II 

116TH CONGRESS 

2D SESSION S. 3793 

To amend the CARES Act to modify the employee retention tax credit 

to secure the paychecks and benefits of workers, to provide a refundable 

credit against payroll taxes for the operating costs of employers, to 

amend the Internal Revenue Code of 1986 to provide a small business 

rebate, and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

MAY 21, 2020 

Mr. WARNER (for himself, Mr. SANDERS, Mr. JONES, Mr. BLUMENTHAL, Ms. 

KLOBUCHAR, Ms. WARREN, Mrs. FEINSTEIN, Mr. REED, and Mr. 

MERKLEY) introduced the following bill; which was read twice and referred to the Committee on Finance 

A BILL 

To amend the CARES Act to modify the employee retention 

tax credit to secure the paychecks and benefits of workers, to provide a refundable credit against payroll taxes 

for the operating costs of employers, to amend the Internal Revenue Code of 1986 to provide a small business 

rebate, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE, ETC. 

4 (a) SHORT TITLE.—This Act may be cited as the 

5 ‘‘Paycheck Security Act’’. 


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1 (b) TABLE OF CONTENTS.—The table of contents of 

2 this Act is as follows: 

Sec. 1. Short title, etc. 

TITLE I—EMPLOYER CREDITS 

Sec. 101. Paycheck security credit. 

Sec. 102. Credit for employer operating expenses. 

Sec. 103. Advance payments of credits. 

Sec. 104. Administration. 

Sec. 105. Public disclosure. 

Sec. 106. Employee notification. 

TITLE II—SMALL BUSINESS REBATE 

Sec. 201. Small business rebate. 

TITLE III—OTHER PROVISIONS 

Sec. 301. Additional appropriations for Department of Treasury. 

Sec. 302. GAO report. 

3 TITLE I—EMPLOYER CREDITS 

4 SEC. 101. PAYCHECK SECURITY CREDIT. 

5 (a) AMOUNT OF CREDIT.—Section 2301(a) of the 

6 CARES Act is amended— 

7 (1) by striking ‘‘In the case of’’ and inserting 

8 the following: 

9 ‘‘(1) ALLOWANCE OF CREDIT.—In the case of’’, 

10 (2) by striking ‘‘an amount equal to 50 per11 cent’’ and inserting ‘‘an amount equal to the sum 

12 of— 

13 ‘‘(A) 100 percent’’, 

14 (3) by striking the period at the end and insert15 ing ‘‘, plus 

16 ‘‘(B) in the case of an eligible employer for 

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1 ees (within the meaning of section 4980H of 

2 the Internal Revenue Code of 1986) employed 

3 by such eligible employer during 2019 was not 

4 greater than 100, 50 percent of all other wages 

5 with respect to each employee of such employer 

6 for the calendar quarter.’’, and 

7 (4) by adding at the end the following new 

8 paragraph: 

9 ‘‘(2) PHASEOUT.—In the case of an eligible em10 ployer for which the gross receipts for the calendar 

11 quarter exceed 80 percent of gross receipts for the 

12 same calendar quarter in the prior year, the amount 

13 of credit allowed under paragraph (1) (determined 

14 without regard to this paragraph) shall be reduced 

15 (but not below zero) by an amount that bears the 

16 same ratio to such amount of credit as— 

17 ‘‘(A) the excess of— 

18 ‘‘(i) 85 percent, over 

19 ‘‘(ii) the percentage by which the tax20 payer’s gross receipts for the calendar 

21 quarter exceed the taxpayer’s gross re22 ceipts for the same calendar quarter in the 

23 prior year, bears to 

24 ‘‘(B) 5 percent.’’. 


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1 (b) MODIFICATION OF LIMITATION.—Section 

2 2301(b)(1) of the CARES Act is amended by striking ‘‘for 

3 all calendar quarters shall not exceed $10,000’’ and insert4 ing ‘‘shall not exceed— 

5 ‘‘(A) $22,500 for any calendar quarter, or 

6 ‘‘(B) $90,000 for all calendar quarters.’’. 

7 (c) DEFINITION OF ELIGIBLE EMPLOYER.—Section 

8 2301(c)(2) of the CARES Act is amended to read as fol9 lows: 

10 ‘‘(2) ELIGIBLE EMPLOYER.— 

11 ‘‘(A) IN GENERAL.—The term ‘eligible em12 ployer’ means any employer— 

13 ‘‘(i) which was carrying on a trade or 

14 business during calendar year 2020, 

15 ‘‘(ii) which meets the requirements of 

16 subparagraph (B), 

17 ‘‘(iii) with respect to any calendar 

18 quarter, for which the gross receipts (with19 in the meaning of section 448(c) of the In20 ternal Revenue Code of 1986) for the cal21 endar quarter are less than 85 percent of 

22 gross receipts for the same calendar quar23 ter in the prior year. 


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1 ‘‘(B) REQUIREMENTS.—An employer 

2 meets the requirements of this subparagraph if 

3 such employer— 

4 ‘‘(i) did not have gross receipts for the 

5 last taxable year ending in 2019 of more 

6 than $1,000,000,000, and 

7 ‘‘(ii) did not have on hand on March 

8 1, 2020, cash and cash equivalents of more 

9 than an amount equal to 150 percent of 

10 the wages paid by the employer during cal11 endar year 2019. 

12 ‘‘(C) TAX-EXEMPT ORGANIZATIONS.—In 

13 the case of an organization which is described 

14 in section 501(c) of the Internal Revenue Code 

15 of 1986 and exempt from tax under section 

16 501(a) of such Code— 

17 ‘‘(i) subparagraph (A)(i) shall apply 

18 to all operations of such organization, and 

19 ‘‘(ii) any reference in this section to 

20 gross receipts shall be treated as a ref21 erence to gross receipts within the meaning 

22 of section 6033 of such Code. 

