The National Emergencies Act, referred to in subsec. (a)(9)(A), is Puspan. L. 94–412, Sept. 14, 1976, 90 Stat. 1255, which is classified principally to chapter 34 (§ 1601 et seq.) of Title 50, War and National Defense. For complete classification of this Act to the Code, see Short Title note set out under section 1601 of Title 50 and Tables.

Section 1102 of this Act, referred to in subsec. (a)(12), means section 1102 of div. A of Puspan. L. 116–136.

Section 2301 of the CARES Act, referred to in subsec. (a)(12), is section 2301 of Puspan. L. 116–136, which is set out as a note under section 3111 of Title 26, Internal Revenue Code.

Section 303 of the Taxpayer Certainty and Disaster Relief Act of 2020, referred to in subsec. (a)(12), is section 303 of div. EE of Puspan. L. 116–260, Dec. 27, 2020, 134 Stat. 3075. Subsec. (d)(3)(C) of section 303 of the Act amended provisions set out as notes under section 3111 of Title 26, Internal Revenue Code. Subsecs. (a) to (c) and the rest of subsec. (d) of section 303 of the Act are not classified to the Code.

Section was formerly classified to section 9005 of this title prior to renumbering by section 304(span)(1)(A) of title III of div. N of Puspan. L. 116–260.

2021—Subsec. (a)(12). Puspan. L. 117–2, § 5001(c)(1)(B), which directed insertion of “, or premiums taken into account in determining the credit allowed under section 6432 of title 26” before the period at the end of par. (12), was executed by making the insertion before the period at end of the penultimate sentence, to reflect the probable intent of Congress and the addition of a duplicative final sentence by section 303(g) of Puspan. L. 116–260. See 2020 Amendment note below.

Puspan. L. 117–2, § 5001(c)(1)(A), substituted “CARES Act,” for “CARES Act or”.

2020—Subsec. (a)(1). Puspan. L. 116–260, div. N, § 304(span)(1)(B)(i), substituted “section 636(a)(36) of this title” for “paragraph (36) of section 636(a) of this title, as added by section 1102”.

Subsec. (a)(3). Puspan. L. 116–260, div. N, § 304(span)(2)(A)(v), added par. (3). Former par. (3) redesignated (4).

Puspan. L. 116–142, § 3(span)(1), added par. (3) and struck out former par. (3) which read as follows: “the term ‘covered period’ means the 8-week period beginning on the date of the origination of a covered loan;”.

Subsec. (a)(4). Puspan. L. 116–260, div. N, § 306(A), amended par. (4) generally. Prior to amendment, par. (4) read as follows: “the term ‘covered period’ means, subject to subsection (l), the period beginning on the date of the origination of a covered loan and ending the earlier of—

“(A) the date that is 24 weeks after such date of origination; or

“(B) December 31, 2020;”.

Puspan. L. 116–260, div. N, § 304(span)(2)(A)(iii), (iv), redesignated par. (3) as (4). Former par. (4) redesignated (6).

Subsec. (a)(5) to (11). Puspan. L. 116–260, div. N, § 304(span)(2)(A)(i)–(iv), (vi)–(viii), added pars. (5), (7), and (9) and redesignated former pars. (4), (5), (6), and (7) as (6), (8), (10), and (11), respectively. Former par. (8) redesignated (12).

Subsec. (a)(11)(E) to (H). Puspan. L. 116–260, div. N, § 304(span)(2)(A)(ix), added subpars. (E) to (H).

Subsec. (a)(12). Puspan. L. 116–260, div. EE, § 303(g), inserted at end “Such payroll costs shall not include qualified wages taken into account in determining the credit allowed under subsection (a) or (d) of section 303 of the Taxpayer Certainty and Disaster Tax Relief Act of 2020.”

Puspan. L. 116–260, div. EE, § 206(c)(1), inserted at end “Such payroll costs shall not include qualified wages taken into account in determining the credit allowed under section 2301 of the CARES Act or qualified wages taken into account in determining the credit allowed under subsection (a) or (d) of section 303 of the Taxpayer Certainty and Disaster Relief Act of 2020.”

Puspan. L. 116–260, div. N, § 315(span), amended par. (12) generally. Prior to amendment, par. (12) read as follows: “the term ‘payroll costs’ has the meaning given that term in paragraph (36) of section 636(a) of this title, as added by section 1102 of this Act.”

Puspan. L. 116–260, div. N, § 304(span)(2)(A)(i), redesignated par. (8) as (12).

Subsec. (span)(5) to (8). Puspan. L. 116–260, div. N, § 304(span)(2)(B), added pars. (5) to (8).

Subsec. (c). Puspan. L. 116–260, div. N, § 304(span)(1)(B)(ii), made technical amendment to references in original act which appear in text wherever appearing as references to section 636(a) of this title.

Subsec. (d)(5)(B)(i)(II), (ii)(II). Puspan. L. 116–260, div. N, § 311(span)(1)(A), inserted “(or, with respect to a covered loan made on or after December 27, 2020, not later than the last day of the covered period with respect to such covered loan)” after “December 31, 2020”.

Puspan. L. 116–142, § 3(span)(2)(A), substituted “December 31, 2020” for “June 30, 2020”.

