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Restaurants & other small businesses with forgiven PPP loans shouldn't have to bear tax liability for them. @JohnCornyn and I included a measure in yesterday’s deal clarifying that small businesses can deduct expenses paid with a forgiven PPP loan from their taxes.
I introduced this bill in May because the IRS treating forgivable PPP loans as taxable income was never the intention of the CARES Act - it was meant to throw small businesses a lifeline, not a liability.https://twitter.com/senatorbraun/status/1256598643840299009?s=21 …
Since bigger companies got millions while actually small businesses got little, this is essentially a handout to the rich.
How much of that money went to *your* business, Senator?
So the liability falls on taxpayers to subsidize corporate welfare. Where is the free market of capitalism?
What is the definition of “small business?”
Obviously you (my senator) do not know the tax law and that tax law is based on federal privilege. You are pushing laws that don't exist for private companies and people. Maybe pushing for all to believe that taxes are for all. You need to do some research and quit deceiving.
Define small business because a lot of BIG business got that money.
Well I guess you need to do a better job writing the bills
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