S. 3711
Referred to CommitteeA bill to ensure that no cost reduction or cash refund is due under certain transportation cost-reimbursement contracts on the basis of the forgiveness of certain covered loans, and for other purposes.
Latest Action
Read twice and referred to the Committee on Environment and Public Works.
2/28/2022 • Senate
Summary
This bill exempts until June 30, 2025, certain contractors that receive federal highway or public transportation funding from having to adjust costs associated with their contracts to account for loan forgiveness through the Paycheck Protection Program (PPP). (The PPP provided small businesses with loans for payroll and other costs to respond to the COVID-19 emergency with loan forgiveness under certain conditions.)
Under current law, a contractor with a cost-reimbursable contract must reduce costs or provide cash refunds to the Department of Transportation (or a state department of transportation) if the contractor receives or accrues any income, rebate, allowance, or other credit relating to an allowable contract cost, which includes PPP loan forgiveness.
Introduced in Senate • 2/28/2022
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Bill Journey
Originated in the Senate
Introduced
February 28, 2022
Read twice and referred to the Committee on Environment and Public Works.
Committee Review
Floor Debate
Passed Chamber
Other Chamber
President
Enacted into Law