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WASHINGTON, DC – Today, Congressman David Schweikert (AZ-06) led a bipartisan letter with members of the Arizona congressional delegation asking House Leadership to include language in the next COVID-19 relief package to allow business expenses paid for by the Paycheck Protection Program (PPP) to be tax-deductible.
“I am pleased to work with my colleagues from Arizona to request financial relief for our state’s small business owners. Taxing Main Street for their business expenses paid for by the PPP runs counter to the intent of this program. The PPP has already saved over a million jobs in Arizona, making it critical that we ensure our job creators are not faced with significant tax liability during a time when many small businesses are struggling to keep their doors open,” said Congressman Schweikert.
Background:
Congressman Schweikert is a cosponsor of H.R.6821, the Small Business Expense Protection Act of 2020, bipartisan legislation to allow business expenses paid for with PPP loan proceeds to be tax-deductible.
Schweikert was joined on the letter by Congressman Ruben Gallego (AZ-07), Congresswoman Ann Kirkpatrick (AZ-02), and Congressman Tom O’Halleran (AZ-01).
To read the full text of the letter, click HERE.
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