On the recordDecember 21, 2020
Mr. President, I ask unanimous consent to engage in a colloquy with my colleague, Finance Committee Ranking Member Wyden, to discuss a tax provision included in the omnibus appropriations bill currently before the Senate. The tax title in this bill contains important clarifications to, and expansions of, the Employee Retention Tax Credit established under section 2301 of the CARES Act. This credit has provided vital payroll support to struggling businesses in Iowa and across the country. The enhancements included in this bill are necessary to help more employers access the credit. Importantly, the bill clarifies that businesses that received Paycheck Protection Program loans, or PPP, are still eligible for the credit based on other wages and benefits paid. Does Member Wyden agree that our intent is to allow struggling small businesses to access the retention credit, even if they have received a PPP loan?