23 ‘‘(D) EXCEPTIONS.—The term ‘eligible 

24 employer’ shall not include— 


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1 ‘‘(i) any employer that is a debtor in 

2 a case under chapter 7 of title 11, United 

3 States Code, during the calendar quarter, 

4 or 

5 ‘‘(ii) any covered entity (as defined in 

6 section 4019).’’. 

7 (d) DETERMINATION OF QUALIFIED WAGES.— 

8 (1) IN GENERAL.—Section 2301(c)(3) of the 

9 CARES Act is amended to read as follows: 

10 ‘‘(3) QUALIFIED WAGES.— 

11 ‘‘(A) IN GENERAL.—The term ‘qualified 

12 wages’ means wages paid with respect to any 

13 period during the calendar quarter in which an 

14 employee is not providing services. Such term 

15 shall not include any wages taken into account 

16 under section 7001 or section 7003 of the Fam17 ilies First Coronavirus Response Act. 

18 ‘‘(B) LIMITATION.—Qualified wages paid 

19 or incurred by an eligible employer with respect 

20 to an employee for any period described in sub21 paragraph (A) may not exceed the greater of— 

22 ‘‘(i) $600 per week, or 

23 ‘‘(ii) the amount such employee would 

24 have been paid (including tips which would 

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1 ployer under section 3121(q)) for working 

2 an equivalent duration during the 30 days 

3 immediately preceding such period.’’. 

4 (2) HEALTH PLAN EXPENSES.—Section 

5 2301(c)(5) of such Act is amended to read as fol6 lows: 

7 ‘‘(5) WAGES.— 

8 ‘‘(A) IN GENERAL.—The term ‘wages’ 

9 means wages (as defined in section 3121(a) of 

10 the Internal Revenue Code of 1986) and com11 pensation (as defined in section 3231(e) of such 

12 Code). 

13 ‘‘(B) ALLOWANCE FOR CERTAIN HEALTH

14 PLAN EXPENSES.— 

15 ‘‘(i) IN GENERAL.—Such term shall 

16 include amounts paid or incurred by the el17 igible employer to provide and maintain a 

18 group health plan (as defined in section 

19 5000(b)(1) of the Internal Revenue Code 

20 of 1986), but only to the extent that such 

21 amounts are excluded from the gross in22 come of employees by reason of section 

23 106(a) of such Code. 

24 ‘‘(ii) ALLOCATION RULES.—For pur25 poses of this section, amounts treated as 


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1 wages under clause (i) shall be treated as 

2 paid with respect to any employee (and 

3 with respect to any period) to the extent 

4 that such amounts are properly allocable to 

5 such employee (and to such period) in such 

6 manner as the Secretary may prescribe. 

7 Except as otherwise provided by the Sec8 retary, such allocation shall be treated as 

9 properly made if made on the basis of 

10 being pro rata among periods of cov11 erage.’’. 

12 (e) CERTAIN GOVERNMENTAL EMPLOYEES ELIGIBLE

13 FOR CREDIT.— 

14 (1) IN GENERAL.—Section 2301(f) of the 

15 CARES Act is amended to read as follows: 

16 ‘‘(f) CERTAIN GOVERNMENTAL EMPLOYERS.— 

17 ‘‘(1) IN GENERAL.—The credit under this sec18 tion shall not be allowed to the Federal Government 

19 or any agency or instrumentality thereof. 

20 ‘‘(2) EXCEPTION.—Paragraph (1) shall not 

21 apply to any organization described in section 

22 501(c)(1) of the Internal Revenue Code of 1986 and 

23 exempt from tax under section 501(a) of such Code. 

24 ‘‘(3) SPECIAL RULES.—In the case of any State 

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1 cy, instrumentality, or political subdivision of the 

2 foregoing— 

3 ‘‘(A) clauses (i) of subsection (c)(2)(A) 

4 shall apply to all operations of such entity, and 

5 ‘‘(B) clauses (ii) and (iii) of subsection 

6 (c)(2)(A) shall not apply.’’. 

7 (2) COORDINATION WITH APPLICATION OF CER8 TAIN DEFINITIONS.— 

9 (A) IN GENERAL.—Section 2301(c)(5)(A) 

10 of the CARES Act, as amended by the pre11 ceding provisions of this Act, is amended by 

12 adding at the end the following: ‘‘For purposes 

13 of the preceding sentence (other than for pur14 poses of subsection (b)(2)), wages as defined in 

15 section 3121(a) of the Internal Revenue Code 

16 of 1986 shall be determined without regard to 

17 paragraphs (1), (5), (6), (7), (8), (10), (13), 

18 (18), (19), and (22) of section 3212(b) of such 

19 Code (except with respect to services performed 

20 in a penal institution by an inmate thereof).’’. 

21 (B) CONFORMING AMENDMENTS.—Sec22 tions 2301(c)(6) of the CARES Act is amended 

23 by striking ‘‘Any term’’ and inserting ‘‘Except 

24 as otherwise provided in this section, any 

25 term’’. 


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1 (f) COORDINATION WITH PAYCHECK PROTECTION

2 PROGRAM.— 

3 (1) AMENDMENT TO PAYCHECK PROTECTION

4 PROGRAM.—Section 1106(a)(8) of the Cares Act is 

5 amended by inserting ‘‘, except that such costs shall 

6 not include qualified wages taken into account in de7 termining the credit allowed under section 2301 of 

8 this Act’’ before the period at the end. 

9 (2) AMENDMENTS TO EMPLOYEE RETENTION

10 TAX CREDIT.— 

11 (A) IN GENERAL.—Section 2301(g) of the 

12 CARES Act is amended to read as follows: 

13 ‘‘(g) ELECTION TO NOT TAKE CERTAIN WAGES

14 INTO ACCOUNT.— 

15 ‘‘(1) IN GENERAL.—This section shall not apply 

16 to qualified wages paid by an eligible employer with 

17 respect to which such employer makes an election 

18 (at such time and in such manner as the Secretary 

19 may prescribe) to have this section not apply to such 

20 wages. 

