The USART settings indicate that you want to receive at 115200 baud, with the CPU running at 20Mhz.

But since there isn't an OSC defined, PBP defaults to 4Mhz, which would give you the wrong baudrate.

If you are actually running at 4Mhz, then the closest you can get to 115200, is 125000. That would be a SPBRG of 1.