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ISRI joined more than 180 organizations in a letter addressed to Congress urging them to ensure that loans received by businesses as part of the Paycheck Protection Program (PPP) are not taxed as income. Many recyclers have benefitted from the PPP over the past few months.
The letter makes the point that when the PPP was adopted as part of the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act, Congress made it clear that any loan forgiveness under the program would be excluded from the borrower’s taxable income. The letter also notes that not providing the proper tax treatment for the PPP loans could result in hardships for many businesses that are already struggling as a result of the pandemic.
The PPP loan program is scheduled to end Saturday, August 8, at midnight ET. After which the Small Business Administration’s Paycheck Protection Program will no longer accept loan applications through the Capital Access Financial System.
ISRI will continue to keep members updated on the status of the Main Street Loan Forgiveness program and ask any members with questions or concerns to reach out to Billy Johnson.