Bill > HR7473

This bill, the Main Street Revival Act of 2020, allows certain small businesses (referred to as "specified small businesses") to defer the payment of their first-year employment taxes. Specifically, the bill defines a "specified small business" as a HUBZone business (a business operating in a historically underutilized business zone) that is not reasonably expected to employ more than 25 full-time employees in its first year of operation. These specified small businesses can elect to pay their first-year employment taxes in four equal installments, with the first installment due one year after the end of the specified first year and each succeeding installment due one year after the previous installment. The bill also includes provisions to accelerate payment under certain circumstances, such as the addition of a tax failure penalty or the cessation of business.

Budget and Finance

https://www.congress.gov/bill/116th-congress/house-bill/7473/all-info