On the recordDecember 21, 2020
That is correct. COVID-19 has shuttered small businesses across the Country. This is especially true in Oregon, where small businesses are the backbone of our economy. Ensuring businesses can access relief from both the Paycheck Protection Program and the Employee Retention Tax Credit is critical. The legislation before us today would allow businesses who took out a PPP loan to access the retention credit in two instances. First, those businesses that have had or will have their loan forgiven can claim the credit for any wages that were not paid for with PPP loan proceeds. Second, a business that does not have its PPP loan forgiven can claim the credit for any wages. As this change will be retroactive, does the Chairman agree that it is equally as critical that these small businesses are able to quickly and easily claim these past credits they will now be eligible for?
