| The Paycheck Protection Program (PPP) was intended to be a way to provide funding to help small businesses meet critical needs such as payroll obligations and continued operations with loans that would be turned into grants if used appropriately. The Internal Revenue Service (IRS) recently issued guidance that states that any expenses related to forgivable loans via the PPP will not be tax-deductible. This will put additional burdens on the many small and medium sized businesses that have already applied for and been granted funds.
Click HERE to send a letter to your Members of Congress asking that they and Secretary of the Treasury Steve Mnuchin instruct the IRS to preserve tax deductions for any qualifying PPP loans. Posted by Hardwood Federation: HF Alert. |