{"database": "press", "table": "releases", "rows": [["https://stevens.house.gov/media/press-releases/stevens-joins-bipartisan-push-preserve-deductions-forgiven-ppp-expenses", "Stevens Joins Bipartisan Push to Preserve Deductions for Forgiven PPP Expenses", "2020-12-08", "2020", "2020-12", "Democrat", "House", "MI", "Haley M. Stevens", "S001215", "stevens.house.gov", "stevens", "https://stevens.house.gov/media/press-releases", "scraper", "WASHINGTON \u2013 This week, Congresswoman Haley Stevens (MI-11) joined a bipartisan effort to restore the deductibility of forgiven Paycheck Protection Program (PPP) expenses.\n\nThe Paycheck Protection Program was created as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act to help businesses survive the COVID-19 pandemic. However, a regulatory decision issued by the IRS earlier this year means businesses will not be able to deduct forgiven PPP expenses, effectively imposing a surprise tax increase on struggling small businesses.\n\nIn a letter to Congressional Leadership led by Representatives Anthony Gonzalez (OH-16) and Lizzie Fletcher (TX-07), 55 bipartisan Members of Congress called for legislation to restore deductibility of these expenses.\n\n\u201cWhen we passed the Coronavirus Aid, Relief, and Economic Security Act in March, Congress created this program to help businesses within our districts and states survive this pandemic,\u201d the lawmakers wrote. \u201cBy disallowing PPP loan recipients the ability to deduct forgiven PPP loan expenses, this is a surprise tax increase to businesses struggling to stay afloat. [\u2026] We request Congress restore deductibility before the end of the year. If this notice is not corrected, the regulatory decision will damage the lasting success of the PPP program and hinder the small business economy\u2019s recovery from this crisis.\u201d\n\nThe full text of the letter can be viewed here or below.\n\n\u201cDear Speaker Pelosi and Leader McCarthy:\n\nWe write today to share our support for restoring the deductibility of forgiven Paycheck Protection Program (PPP) expenses.\n\nAs we have heard from our constituents, the PPP has served as a lifeline for small businesses in our communities. However, the success of this program is negatively impacted because of IRS Notice 2020-32. On April 30, the IRS issued Notice 2020-32 which disallowed the deductibility of forgiven PPP expenses. This regulatory decision will effectively tax forgiven loan expenses on a gross basis after the vast majority of businesses applied for the loan and after many received funds. The IRS provided this notice weeks after the Small Business Administration (SBA) and the Department of Treasury established and opened the PPP loan portal. The SBA data indicate within the month of April alone, more than 3.8 million PPP loans were approved (74% of total PPP loans).\n\nWhen we passed the Coronavirus Aid, Relief, and Economic Security Act in March, Congress created this program to help businesses within our districts and states survive this pandemic. By disallowing PPP loan recipients the ability to deduct forgiven PPP loan expenses, this is a surprise tax increase to businesses struggling to stay afloat. This is not what Congress intended. Further, the Joint Committee on Taxation has scored legislation that would restore deductibility as a technical fix that would not increase the deficit.\n\nWhile we appreciate previous COVID-related legislation in the House of Representatives addressed this important issue, we request Congress restore deductibility before the end of the year. If this notice is not corrected, the regulatory decision will damage the lasting success of the PPP program and hinder the small business economy\u2019s recovery from this crisis.\n\nSincerely,\u201d\n\n###", 1, "2026-03-30T01:40:41Z", "2026-06-28T00:42:23Z"]], "columns": ["url", "title", "date", "year", "month", "party", "chamber", "state", "member_name", "bioguide_id", "domain", "scraper", "source", "date_source", "text", "has_text", "collected_at", "updated_at"], "primary_keys": ["url"], "primary_key_values": ["https://stevens.house.gov/media/press-releases/stevens-joins-bipartisan-push-preserve-deductions-forgiven-ppp-expenses"], "units": {}, "query_ms": 1.1873010080307722, "source": "dwillis/congress-press", "source_url": "https://github.com/dwillis/congress-press", "license": "MIT", "license_url": "https://github.com/dwillis/congress-press/blob/main/LICENSE"}