21 ‘‘(2) COORDINATION WITH PAYCHECK PROTEC22 TION PROGRAM.—The Secretary, in consultation 

23 with the Administrator of the Small Business Ad24 ministration, shall issue guidance providing that 

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1 riod shall not fail to be treated as qualified wages 

2 under this section by reason of an election under 

3 paragraph (1) to the extent that a covered loan of 

4 the eligible employer is not forgiven by reason of a 

5 decision under section 1106(g). Terms used in the 

6 preceding sentence which are also used in section 

7 1106 shall have the same meaning as when used in 

8 such section.’’. 

9 (B) CONFORMING AMENDMENT.—Section 

10 2301 of the CARES Act is amended by striking 

11 subsection (j). 

12 (g) DENIAL OF DOUBLE BENEFIT.—Section 2301(h) 

13 of the CARES Act is amended— 

14 (1) by striking paragraphs (1) and (2) and in15 serting the following: 

16 ‘‘(1) DENIAL OF DOUBLE BENEFIT.—Any 

17 wages taken into account in determining the credit 

18 allowed under this section shall not be taken into ac19 count as wages for purposes of sections 45A, 45B, 

20 45P, 45S, 51, and 1396 of the Internal Revenue 

21 Code of 1986.’’, and 

22 (2) by redesignating paragraph (3) as para23 graph (2). 

24 (h) RECAPTURE AND ADVANCEMENT OF CREDIT.— 

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1 nating subsections (l) and (m) as subsections (o) and (p), 

2 respectively, and by inserting after subsection (k) the fol3 lowing: 

4 ‘‘(l) RECAPTURE.— 

5 ‘‘(1) IN GENERAL.—In any case in which an eli6 gible employer which has been allowed a credit 

7 under this section for any calendar quarter takes 

8 any action described in paragraph (2) during the 1- 

9 year period beginning on the day after the end of 

10 such calendar quarter, the tax imposed by chapter 

11 21 or 22 of the Internal Revenue Code of 1986 

12 (whichever is applicable) for the calendar quarter in 

13 which such action occurs shall be increased by the 

14 amount of the credit so allowed. 

15 ‘‘(2) ACTIONS DESCRIBED.—The following ac16 tions are described in this paragraph: 

17 ‘‘(A) RETURNS OF CAPITAL.—The eligible 

18 employer purchases its own stock or otherwise 

19 distributes capital (including through a divi20 dend). 

21 ‘‘(B) LABOR NEGOTIATIONS.—The eligible 

22 employer— 

23 ‘‘(i) abrogates a collective bargaining 

24 agreement, or 


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1 ‘‘(ii) does not remain neutral in any 

2 union organizing effort. 

3 ‘‘(C) PAYROLL.—The eligible employer 

4 pays any officer or employee a salary in an 

5 amount that is greater than 50 times the me6 dian salary of employees during the period last7 ing one year after the end of the calendar quar8 ter in which credit is claimed. 

9 ‘‘(3) LIMITATION.—The amount of tax imposed 

10 under paragraph (1) with respect to any calendar 

11 quarter for all actions described in paragraph (2) 

12 shall not exceed the amount allowed as a credit 

13 under this section with respect to such calendar 

14 quarter. 

15 ‘‘(m) COORDINATION WITH ADVANCE REFUNDS OF

16 CREDIT.— 

17 ‘‘(1) IN GENERAL.—The amount of credit 

18 which would (but for this subsection) be allowed 

19 under this section shall be reduced (but not below 

20 zero) by the aggregate refunds and credits made or 

21 allowed to the taxpayer under section 103 of the 

22 Paycheck Security Act by reason of this section. Any 

23 failure to so reduce the credit shall be treated as 

24 arising out of a mathematical or clerical error and 


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1 assessed according to section 6213(b)(1) of the In2 ternal Revenue Code of 1986. 

3 ‘‘(2) EXCESS ADVANCE PAYMENTS.—If the ad4 vance payments to a taxpayer under section 103 of 

5 the Paycheck Security Act by reason of this section 

6 for a calendar quarter exceed the credit allowed by 

7 this section (determined without regard to para8 graph (1)), the tax imposed by chapter 21 or 22 of 

9 the Internal Revenue Code of 1986 (whichever is ap10 plicable) for the calendar quarter shall be increased 

11 by the amount of such excess.’’. 

12 (i) REGULATIONS AND GUIDANCE.—Section 2301(o) 

13 of the CARES Act, as redesignated by subsection (h), is 

14 amended— 

15 (1) by striking paragraphs (1), (2), and (3), 

16 and inserting the following: 

17 ‘‘(1) to require employers allowed a credit 

18 under this section to report information relevant to 

19 actions described in subsection (l)(2),’’. 

20 (2) by redesignating paragraphs (4) and (5) as 

21 paragraphs (2) and (3), respectively, and 

22 (3) in paragraph (3), as so redesignated, by 

23 striking ‘‘subparagraphs (A)(ii) and (B) of sub24 section (c)(2)’’ and inserting ‘‘subsections (a)(2) and 

25 (c)(2)(A)(iv)’’. 


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1 (j) EFFECTIVE DATE.—The amendments made by 

2 this section shall apply to wages paid in calendar quarters 

3 beginning after the date of the enactment of this Act. 

4 SEC. 102. CREDIT FOR EMPLOYER OPERATING EXPENSES. 

5 (a) IN GENERAL.— 

6 (1) ALLOWANCE OF CREDIT.—In the case of an 

7 eligible employer, there shall be allowed as a credit 

8 against applicable employment taxes for each cal9 endar quarter an amount equal to the lesser of— 

10 (A) 5 percent of the qualifying gross re11 ceipts of the eligible employer, or 

12 (B) $500,000. 