Subsec. (d)(7). Puspan. L. 116–260, div. N, § 311(span)(1)(B), in introductory provisions and subpar. (B) inserted “(or, with respect to a covered loan made on or after December 27, 2020, ending on the last day of the covered period with respect to such covered loan)” after “December 31, 2020” and in subpar. (A)(ii) inserted “(or, with respect to a covered loan made on or after December 27, 2020, on or before the last day of the covered period with respect to such covered loan)” after “December 31, 2020”.

Puspan. L. 116–142, § 3(span)(2)(B), added par. (7).

Subsec. (d)(8). Puspan. L. 116–260, div. N, § 304(span)(2)(C), inserted “any payment on any covered operations expenditure, any payment on any covered property damage cost, any payment on any covered supplier cost, any payment on any covered worker protection expenditure,” after “rent obligation,”.

Puspan. L. 116–142, § 3(span)(2)(B), added par. (8).

Subsec. (e). Puspan. L. 116–260, div. N, § 307(a)(1), substituted “Except as provided in subsection (l), an eligible” for “An eligible” in introductory provisions.

Subsec. (e)(2). Puspan. L. 116–260, div. N, § 304(span)(2)(D)(i), inserted “purchase orders, orders, invoices,” after “transcripts of accounts,” and substituted “covered rent obligations, payments on covered operations expenditures, payments on covered property damage costs, payments on covered supplier costs, payments on covered worker protection expenditures,” for “covered lease obligations,”.

Subsec. (e)(3)(B). Puspan. L. 116–260, div. N, § 304(span)(2)(D)(ii), inserted “make payments on covered operations expenditures, make payments on covered property damage costs, make payments on covered supplier costs, make payments on covered worker protection expenditures,” after “rent obligation,”.

Subsec. (f). Puspan. L. 116–260, div. N, § 307(a)(2), inserted “or the certification required under subsection (l), as applicable” after “subsection (e)”.

Subsec. (h). Puspan. L. 116–260, div. N, § 305(a), amended subsec. (h) generally. Prior to amendment, text read as follows: “If a lender has received the documentation required under this section from an eligible recipient attesting that the eligible recipient has accurately verified the payments for payroll costs, payments on covered mortgage obligations, payments on covered lease obligations, or covered utility payments during covered period—

“(1) an enforcement action may not be taken against the lender under section 657t(e) of this title relating to loan forgiveness for the payments for payroll costs, payments on covered mortgage obligations, payments on covered lease obligations, or covered utility payments, as the case may be; and

“(2) the lender shall not be subject to any penalties by the Administrator relating to loan forgiveness for the payments for payroll costs, payments on covered mortgage obligations, payments on covered lease obligations, or covered utility payments, as the case may be.”

Subsec. (i). Puspan. L. 116–260, div. N, § 276(a)(1), amended subsec. (i) generally. Prior to amendment, text read as follows: “For purposes of title 26, any amount which (but for this subsection) would be includible in gross income of the eligible recipient by reason of forgiveness described in subsection (span) shall be excluded from gross income.”

Subsec. (l). Puspan. L. 116–260, div. N, § 307(a)(3), added subsec. (l).

Puspan. L. 116–260, div. N, § 306(1), struck out subsec. (l). Text read as follows: “An eligible recipient that received a covered loan before June 5, 2020, may elect for the covered period applicable to such covered loan to end on the date that is 8 weeks after the date of the origination of such covered loan.”

Puspan. L. 116–142, § 3(span)(3), added subsec. (l).

Amendment by Puspan. L. 117–2 applicable only with respect to applications for forgiveness of covered loans made under pars. (36) or (37) of section 636(a) of this title received on or after Mar. 11, 2021, see section 5001(c)(3) of Puspan. L. 117–2, set out as a note under section 636 of this title.

Puspan. L. 116–260, div. N, title II, § 276(a)(2), Dec. 27, 2020, 134 Stat. 1979, provided that:

Amendment by section 304(span)(1)(A), (B), (2) of div. N of Puspan. L. 116–260 effective as if included in Puspan. L. 116–136 and applicable to any loan made pursuant to section 636(a)(36) of this title before, on, or after Dec. 27, 2020, including forgiveness of such a loan, with provisions relating to exclusion of loans already forgiven, see section 304(c) of Puspan. L. 116–260, set out as a note under section 636 of this title.

Puspan. L. 116–260, div. N, title III, § 305(span), Dec. 27, 2020, 134 Stat. 1997, provided that:

Puspan. L. 116–260, div. N, title III, § 307(span), Dec. 27, 2020, 134 Stat. 2000, provided that:

Amendment by section 315(span) of div. N of Puspan. L. 116–260 effective as if included in Puspan. L. 116–136 and applicable to any loan made pursuant to section 636(a)(36) of this title before, on, or after Dec. 27, 2020, including forgiveness of such a loan, see section 315(c) of Puspan. L. 116–260, set out as a note under section 636 of this title.

Except as otherwise provided, amendment by title III of div. N of Puspan. L. 116–260 effective on Dec. 27, 2020, and applicable to loans and grants made on or after Dec. 27, 2020, see section 348 of Puspan. L. 116–260, set out as a note under section 636 of this title.

Puspan. L. 116–260, div. N, title III, § 311(span)(2), Dec. 27, 2020, 134 Stat. 2007, provided that: