ACTION ALERT – Tax Deductibility for PPP Loans
Help your business and many small businesses survive tax conformity. To read more about tax conformity and how it could impact your business click here.
Thank you in advance for helping small businesses and all businesses improve their financial bottom line through this challenging time. Please use the language below when reaching out to our legislators by Monday, February 15th.
When considering legislation relating to tax conformity, please support the approach taken in SB 1146, which provides tax deductibility of PPP loans up to $100,000.
Businesses, especially small ones, have been hit hard by the economic downturn caused by the COVID-19 pandemic. Paycheck Protection Plan (PPP) loans, as prescribed by the CARES Act, have provided many businesses their only lifeline to keep their doors open and their employees on payroll. A main benefit of PPP loans was their total tax deductibility at the federal level. Although it is discouraging that the Commonwealth isn’t going to allow total deductibility, a $100,000 threshold would provide much needed tax relief to most small businesses.
Many businesses, especially small ones, have a long way to go before they are anywhere near as successful as they were pre-pandemic. Strict regulation and dedication to health and safety measures have taken their toll, and you can send a strong message to business owners in Virginia’s Blue Ridge that you stand with them.
Thank you for your time and consideration, and please support a tax deductibility threshold of $100,000 for PPP loans when voting on tax conformity legislation.
BUSINESS (if applicable)
You can find the email addresses for our regional delegation below:
Delegate Chris Head
Delegate Chris Hurst
Delegate Charles Poindexter
Delegate Terry Austin
Delegate Joe McNamara
Delegate Nick Rush
Delegate Sam Rasoul
Senator David Suetterlein
Senator John Edwards
Senator Stephen Newman