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NWRA Urges Congress to Pass Legislation to Fix IRS Ruling on Taxability of PPP Loans

Monday, July 6, 2020   (0 Comments)
Posted by: Mallory Szczepanski
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FOR IMMEDIATE RELEASE

July 6, 2020

 

NWRA Urges Congress to Pass Legislation to Fix IRS Ruling on Taxability of PPP Loans

Arlington, VA – On July 1, the National Waste & Recycling Association (NWRA) joined other associations on a letter to Congressional leaders in the House and Senate urging them to pass the bipartisan Small Business Expense Protection Act (S.3612/H.R. 6821). The legislation would ensure that small businesses can deduct eligible expenses paid with funds from the Paycheck Protection Program (PPP). The legislation is in response to an interpretation from the Internal Revenue Service (IRS) that states that normally deductible expenses will not be deductible if the business pays the expense with PPP funds.

 

“The PPP is an essential lifeline for small business owners as they deal with mandated shutdowns or slowdowns from different levels of government. The impact of the IRS interpretation is significant. The effect will be to substantially increase the tax liability of PPP loan recipients at the worst possible time,” said NWRA President and CEO Darrell Smith. “We urge Congressional leaders to do the right thing and pass this legislation quickly so the president can sign it into law.”

 

NWRA believes the IRS decision is contrary to what Congress intended when it passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act. 

 

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ABOUT NWRA

The National Waste & Recycling Association (NWRA) represents the private sector waste and recycling services industry. Association members conduct business in all 50 states and include companies that manage waste, recycling and medical waste, equipment manufacturers and distributors, and a variety of other service providers. For more information about NWRA, please visit  www.wasterecycling.org.

 

Contact:

Brandon Wright

National Waste and Recycling Association

bwright@wasterecycling.org

202-364-3706