NCCPAP appreciates the efforts of Senator Chuck Grassley, Senator Ron Wyden, and their colleagues in the United States Senate to help small businesses across the country during the current COVID-19 pandemic.
In an open letter to Senators Grassley and Wyden, NCCPAP President Neil H. Fishman, CPA, CFE, FCPA, CAMS and Co-chairs of the NCCPAP Tax Policy Committee, Stephen F. Mankowski, CPA, CGMA and Sanford E. Zinman, CPA wrote, “At this time, NCCPAP wants to give our support to S.3612, the ‘Small Business Expense Protection Act of 2020.’
“It is clear to us that when the CARES Act (H.R.748) was passed, the intent was to provide assistance to small businesses and their owners once they were able to restart their operations. On April 30, the IRS issued Notice 2020-32 stating that businesses participating in the Paycheck Protection Program (PPP) would not be allowed to deduct expenses that their PPP funds were used for, even though they met the criteria for forgiveness. This, in our opinion, contradicts the intent of the previously passed legislation, which was written to assist small businesses, not hinder them.
“It is our hope that this legislation will become law, and that once the economy is allowed to restart, small business owners will get the full benefit of the CARES Act, as it was intended.”