House - 05/08/2020 Referred to the Committee on Ways and Means, and in addition to the Committee on Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. (All Actions)
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Introduced
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[actionDate] => 2020-05-08
[displayText] => Introduced in House
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To provide for improvements related to the employee retention tax credit.
Actions Overview (1)
Date
Actions Overview
05/08/2020
Introduced in House
05/08/2020 Introduced in House
All Actions (3)
Date
All Actions
05/08/2020
Referred to the Committee on Ways and Means, and in addition to the Committee on Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. Action By: House of Representatives
05/08/2020
Referred to the Committee on Ways and Means, and in addition to the Committee on Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. Action By: House of Representatives
05/08/2020
Introduced in House Action By: House of Representatives
05/08/2020 Referred to the Committee on Ways and Means, and in addition to the Committee on Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
05/08/2020 Referred to the Committee on Ways and Means, and in addition to the Committee on Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.
Paycheck Protection Program Improved Coordination Act of 2020
Related bill
CRS
05/08/2020 Referred to the Committee on Ways and Means, and in addition to the Committee on Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Jumpstarting Our Businesses' Success Credit Act of 2020 or the JOBS Credit Act of 2020
This bill increases the employer tax credit for the retention of employees and coordinates such credit with the Payroll Protection Program. Specifically, it increases the rate of the employee retention credit to 80% of up to $15,000 in employee wages per calendar quarter with an increased annual wage cap of $45,000 for all calendar quarters. The bill increases the maximum credit amount to $36,000.
The bill expands the definition of large employer, for credit eligibility purposes, to include employers with more than 1,500 employees and more than $41.5 million in gross receipts in 2019, and requires employers to show a significant decline in gross receipts. It also extends eligibility for the credit to state governmental agencies and Indian tribal governments.
The bill also coordinates the credit with the Paycheck Protection Program to allow employers to claim both programs subject to certain restrictions.
All Summaries (1)
Shown Here: Introduced in House (05/08/2020)
Jumpstarting Our Businesses' Success Credit Act of 2020 or the JOBS Credit Act of 2020
This bill increases the employer tax credit for the retention of employees and coordinates such credit with the Payroll Protection Program. Specifically, it increases the rate of the employee retention credit to 80% of up to $15,000 in employee wages per calendar quarter with an increased annual wage cap of $45,000 for all calendar quarters. The bill increases the maximum credit amount to $36,000.
The bill expands the definition of large employer, for credit eligibility purposes, to include employers with more than 1,500 employees and more than $41.5 million in gross receipts in 2019, and requires employers to show a significant decline in gross receipts. It also extends eligibility for the credit to state governmental agencies and Indian tribal governments.
The bill also coordinates the credit with the Paycheck Protection Program to allow employers to claim both programs subject to certain restrictions.