13 (2) PHASEOUT.—In the case of an eligible em14 ployer for which the gross receipts for the calendar 

15 quarter exceed 80 percent of gross receipts for the 

16 same calendar quarter in the prior year, the amount 

17 of determined under paragraph (1)(A) (determined 

18 without regard to this paragraph) shall be reduced 

19 (but not below zero) by an amount that bears the 

20 same ratio to such amount as— 

21 (A) the excess of— 

22 (i) 85 percent, over 

23 (ii) the percentage by which the tax24 payer’s gross receipts for the calendar 

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1 ceipts for the same calendar quarter in the 

2 prior year, bears to 

3 (B) 5 percent. 

4 (b) LIMITATIONS AND REFUNDABILITY.— 

5 (1) CREDIT LIMITED TO EMPLOYMENT

6 TAXES.—The credit allowed under subsection (a) 

7 with respect to any calendar quarter shall not exceed 

8 the applicable employment taxes (reduced by any 

9 credits allowed under subsections (e) and (f) of sec10 tion 3111 of the Internal Revenue Code of 1986, 

11 sections 7001 and 7003 of the Families First 

12 Coronavirus Response Act, and section 2301 of the 

13 CARES Act) on the wages paid with respect to the 

14 employment of all the employees of the eligible em15 ployer for such calendar quarter. 

16 (2) REFUNDABILITY OF EXCESS CREDIT.— 

17 (A) IN GENERAL.—If the amount of the 

18 credit under subsection (a) (determined without 

19 regard to paragraph (1)) exceeds the limitation 

20 of paragraph (1) for any calendar quarter, such 

21 excess shall be treated as an overpayment that 

22 shall be refunded under sections 6402(a) and 

23 6413(b) of the Internal Revenue Code of 1986. 

24 (B) TREATMENT OF PAYMENTS.—For pur25 poses of section 1324 of title 31, United States 


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1 Code, any amounts due to the employer under 

2 this paragraph shall be treated in the same 

3 manner as a refund due from a credit provision 

4 referred to in subsection (b)(2) of such section. 

5 (c) DEFINITIONS.—For purposes of this section— 

6 (1) APPLICABLE EMPLOYMENT TAXES.—The 

7 term ‘‘applicable employment taxes’’ means the fol8 lowing: 

9 (A) The taxes imposed under section 

10 3111(a) of the Internal Revenue Code of 1986. 

11 (B) So much of the taxes imposed under 

12 section 3221(a) of such Code as are attrib13 utable to the rate in effect under section 

14 3111(a) of such Code. 

15 (2) ELIGIBLE EMPLOYER.—The term ‘‘eligible 

16 employer’’ means an employer which— 

17 (A) is an eligible employer (as defined in 

18 section 2301(c)(2) of the CARES Act, deter19 mined without regard to subparagraph (A)(ii) 

20 thereof), and 

21 (B) with respect to any calendar quarter, 

22 meets the gross receipts test of section 448(c) 

23 (determined by substituting ‘‘$41,500,000’’ for 

24 ‘‘$25,000,000’’ in paragraph (1) thereof) for 


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1 the taxable year that includes the first day of 

2 the calendar quarter. 

3 For purposes of subparagraph (B), in the case of 

4 any taxpayer which is not a corporation or a part5 nership, the gross receipts test of section 448(c) 

6 shall be applied in the same manner as if such tax7 payer were a corporation or partnership. 

8 (3) QUALIFYING GROSS RECEIPTS.—The term 

9 ‘‘qualifying gross receipts’’ means the aggregate 

10 gross receipts of the eligible employer for the last 

11 taxable year ending before the date of the enactment 

12 of this Act. 

13 (4) GROSS RECEIPTS.— 

14 (A) IN GENERAL.—The term ‘‘gross re15 ceipts’’ has the meaning given such term under 

16 section 448(c) of the Internal Revenue Code of 

17 1986. 

18 (B) TAX-EXEMPT ORGANIZATIONS.—In the 

19 case of an organization which is described in 

20 section 501(c) of the Internal Revenue Code of 

21 1986 and exempt from tax under section 501(a) 

22 of such Code, any reference in this section to 

23 gross receipts shall be treated as a reference to 

24 gross receipts within the meaning of section 

25 6033 of the Internal Revenue Code of 1986. 


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1 (5) SECRETARY.—The term ‘‘Secretary’’ means 

2 the Secretary of the Treasury or the Secretary’s del3 egate. 

4 (d) OTHER RULES.—For purposes of this section— 

5 (1) AGGREGATION RULE.—All persons treated 

6 as a single employer under subsection (a) or (b) of 

7 section 52 of the Internal Revenue Code of 1986, or 

8 subsection (m) or (o) of section 414 of such Code, 

9 shall be treated as one employer. 

10 (2) CERTAIN GOVERNMENTAL EMPLOYERS.— 

11 This credit shall not apply to the Government of the 

12 United States, the government of any State or polit13 ical subdivision thereof, or any agency or instrumen14 tality of any of the foregoing. 

15 (3) ELECTION NOT TO HAVE SECTION APPLY.— 

16 This section shall not apply with respect to any eligi17 ble employer for any calendar quarter if such em18 ployer elects (at such time and in such manner as 

19 the Secretary may prescribe) not to have this section 

20 apply. 

21 (4) THIRD-PARTY PAYORS.—Any credit allowed 

22 under this section shall be treated as a credit de23 scribed in section 3511(d)(2) of such Code. 

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1 propriated to the Federal Old-Age and Survivors Insur2 ance Trust Fund and the Federal Disability Insurance 

3 Trust Fund established under section 201 of the Social 

4 Security Act (42 U.S.C. 401) and the Social Security 

5 Equivalent Benefit Account established under section 

6 15A(a) of the Railroad Retirement Act of 1974 (45 U.S.C. 

