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 clarification regarding the tax treatment of expenses paid or incurred with proceeds from Paycheck Protection Program loans. This bill amends the Coronavirus Aid, Relief, and Economic Security Act to provide that otherwise deductible expenses and other tax incidents shall not be affected by the exclusion from gross income for loan foregiveness under the Paycheck Protection Program of such Act.
AI Summary
This bill, the Protecting the Paycheck Protection Program Act of 2020, provides clarification regarding the tax treatment of expenses paid or incurred with proceeds from the Paycheck Protection Program (PPP) loans. The bill amends the Coronavirus Aid, Relief, and Economic Security (CARES) Act to ensure that the exclusion of PPP loan forgiveness from gross income does not affect the deductibility of otherwise deductible expenses or the basis of property. This ensures that businesses that received PPP loans can fully deduct their eligible expenses, even if the loans were ultimately forgiven.
Committee Categories
Budget and Finance
Sponsors (18)
Lizzie Fletcher (D)*,
Suzanne Bonamici (D),
Angie Craig (D),
Susan Davis (D),
Abby Finkenauer (D),
Andy Kim (D),
Ann Kirkpatrick (D),
Rick Larsen (D),
Carolyn Maloney (D),
Grace Napolitano (D),
Joe Neguse (D),
Chris Pappas (D),
Kathleen Rice (D),
Raul Ruiz (D),
Abigail Spanberger (D),
Greg Stanton (D),
Peter Welch (D),
Jennifer Wexton (D),
Last Action
Referred to the House Committee on Ways and Means. (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/6754/all-info |
| BillText | https://www.congress.gov/116/bills/hr6754/BILLS-116hr6754ih.pdf |
| Bill | https://www.congress.gov/116/bills/hr6754/BILLS-116hr6754ih.pdf.pdf |
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