A bipartisan group of lawmakers introduced legislation Wednesday to enable small businesses to deduct their expenses even if they have received a loan from the federal government’s Paycheck Protection Protection Program that was later forgiven.
Leaders of Congress’s tax-writing committees want employers to be able to continue providing health insurance to their furloughed employees and still qualify for tax credits.
Republicans and Democrats in the Senate have released separate sets of tax proposals aimed at alleviating the effects of the coronavirus pandemic, in contrast to the two bipartisan bills that have been signed into law already.