7 14 231n–1(a)) amounts equal to the reduction in revenues 

8 to the Treasury by reason of this section (without regard 

9 to this subsection). Amounts appropriated by the pre10 ceding sentence shall be transferred from the general fund 

11 at such times and in such manner as to replicate to the 

12 extent possible the transfers which would have occurred 

13 to such Trust Fund or Account had this section not been 

14 enacted. 

15 (f) TREATMENT OF DEPOSITS.—The Secretary shall 

16 waive any penalty under section 6656 of the Internal Rev17 enue Code of 1986 for any failure to make a deposit of 

18 any applicable employment taxes if the Secretary deter19 mines that such failure was due to the reasonable anticipa20 tion of the credit allowed under this section. 

21 (g) RECAPTURE.— 

22 (1) IN GENERAL.—In any case in which an eli23 gible employer which has been allowed a credit 

24 under this section for any calendar quarter takes 

25 any action described in section 2301(l)(2) of the 


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1 CARES Act during the 1-year period beginning on 

2 the day after the end of such calendar quarter, the 

3 tax imposed by chapter 21 or 22 of the Internal 

4 Revenue Code of 1986 (whichever is applicable) for 

5 the calendar quarter in which such action occurs 

6 shall be increased by the amount of the credit so al7 lowed. 

8 (2) LIMITATION.—The amount of tax imposed 

9 under paragraph (1) with respect to any calendar 

10 quarter for all actions described in section 

11 2301(l)(2) of the CARES Act shall not exceed the 

12 amount allowed as a credit under this section with 

13 respect to such calendar quarter. 

14 (h) COORDINATION WITH ADVANCE REFUNDS OF

15 CREDIT.—The amount of credit which would (but for this 

16 subsection) be allowed under this section shall be reduced 

17 (but not below zero) by the aggregate refunds and credits 

18 made or allowed to the taxpayer under section 103 by rea19 son of this section. Any failure to so reduce the credit shall 

20 be treated as arising out of a mathematical or clerical 

21 error and assessed according to section 6213(b)(1) of the 

22 Internal Revenue Code of 1986. 

23 (i) CREDIT TREATED AS INCOME.—For purposes of 

24 the Internal Revenue Code of 1986, the amount allowed 

25 as a credit under this section for any calendar quarter 


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1 shall be included in income of the employer for the taxable 

2 year that includes the last day of the calendar quarter. 

3 (j) REGULATIONS AND GUIDANCE.—The Secretary 

4 shall issue such forms, instructions, regulations, and guid5 ance as are necessary— 

6 (1) to require employers allowed a credit under 

7 this section to report information relevant to actions 

8 described in subsection (g)(1), 

9 (2) with respect to the application of the credit 

10 under subsection (a) to third party payors (including 

11 professional employer organizations, certified profes12 sional employer organizations, or agents under sec13 tion 3504 of the Internal Revenue Code of 1986), 

14 including regulations or guidance allowing such 

15 payors to submit documentation necessary to sub16 stantiate the eligible employer status of employers 

17 that use such payors, and 

18 (3) for application of subsections (a)(2) in the 

19 case of any employer which was not carrying on a 

20 trade or business for all or part of the same cal21 endar quarter in the prior year. 

22 (k) APPLICATION.—This section shall only apply to 

23 calendar quarters beginning after the date of the enact24 ment of this Act and before January 1, 2020. 


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1 SEC. 103. ADVANCE PAYMENTS OF CREDITS. 

2 (a) IN GENERAL.—The Secretary of the Treasury (or 

3 the Secretary’s delegate) shall establish a program under 

4 which an employer may elect to receive an advance pay5 ment of— 

6 (1) the credit allowable under section 2301 of 

7 the CARES Act, and 

8 (2) the credit allowable under section 102. 

9 The employer shall designate the amount of any advance 

10 payment made under this section which is made by reason 

11 of each credit described in the preceding sentence. 

12 (b) LIMITATIONS.— 

13 (1) LIMITATION ON AMOUNT OF PAYMENT.— 

14 The aggregate amount of advance payments under 

15 this section with respect to any calendar quarter 

16 shall not exceed the deemed credit amount. 

17 (2) LIMITATION ON NUMBER OF ADVANCES.— 

18 An employer may not make an election under the 

19 program established under subsection (a) with re20 spect to more than 2 calendar quarters in any cal21 endar year. 

22 (c) DEEMED CREDIT AMOUNT.—For purposes of this 

23 section— 

24 (1) IN GENERAL.—The term ‘‘deemed credit 

25 amount’’ means the sum of— 


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1 (A) the average quarterly wages (as de2 fined in section 2301 of the CARES Act) paid 

3 by the taxpayer in calendar year 2019, plus 

4 (B) 5 percent of the qualifying gross re5 ceipts (as defined in section 102(c)(3)) of the 

6 taxpayer. 

7 (2) SPECIAL RULE FOR SEASONAL EMPLOY8 ERS.—In the case of any employer who employs sea9 sonal workers (as defined in section 45R(d)(5)(B) of 

10 the Internal Revenue Code of 1986), the employer 

11 may elect to use the wages (as defined in section 

12 2301 of the CARES Act) for the calendar quarter 

13 in 2019 which corresponds to the calendar quarter 

14 to which the election relates in lieu of the amount 

15 descried in paragraph (1)(A). 

16 SEC. 104. ADMINISTRATION. 

17 (a) PRIORITY.—In carrying out the provisions of sec18 tion 2301 of the CARES Act and sections 3 and 4, the 

19 Secretary of the Treasury (or the Secretary’s delegate) 

20 shall prioritize businesses with 100 or fewer employees. 

21 (b) AUDITS.—In enforcing the requirements section 

22 2301 of the CARES Act and sections 3 and 4, the Sec23 retary of the Treasury (or the Secretary’s delegate) shall 

24 prioritize employers with gross receipts for the last taxable 

25 year ending in 2019 of $1,000,000,000 or more. 


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1 SEC. 105. PUBLIC DISCLOSURE. 

