Sens. Braun, Hoeven, Loeffler, Murkowski Introduce Legislation to Protect Small Businesses From Tax Liability for PPP Loans
May 07, 2020
May 07, 2020
WASHINGTON, May 7 -- Sen. Lisa Murkowski, R-Alaska, issued the following news release:
Last week, the IRS issued guidance (Notice 2020-32) that any expenses covered by forgivable portions of a Paycheck Protection Program (PPP) loan will not be considered a business deduction, effectively levying an unforeseen tax on small businesses, completely contrary to the original intent of the CARES Act.
On Monday, U.S. Senator Braun along with Senator John Hoeven, Senator Kelly L . . .
Last week, the IRS issued guidance (Notice 2020-32) that any expenses covered by forgivable portions of a Paycheck Protection Program (PPP) loan will not be considered a business deduction, effectively levying an unforeseen tax on small businesses, completely contrary to the original intent of the CARES Act.
On Monday, U.S. Senator Braun along with Senator John Hoeven, Senator Kelly L . . .