ACA Supports Small Business Expense Protection Act

Bipartisan legislation would protect businesses’ expenses associated with Paycheck Protection Program loans.

6/29/2020 11:30 AM

NewsAdvocacy
ACA Supports Small Business Expense Protection Act

ACA International is supporting bipartisan legislation aimed at protecting small businesses enrolled in the Paycheck Protection Program (PPP) through expense deductions.

The Small Business Expense Protection Act of 2020, S. 3612, was introduced in May and referred to the Senate Finance Committee.

“Under the PPP, we appreciate that Congress took steps to ease the financial burdens of businesses by clarifying that cancellation of debt income is tax free and does not result in a loss of tax attributes,” said ACA International CEO Mark Neeb in a letter to U.S. Sens. Chuck Grassley, R-Iowa, Ron Wyden, D-Ore., John Cornyn, R-Texas, Marco Rubio, R-Fla., and Tom Carper, D-Del. “However, since the passage of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, there is confusion about whether small-business borrowers may deduct expenses that relate to loans forgiven under the PPP.”

Many ACA International members have utilized the benefits of the PPP and ACA’s membership is made up primarily of small businesses.

“ACA agrees with the aim of this legislation to address the discrepancy small businesses face now that the U.S. Department of Treasury  and the Internal Revenue Service are interpreting the law in a way that is preventing businesses from deducting expenses associated with PPP loans,” Neeb said in the letter.

Read the complete letter.

Related Content from ACA International:

Paycheck Protection Program Fixes Approved by U.S. Senate

Working with the Small Business Administration

Exploring New Guidance on the SBA Loan Programs

For more information on how the ACA Licensing staff can assist with your licensing needs, please contact us at Licensing@acainternational.org  or call (952) 926-6547.


Follow ACA International on Twitter @ACAIntl and @acacollector, Facebook and request to join our LinkedIn group for news and event updates. ACA International members are welcome to submit news items for possible publication to comm@acainternational.org. Visit our publications page for news submission guidelines and subscriptions to ACA Daily, Collector magazine and Pulse.

Advertising is available for companies wishing to promote their products or services. Be sure to visit the ACA Events Calendar on the Education and Training page to view our listing of upcoming CORE Curriculum and Hot Topic seminars featuring critical educational opportunities for your company.


Subscribe to ACA Daily NEWSROOM

ACA Supports Small Business Expense Protection Act

ACA International is supporting bipartisan legislation aimed at protecting small businesses enrolled in the Paycheck Protection Program (PPP) through expense deductions.

The Small Business Expense Protection Act of 2020, S. 3612, was introduced in May and referred to the Senate Finance Committee.

“Under the PPP, we appreciate that Congress took steps to ease the financial burdens of businesses by clarifying that cancellation of debt income is tax free and does not result in a loss of tax attributes,” said ACA International CEO Mark Neeb in a letter to U.S. Sens. Chuck Grassley, R-Iowa, Ron Wyden, D-Ore., John Cornyn, R-Texas, Marco Rubio, R-Fla., and Tom Carper, D-Del. “However, since the passage of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, there is confusion about whether small-business borrowers may deduct expenses that relate to loans forgiven under the PPP.”

Many ACA International members have utilized the benefits of the PPP and ACA’s membership is made up primarily of small businesses.

“ACA agrees with the aim of this legislation to address the discrepancy small businesses face now that the U.S. Department of Treasury  and the Internal Revenue Service are interpreting the law in a way that is preventing businesses from deducting expenses associated with PPP loans,” Neeb said in the letter.

Read the complete letter.

Related Content from ACA International:

Paycheck Protection Program Fixes Approved by U.S. Senate

Working with the Small Business Administration

Exploring New Guidance on the SBA Loan Programs

For more information on how the ACA Licensing staff can assist with your licensing needs, please contact us at Licensing@acainternational.org  or call (952) 926-6547.


Follow ACA International on Twitter @ACAIntl and @acacollector, Facebook and request to join our LinkedIn group for news and event updates. ACA International members are welcome to submit news items for possible publication to comm@acainternational.org. Visit our publications page for news submission guidelines and subscriptions to ACA Daily, Collector magazine and Pulse.

Advertising is available for companies wishing to promote their products or services. Be sure to visit the ACA Events Calendar on the Education and Training page to view our listing of upcoming CORE Curriculum and Hot Topic seminars featuring critical educational opportunities for your company.


Subscribe to ACA Daily NEWSROOM

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