EDITOR’S NOTE: This message is from the National Newspaper Association and requests your assistance in adjusting the tax impact of PPP loans.
Dear NNA member,
If you received a Paycheck Protection Program loan, you may not be aware that you will not be able to deduct the salary and other business expenses covered by the loan. The Treasury Department last summer decided not to allow these deductions, even though Congress declared PPP loans would not be taxed. When next April rolls around, we fear many newspapers will face a nasty surprise.
More than 80 members of Congress have sponsored a bill to fix this problem. We need urgent action to make sure this bill gets wrapped into the stimulus package being negotiated between the White House and the House RIGHT NOW.
Please take a minute to contact your Congressional delegations and ask them to make sure PPP loan expenses remain deductible.
An issue brief for your background is attached.
As always, we want to know what your Congressional offices say on this topic. Our Washington office is standing by to help if the Members of Congress have questions. This effort needs to reach both House and Senate.
Thanks for helping out.
President, Wesner Publications, Cordell, Oklahoma, [email protected]