Sen. Wyden Introduces Bill to Clarify Small Business Expense Deductions Under PPP
May 07, 2020
May 07, 2020
WASHINGTON, May 7 -- Sen. Ron Wyden, D-Oregon, issued the following news release on May 6:
U.S. Sen. Ron Wyden joined with a bipartisan group of colleagues to introduce legislation that would clarify the Small Business Administration's Paycheck Protection Program (PPP) so small businesses can deduct expenses paid with a forgiven PPP loan from their taxes.
"Treasury's guidance barring deductions for expenses paid by PPP loans is a gut punch for businesses struggling . . .
U.S. Sen. Ron Wyden joined with a bipartisan group of colleagues to introduce legislation that would clarify the Small Business Administration's Paycheck Protection Program (PPP) so small businesses can deduct expenses paid with a forgiven PPP loan from their taxes.
"Treasury's guidance barring deductions for expenses paid by PPP loans is a gut punch for businesses struggling . . .