Legislation to increase CARES Act funding fails in Senate

Legislation to increase CARES Act funding fails

The U.S. Senate today was unable to obtain unanimous consent to pass alternative Republican and Democratic measures that would increase funding for the programs that were part of the “Coronavirus Aid, Relief, and Economic Security Act” (CARES Act) (Pub. L. No. 116-136), signed into law on March 27, 2020.

1000

Related content

The lending program that was the subject of the measures considered by the Senate today is the Small Business Administration-administered “paycheck protection program” (PPP). 

The House is expected to consider a separate version of legislation to increase program funding, but it is unclear whether there is support for passage by unanimous consent in the House.

Read about the “paycheck protection program” (PPP): TaxNewsFlash

FAQs from Treasury

The Treasury Department released a set of “frequently asked questions” (FAQs) [PDF 70 KB] concerning the PPP.

The Small Business Administration also has provided guidance concerning the PPP:

  • Read an SBA interim final rule [PDF 366 KB] on the PPP
  • Read additional guidance [PDF 96 KB] supplementing the SBA interim final rule
  • Read FAQs [PDF 105 KB] released by the SBA regarding participation of faith-based organizations in the PPP and the Economic Injury Disaster Loan (EIDL) program

The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us

 

Want to do business with KPMG?

 

loading image Request for proposal