,,ii  #aafth ,,congress  #b;d ,session  
,s4 #dfjg  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,september #ag1
 #bjbj,mr4 ,kennedy 7for himself and    
,mr4 ,jones7 introduced the following   
bill2 which was read twice and referred 
to the ,committee on ,finance  ,a ,,bill
  ,to provide forgiveness for paycheck  
protection program and economic injury  
disaster loans related to ,,covid-#ai   
made to businesses that are located in  
an area for which the ,president        
declared a major disaster related to    
,hurricane ,laura or ,hurricane ,sally1 
and for other purposes4  #a4 ,short     
title ,this ,act may be cited as the    
,disaster ,relief for ,southeastern     
,small ,businesses ,act of #bjbj4  #b4  
,loan forgiveness for businesses located
 in major disaster areas  7a7           
,definitions ,in this section3 7#a7     
,administrator ,the term ,administrator 
means the ,administrator of the ,small  
,business ,administration4  7#b7        
,covered disaster ,the term covered area

 means an area for which the ,president 
declared a major disaster under section 
#dja of the ,robert ,t4 ,stafford       
,disaster ,relief and ,emergency        
,assistance ,act 7#db ,u4,s4,c4 #eagj7  
related to ,hurricane ,laura or         
,hurricane ,sally4  7#c7 ,covered entity
 ,the term covered entity means any     
entity-- 7,a7 the principal place of    
business of which is located in a       
covered area2 and  7,b7 that received a 
covered loan4  7#d7 ,covered loan ,the  
term covered loan means a loan made     
under-- 7,a7 section #g7;a77#cf7 of the 
,small ,business ,act 7#ae ,u4,s4,c4    
#fcf7;a77#cf772 or  7,b7 section        
#g7;b77#b7 of the ,small ,business ,act 
7#ae ,u4,s4,c4 #fcf7;b77#b77 related to 
,,covid-#ai4  7b7 ,loan forgiveness     
7#a7 ,in general ,notwithstanding       
section #aajf of the ,,cares ,act 7#ae  
,u4,s4,c4 #ijje71 a covered entity shall
 receive forgiveness of indebtedness on 
a covered loan in an amount equal to the
 covered loan amount if the covered     

entity submits to the lender of the     
covered loan a one-page online or paper 
form1 to be established by the          
,administrator not later than #g days   
after the date of enactment of this     
,act1 that attests that the covered     
entity used the covered loan proceeds   
for eligible activities as described in 
paragraph 7a77#cf7 or 7b77#b7 of section
 #g of the ,small ,business ,act 7#ae   
,u4,s4,c4 #fcf71 as applicable4  7#b7   
,review and audit ,the ,administrator   
may review and audit covered loans for  
which forgiveness is provided to covered
 entities under paragraph 7#a7 using the
 same process used for loans made under 
section #g7;a77#cf7 of the ,small       
,business ,act 7#ae ,u4,s4,c4           
#fcf7;a77#cf774  7#c7 ,taxability ,for  
purposes of the ,internal ,revenue ,code
 of #aihf-- 7,a7 any amount which 7but  
for this paragraph7 would be includible 
in gross income of the covered entity by
 reason of forgiveness described in     
paragraph 7#a7 shall be excluded from   

gross income2 and  7,b7 no deduction    
shall be denied or reduced1 no tax      
attribute shall be reduced1 and no basis
 increase shall be denied1 by reason of 
the exclusion from gross income provided
 by subparagraph 7,a74  7c7             
,inapplicability of ,,eidl advance      
amount to ,,ppp loan forgiveness amount 
,notwithstanding paragraph 7#f7 of      
section #aaaj7;e7 of the ,,cares ,act   
7#ae ,u4,s4,c4 #ijji7;e771 with respect 
to a covered entity that received an    
advance grant under such section        
#aaaj7;e71 the advance amount shall not 
be reduced from the loan forgiveness    
amount for a loan for payroll costs made
 to the covered entity under section    
#g7;a77#cf7 of the ,small ,business ,act
 7#ae ,u4,s4,c4 #fcf7;a77#cf774  7d7    
,applicability ,this ,act shall apply   
with respect to covered loans and       
advance grants under section #aaaj7;e7  
of the ,,cares ,act 7#ae ,u4,s4,c4      
#ijji7;e77 made to a covered entity     
before1 on1 or after the date of        

enactment of this ,act4