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.
Paycheck Security Act
This bill modifies and increases the employee retention tax credit, allows a refundable payroll tax credit for the operating costs of employers, and provides a rebate in 2020 for certain small businesses and other business entities.
The bill also authorizes additional appropriations to carry out the provisions of this bill and to provide for oversight by the Inspector General for Tax Administration of the Department of the Treasury. The Government Accountability Office must report on the effectiveness of the operative provisions of this bill.
Referred to the Committee on Ways and Means, and in addition to the Committee on Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Read twice and referred to the Committee on Finance.
Introduced in Senate
Read twice and referred to the Committee on Finance.
checking server…
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line