Bill
Bill > HR6781
summary
Introduced
05/08/2020
05/08/2020
In Committee
05/08/2020
05/08/2020
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
To provide for improved coordination between the paycheck protection program and the employee retention tax credit. This bill coordinates the Paycheck Protection Program (PPP), established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019), with the employee retention tax credit for employers subject to closure due to COVID-19, by allowing loan amounts not forgiven under the PPP to be taken into account for purposes of the retention tax credit.
AI Summary
This bill aims to improve the coordination between the Paycheck Protection Program (PPP) and the employee retention tax credit, which were both established in response to the COVID-19 pandemic. Specifically, the bill allows loan amounts not forgiven under the PPP to be taken into account for purposes of the employee retention tax credit. This ensures that businesses can benefit from both the PPP loan and the tax credit, providing additional support during the economic challenges posed by the pandemic.
Committee Categories
Budget and Finance
Sponsors (4)
Last Action
Referred to the Committee on Ways and Means, and in addition to the Committee on Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. (on 05/08/2020)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/house-bill/6781/all-info |
| BillText | https://www.congress.gov/116/bills/hr6781/BILLS-116hr6781ih.pdf |
| Bill | https://www.congress.gov/116/bills/hr6781/BILLS-116hr6781ih.pdf.pdf |
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