2 (a) QUARTERLY REPORTS.—Not later than 60 days 

3 after the date of the enactment of this Act, and once every 

4 calendar quarter thereafter, the Treasury Inspector Gen5 eral for Tax Administration shall make publicly available 

6 a report on the provisions of this Act, including— 

7 (1) A listing of each eligible employer that was 

8 allowed the credit under section 2301 of the CARES 

9 Act and the number of employees taken into account 

10 in determining the amount of such credit. 

11 (2) A listing of each eligible employer that was 

12 allowed the credit under section 102. 

13 (3) The aggregate amount of advance payments 

14 provided to each eligible employer under section 103. 

15 (4) The aggregate amount of credits recaptured 

16 from each eligible employer under each of the fol17 lowing provisions— 

18 (A) Section 2301(l) of the CARES Act and 

19 section 102(g). 

20 (B) Section 2301(m)(2) of the CARES 

21 Act. 

22 (b) CONFORMING AMENDMENT.—Section 6103(l) of 

23 the Internal Revenue Code of 1986 is amended by adding 

24 at the end the following new paragraph: 

25 ‘‘(23) DISCLOSURE OF RETURN INFORMATION

26 RELATING TO PAYCHECK SECURITY CREDITS.—The 


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1 Treasury Inspector General for Tax Administration 

2 shall disclose to the public taxpayer information re3 quired under section 105 of the Paycheck Security 

4 Act.’’. 

5 SEC. 106. EMPLOYEE NOTIFICATION. 

6 (a) IN GENERAL.—Each employer shall post and 

7 keep posted on its website (if any) and in conspicuous 

8 places on the premises of the employer where notices to 

9 employees are customarily posted, a notice, to be prepared 

10 or approved by the Secretary of Labor, of the credits al11 lowed to employers under section 2301 of the CARES Act 

12 and section 102. 

13 (b) MODEL NOTICE.—Not later than 7 days after the 

14 date of enactment of this Act, the Secretary of Labor shall 

15 make publicly available a model of notice that meets the 

16 requirements of subsection (a). 

17 TITLE II—SMALL BUSINESS 

18 REBATE 

19 SEC. 201. SMALL BUSINESS REBATE. 

20 (a) IN GENERAL.—Subchapter B of chapter 65 of 

21 subtitle F of the Internal Revenue Code of 1986 is amend22 ed by inserting after section 6428 the following new sec23 tion: 

24 ‘‘SEC. 6429. SMALL BUSINESS REBATE. 

25 ‘‘(a) ALLOWANCE OF CREDIT.— 


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1 ‘‘(1) IN GENERAL.—In the case of a qualifying 

2 taxpayer, there shall be allowed as a credit against 

3 the tax imposed by subtitle A for the first taxable 

4 year beginning in 2020 an amount equal to the less5 er of— 

6 ‘‘(A) 30 percent of qualified gross profits 

7 of such qualifying taxpayer for the applicable 

8 taxable year, or 

9 ‘‘(B) $75,000. 

10 ‘‘(2) PHASE-OUT FOR INDIVIDUALS.—In the 

11 case of a qualifying taxpayer that is a qualified indi12 vidual, the amount of the credit determined under 

13 paragraph (1) (determined without regard to this 

14 paragraph) shall be reduced (but not below zero) by 

15 the amount which bears the same ratio to such cred16 it (as so determined) as— 

17 ‘‘(A) the excess of— 

18 ‘‘(i) the taxpayer’s adjusted gross in19 come for the applicable taxable year, over 

20 ‘‘(ii) $100,000 ($200,000 in the case 

21 of a joint return), bears to 

22 ‘‘(B) $50,000 ($100,000 in the case of a 

23 joint return). 

24 ‘‘(3) REDUCTION FOR QUALIFIED ORGANIZA25 TIONS.— 


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1 ‘‘(A) IN GENERAL.—In the case of a quali2 fying taxpayer that is a qualified organization, 

3 the amount of the credit determined under 

4 paragraph (1) (determined without regard to 

5 this paragraph) shall be reduced by the total 

6 expenditures of the organization described in 

7 section 162(e)(1) (other than expenditures de8 scribed in section 6033(e)(1)(B)(ii)). 

9 ‘‘(B) EXCEPTION.—This paragraph shall 

10 not apply to any organization described in sec11 tion 501(c)(3). 

12 ‘‘(b) QUALIFYING TAXPAYER.—For purposes of this 

13 section— 

14 ‘‘(1) IN GENERAL.—The term ‘qualifying tax15 payer’ means any taxpayer that is a domestic C cor16 poration, a qualified organization, or a qualified in17 dividual that meets the gross profits test under 

18 paragraph (4) for the applicable taxable year. 

19 ‘‘(2) QUALIFIED ORGANIZATION.—The term 

20 ‘qualified organization’ means any organization 

21 which is described in section 501(c) and exempt 

22 from tax under section 501(a). 

23 ‘‘(3) QUALIFIED INDIVIDUAL.—The term ‘quali24 fied individual’ means any individual who— 


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1 ‘‘(A) is a United States citizen or resident, 

2 and 

3 ‘‘(B) materially participates (within the 

4 meaning of section 469(h)) in one or more 

5 trades or businesses (other than any trade or 

6 business consisting of the performance of serv7 ices by the taxpayer as an employee (within the 

8 meaning of section 62(a)(1))). 

9 ‘‘(4) GROSS PROFITS TEST.— 

10 ‘‘(A) IN GENERAL.—A taxpayer meets the 

11 gross profits test under this section if the quali12 fied gross profits of the taxpayer for the appli13 cable taxable year are not more than 

14 $1,000,000. 

15 ‘‘(B) AGGREGATION RULES.— 

16 ‘‘(i) IN GENERAL.—All qualifying tax17 payers that are domestic C corporations or 

18 qualified organizations and that are treat19 ed as a single employer under subsection 

20 (a) or (b) of section 52 or subsection (m) 

21 or (o) of section 414 shall be treated as a 

22 single person for purposes of subparagraph 

23 (A). 

