S 3612
Small Business Expense Protection Act of 2020
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- Passed House
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- Became Law
Bill overview
This bill, the Small Business Expense Protection Act of 2020, clarifies that small businesses receiving coronavirus relief loans, like those forgiven under the CARES Act, can still deduct their ordinary business expenses on their taxes. It ensures that loan forgiveness doesn't negatively impact a business's ability to claim these deductions. The bill specifically amends a section of the CARES Act to reinforce this protection. Essentially, it safeguards small businesses’ tax benefits during the pandemic.
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