Senators crafting a tax break for SBA’s forgivable loan program


Senators crafting a tax break for SBA's forgivable loan program

FiscalNote, parent company of CQ Roll Call, has received a loan under the Paycheck Protection Program.

Cornyn’s bill has attracted 23 co-sponsors, including Senate Finance Chairman Charles E. Grassley, R-Iowa, and ranking member Ron Wyden, D-Ore., who were original co-sponsors along with Rubio and Sen. Thomas R. Carper, D-Del.

The rapidly assembled PPP program, established in one of the COVID-19 relief laws, has been a lifeline for millions of small businesses facing ruin from the economic carnage wrought by the crisis, but critics have worried it isn’t enough to save many of the hardest hit. 

As of Wednesday night, the program had issued 4.5 million loans totaling $510.6 billion, leaving just under $150 billion left for new loans. An initial rush of applications required Congress to appropriate another $310 billion. A recent survey by the National Federation of Independent Business found that 77 percent of small-business owners had applied for the loans, two-thirds of which said they were “very helpful.”

If the Senate passes Cornyn’s bill, the House may be ready to take it up quickly. The chamber had been scheduled to remain in recess until the end of the month, but Democratic leaders have said the House could return sooner to consider policing legislation. The Congressional Black Caucus will unveil a bill aimed at ending racial profiling, excessive use of force and qualified immunity on Monday.


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