Alliance Opposes Tax on PPP for Wisconsin Businesses
The Alliance, along with many business groups from around the state, is opposing a nearly half-billion-dollar tax on small businesses that accepted forgivable Paycheck Protection Program (PPP) loans.
Congress has already acted to ensure businesses do not have to pay federal taxes on PPP loans, but state lawmakers must do the same to ensure small businesses don’t face millions of dollars in new and unexpected taxes.
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. When Congress passed the Coronavirus Aid, Relief and Economic Security (CARES) Act that included the PPP loans, the intent was for all employers to be able to get these funds tax-free.