,i  #aafth ,,congress  #b;d ,session    
,h4 ,r4 #fged  ,,in ,,the ,,house ,,of  
,,representatives  ,may #h1 #bjbj,mrs4  
,fletcher 7for herself1 ,ms4 ,craig1 and
 ,mr4 ,kim7 introduced the following    
bill2 which was referred to the         
,committee on ,ways and ,means  ,a      
,,bill  ,to provide clarification       
regarding the tax treatment of expenses 
paid or incurred with proceeds from     
,paycheck ,protection ,program loans4   
#a4 ,short title ,this ,act may be cited
 as the ,protecting the ,paycheck       
,protection ,program ,act of #bjbj4  #b4
 ,clarification of tax treatment of     
expenses paid or incurred with proceeds 
from ,paycheck ,protection ,program     
loans  7a7 ,in general ,for purposes of 
the ,internal ,revenue ,code of #aihf   
and notwithstanding any other provision 
of law1 any deduction and the basis of  
any property shall be determined without
 regard to whether any amount is        
excluded from gross income under section
 #aajf7;i7 of the ,,cares ,act4  7b7    

,clarification of exclusion of loan     
forgiveness ,section #aajf7;i7 of the   
,,cares ,act is amended to read as      
follows3  7i7 ,taxability ,for purposes 
of the ,internal ,revenue ,code of      
#aihf1 no amount shall be included in   
the gross income of the eligible        
recipient by reason of forgiveness of   
indebtedness described in subsection    
7b74  4  7c7 ,effective date ,subsection
 7a7 and the amendment made by          
subsection 7b7 shall take effect as if  
included in section #aajf of the ,,cares
 ,act4