,i  #aaf? ,,congress  #b;d ,session  ,h4
 ,r4 #fgii  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,may #ab1 #bjbj,mr4   
,?ompson ( ,cali=nia 7= himself1 ,mr4   
,kelly ( ,p5nsylvania1 ,mr4 ,k9d1 ,mr4  
,panetta1 & ,mr4 ,hors=d7 introduc$ !   
foll[+ bill2 :i* 0 ref]r$ to !          
,committee on ,ways & ,means1 & 9       
addition to ! ,committee on ,small      
,bus9ess1 = a p]iod to be subsequ5tly   
det]m9$ by ! ,speak]1 9 ea* case =      
consid]ation ( su* provisions z fall )9 
! jurisdiction ( ! committee conc]n$  ,a
 ,,bill  ,to provide a payroll cr$it =  
c]ta9 fix$ exp5ses ( employ]s subject to
 closure by reason ( ,,covid-#ai4  #a4  
,%ort title ,?is ,act may be cit$ z !   
,keep+ ! ,lights ,on ,act ( #bjbj4  #b4 
,payroll cr$it = c]ta9 fix$ exp5ses (   
employ]s subject to closure by reason ( 
,,covid-#ai  7a7 ,9 g5]al ,9 ! case ( an
 eligible employ]1 !re %all be all[$ z a
 cr$it aga9/ applicable employm5t taxes 
= ea* cal5d> qu>t] an am\nt equal to #ej
 p]c5t ( ! qualifi$ fix$ exp5ses paid or

 incurr$ by su* employ] dur+ su* cal5d> 
qu>t]4  7b7 ,limitations & refundability
  7#a7 ,limitation ,! qualifi$ fix$     
exp5ses :i* may be tak5 into acc\nt "u  
subsection 7a7 by any eligible employ] =
 any cal5d> qu>t] %all n exce$ ! lea/   
(-- 7,a7 ! qualifi$ fix$ exp5ses paid by
 ! eligible employ] 9 ! same cal5d>     
qu>t] ( cal5d> ye> #bjai1  7,b7 #ej1jjj2
 or  7,c7 ! great] (-- 7i7 #be p]c5t ( !
 wages paid ) respect to ! employm5t (  
all ! employees ( ! eligible employ] =  
su* cal5d> qu>t]2 or  7ii7 #f4be p]c5t (
 ! gross receipts ( ! eligible employ] =
 cal5d> ye> #bjai4  7#b7 ,cr$it limit$  
to c]ta9 employm5t taxes ,! cr$it all[$ 
by subsection 7a7 ) respect to any      
cal5d> qu>t] %all n exce$ ! applicable  
employm5t taxes = su* cal5d> qu>t]      
7r$uc$ by any cr$its all[$ "u           
subsections 7e7 & 7f7 ( section #caaa ( 
su* ,code1 sections #gjja & #gjjc ( !   
,families ,fir/ ,coronavirus ,response  
,act1 section #bcja ( ! ,,c>es ,act1 &  
sections #aja1 #ajb1 & #cjd ( ?is       

division1 = su* qu>t]7 on ! wages paid )
 respect to ! employm5t ( all !         
employees ( ! eligible employ] = su*    
cal5d> qu>t]4  7#c7 ,refundability (    
excess cr$it  7,a7 ,9 g5]al ,if ! am\nt 
( ! cr$it "u subsection 7a7 exce$s !    
limitation ( p>agraph 7#b7 = any cal5d> 
qu>t]1 su* excess %all be treat$ z an   
ov]paym5t t %all be refund$ "u sections 
#fdjb7;a7 & #fdac7;b7 ( ! ,int]nal      
,rev5ue ,code ( #aihf4  7,b7 ,treatm5t (
 paym5ts ,= purposes ( section #acbd (  
title #ca1 ,unit$ ,/ates ,code1 any     
am\nts due to an employ] "u ?is p>agraph
 %all be treat$ 9 ! same mann] z a      
refund due f a cr$it provision ref]r$ to
 9 subsection 7b77#b7 ( su* section4    
7c7 ,def9itions ,= purposes ( ?is       
section-- 7#a7 ,applicable employm5t    
taxes ,! t]m applicable employm5t taxes 
means ! foll[+3 7,a7 ,! taxes impos$ "u 
section #caaa7;a7 ( ! ,int]nal ,rev5ue  
,code ( #aihf4  7,b7 ,s mu* ( ! taxes   
impos$ "u section #cbba7;a7 ( su* ,code 
z are attributable to ! rate 9 effect "u

