,,ii  #aaf? ,,congress  #b;d ,session   
,s4 #cedi  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,m>* #bj1 #bjbj,mr4    
,wyd5 7= himself & ,mr4 ,c>d97 introduc$
 ! foll[+ bill2 :i* 0 read twice &      
ref]r$ to ! ,committee on ,f9ance  ,a   
,,bill  ,to am5d ! ,int]nal ,rev5ue     
,code ( #aihf to provide advance tax    
refunds to small bus9esses1 & = o!r     
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,save ,am]ica's ,ma9 ,/reet
 ,act4  #b4 ,small ,bus9ess ,rebate  7a7
 ,9 g5]al ,sub*apt] ,b ( *apt] #fe (    
subtitle ,f ( ! ,int]nal ,rev5ue ,code (
 #aihf is am5d$ by ins]t+ aft] section  
#fdbg ! foll[+ new section3  #fdbh4     
,small ,bus9ess ,rebate  7a7 ,all[ance (
 cr$it  7#a7 ,9 g5]al ,9 ! case ( a     
qualify+ bus9ess1 !re %all be all[$ z a 
cr$it aga9/ ! tax impos$ by subtitle ,a 
= ! fir/ taxable ye> beg9n+ 9 #bjbj an  
am\nt equal to ! less] (-- 7,a7 #cj     
p]c5t ( qualifi$ gross receipts ( su*   
qualify+ bus9ess = ! fir/ taxable ye>   
beg9n+ 9 #bjai1 or  7,b7 #ge1jjj4  7#b7 

,special rule ,9 ! case (-- 7,a7 a      
qualify+ bus9ess :i* did n file a tax   
return = ! taxable ye> describ$ 9       
p>agraph 7#a77;,a71 or  7,b7 a sole     
proprietor%ip = :i* gross receipts 7 n  
report$ on a return ( tax = su* taxable 
ye>1  su* p>agraph %all be appli$ by    
sub/itut+ #bjah = #bjai4  7#c7 ,qualifi$
 gross receipts ,= purposes ( p>agraph  
7#a77;,a71 ! t]m qualifi$ gross receipts
 means gross receipts ( ! qualify+      
bus9ess :i* are effectively connect$ ) !
 conduct ( a trade or bus9ess )9 !      
,unit$ ,/ates 7)9 ! mean+ ( section     
#hfd7;c71 det]m9$ by sub/itut+ qualify+ 
bus9ess = nonresid5t ali5 individual or 
a =eign corporation or = =eign          
corporation ea* place x appe>s7 = !     
applicable taxable ye> "u p>agraph      
7#a77;,a71 z report$ by ! taxpay] on--  
7,a7 9 ! case ( a qualify+ bus9ess :i*  
is a p>tn]%ip1 ! return requir$ to be   
fil$ "u section #fjca1  7,b7 9 ! case ( 
a qualify+ bus9ess :i* is an ,s         
corporation1 ! return requir$ to be fil$

 "u section #fjcg1 &  7,c7 9 ! case (   
any o!r qualify+ bus9ess1 ! return ( tax
 = ! taxable ye>4  7b7 ,qualify+ bus9ess
  7#a7 ,9 g5]al ,= purposes ( ?is       
section1 ! t]m qualify+ bus9ess means   
any p]son :i*-- 7,a7 meets ! gross      
receipts te/ ( subsection 7c7 ( section 
#ddh = ! applicable taxable ye> "u      
subsection 7a77#a77;,a71 except t       
subsection 7c7 ( section #ddh %all be   
appli$-- 7i7 )\t reg>d to p>agraph 7#d7 
( su* subsection1 &  7ii7 by sub/itut+  
#a1jjj1jjj = #be1jjj1jjj1 &  7,b7 )     
respect to ! prec$+ cal5d> ye>1 employ$ 
an av]age ( n great] ?an #ej full-"t    
employees 7z su* t]m is def9$ 9 p>agraph
 7#d7 ( section #dihj;,h7c77 on bus9ess 
days dur+ su* cal5d> ye>4  7#b7 ,special
 rule ,= purposes ( p>agraph 7#a77;,a71 
9 ! case ( any taxpay] :i* is n a       
corporation or a p>tn]%ip1 ! gross      
receipts te/ ( section #ddh7;c7 %all be 
appli$ 9 ! same mann] z if su* taxpay] 7
 a corporation or p>tn]%ip4  7#c7       
,full-"t equival5ts ,= purposes (       

