S. 4268, Employer Assistance Coordination Act
Summary
S. 4268, the Employer Assistance Coordination Act, was introduced July 22, 2020 by Ms. Hassan (for herself and Mr. Burr) and referred to the Committee on Finance. It is a bill to improve coordination between the paycheck protection program and the employee retention tax credit. Section 2 amends section 1106(a)(8) of the CARES Act so that costs do not include qualified wages taken into account in determining the credit under section 2301. It also amends section 2301(g) to let an eligible employer elect to have that section not apply to qualified wages.
Summary drafted by a model from the document's text below and checked by script against that text before publication. It is a navigation aid, not a reading of what the document proves. Where AI is used
- Issuer
- Congressional materials
- Document type
- Bills Bills 116S4268Is Bills 116S4268Is
- Case
- Bills Bills 116S4268Is Bills 116S4268Is
Cite this document
“S. 4268, Employer Assistance Coordination Act.”
Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/bills-bills-116s4268is-bills-116s4268is/
, SHA-256 90fd780750abbb59c9de65a621f4e3914b50bf504ff7aca29e2d3eb2e009f0f0.Full text
II
116TH CONGRESS
2D SESSION
S. 4268
To improve coordination between the paycheck protection program and
employee retention tax credit.
IN THE SENATE OF THE UNITED STATES
JULY 22, 2020
Ms. HASSAN (for herself and Mr. BURR) introduced the following bill; which
was read twice and referred to the Committee on Finance
A BILL
To improve coordination between the paycheck protection
program and employee retention tax credit.
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 ‘‘Employer Assistance
5 Coordination Act’’.
6 SEC. 2. IMPROVED COORDINATION BETWEEN PAYCHECK
7 PROTECTION PROGRAM AND EMPLOYEE RE-
8 TENTION TAX CREDIT.
kjohnson on DSK79L0C42PROD with BILLS
9 (a) AMENDMENT TO PAYCHECK PROTECTION PRO-
10 GRAM.—Section 1106(a)(8) of the CARES Act (Public
VerDate Sep 11 2014 05:32 Aug 05, 2020 Jkt 099200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S4268.IS S4268
2
1 Law 116–136) is amended by inserting ‘‘, except that such
2 costs shall not include qualified wages taken into account
3 in determining the credit allowed under section 2301 of
4 this Act’’ before the period at the end.
5 (b) AMENDMENTS TO EMPLOYEE RETENTION TAX
6 CREDIT.—
7 (1) IN GENERAL.—Section 2301(g) of the
8 CARES Act (Public Law 116–136) is amended to
9 read as follows:
10 ‘‘(g) ELECTION TO NOT TAKE CERTAIN WAGES
11 INTO ACCOUNT.—
12 ‘‘(1) IN GENERAL.—This section shall not apply
13 to qualified wages paid by an eligible employer with
14 respect to which such employer makes an election
15 (at such time and in such manner as the Secretary
16 may prescribe) to have this section not apply to such
17 wages.
18 ‘‘(2) COORDINATION WITH PAYCHECK PROTEC-
19 TION PROGRAM.—The Secretary, in consultation
20 with the Administrator of the Small Business Ad-
21 ministration, shall issue guidance providing that
22 payroll costs paid or incurred during the covered pe-
23 riod shall not fail to be treated as qualified wages
24 under this section by reason of an election under
kjohnson on DSK79L0C42PROD with BILLS
25 paragraph (1) to the extent that a covered loan of
•S 4268 IS
VerDate Sep 11 2014 05:32 Aug 05, 2020 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\S4268.IS S4268
3
1 the eligible employer is not forgiven by reason of a
2 decision under section 1106(g). Terms used in the
3 preceding sentence which are also used in section
4 1106 shall have the same meaning as when used in
5 such section.’’.
6 (2) CONFORMING AMENDMENTS.—
7 (A) Section 2301 of the CARES Act (Pub-
8 lic Law 116–136) is amended by striking sub-
9 section (j).
10 (B) Section 2301(l) of the CARES Act
11 (Public Law 116–136) is amended by striking
12 paragraph (3) and by redesignating paragraphs
13 (4) and (5) as paragraphs (3) and (4), respec-
14 tively.
15 (c) EFFECTIVE DATE.—The amendments made by
16 this section shall take effect as if included in the provisions
17 of the CARES Act (Public Law 116–136) to which they
18 relate.
Æ
kjohnson on DSK79L0C42PROD with BILLS
•S 4268 IS
VerDate Sep 11 2014 05:32 Aug 05, 2020 Jkt 099200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6301 E:\BILLS\S4268.IS S4268
File and source
- File
- BILLS_bills-116s4268is_bills-116s4268is.pdf
- Size
- 231,501 bytes
- SHA-256
- 90fd780750abbb59c9de65a621f4e3914b50bf504ff7aca29e2d3eb2e009f0f0
- Original
- www.govinfo.gov