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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.
Be it enacted by the Senate and House of Representa-
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tives of the United States of America in Congress assembled,
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SECTION 1. SHORT TITLE.
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This Act may be cited as the ‘‘Safeguarding Small
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Business Act’’.
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SEC. 2. TECHNICAL CORRECTION.
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(a) IN GENERAL.—Subsection (i) of section 1106 of
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the CARES Act (Public Law 116–136) is amended—
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•S 3596 IS
(1) by striking ‘‘1986, any amount’’ and insert-
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ing ‘‘1986—
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‘‘(1) any amount’’,
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(2) by striking the period at the end and insert-
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ing ‘‘, and’’, and
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(3) by adding at the end the following new
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paragraph:
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‘‘(2) the treatment under such Code of any ex-
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pense paid or incurred by the eligible recipient shall
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be determined without regard to the exclusion under
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paragraph (1).’’.
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(b) EFFECTIVE DATE.—The amendments made by
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this section shall apply as if included in the enactment
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of section 1106 of the CARES Act (Public Law 116–136).
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