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Taxpayer Protection Act of 2020

Introduced: September 24, 2020 Introduced by: LaHood, Darin Republican · Illinois See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Sep 24, 2020
Referred to the House Committee on Oversight and Reform.
Sep 24, 2020
Introduced in House
 Plain-English summary Congressional Research Service

Taxpayer Protection Act of 2020

This bill directs the Department of the Treasury to establish the Taxpayer Protection Program to provide forgivable loans to state, territory, tribal, and local governments to cover revenue losses caused by the COVID-19 pandemic and for other specified purposes.

Specifically, loan amounts received under this bill may be used (1) to cover revenue losses caused by business interruptions, unemployment, or other economic hardship directly caused by the COVID-19 pandemic; and (2) for infrastructure or essential government service expenditures, including all general operating expenses. However, they may not be used for the service of any debt obligation or unfunded liability for employee retirement benefits.

The bill permits loan forgiveness if a state or local government meets specified requirements, such as a state having a truly balanced budget, sufficient rainy-day funds, and sound pension funds (i.e., pension funds that are based on generally accepted actuarial principles and that meet other specified requirements).

What's happening now September 24, 2020

Referred to the House Committee on Oversight and Reform.

 Committees of jurisdiction 1