Gov. Tony Evers has signed Assembly Bill 2 into law, which will protect Wisconsin businesses from paying taxes on their federal Paycheck Protection Program (PPP) loans. In addition to the Waukesha County Business Alliance’s own advocacy efforts on this legislation, the Alliance participated in a coalition of nearly 50 business associations, led by Wisconsin Manufacturers and Commerce.
“We commend the legislature and Governor Evers for quickly addressing and issue of businesses having to pay taxes for PPP loans. PPP funds were intended to keep employees on the payroll for businesses that government forced to shut down in the early days of the COVID-19 pandemic. We are encouraged the state acted quickly to make the appropriate changes,” said Suzanne Kelley, president & CEO of the Alliance.
There was strong bipartisan support for Assembly Bill 2, which was approved 87-3 in the Assembly and 27-5 in the Senate.
“This past year has been challenging and unrelenting for so many, but since the beginning of this pandemic, we’ve been committed to providing economic relief to the folks who’ve been affected by the pandemic,” Gov. Evers said in a statement announcing the signing of Assembly Bill 2, which now becomes 2021 Wisconsin Act 1 — the first piece of COVID-19 legislation passed and signed into law since April of 2020. “We know business and families across Wisconsin need help now, so I’m proud to be able to deliver $480 million in tax relief for folks across our state.” Read More
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