 section #caaa7;a7 ( su* ,code4  7#b7   
,eligible employ]  7,a7 ,9 g5]al ,! t]m 
eligible employ] means any employ]-- 7i7
 :i* 0 c>ry+ on a trade or bus9ess dur+ 
cal5d> ye> #bjbj2  7ii7 :i* _h ei!r--   
7,i7 n m ?an #a1ejj full-"t equival5t   
employees 7z det]m9$ = purposes (       
det]m9+ :e!r an employ] is an applicable
 l>ge employ] = purposes ( section      
#dihj;,h7c77#b7 ( ! ,int]nal ,rev5ue    
,code ( #aihf7 = cal5d> ye> #bjai2 or   
7,,ii7 n m ?an #da1ejj1jjj ( gross      
receipts 9 ! la/ taxable ye> end+ 9     
#bjai2 &  7iii7 ) respect to any cal5d> 
qu>t]1 = :i*-- 7,i7 ! op]ation ( ! trade
 or bus9ess describ$ 9 clause 7i7 is    
fully or p>tially susp5d$ dur+ ! cal5d> 
qu>t] due to ord]s f an appropriate     
gov]nm5tal au?ority limit+ comm]ce1     
travel1 or gr\p meet+s 7= comm]cial1    
social1 religi\s1 or o!r purposes7 due  
to ! coronavirus disease #bjai          
7,,covid-#ai72 or  7,,ii7 su* cal5d>    
qu>t] is )9 ! p]iod describ$ 9          
subp>agraph 7,b74  7,b7 ,significant    

decl9e 9 gross receipts ,! p]iod        
describ$ 9 ?is subp>agraph is ! p]iod-- 
7i7 beg9n+ ) ! fir/ cal5d> qu>t] beg9n+ 
aft] ,decemb] #ca1 #bjai1 = :i* gross   
receipts 7)9 ! mean+ ( section #ddh7;c7 
( ! ,int]nal ,rev5ue ,code ( #aihf7 = ! 
cal5d> qu>t] are less ?an #hj p]c5t (   
gross receipts = ! same cal5d> qu>t] 9 !
 prior ye>2 &  7ii7 end+ ) ! cal5d>     
qu>t] foll[+ ! fir/ cal5d> qu>t] beg9n+ 
aft] a cal5d> qu>t] describ$ 9 clause   
7i7 = :i* gross receipts ( su* employ]  
are great] ?an #hj p]c5t ( gross        
receipts = ! same cal5d> qu>t] 9 ! prior
 ye>4  7,c7 ,tax-,exempt organizations  
,9 ! case ( an organization :i* is      
describ$ 9 section #eja7;c7 ( ! ,int]nal
 ,rev5ue ,code ( #aihf & exempt f tax "u
 section #eja7;a7 ( su* ,code-- 7i7     
clauses 7i7 & 7iii77,i7 ( subp>agraph   
7,a7 %all apply to all op]ations ( su*  
organization2 &  7ii7 any ref]5ce 9 ?is 
section to gross receipts %all be treat$
 z a ref]5ce to gross receipts )9 !     
mean+ ( section #fjcc ( ! ,int]nal      

