A bill to make technical corrections to the CARES Act to remove all tax liability associated with loan forgiveness under the Paycheck Protection Program.
Safeguarding Small Business Act
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).
Referred to the House Committee on Ways and Means.
Read twice and referred to the Committee on Finance.
Introduced in Senate
Read twice and referred to the Committee on Finance.
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