Sec. 301. Improved coordination between Paycheck Protection Program and employee retention tax credit
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Section 1106(a)(8) of the CARES Act ( 15 U.S.C. 9005(a)(8) ) is amended by inserting , except that such costs shall not include qualified wages taken into account in determining the credit allowed under section 2301 of this Act before the period at the end. Section 2301(g) of the CARES Act ( Public Law 116–136 ; 26 U.S.C. 3111 note) is amended to read as follows: This section shall not apply to so much of the qualified wages paid by an eligible employer as such employer elects (at such time and in such manner as the Secretary may prescribe) to not take into account for purposes of this section.
The Secretary, in consultation with the Administrator of the Small Business Administration, shall issue guidance providing that payroll costs paid or incurred during the covered period shall not fail to be treated as qualified wages under this section by reason of an election under paragraph
(1)to the extent that a covered loan of the eligible employer is not forgiven under section 1106(b) by reason of such payroll costs. Terms used in the preceding sentence which are also used in section 1106 shall have the same meaning as when used in such section. . Section 2301 of the CARES Act ( Public Law 116–136 ; 26 U.S.C. 3111 note) is amended by striking subsection (j). Section 2301(l) of the CARES Act ( Public Law 116–136 ; 26 U.S.C. 3111 note) is amended by striking paragraph
(3)and by redesignating paragraphs
(4)and
(5)as paragraphs
(3)and (4), respectively. The amendments made by this section shall take effect as if included in the provisions of the CARES Act ( Public Law 116–136 ) to which they relate.
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Sec. 301
Improved coordination between Paycheck Protection Program and employee retention tax credit
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