[Congressional Record Volume 166, Number 204 (Thursday, December 3, 2020)]
[House]
[Page H6057]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                              {time}  1215
             PROTECTING THE PAYCHECK PROTECTION PROGRAM ACT

  (Ms. CRAIG asked and was given permission to address the House for 1 
minute and to revise and extend her remarks.)
  Ms. CRAIG. Mr. Speaker, I rise today because COVID-19 is threatening 
the American Dream across Main Streets throughout Minnesota and this 
Nation. Small business relief is needed now more than ever.
  Unfortunately, the support we have provided is poised to become a 
significant tax burden for some business owners due to a misguided 
interpretation by the Treasury Department. We cannot allow struggling 
businesses to be taxed on the aid we have provided to them as a 
lifeline.
  Fortunately, there is a solution in place to rectify this mistake. In 
May, I joined Representatives Lizzie Fletcher and   Andy Kim to 
introduce H.R. 6574, the Protecting the Paycheck Protection Program 
Act, which would ensure that PPP loan recipients whose loans are 
forgiven are not required to treat the loan proceeds as taxable income.
  Mr. Speaker, I urge my colleagues to join me in defending our 
Nation's small businesses by supporting this commonsense legislation.

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