1. Short title
This Act may be cited as the “Safeguarding Small Business Act”.
Safeguarding Small Business Act
A BILL
To make technical corrections to the CARES Act to remove all tax liability associated with loan forgiveness under the Paycheck Protection Program.
2. Technical correction
In general— Subsection (i) of section 1106 of the CARES Act (Public Law 116–136) is amended—
by striking “1986, any amount” and inserting “1986—
“(1) any amount”
by striking the period at the end and inserting “, and”, and
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).”
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).