REPEAL OF EIDL ADVANCE DEDUCTION.

SEC. 333. REPEAL OF EIDL ADVANCE DEDUCTION. (a) [15 U.S.C. 9009 note] Definitions.—In this section— (1) the term “covered entity” means an entity that receives an advance under section 1110(e) of the CARES Act (15 U.S.C. 9009(e)), including an entity that received such an advance before the date of enactment of this Act; and (2) the term “covered period” has the meaning given the term in section 1110(a)(1) of the CARES Act (15 U.S.C. 9009(a)(1)), as amended by section 332 of this Act. (b) Sense of Congress.—It is the sense of Congress that borrowers of loans made under section 7(b)(2) of the Small Business Act (15 U.S.C. 636(b)(2)) in response to COVID-19 during the covered period should be made whole, without regard to whether those borrowers are eligible for forgiveness with respect to those loans. (c) Repeal.—Section 1110(e)(6) of the CARES Act (15 U.S.C. 9009(e)(6)) is repealed. (d) [15 U.S.C. 9009 note] Effective Date; Applicability.—The amendment made by subsection (c) shall be effective as if included in the CARES Act (Public Law 116-136; 134 Stat. 281). (e) [15 U.S.C. 9009 note] Rulemaking.— (1) In general.—Not later than 15 days after the date of enactment of this Act, the Administrator shall issue rules that ensure the equal treatment of all covered entities with respect to the amendment made by subsection (c), which shall include consideration of covered entities that, before the date of enactment of this Act, completed the loan forgiveness process described in section 1110(e)(6) of the CARES Act (15 U.S.C. 9009(e)(6)), as in effect before that date of enactment. (2) Notice and comment.—The notice and comment requirements under section 553 of title 5, United States Code, shall not apply with respect to the rules issued under paragraph (1).