,rev5ue ,code ( #aihf4  7,d7 ,phase-9 ( 
cr$it :]e bus9ess n susp5d$ & r$uction 9
 gross receipts less ?an #ej p]c5t  7i7 
,9 g5]al ,9 ! case ( any cal5d> qu>t] ) 
respect to :i* an eligible employ] w\ld 
n be an eligible employ] if subp>agraph 
7,b77i7 7 appli$ by sub/itut+ #ej p]c5t 
= #hj p]c5t1 ! am\nt ( ! cr$it all[$ "u 
subsection 7a7 %all be r$uc$ by ! am\nt 
:i* be>s ! same ratio to ! am\nt ( su*  
cr$it 7det]m9$ )\t reg>d to ?is         
subp>agraph7 z-- 7,i7 ! excess gross    
receipts p]c5tage po9t am\nt2 be>s to   
7,,ii7 #cj p]c5tage po9ts4  7ii7 ,excess
 gross receipts p]c5tage po9t am\nt ,=  
purposes ( ?is subp>agraph1 ! t]m excess
 gross receipts p]c5tage po9t am\nt     
means1 ) respect to any cal5d> qu>t]1 ! 
excess (-- 7,i7 ! l[e/ ( ! gross        
receipts p]c5tage po9t am\nts det]m9$ ) 
respect to any cal5d> qu>t] dur+ ! p]iod
 end+ ) su* cal5d> qu>t] & beg9n+ ) !   
fir/ cal5d> qu>t] dur+ ! p]iod describ$ 
9 subp>agraph 7,b72 ov]  7,,ii7 #ej     
p]c5tage po9ts4  7iii7 ,gross receipts  

p]c5tage po9t am\nts ,= purposes ( ?is  
subp>agraph1 ! t]m gross receipts       
p]c5tage po9t am\nt means1 ) respect to 
any cal5d> qu>t]1 ! p]c5tage 7express$ z
 a numb] ( p]c5tage po9ts7 obta9$ by    
divid+-- 7,i7 ! gross receipts 7)9 !    
mean+ ( subp>agraph 7,b77 = su* cal5d>  
qu>t]2 by  7,,ii7 ! gross receipts = !  
same cal5d> qu>t] 9 cal5d> ye> #bjai4   
7#c7 ,qualifi$ fix$ exp5ses  7,a7 ,9    
g5]al ,! t]m qualifi$ fix$ exp5ses means
 ! paym5t or accrual ( any cov]$        
mortgage obligation1 cov]$ r5t          
obligation1 or cov]$ utility paym5t4    
,su* t]m %all n include ! prepaym5t (   
any obligation = a p]iod 9 excess ( a   
mon? unless ! paym5t = su* p]iod is     
cu/om>ily due 9 advance4  7,b7          
,application ( def9itions ,! t]ms cov]$ 
mortgage obligation1 cov]$ r5t          
obligation1 & cov]$ utility paym5t %all 
ea* h ! same mean+ z :5 us$ 9 section   
#aajf ( ! ,,c>es ,act4  7#d7 ,secret>y  
,! t]m ,secret>y means ! ,secret>y ( !  
,treasury or ! ,secret>y's delegate4    

7#e7 ,wages  7,a7 ,9 g5]al ,! t]m wages 
means wages 7z def9$ 9 section #caba7;a7
 ( ! ,int]nal ,rev5ue ,code ( #aihf7 &  
comp5sation 7z def9$ 9 section #cbca7;e7
 ( su* ,code74 ,= purposes ( ! prec$+   
s5t5ce 7o!r ?an = purposes ( subsection 
7b77#b771 wages z def9$ 9 section       
#caba7;a7 ( su* ,code %all be det]m9$   
)\t reg>d to p>agraphs 7#a71 7#h71      
7#aj71 7#ac71 7#ah71 7#ai71 & 7#bb7 (   
section #caba7;b7 ( su* ,code4  7,b7    
,all[ance = c]ta9 heal? plan exp5ses    
7i7 ,9 g5]al ,su* t]m %all include      
am\nts paid or incurr$ by ! eligible    
employ] to provide & ma9ta9 a gr\p heal?
 plan 7z def9$ 9 section #ejjj7;b77#a7 (
 ! ,int]nal ,rev5ue ,code ( #aihf71 b   
only to ! ext5t t su* am\nts are exclud$
 f ! gross income ( employees by reason 
( section #ajf7;a7 ( su* ,code4  7ii7   
,allocation rules ,= purposes ( ?is     
section1 am\nts treat$ z wages "u clause
 7i7 %all be treat$ z paid ) respect to 
any employee 7& ) respect to any p]iod7 
to ! ext5t t su* am\nts are prop]ly     