24 ‘‘(ii) QUALIFYING INDIVIDUALS.—All 

25 trades or businesses in which a qualified 


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1 individual materially participates (within 

2 the meaning of section 469(h)) shall be 

3 treated as a single trade or business for 

4 purposes of subparagraph (A). 

5 ‘‘(c) QUALIFIED GROSS PROFITS.—For purposes of 

6 this section— 

7 ‘‘(1) IN GENERAL.—Except as otherwise pro8 vided in this subsection, the term ‘qualified gross 

9 profits’ means the excess of— 

10 ‘‘(A) the gross receipts of the taxpayer as 

11 reported on the return of tax for the applicable 

12 taxable year, reduced by 

13 ‘‘(B) returns and allowances and cost of 

14 goods sold as reported on the return of tax for 

15 the applicable taxable year. 

16 ‘‘(2) APPLICATION TO QUALIFIED ORGANIZA17 TIONS.—In the case of a qualified organization— 

18 ‘‘(A) paragraph (1) shall be applied— 

19 ‘‘(i) by treating the reference to gross 

20 receipts as a reference to gross receipts 

21 within the meaning of section 6033, and 

22 ‘‘(ii) without regard to subparagraph 

23 (B) thereof, and 

24 ‘‘(B) in the case of an organization which, 

25 for all applicable taxable years, is exempt from 


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1 filing a return pursuant to section 6033(a) or 

2 which is not required to include in such return 

3 the information necessary to determine the 

4 amount qualified gross receipts, such organiza5 tion may submit to the Secretary (in such form 

6 and manner as is deemed appropriate by the 

7 Secretary) any information required for pur8 poses of determining the amount of such gross 

9 receipts. 

10 For purposes of section 6104, any information sub11 mitted by an organization under subparagraph (B) 

12 shall be deemed to be information required to be fur13 nished by such organization pursuant to section 

14 6033. 

15 ‘‘(3) APPLICATION TO QUALIFIED INDIVID16 UALS.— 

17 ‘‘(A) IN GENERAL.—In the case of a quali18 fied individual— 

19 ‘‘(i) gross receipts, returns and allow20 ances, and cost of goods sold taken into 

21 account under paragraph (1) shall only in22 clude gross receipts from trades or busi23 nesses described in subsection (b)(3) in 

24 which the qualified individual materially 

25 participated, and 


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1 ‘‘(ii) wages received from any such 

2 trade or business by the qualified indi3 vidual shall not be taken into account 

4 under paragraph (1)(A). 

5 ‘‘(B) TREATMENT OF AMOUNTS FROM

6 PARTNERSHIPS AND S CORPORATIONS.—In the 

7 case of any qualified individual who materially 

8 participates (within the meaning of section 

9 469(h)) in a trade or business of a partnership 

10 or S corporation in which such individual is a 

11 partner or shareholder, the amount determined 

12 under paragraph (1) with respect to such trade 

13 or business shall be determined using— 

14 ‘‘(i) in the case of a partnership, the 

15 partner’s distributive share of non-sepa16 rately stated income, as reported on the re17 turn of tax for the applicable taxable year, 

18 and 

19 ‘‘(ii) in the case of an S corporation, 

20 the shareholder’s pro rata share of non21 separately stated income, as reported on 

22 the return of tax for the applicable taxable 

23 year. 

24 ‘‘(C) TREATMENT OF AMOUNTS FROM

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1 fied individual who materially participates 

2 (within the meaning of section 469(h)) in a 

3 farming business (as defined in section 

4 263A(e)(4)), the amount of determined under 

5 paragraph (1) shall be the gross income derived 

6 from such business, as reported on the return 

7 of tax for the applicable taxable year. 

8 ‘‘(d) APPLICABLE TAXABLE YEAR.—For purposes of 

9 this section, the term ‘applicable taxable year’ means— 

10 ‘‘(1) the first taxable year beginning in 2019, 

11 or 

12 ‘‘(2) in any case in which the qualifying tax13 payer did not file a tax return for the taxable year 

14 described in paragraph (1), the first taxable year be15 ginning in 2018. 

16 ‘‘(e) TREATMENT OF CREDIT.— 

17 ‘‘(1) IN GENERAL.—The credit allowed by sub18 section (a) shall be treated as allowed by subpart C 

19 of part IV of subchapter A of chapter 1. 

20 ‘‘(2) CREDIT INCLUDED IN GROSS INCOME.— 

21 ‘‘(A) IN GENERAL.—Except as provided in 

22 subparagraph (B), for purposes of subtitle A, 

23 the amount of any credit allowed under this 

24 section shall be included in gross income. 


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1 ‘‘(B) AMOUNTS NOT TAKEN INTO ACCOUNT

2 FOR PURPOSES OF PREMIUM TAX CREDIT.— 

3 ‘‘(i) IN GENERAL.—For purposes of 

4 determining modified adjusted gross in5 come under section 36B(d)(2)(B), adjusted 

6 gross income shall not include any amount 

7 treated as income by reason of subpara8 graph (A). 

9 ‘‘(ii) EXCEPTION.—Paragraph (1) 

10 shall not apply to the extent such reduc11 tion results in an amount of household in12 come (as defined in section 36B(d)(2)(A)) 

13 of a taxpayer that is less than 100 percent 

14 of the poverty line (as defined in section 

15 36B(d)(3)) for a family of the size involved 

16 (as determined under the rules of section 

17 36B(d)(1)). 

18 ‘‘(f) COORDINATION WITH ADVANCE REFUNDS AND

19 CREDIT FOR EMPLOYER OPERATING EXPENSES.— 

20 ‘‘(1) COORDINATION WITH ADVANCE REFUNDS

21 OF CREDIT.—The amount of credit which would (but 

22 for this subsection) be allowable under this section 

23 shall be reduced (but not below zero) by the aggre24 gate refunds and credits made or allowed to the tax25 payer under subsection (g). Any failure to so reduce 


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1 the credit shall be treated as arising out of a mathe2 matical or clerical error and assessed according to 

3 section 6213(b)(1). 

