The Small Business Advocacy Council is urging Congress to make Paycheck Protection Program (PPP) loans deductible, according to a statement from the organization. Congressional leaders intended PPP funded expenses to be deducible like other business expenses, but it has become apparent that additional legislation will be required to ensure that commitment, the organization contends.
The SBAC says the inability of cash-strapped small businesses to deduct expenses funded by PPP loans is a devastating blow to these businesses that now face significantly larger fourth quarter estimated tax payments.