allocable to su* employee 7& to su*     
p]iod7 9 su* mann] z ! ,secret>y may    
prescribe4 ,except z o!rwise provid$ by 
! ,secret>y1 su* allocation %all be     
treat$ z prop]ly made if made on ! basis
 ( be+ pro rata among p]iods ( cov]age4 
7#f7 ,o!r t]ms ,except z o!rwise provid$
 9 ?is section1 any t]m us$ 9 ?is       
section :i* is also us$ 9 *apt] #ba or  
#bb ( ! ,int]nal ,rev5ue ,code ( #aihf  
%all h ! same mean+ z :5 us$ 9 su*      
*apt]4  7d7 ,aggregation rule ,all      
p]sons treat$ z a s+le employ] "u       
subsection 7a7 or 7b7 ( section #eb ( ! 
,int]nal ,rev5ue ,code ( #aihf1 or      
subsection 7m7 or 7o7 ( section #dad (  
su* ,code1 %all be treat$ z "o employ] =
 purposes ( ?is section4  7e7 ,d5ial (  
d\ble b5efit ,= purposes ( *apt] #a (   
su* ,code1 ! gross income ( any eligible
 employ]1 = ! taxable ye> :i* includes !
 la/ day ( any cal5d> qu>t] ) respect to
 :i* a cr$it is all[$ "u ?is section1   
%all be increas$ by ! am\nt ( su* cr$it4
  7f7 ,c]ta9 gov]nm5tal employ]s  7#a7  

,9 g5]al ,! cr$it "u ?is section %all n 
be all[$ to ! ,f$]al ,gov]nm5t1 !       
gov]nm5t ( any ,/ate1 ( ! ,di/rict (    
,columbia1 or ( any possession ( !      
,unit$ ,/ates1 any tribal gov]nm5t1 or  
any political subdivision1 ag5cy1 or    
in/rum5tality ( any ( ! =ego+4  7#b7    
,exception ,p>agraph 7#a7 %all n apply  
to any organization describ$ 9 section  
#eja7;c77#a7 ( ! ,int]nal ,rev5ue ,code 
( #aihf & exempt f tax "u section       
#eja7;a7 ( su* ,code4  7g7 ,election ,to
 n take c]ta9 exp5ses into acc\nt  7#a7 
,9 g5]al ,if an eligible employ] elects 
7at su* "t & 9 su* mann] z ! ,secret>y  
may prescribe7 to n take into acc\nt any
 am\nt ( qualifi$ fix$ exp5sees =       
purposes ( det]m9+ ! cr$it "u ?is       
section1 su* am\nt ( qualifi$ fix$      
exp5ses %all n be s tak5 into acc\nt4   
7#b7 ,coord9ation ) pay*eck protection  
program ,! ,secret>y1 9 consultation ) !
 ,adm9i/rator ( ! ,small ,bus9ess       
,adm9i/ration1 %all issue guidance      
provid+ t cov]$ mortgage obligations1   

cov]$ r5t obligations1 & cov]$ utility  
paym5ts paid or incurr$ dur+ ! cov]$    
p]iod %all n fail to be tak5 into acc\nt
 z qualifi$ fix$ exp5ses = purposes (   
det]m9+ ! cr$it "u ?is section by reason
 ( an election "u p>agraph 7#a7 to !    
ext5t t a cov]$ loan ( ! eligible       
employ] is n =giv5 by reason ( a        
decision "u section #aajf7;g74 ,t]ms us$
 9 ! prec$+ s5t5ce :i* are also us$ 9   
section #aajf %all h ! same mean+ z :5  
us$ 9 su* section4  7h7 ,transf]s to    
c]ta9 tru/ funds ,!re are h]eby         
appropriat$ to ! ,f$]al ,old-,age &     
,survivors ,insurance ,tru/ ,fund & !   
,f$]al ,disability ,insurance ,tru/     
,fund e/abli%$ "u section #bja ( !      
,social ,security ,act 7#db ,u4,s4,c4   
#dja7 & ! ,social ,security ,equival5t  
,b5efit ,acc\nt e/abli%$ "u section     
#ae;,a7a7 ( ! ,railroad ,retirem5t ,act 
( #aigd 7#de ,u4,s4,c4 #bcan-#a7;a77    
am\nts equal to ! r$uction 9 rev5ues to 
! ,treasury by reason ( ?is section 7)\t
 reg>d to ?is subsection74 ,am\nts      