4 ‘‘(2) COORDINATION WITH CREDIT FOR EM5 PLOYER OPERATING EXPENSES.—The amount of the 

6 credit allowed under this section (determined with7 out regard to this subsection) shall be reduced (but 

8 not below zero) by the amount of any credit allowed 

9 under section 102 of the Paycheck Security Act dur10 ing the taxable year. 

11 ‘‘(3) SPECIAL RULE FOR RECAPTURE OF AD12 VANCED REFUNDS AND CREDITS.— 

13 ‘‘(A) IN GENERAL.—In the case of any 

14 qualifying taxpayer who received a refund or 

15 credit by reason of subsection (g) and who was 

16 allowed a credit under section 102 of the Pay17 check Security Act for any quarter ending on or 

18 before the last day of the taxpayer’s first tax19 able year beginning in 2020, the tax imposed by 

20 chapter 1 on the taxpayer to whom such refund 

21 or credit was made or allowed shall be increased 

22 for the taxable year by the lessor of— 

23 ‘‘(i) the refund or credit made or al24 lowed to such taxpayer by reason of sub25 section (g), or 


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1 ‘‘(ii) the amount of the credit allowed 

2 under section 102 of the Paycheck Secu3 rity Act. 

4 ‘‘(B) APPLICATION TO PARTNERSHIPS AND

5 S CORPORATIONS.—For purposes of applying 

6 subparagraph (A), in the case of any partner7 ship or S corporation which was allowed a cred8 it under section 102 of the Paycheck Security 

9 Act, each partner of such partnership shall be 

10 treated as having been allowed a credit under 

11 such section equal to such partner’s distributive 

12 share of such credit and each shareholder of 

13 such S corporation shall be treated as having 

14 been allowed a credit equal to such share15 holder’s pro rata share of such credit. 

16 ‘‘(C) RETURN REQUIREMENT.—If the tax 

17 imposed by chapter 1 for the taxable year is in18 creased under this paragraph, the taxpayer 

19 shall, notwithstanding section 6012, be required 

20 to file a return with respect to the taxes im21 posed under subtitle A. 

22 ‘‘(g) ADVANCE REFUNDS AND CREDITS.— 

23 ‘‘(1) IN GENERAL.—Any person which was a 

24 qualifying taxpayer for such person’s last taxable 

25 year ending before January 1, 2020, shall be treated 


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1 as having made a payment against the tax imposed 

2 by chapter 1 for such taxable year in an amount 

3 equal to the advance refund amount for such taxable 

4 year, regardless of whether such tax would have 

5 been imposed on such person. 

6 ‘‘(2) ADVANCE REFUND AMOUNT.—For pur7 poses of paragraph (1), the advance refund amount 

8 is the amount that would have been allowed as a 

9 credit under this section for such taxable year if this 

10 section (other than subsection (f) and this sub11 section) had applied to such taxable year. 

12 ‘‘(3) TIMING OF PAYMENTS.—The Secretary 

13 shall, subject to the provisions of this title, refund 

14 or credit any overpayment attributable to this sec15 tion as rapidly as possible. No refund or credit shall 

16 be made or allowed under this subsection after De17 cember 31, 2020. 

18 ‘‘(4) NO INTEREST.—No interest shall be al19 lowed on any overpayment attributable to this sec20 tion. 

21 ‘‘(h) REGULATIONS AND GUIDANCE.—The Secretary 

22 shall issue such forms, instructions, regulations, and guid23 ance as are necessary, including guidance with respect to 

24 the application of subsection (f)(3)(B) to partners and 

25 partnerships with differing taxable years.’’. 


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1 (b) CONFORMING AMENDMENTS.— 

2 (1) Section 6211(b)(4)(A) of the Internal Rev3 enue Code of 1986 is amended by striking ‘‘and 

4 6428’’ and inserting ‘‘6428, and 6429’’. 

5 (2) Paragraph (2) of section 1324(b) of title 

6 31, United States Code, is amended by inserting 

7 ‘‘6429,’’ after ‘‘6428,’’. 

8 (3) The table of sections for subchapter B of 

9 chapter 65 of subtitle F of the Internal Revenue 

10 Code of 1986 is amended by inserting after the item 

11 relating to section 6428 the following: 

‘‘Sec. 6429. Small business rebate.’’. 

12 TITLE III—OTHER PROVISIONS 

13 SEC. 301. ADDITIONAL APPROPRIATIONS FOR DEPART14 MENT OF TREASURY. 

15 (a) INTERNAL REVENUE SERVICE.—There is author16 ized to be appropriated, and there is appropriated, to the 

17 Internal Revenue Service $1,000,000,000, to remain avail18 able until expended, to carry out the provisions of, and 

19 amendments made by, this Act. 

20 (b) TREASURY INSPECTOR GENERAL FOR TAX AD21 MINISTRATION.—There is authorized to be appropriated, 

22 and there is appropriated, to the Treasury Inspector Gen23 eral for Tax Administration $25,000,000, to remain avail24 able until expended, to carry out investigations, audits and 

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1 lowed under section 2301 of the CARES Act, and sections 

2 102 and 201 of this Act, and the provisions of section 

3 103 and 105 of this Act, as authorized under the Inspec4 tor General Act of 1978 (5 U.S.C. App.). 

5 SEC. 302. GAO REPORT. 

6 Not later than 5 months after the date of enactment 

7 of this Act, the Comptroller General of the United States 

8 shall issue a report evaluating the effectiveness of the op9 erative provisions of and amendments made by this Act. 

10 Such report shall include recommendations on extending 

11 the applicability of such amendments and provisions and 

12 how to transition workers after the expiration of such pro13 visions and amendments. 

Æ 


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