WASHINGTON, D.C. – Today, Reps. Dan Newhouse (R-WA) and Dean Phillips (D-MN) led a bipartisan letter to Speaker Nancy Pelosi and Leader Kevin McCarthy, urging the inclusion of provisions to ensure small businesses can maximize their funding from Paycheck Protection Program (PPP) in the next COVID-19 relief package.
In the letter, lawmakers request the inclusion of legislation like the FIRST Act, which would provide relief to small businesses across the country who are utilizing PPP funding by allowing them to deduct ordinary business expenses paid with PPP funds.
“Contrary to Congressional intent, the IRS issued guidance prohibiting companies from taking tax deductions for these expenses,” wrote the lawmakers. “As the House continues to discuss another round of legislation to support our constituents during the COVID-19 pandemic, we must address this important matter and reassert Congressional intent of the PPP. We respectively request the inclusion of legislation like the FIRST Act in any further COVID-19 package.” Continue reading “Newhouse, Phillips Lead Bipartisan Letter to Protect Small Business Expenses in COVID-19 Package”