Earlier this week, we launched a Call for Action urging NCACPA members to contact Congress in support of legislation that would allow deductibility of business expenses funded by forgiven Paycheck Protection Program (PPP) loans. You can learn more about the issue and take action here if you haven’t done so already.
Several members asked if NCACPA could establish a way for clients affected by this issue to take action, too. We created a client-facing Call for Action campaign, and we are pleased to provide the resources below for sharing this information with your clients and others:
Via Email or Website
Congress created the Paycheck Protection Program (PPP) to help small businesses struggling to survive the impact of the COVID-19 pandemic. PPP loans were provided with the potential for tax-free loan forgiveness. Earlier this year, the IRS contradicted congressional intent by declaring that business expenses supported by PPP funds would not be deductible as a result of PPP loan forgiveness.
Small businesses that complied with the terms of PPP may now face burdensome and unexpected tax ramifications if Congress does not clarify its original intent. The North Carolina Association of Certified Public Accountants has made it easy for you to contact your U.S. Representative and Senators and urge them to ensure PPP expense deductibility before they adjourn for the year. Please take action now.
Tell Congress to help small businesses by ensuring deductibility of #PPP loan-related expenses. Take action at https://bit.ly/PPPaction via @NCACPA
Small businesses may face burdensome and unexpected tax ramifications if Congress doesn’t clarify its original intent to allow recipients of forgiven Paycheck Protection Program (PPP) loans to deduct business expenses supported by the loans for tax purposes. @NCACPA has made it easy for you to contact your US Representative and Senators and urge them to ensure PPP expense deductibility before Congress adjourns for the year. Please take action now. https://bit.ly/PPPaction