p>agraph 7#a77;,b71 ! numb] ( full-"t   
employees %all be det]m9$ pursuant to   
rules simil> to ! rules describ$ 9      
p>agraph 7#b77;,e7 ( section            
#dihj;,h7c74  7#d7 ,aggregation rules   
,all p]sons treat$ z a s+le employ] "u  
subsection 7a7 or 7b7 ( section #eb or  
subsection 7m7 or 7o7 ( section #dad    
%all be treat$ z a s+le p]son = purposes
 ( p>agraph 7#a77;,b74  7#e7 ,qualifi$  
organizations  7,a7 ,inclusion z        
qualify+ bus9ess  7i7 ,9 g5]al ,=       
purposes ( ?is section1 ! t]m qualify+  
bus9ess %all include any qualifi$       
organization4  7ii7 ,def9ition ,=       
purposes ( ?is p>agraph1 ! t]m qualifi$ 
organization means an organization :i*--
 7,i7 is describ$ 9 section #eja7;c77#c7
 & exempt f tax "u section #eja7;a71    
7,,ii7 is describ$ 9 section            
#agj7;b77#a77;,a71  7,,iii7 is n        
describ$ 9 section #eji7;a77#c71 &      
7,,iv7 satisfies ! requirem5ts "u       
subp>agraphs 7,a7 & 7,b7 ( p>agraph     
7#a74  7,b7 ,qualifi$ gross receipts    

7i7 ,9 g5]al ,= purposes ( subsection   
7a77#a77;,a71 9 ! case ( a qualifi$     
organization1 ! t]m qualifi$ gross      
receipts means gross receipts ( !       
organization = ! taxable ye> describ$ 9 
su* subsection4  7ii7 ,special rule ,9 !
 case ( a qualifi$ organization :i* did 
n file a tax return = ! taxable ye>     
describ$ 9 subsection 7a77#a77;,a71 su* 
subsection %all be appli$ by sub/itut+  
#bjah = #bjai4  7iii7 ,organization     
exempt f fil+  7,i7 ,9 g5]al ,9 ! case (
 an organization :i* is exempt f fil+ a 
return pursuant to section #fjcc7;a7 or 
:i* is n requir$ to include 9 su* return
 ! in=mation necess>y to det]m9e ! am\nt
 ( ! cr$it all[$ "u ?is section1 su*    
organization may submit to ! ,secret>y  
79 su* =m & mann] z is deem$ appropriate
 by ! ,secret>y7 any in=mation requir$ =
 purposes ( det]m9+-- 7aa7 :e!r su*     
organization satisfies ! requirem5ts "u 
subp>agraphs 7,a7 & 7,b7 ( p>agraph     
7#a71 &  7bb7 ! am\nt ( ! cr$it all[$ "u
 subsection 7a77#a74  7,,ii7 ,publicity 

( in=mation ,= purposes ( section #fajd1
 any in=mation submitt$ by an           
organization "u subclause 7,i7 %all be  
deem$ to be in=mation requir$ to be     
furni%$ by su* organization pursuant to 
section #fjcc4  7c7 ,treatm5t ( cr$it ,!
 cr$it all[$ by subsection 7a7 %all be  
treat$ z all[$ by subp>t ,c ( "p ,,iv ( 
sub*apt] ,a ( *apt] #a4  7d7            
,coord9ation ) advance refunds ( cr$it  
,! am\nt ( cr$it :i* w\ld 7b = ?is      
subsection7 be all[able "u ?is section  
%all be r$uc$ 7b n bel[ z]o7 by !       
aggregate refunds & cr$its made or all[$
 to ! taxpay] "u subsection 7e74 ,any   
failure to s r$uce ! cr$it %all be      
treat$ z aris+ out ( a ma!matical or    
cl]ical error & assess$ accord+ to      
section #fbac7;b77#a74  7e7 ,advance    
refunds & cr$its  7#a7 ,9 g5]al ,any    
p]son :i* 0 a qualify+ bus9ess = su*    
p]son's la/ taxable ye> end+ be=e       
,janu>y #a1 #bjbj1 %all be treat$ z hav+
 made a paym5t aga9/ ! tax impos$ by    
*apt] #a = su* taxable ye> 9 an am\nt   

