NFIB State Director Nathan Humphrey released the following statement today in response to Senators Kelly Loeffler and David Perdue’s support for a massive package of emergency economic relief, tax cuts, and government funding. The Senate passed the bill 92-6 last night. President Trump is expected to sign it today.
“On behalf of our Georgia members, I want to thank Senators Loeffler and Perdue for voting ‘yes’ on this important legislation.
“This deadly pandemic has taken a tremendous toll on the American economy,” Humphrey said. “It has forced many businesses to close or scale back their operations, putting millions of people out of work or reducing their hours to the point where they can’t make ends meet. One in four small businesses surveyed this month by NFIB warned they could have to close soon unless economic conditions improve. This package will go a long way toward helping families and family businesses get through the crisis.”
Humphrey said one of the most important provisions of the relief package is the restoration of deductibility for Paycheck Protection Program loan forgiveness expenses.
“Small business owners must be protected from surprise tax increases,” Humphrey said. “This spring, after most businesses applied for PPP loans, the IRS said it was disallowing the deductibility of forgiven expenses. This regulatory action reduced the benefits of the PPP loans, which were one of the most important benefits of the CARES Act. It also complicated things for small business owners, who would have been required to separate payroll and business expenses for certain weeks during the covered period.
“Senators Loeffler and Perdue understand the challenges facing Georgia’s and America’s small businesses right now and pushed to prevent the tax hike,” Humphrey said. “Their support for this relief package is going to ease the financial burden on a lot of families and family businesses.”