Velazquez wants tax change in PPP

      Rep. Nydia Velázquez, D-NY, chair of the House Small Business Committee, urged the Trump Administration to reverse its policy on the deductibility of expenses paid for with Paycheck Protection Program loans.

      Congress intended to make the loans tax deductible. However, the Treasury Dept. has interpreted the law to mean that being allowed to deduct certain expenses paid for through forgivable government-sponsored loans is a form of “double dipping” of benefits paid for by taxpayers.

      On April 30, 2020, the IRS announced that PPP loan recipients cannot deduct expenses that are paid for with forgiven PPP loan proceeds.

      Many small business owners have objected to the IRS interpretation.

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