equal to ! advance refund am\nt = su*   
taxable ye>1 reg>dless ( :e!r su* tax   
w\ld h be5 impos$ on su* p]son4  7#b7   
,advance refund am\nt ,= purposes (     
p>agraph 7#a71 ! advance refund am\nt is
 ! am\nt t w\ld h be5 all[$ z a cr$it "u
 ?is section = su* taxable ye> if ?is   
section 7o!r ?an subsection 7d7 & ?is   
subsection7 _h appli$ to su* taxable    
ye>4  7#c7 ,tim+ ( paym5ts ,! ,secret>y 
%all1 subject to ! provisions ( ?is     
title1 refund or cr$it any ov]paym5t    
attributable to ?is section z rapidly z 
possible4 ,no refund or cr$it %all be   
made or all[$ "u ?is subsection aft]    
,decemb] #ca1 #bjbj4  7#d7 ,no int]e/   
,no int]e/ %all be all[$ on any         
ov]paym5t attributable to ?is section4  
4  7b7 ,con=m+ am5dm5ts  7#a7 ,def9ition
 ( defici5cy ,section #fbaa7;b77#d77;,a7
 ( ! ,int]nal ,rev5ue ,code ( #aihf is  
am5d$ by /rik+ & #cf;,b1 #afh7k77#d7 &  
ins]t+ #cf;,b1 & #fdbh4  7#b7 ,p>agraph 
7#b7 ( section #acbd7;b7 ( title #ca1   
,unit$ ,/ates ,code1 is am5d$ by ins]t+ 

8#fdbh10 aft] 8#ed;,b7h7104  7#c7 ,!    
table ( sections = sub*apt] ,b ( *apt]  
#fe ( subtitle ,f ( ! ,int]nal ,rev5ue  
,code ( #aihf is am5d$ by ins]t+ aft] ! 
item relat+ to section #fdbg ! foll[+3  
,sec4 #fdbh4 ,small ,bus9ess ,rebate4  4
  #c4 ,modification ( e/imat$ tax       
paym5ts = small bus9esses  7a7 ,tim+ &  
am\nt ( requir$ in/allm5ts  7#a7 ,9     
g5]al ,9 ! case ( any taxable ye> beg9n+
 9 #bjbj1 ) respect to a qualifi$       
individual1 not)/&+ section #ffed7;c7 & 
section #ffed7;d77#a77;,a7 ( ! ,int]nal 
,rev5ue ,code ( #aihf-- 7,a7 !re %all be
 #b requir$ in/allm5ts 7)9 ! mean+ (    
section #ffed ( su* ,code7 = ! taxable  
ye>2  7,b7 ! due date = ! #a/ in/allm5t 
is ,septemb] #ae1 #bjbj2  7,c7 ! due    
date = ! #bnd in/allm5t is ,janu>y #ae1 
#bjba2  7,d7 ! am\nt ( ea* su* requir$  
in/allm5t %all be #ej p]c5t ( ! requir$ 
annual paym5t 7z def9$ 9 section        
#ffed7;d77#a77;,b7 ( su* ,code1 aft] !  
application ( subp>agraph 7,e772  7,e7 9
 det]m9+ su* requir$ annual paym5t1     

section #ffed7;d77#a77;,c7 ( su* ,code  
%all n apply & section                  
#ffed7;d77#a77;,b77ii7 ( su* ,code %all 
be appli$ by sub/itut+ #ge p]c5t = #ajj 
p]c5t2  7,f7 if 7aft] ! application (   
?is p>agraph7 section #ffed7;d77#b7 (   
su* ,code applies to ! qualifi$         
individual1 ! table conta9$ 9           
subp>agraph 7,c77ii7 !re( %all be appli$
 by sub/itut+ #j = #bb4e & = #de1 & by  
sub/itut+ #de = #fg4e2 &  7,g7 section  
#ffed7;h7 ( su* ,code %all be appli$ by 
treat+ ! #bnd requir$ in/allm5t z ! #d? 
requir$ in/allm5t4  7#b7 ,qualifi$      
individual ,= purposes ( ?is subsection1
 ! t]m qualifi$ individual means any    
individual = a taxable ye> if-- 7,a7 !  
adju/$ gross income %[n on ! return (   
tax ( su* individual = ! prec$+ taxable 
ye> is less ?an #bej1jjj 7#ejj1jjj 9 !  
case ( a jo9t return72 &  7,b7 su*      
individual c]tifies1 9 su* =m or mann] z
 is requir$ by ! ,secret>y ( ! ,treasury
 7or ! ,secret>y's delegate71 t m ?an   
#ej p]c5t ( ! gross income %[n on !     

