Safeguarding Small Business Act

Bill: 116-s-3596
Sponsor: full_name: Sen. Braun, Mike [R-IN]
Introduced: 2020-05-04
Policy area: Taxation
Subjects: Business expenses

Cardiovascular and respiratory health

Emergency medical services and trauma care

Government lending and loan guarantees

Income tax deductions

Income tax exclusion

Infectious and parasitic diseases

Small business
Latest action: action_date: 2020-05-04
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2020-05-04
action_desc: Introduced in Senate
text: <p><b>Safeguarding Small Business Act</b></p> <p>This bill amends the Coronavirus Aid, Relief, and Economic Security Act to provide that otherwise tax deductible expenses and other tax incidents shall not be affected by the exclusion from gross income of amounts related to loan forgiveness received in response to COVID-19 (i.e., coronavirus disease 2019). </p>

tv_txt: II 116th CONGRESS 2d Session S. 3596 IN THE SENATE OF THE UNITED STATES May 4, 2020 Mr. Braun (for himself, Mrs. Loeffler , Mr. Hoeven , and Ms. Murkowski ) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To make technical corrections to the CARES Act to remove all tax liability associated with loan forgiveness under the Paycheck Protection Program.

1. Short title This Act may be cited as the Safeguarding Small Business Act . 2. Technical correction (a) In general Subsection (i) of section 1106 of the CARES Act ( Public Law 116–136 ) is amended— (1) by striking 1986, any amount and inserting “1986— (1) any amount , (2) by striking the period at the end and inserting , and , and (3) by adding at the end the following new paragraph: (2) the treatment under such Code of any expense paid or incurred by the eligible recipient shall be determined without regard to the exclusion under paragraph (1). . (b) Effective date The amendments made by this section shall apply as if included in the enactment of section 1106 of the CARES Act ( Public Law 116–136 ).