Alliance Continues to Oppose PPP Tax for Wisconsin Businesses
The Alliance, along with groups from around the state, is opposing a nearly half-billion-dollar tax on small businesses that accepted forgivable Paycheck Protection Program (PPP) loans. When Congress passed the Coronavirus Aid, Relief and Economic Security (CARES) Act that included the PPP loans, the intent was for employers to get the funds tax-free. PPP funds were specifically used to keep employees on the payroll for businesses that government forced to shut down in the early days of the COVID-19 pandemic.
Congress has already acted to ensure businesses do not have to pay federal taxes on PPP loans, but the state must do the same. Wisconsin lawmakers have amended Assembly Bill 2 to include a provision that would ensure Wisconsin businesses can deduct expenses paid for with revenue from the forgivable PPP loans. If you have not yet, please contact your legislators and ask them to vote yes to Assembly Bill 2, as amended. It will be voted on in the Assembly today during a floor session beginning at 1 p.m. The Alliance will continue to keep our members updated on this important issue.