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John Cornyn: “The average PPP loan in Texas was $99,000 and without this…”

Featuring: John Cornyn, Republican | U.S. Senate, Texas

Cornyns Key Texas Priorities, COVID Relief Included in Government Funding Bill

Published December 21, 2020 | Video Starts at 13:15

I'm glad this bill also includes language from a bill I introduced to clarify tax deductibility for business expenses paid with a forgiven PPP loan. The average PPP loan in Texas was $99,000 and without this change, those businesses that received that PPP loan and grant would face a $36,000 tax liability. that would start to show up in January with the estimated taxes being paid by many small businesses who pay on a quarterly basis. (13:15–13:32)

CLAIM

Asserts that average PPP loan in Texas was $99,000, potentially leading to $36,000 tax liability.

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.

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John Cornyn

“Congress is finally getting around to doing its duty on COVID 19 relief, as well as the omnibus appropriation bill, which will keep the…”
Cornyns Key Texas Priorities, COVID Relief Included in Government Funding Bill | Uploaded December 21, 2020 | 00:09-00:25
“We offered another half trillion dollars in relief, only to be blocked by Democrats here in the Senate.”
Cornyns Key Texas Priorities, COVID Relief Included in Government Funding Bill | Uploaded December 21, 2020 | 02:18-02:28
“We're going to do roughly $900 billion of additional COVID 19 relief bills.”
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“Speaker Pelosi and the Democratic leader in the Senate, Senator Schumer, turned down a $1.8 trillion offer from Secretary of the Treasury…”
Cornyns Key Texas Priorities, COVID Relief Included in Government Funding Bill | Uploaded December 21, 2020 | 03:12-03:23
“One successful vaccine has already been administered to thousands of healthcare workers across the country.”
Cornyns Key Texas Priorities, COVID Relief Included in Government Funding Bill | Uploaded December 21, 2020 | 06:02-06:09
“In my state alone, the governor estimates that a million people will be vaccinated by the end of this month.”
Cornyns Key Texas Priorities, COVID Relief Included in Government Funding Bill | Uploaded December 21, 2020 | 06:08-06:15
“The FDA authorized a second safe and effective vaccine made by Moderna.”
Cornyns Key Texas Priorities, COVID Relief Included in Government Funding Bill | Uploaded December 21, 2020 | 06:19-06:26
“People who are particularly vulnerable because of their age or underlying chronic illnesses will likely be able to get the vaccine no later…”
Cornyns Key Texas Priorities, COVID Relief Included in Government Funding Bill | Uploaded December 21, 2020 | 06:52-07:03
“Dr. Fauci said by June, anybody in America who wants the vaccine can get it.”
Cornyns Key Texas Priorities, COVID Relief Included in Government Funding Bill | Uploaded December 21, 2020 | 07:03-07:11
“Millions of doses have already been delivered to hospitals across the country.”
Cornyns Key Texas Priorities, COVID Relief Included in Government Funding Bill | Uploaded December 21, 2020 | 07:44-07:49
“This legislation will in fact provide billions of dollars to help cover these kinds of costs [associated with vaccine distribution].”
Cornyns Key Texas Priorities, COVID Relief Included in Government Funding Bill | Uploaded December 21, 2020 | 08:23-08:29
“The workers who had the rug pulled out from them earlier this year will continue to receive the federally enhanced unemployment benefits…”
Cornyns Key Texas Priorities, COVID Relief Included in Government Funding Bill | Uploaded December 21, 2020 | 09:40-09:54
“State unemployment benefits will be bolstered, as I said, by $300 a week in federal benefits through March 14th of next year.”
Cornyns Key Texas Priorities, COVID Relief Included in Government Funding Bill | Uploaded December 21, 2020 | 09:54-10:03
“We will also provide a second more targeted direct payment to the hardest hit Americans with up to $600 per individual.”
Cornyns Key Texas Priorities, COVID Relief Included in Government Funding Bill | Uploaded December 21, 2020 | 10:03-10:13
“This bill will ensure that the basic needs of low income households, school children and those in long lines at food banks will be met.”
Cornyns Key Texas Priorities, COVID Relief Included in Government Funding Bill | Uploaded December 21, 2020 | 10:22-10:31
“It also provides $13 billion for a time limited federal nutrition benefit increase.”
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“Our farmers and ranchers and producers have lost significant or all the value of their crops. Will also receive $13 billion in agricultural…”
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“This legislation provides $82 billion for education and will help our K through 12 students, colleges and universities get their education…”
Cornyns Key Texas Priorities, COVID Relief Included in Government Funding Bill | Uploaded December 21, 2020 | 11:36-11:49
“This legislation will provide another $284 billion in the paycheck Protection Program.”
Cornyns Key Texas Priorities, COVID Relief Included in Government Funding Bill | Uploaded December 21, 2020 | 12:21-12:29
“This has been an enormously successful program in my state with 417,000 loans that are convertible into grants under certain circumstances…”
Cornyns Key Texas Priorities, COVID Relief Included in Government Funding Bill | Uploaded December 21, 2020 | 12:29-12:43
“These expenses should have been tax deductible all along. That's what Congress intended in March when we passed the CARES Act.”
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“The omnibus that's paired with this package includes other legislation that I introduced with our friend Amy Klobuchar, the Senator from…”
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“Event venues were the first to close when COVID 19 hit and they're likely to be the last to open once it's gone.”
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“This legislation will finally, after 25 years or more, establish a National Museum of the American Latino.”
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“This museum will honor the contributions of Latinos throughout our nation's history and give their stories a brick and mortar home here in…”
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“It will break the stalemate which has paralyzed Congress for months now.”
Cornyns Key Texas Priorities, COVID Relief Included in Government Funding Bill | Uploaded December 21, 2020 | 16:30-16:37