Tax headaches have started early for American small businesses this tax season. States can help these employers and accelerate the economic recovery by clarifying that business expenses paid from Paycheck Protection Plan loans are fully tax-deductible, in-line with federal tax law.
The PPP is one of the most successful government programs in American history. It distributed $525 billion worth of forgivable loans to more than 5 million small businesses nationwide, supporting over 50 million jobs. Without the PPP, unemployment would have been far higher and the economic contraction much more severe. The PPP served as a bridge to get small businesses over the worst depths of the pandemic. Yet state tax rules threaten to undercut its success.
About $1.1 trillion in coronavirus aid, including more than $120 billion for small businesses, has still not been spent, according to a memo Republicans are circulating on Capitol Hill.
The more than $1 trillion in unspent coronavirus relief funds represents a significant portion of the $4 trillion allocated by Congress as part of multiple 2020 stimulus packages, according to the Republican Study Committee (RSC) memo reviewed by the Daily Caller News Foundation. Of the $828 billion allocated for small business loans, about $123.7 billion has not been spent, according to Small Business Administration data.
President Joe Biden’s new target for reopening schools is behind where United States schools already are in returning to in-person learning, data shows.
White House Press Secretary Jen Psaki said Tuesday that Biden’s school reopening plan calls for “most” schools to have in-person learning “at least” one day a week by the new president’s 100th day in office. Psaki also told reporters that Biden’s plan “is for all schools to reopen, to stay open, to be open five days a week, for kids to be learning.”
Ohio will be adding roughly 4,000 deaths to the state toll after the Ohio Department of Health announced it had discovered a reconciliation error in the state’s reporting system.