Senate Infrastructure Bill to Get Funds by Ending Employee Retention Credit Early

CNBC reported that the bill, which outlines about a trillion dollars in new spending, is roughly 2,700 pages long and is intended by Democratic leadership to be passed alongside the much larger $3.5 trillion budget reconciliation package. In the Senate the now-completed bill will be offered as a substitute amendment, after which lawmakers can start voting on additional amendments.

Part of the bill was funded by setting a Sept. 30 date to end the Employee Retention Credit, which was meant to provide an alternative to those businesses which did not qualify for a PPP loan, according to Bloomberg. The credit was originally set to expire at the end of the year. This particular credit was targeted because, despite efforts to expand its scope, few really took advantage of it. While certain large companies, such as Best Buy, did use it, for many businesses, the process was seen as too complex, with shifting rules that made people hesitant to even apply. Ending the credit early will help the government save some money on the bill, but the precise amount has yet to be calculated by the Joint Committee on Taxation.