Request Made to Ensure PPP Payments Are Tax Deductible
Representatives from the American Dental Association in collaboration with more than 175 other organizations sent a letter on August 4 to the United States House and Senate leadership asking that all funds received from the Paycheck Protection Program (PPP) be tax deductible. The letter is in response to the publication of Internal Revenue Service Notice 2020-32 that prohibits small businesses from deducting the expenses for which they initially received PPP funding, such as payroll, mortgage interest, and rent and utility payments. The letter notes that this policy would put undue hardship on small businesses that are already struggling to stay afloat during the pandemic. Read more here.