HR 6884
FIRST Act
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- Passed House
- Passed Senate
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- Became Law
Bill overview
This bill, the FIRST Act, clarifies how businesses are taxed when they receive coronavirus relief loans. Specifically, it ensures that businesses can still deduct their ordinary business expenses and other tax-related costs, even if the money from those loans is forgiven. The bill modifies a section of the CARES Act to prevent loan forgiveness from impacting a company’s tax deductions or business basis. This aims to simplify the tax process for small businesses receiving pandemic assistance.
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Primary sponsor
Cosponsor
Dean Phillips
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