[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 3596 Introduced in Senate (IS)]

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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. 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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Safeguarding Small Business Act''.

SEC. 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).
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