appropriat$ by ! prec$+ s5t5ce %all be  
transf]r$ f ! g5]al fund at su* times & 
9 su* mann] z to replicate to ! ext5t   
possible ! transf]s :i* w\ld h occurr$  
to su* ,tru/ ,fund or ,acc\nt _h ?is    
section n be5 enact$4  7i7 ,treatm5t (  
deposits ,! ,secret>y %all waive any    
p5alty "u section #ffef ( su* ,code =   
any failure to make a deposit (         
applicable employm5t taxes if !         
,secret>y det]m9es t su* failure 0 due  
to ! anticipation ( ! cr$it all[$ "u ?is
 section4  7j7 ,?ird-,p>ty payors ,any  
cr$it all[$ "u ?is section %all be      
treat$ z a cr$it describ$ 9 section     
#ceaa7;d77#b7 ( su* ,code4  7k7         
,regulations & guidance ,! ,secret>y    
%all issue su* =ms1 in/ructions1        
regulations1 & guidance z are necess>y--
 7#a7 to all[ ! advance paym5t ( ! cr$it
 "u subsection 7a71 subject to !        
limitations provid$ 9 ?is section1 bas$ 
on su* in=mation z ! ,secret>y %all     
require2  7#b7 regulations or o!r       
guidance to provide = ! reconciliation (

 su* advance paym5t ) ! am\nt ( ! cr$it 
at ! "t ( fil+ ! return ( tax = !       
applicable qu>t] or taxable ye>2  7#c7 )
 respect to ! application ( ! cr$it "u  
subsection 7a7 to ?ird-p>ty payors      
7includ+ pr(essional employ]            
organizations1 c]tifi$ pr(essional      
employ] organizations1 or ag5ts "u      
section #cejd ( ! ,int]nal ,rev5ue ,code
 ( #aihf71 includ+ regulations or       
guidance all[+ su* payors to submit     
docum5tation necess>y to sub/antiate !  
eligible employ] /atus ( employ]s t use 
su* payors2  7#d7 = application (       
subsection 7b77#a77;,a7 & subp>agraphs  
7,a77ii77,,ii7 & 7,b7 ( subsection      
7c77#b7 9 ! case ( any employ] :i* 0 n  
c>ry+ on a trade or bus9ess = all or "p 
( ! same cal5d> qu>t] 9 ! prior ye>2 &  
7#e7 = recaptur+ ! b5efit ( cr$its      
det]m9$ "u ?is section 9 cases :]e !re  
is a subsequ5t adju/m5t to ! cr$it      
det]m9$ "u subsection 7a74  7l7         
,application ( section ,?is section %all
 apply only to qualifi$ fix$ exp5ses    

paid or accru$ aft] ,m>* #ab1 #bjbj1 &  
be=e ,janu>y #a1 #bjba4  7m7 ,am5dm5t to
 pay*eck protection program to          
coord9ation ) cr$it = qualifi$ fix$     
exp5ses ,section #aajf ( ! ,,c>es ,act  
is am5d$ by add+ at ! end ! foll[+ new  
subsection3  7l7 ,coord9ation ) payroll 
tax cr$it = qualifi$ fix$ exp5ses ,=    
purposes ( ?is section1 any paym5t (    
int]e/ on any cov]$ mortgage obligation1
 any paym5t on any cov]$ r5t obligation1
 & any cov]$ utility paym5t %all n      
include any qualifi$ fix$ exp5ses :i*   
are tak5 into acc\nt 9 det]m9+ ! cr$it  
all[$ "u section #b ( ! ,keep+ ! ,lights
 ,on ,act ( #bjbj4  4