; 26 U.S.C. 3111 note) is amended to read as follows: (g) Election to not take certain wages into account (1) In general This section shall not apply to so much of the qualified wages paid by an eligible employer as such employer elects (at such time and in such manner as the Secretary may prescribe) to not take into account for purposes of this section. (2) Coordination with paycheck protection program The Secretary, in consultation with the Administrator of the Small Business Administration, shall issue guidance providing that payroll costs paid or incurred during the covered period shall not fail to be treated as qualified wages under this section by reason of an election under paragraph (1) to the extent that a covered loan of the eligible employer is not forgiven by reason of a decision under section 1106(g). Terms used in the preceding sentence which are also used in section 1106 shall have the same meaning as when used in such section. . (2) Conforming amendments (A) Section 2301 of the CARES Act ( Public Law 116–136 ; 26 U.S.C. 3111 note) is amended by striking subsection (j). (B) Section 2301(l) of the CARES Act ( Public Law 116–136 ; 26 U.S.C. 3111 note) is amended by striking paragraph (3) and by redesignating paragraphs (4) and (5) as paragraphs (3) and (4), respectively. (c) Effective date The amendments made by this section shall take effect as if included in the provisions of the CARES Act ( Public Law 116–136 ) to which they relate. IV COVID–19 Economic Injury Disaster Loan Program Reform 401. Sense of Congress It is the sense of Congress that— (1) many businesses that have received economic injury disaster loans under section 7(b)(2) of the Small Business Act ( 15 U.S.C. 636(b) ) continue to suffer from the effects of the COVID–19 pandemic and may not be in a position to make payments in the near term