PMAA Sends Trio Of Letters To Congress In Support of Businesses
PMAA sent a series of three letters to Congress last week on important business issues- supporting a second round of Paycheck Protection loans, providing for tax-free Paycheck loan forgiveness and supporting the health workplace tax credit.
2nd Paycheck Protection Loans
PMAA joined a coalition in sending a letter to Congress in support of the “Continuing Small Business Recovery and Paycheck Protection Program (CSBRPPP) Act,” which would offer a second round of Paycheck Protection Program (PPP) loans to qualifying small businesses. Specifically, the letter urges Congress to lower the gross revenue reduction requirement under the PPP from 50 percent to 20 percent if there is going to be a second round of PPP loans.
Tax-Free Paycheck Loan Forgiveness
PMAA also sent a letter to Congress urging that it restore tax-free loan forgiveness under the PPP to be tax-free. The letter requests that Congress reaffirm its original intent and restore the tax benefits it intended to give struggling businesses as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act.”
Healthy Workplace Tax Credit
PMAA sent a letter asking that Congress provide a “healthy workplace” tax credit in the upcoming COVID-19 relief bill that will protect the safety of workers, customers and the public. Specifically, the tax credit would cover business expenses related to the COVID-19 response effort that include the purchase of personal protection equipment (PPE), cleaning supplies and technology used to trace physical contact between customers and employees. Click here to view the letter.
