20232. Emergency financial aid grants (a) In general In the case of a student receiving a qualified emergency financial aid grant— (1) such grant shall not be included in the gross income of such individual for purposes of the Internal Revenue Code of 1986, and (2) such grant shall not be treated as described in subparagraph (A), (B), or (C) of section 25A(g)(2) of such Code. (b) Definitions For purposes of this subsection, the term qualified emergency financial aid grant means— (1) any emergency financial aid grant awarded by an institution of higher education under section 3504 of the CARES Act, (2) any emergency financial aid grant from an institution of higher education made with funds made available under section 18004 of the CARES Act, and (3) any other emergency financial aid grant made to a student from a Federal agency, a State, an Indian tribe, an institution of higher education, or a scholarship-granting organization (including a tribal organization, as defined in section 4 of the Indian Self-Determination and Education Assistance Act (25 U.S.C.5304)) for the purpose of providing financial relief to students enrolled at institutions of higher education in response to a qualifying emergency (as defined in section 3502(a)(4) of the CARES Act). (c) Limitation This section shall not apply to that portion of any amount received which represents payment for teaching, research, or other services required as a condition for receiving the qualified emergency financial aid grant. (d) Effective date This section shall apply to qualified emergency financial aid grants made after March 26, 2020. 20233. Certain loan forgiveness and other business financial assistance under CARES Act not includible in gross income (a) United States Treasury program management authority For purposes of the Internal Revenue Code of 1986, no amount shall be included in gross income by reason of loan forgiveness described in section 1109(d)(2)(D) of the CARES Act. (b) Emergency EIDL grants For purposes of the Internal Revenue Code of