S. 3596, Safeguarding Small Business Act
Summary
Senate bill 3596 of the 116th Congress, 2D Session, is the Safeguarding Small Business Act, a bill to make technical corrections to the CARES Act to remove all tax liability associated with loan forgiveness under the Paycheck Protection Program. Braun introduced it on May 4, 2020 with Loeffler, Hoeven, and others, and it was referred to the Committee on Finance. Section 2 amends subsection (i) of section 1106 of the CARES Act so that 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). The amendments apply as if included in the enactment of section 1106 of the CARES Act.
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“S. 3596, Safeguarding Small Business Act.”
Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/bills-bills-116s3596is-bills-116s3596is/
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II
116TH CONGRESS
2D SESSION
S. 3596
To make technical corrections to the CARES Act to remove all tax liability
associated with loan forgiveness under the Paycheck Protection Program.
IN THE SENATE OF THE UNITED STATES
MAY 4, 2020
Mr. BRAUN (for himself, Mrs. LOEFFLER, Mr. HOEVEN, and Ms. MUR-
KOWSKI) 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 Be it enacted by the Senate and House of Representa-
2 tives of the United States of America in Congress assembled,
3 SECTION 1. SHORT TITLE.
4 This Act may be cited as the ‘‘Safeguarding Small
5 Business Act’’.
6 SEC. 2. TECHNICAL CORRECTION.
7 (a) IN GENERAL.—Subsection (i) of section 1106 of
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8 the CARES Act (Public Law 116–136) is amended—
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2
1 (1) by striking ‘‘1986, any amount’’ and insert-
2 ing ‘‘1986—
3 ‘‘(1) any amount’’,
4 (2) by striking the period at the end and insert-
5 ing ‘‘, and’’, and
6 (3) by adding at the end the following new
7 paragraph:
8 ‘‘(2) the treatment under such Code of any ex-
9 pense paid or incurred by the eligible recipient shall
10 be determined without regard to the exclusion under
11 paragraph (1).’’.
12 (b) EFFECTIVE DATE.—The amendments made by
13 this section shall apply as if included in the enactment
14 of section 1106 of the CARES Act (Public Law 116–136).
Æ
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•S 3596 IS
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