is currently only finding exact word-for-word section matches. In a future release, partial matches will be included.
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H. R. 8361 (Introduced-in-House)


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

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))”.