NATSO, Trade Groups Advocate for Amended Tax Treatment of PPP Loan Forgiveness
Added on: August 5, 2020
NATSO, along with a coalition of more than 170 trade groups called on House Speaker Nancy Pelosi (D-CA) and Senate Majority Leader Mitch McConnell (R-KY) to clarify the tax treatment of Paycheck Protection Program forgiveness. Specifically, the groups want Congress to clarify that businesses are able to use business expenses to offset loan forgiveness. Without the amended tax treatment, struggling businesses across the U.S. will be subject to $100 billion in taxes.