Target: Mitch McConnell, U.S. Senate Majority Leader
Goal Protect small businesses from certain death by allowing tax deductions on government-issued aid.
Without an urgent fix. the funds meant to ensure small businesses stay afloat during the COVID-19 pandemic may soon push these businesses to the economic brink. The Department of Treasury and Internal Revenue Service have once again declined to allow tax deductions on Paycheck Protection Program (PPP)-issued loans in most circumstances. As a result, hundreds of thousands of struggling businesses across the country could be facing a hefty tax bill come 2021.
The specific language of the PPP provision in Congress’ stimulus package did not elaborate on taxation of the money that small business owners spent to keep their doors open. The IRS affirmed that if a business expected loan forgiveness, even if it had not filed for such a measure, then the business could not seek tax deductions on the funds. This rule applied even if investments would normally be eligible for a deduction. Despite broad expectations that the Treasury Department would eventually ease this hard-and-fast rule in the midst of such a major economic crisis, it has since only dug in on this stance.
It now falls upon Congress to enact legislation that will prevent America’s small businesses and their employees from enduring even more undue hardship. Sign the petition below to encourage immediate action on this urgent issue.
PETITION LETTER:
Dear Senator McConnell,
You listed liability protections for businesses as a “red line” of stimulus relief negotiations, but what about protections for the small businesses that are the lifeblood of this country? A bill was introduced in the Senate that would reverse the IRS’s hard line regarding PPP tax deductions. Since its introduction, however, this important bill has not moved. In the interim, the IRS and the Treasury Department have reiterated that they will not budge on showing mercy to businesses in the midst of unprecedented economic challenges.
If this country robs small business owners of the ability to claim business expense tax write-offs, think of the absolutely crushing bills that will hit come tax time. Drowning and shuttered businesses will continue to drive unemployment, undermine consumer confidence, and will maintain a sluggish economic recovery. Do not let a cornerstone of Congress’ COVID-19 relief ironically become its undoing.
Reverse the IRS dictate and restore tax relief that could keep Americans in business.
Sincerely,
[Your Name Here]
Photo Credit: Phillip Ingham
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