DC Tax Flash: House Clears Infrastructure Package and PPP Deadline Extension
The House today approved a $1.5 trillion infrastructure bill (H.R. 2) on a mostly partisan vote of 223-188. Only three Republicans voted for the Moving Forward Act, and two Democrats voted against it.
The legislation includes about 70 tax provisions that taken together would reduce federal revenue by nearly $350 billion over 10 years, according to the Joint Committee on Taxation. The bill now goes to the Senate, where it will get little attention, says Majority Leader Mitch McConnell (R-KY). More information on the infrastructure bill is posted here.
The House today also waived through a Senate-passed bill (H.R. 4116) that would extend the deadline for loan applications under the Paycheck Protection Program (PPP), which provides forgivable loans to certain small businesses to cover payroll. It passed the House by unanimous consent.
The deadline for applying for PPP loans was yesterday. The bill would extend this deadline to August 8, 2020.
The PPP extension bill now goes to the White House. It is not certain if the president will sign the bill into law.
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