An open letter to the U.S. Congress

PPP: technical correction addressing the tax treatment of loan forgiveness

9 so far! Let’s get to 10 signers!

I am the the chief operating officer of an event management company that produces live mass participation events. We were fortunate to receive a loan under PPP. We are working on our forgiveness application as we speak. We have managed to remain profitable in 2020 but will continue to experience significant revenue reduction in 2021. We wish to keep our staff employed until live events come back online, which we hope will be as early as next year. Therefore, I am in strong support of the request by the AICPA and other institutions to include a technical correction addressing the tax treatment of loan forgiveness under the Paycheck Protection Program (PPP) in its next round of legislation addressing the coronavirus pandemic. I ask you to pass the bipartisan legislation H.R.6821 – the Small Business Expense Protection Acts of 2020, or H.R. 6754 - the Protecting the Paycheck Protection Program Act , that will ensure the receipt and forgiveness of PPP assistance does not result in an unexpected and burdensome tax cost. Clarity on this matter is critical to year-end tax and cash flow planning and also to determine our operating needs for 2021. If we will not be able to deduct the expense forgiven under the PPP we will be forced to reduce headcount immediately which is counterproductive to the intent of the PPP loan, from my understanding and interpretation. Thank you for your support in this matter.

First sent on November 25, 2020 by Endurance Events

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