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Need to Know

NWRA Urges Congressional Leaders to Fix Taxability of PPP Loans

In an effort to help struggling small busineses stay operational, the National Waste & Recycling Assocation (NWRA) joined more than 150 trade associations on a letter to the Ways and Means Chairman Richard Neal and Senate Finance Chairman Charles Grassely to address concerns that a recent Notice issued by the Internal Revenue Service (IRS) would no longer permit funds from the Paycheck Protection Program (PPP) to be tax deductible. 

Created by the CARES Act, the PPP has emerged as an essential lifeline for struggling small business owners as they deal with mandated shutdowns or slowdowns from different levels of government.

The impact of the latest IRS ruling is significant. For C-Corporations, it means an increase in the net after tax liability of PPP loan forgiveness by as much as 21 percent and for S Corporations, the marginal increase could be as high as 37 percent.

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