return ( tax ( su* individual = su*     
prec$+ taxable ye> 0 income f a qualifi$
 small bus9ess4  7#c7 ,income f qualifi$
 small bus9ess ,= purposes ( ?is        
section1 ! t]m income f a qualifi$ small
 bus9ess means1 ) respect to any taxable
 ye>1 income f a trade or bus9ess-- 7,a7
 :i* is locat$ 9 ! ,unit$ ,/ates2 &     
7,b7 ! av]age numb] ( employees ( :i* 0 
less ?an #ejj full-"t equival5t         
employees 7)9 ! mean+ ( section #dihj;,h
 ( ! ,int]nal ,rev5ue ,code ( #aihf7 = !
 cal5d> ye> end+ ) or )9 ! prec$+       
taxable ye>4  7b7 ,coord9ation ) section
 #gejh;,a ,9 ! case ( any po/ponem5t or 
ext5sion by ! ,secret>y ( ! ,treasury   
7or ! ,secret>y's delegate7 "u section  
#gejh;,a ( ! ,int]nal ,rev5ue ,code (   
#aihf affect+ ! due date ( ! requir$    
in/allm5ts "u section #ffed ( su* ,code1
 subsection 7a7 %all apply only if ! due
 date = ! #a/ in/allm5t "u p>agraph     
7#a77;,b7 !re( is lat] ?an ! due date   
prescrib$ = ! #a/ in/allm5t "u su*      
po/ponem5t or ext5sion4  #d4 ,employee  

ret5tion cr$it = employ]s ( employees   
affect$ by ,,covid-#ai  7a7 ,9 g5]al ,9 
! case ( an eligible employ]1 !re %all  
be all[$ z a cr$it aga9/ ! tax impos$ by
 section #caaa7;a7 ( ! ,int]nal ,rev5ue 
,code ( #aihf or section #cbba7;a7 ( su*
 ,code = ea* cal5d> qu>t] an am\nt equal
 to #ej p]c5t ( ! qualifi$ wages )      
respect to ea* eligible employee ( su*  
employ] = su* taxable ye>4 ,! am\nt (   
qualifi$ wages ) respect to any eligible
 employee :i* may be tak5 into acc\nt "u
 ?is subsection by ! eligible employ] = 
all cal5d> qu>t]s dur+ any designat$    
p]iod %all n exce$ #g1ejj4  7b7         
,eligible employ]  7#a7 ,9 g5]al ,! t]m 
eligible employ] means any employ] :i*--
 7,a7 :i* has less ?an #ejj full-"t     
employees on ! fir/ day ( ! designat$   
p]iod ) respect to ! employ]2 &  7,b7   
:i*-- 7i7 conduct$ an active trade or   
bus9ess 9 a qualifi$ coronavirus disa/] 
zone & meets ! requirem5ts ( p>agraph   
7#b77;,a72 or  7ii7 meets ! requirem5t (
 p>agraph 7#b77;,b74  7#b7 ,requirem5ts 

7,a7 ,9 g5]al ,an employ] meets !       
requirem5ts ( ?is subp>agraph if-- 7i7 !
 employ] is requir$ to close z a result 
( a directive by a ,f$]al1 ,/ate1 or    
local au?ority2 or  7ii7 ! employ] is   
requir$ to close due to lack ( available
 employees due to qualify+ ne$s relat$  
to a public heal? em]g5cy 7z def9$ 9    
section #aaj ( ! ,family & ,m$ical      
,leave ,act ( #aiic1 z add$ by section  
#cajb ( ! ,em]g5cy ,family & ,m$ical    
,leave ,expansion ,act74  7,b7          
,alt]native requirem5ts ,an employ]     
meets ! requirem5ts ( ?is subp>agraph if
 ! employ]'s gross receipts = any       
#cj-;day p]iod dur+ ! cal5d> ye> are m  
?an #be p]c5t less ?an su* gross        
receipts = ! correspond+ #cj-;day p]iod 
= ! prec$+ cal5d> ye>4  7c7 ,o!r        
def9itions ,= purposes ( ?is section--  
7#a7 ,eligible employee ,! t]m eligible 
employee means any employee ^: pr9ciple 
place ( employm5t 0 ) an eligible       
employ]4  7#b7 ,qualifi$ wages ,! t]m   
qualifi$ wages means wages 7z def9$ 9   

