Protecting the Paycheck Protection Program Act

Floor Speech

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Ms. CRAIG. Mr. Speaker, I rise today because COVID-19 is threatening the American Dream across Main Streets throughout Minnesota and this Nation. Small business relief is needed now more than ever.

Unfortunately, the support we have provided is poised to become a significant tax burden for some business owners due to a misguided interpretation by the Treasury Department. We cannot allow struggling businesses to be taxed on the aid we have provided to them as a lifeline.

Fortunately, there is a solution in place to rectify this mistake. In May, I joined Representatives Lizzie Fletcher and Andy Kim to introduce H.R. 6574, the Protecting the Paycheck Protection Program Act, which would ensure that PPP loan recipients whose loans are forgiven are not required to treat the loan proceeds as taxable income.

Mr. Speaker, I urge my colleagues to join me in defending our Nation's small businesses by supporting this commonsense legislation.

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