section #caba7;a7 ( ! ,int]nal ,rev5ue  
,code ( #aihf7 & comp5sation 7z def9$ 9 
section #cbca7;e7 ( ! ,int]nal ,rev5ue  
,code7 paid by an employ]1 except t su* 
t]m %all n include any wages tak5 into  
acc\nt "u section #gjja or section #gjjc
 ( ! ,families ,fir/ ,coronavirus       
,response ,act4  7#c7 ,designat$ p]iod  
,! t]m designat$ p]iod means1 ) respect 
to any eligible employ]1 ! p]iod-- 7,a7 
beg9n+ on ! date ! employ] fir/ meets ! 
requirem5ts ( subp>agraph 7,a7 or 7,b7 (
 subsection 7b77#b72 &  7,b7 end+ on !  
e>li] (-- 7i7 7,i7 9 ! case ( an employ]
 :o is an eligible employ] by reason (  
meet+ ! requirem5ts ( subsection        
7b77#b77;,a77i71 ! date ! directive     
requir+ ! closure is no long] 9 effect2 
7,,ii7 9 ! case ( an employ] :o is an   
eligible employ] by reason ( meet+ !    
requirem5ts ( subsection                
7b77#b77;,a77ii71 ! date ! public heal? 
em]g5cy lapses2 &  7,,iii7 9 ! case ( an
 employ] :o is an eligible employ] by   
reason ( meet+ ! requirem5ts (          

subsection 7b77#b77;,b71 ! date on :i* !
 employ]'s gross receipts = any #cj-;day
 p]iod beg9n+ aft] ! date describ$ 9    
subp>agraph 7,a7 are m ?an #ij p]c5t (  
su* gross receipts = ! correspond+      
#cj-;day p]iod 9 ! prec$+ cal5d> ye>2 or
  7ii7 ! date :i* is #abj days aft] !   
date describ$ 9 subp>agraph 7,a74  7#d7 
,qualifi$ coronavirus disa/] zone ,! t]m
 qualifi$ coronavirus disa/] zone means 
any ,/ate or geographic area = :i* an   
em]g5cy ) respect to ,,covid-#ai has be5
 decl>$ by a ,f$]al1 ,/ate1 or local    
au?ority4  7d7 ,o!r rules  7#a7         
,refundability ( excess cr$it  7,a7 ,9  
g5]al ,if ! am\nt ( ! cr$it "u          
subsection 7a7 exce$s ! tax impos$ by   
section #caaa7;a7 ( ! ,int]nal ,rev5ue  
,code ( #aihf or section #cbba7;a7 ( su*
 ,code = any cal5d> qu>t]1 su* excess   
%all be treat$ z an ov]paym5t t %all be 
refund$ "u sections #fdjb7;a7 &         
#fdac7;b7 ( su* ,code4  7,b7 ,treatm5t (
 paym5ts ,= purposes ( section #acbd (  
title #ca1 ,unit$ ,/ates ,code1 any     

am\nts due to an employ] "u ?is         
subsection %all be treat$ 9 ! same mann]
 z a refund due f a cr$it provision     
ref]r$ to 9 subsection 7b77#b7 ( su*    
section4  7#b7 ,treatm5t ( deposits ,!  
,secret>y ( ! ,treasury 7or !           
,secret>y's delegate7 %all waive any    
p5alty "u section #ffef ( ! ,int]nal    
,rev5ue ,code ( #aihf = any failure to  
make a deposit ( ! tax impos$ by section
 #caaa7;a7 ( su* ,code or section       
#cbba7;a7 ( su* ,code if ! ,secret>y    
det]m9es t su* failure 0 due to !       
anticipation ( ! cr$it all[$ "u ?is     
section4  7#c7 ,application ( o!r rules 
,= purposes ( ?is section1 rules simil> 
to ! rules ( sections #ea7;i77#a71 #eb1 
& #bhj;,c7a71 ( ! ,int]nal ,rev5ue ,code
 ( #aihf1 %all apply4  7#d7 ,employee n 
tak5 into acc\nt m ?an once ,an employee
 %all n be treat$ z an eligible employee
 = purposes ( ?is section = any p]iod ) 
respect to any employ] if su* employ] is
 all[$ a cr$it "u section #ea ( !       
,int]nal ,rev5ue ,code ( #aihf ) respect

 to su* employee = su* p]iod4  7e7 ,tru/
 funds held h>mless ,!re are h]eby      
appropriat$ 7out ( any money 9 !        
,treasury n o!rwise appropriat$7 = ea*  
fiscal ye> to ! ,f$]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 an 
am\nt equal to ! r$uction 9 ! transf]s  
to su* fund = su* fiscal ye> by reason (
 ?is section4 ,am\nts appropriat$ 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 _h su* am5dm5ts n be5 enact$4