Steube Cosponsors Legislation to Protect Small Business Access to Full PPP Funds
WASHINGTON, D.C. – Today, U.S. Representative Greg Steube (R-Fla.) cosponsored H.R. 6821, the Small Business Expense Protection Act of 2020, legislation to prevent small businesses from facing burdensome taxes on Paycheck Protection Program (PPP) assistance.
“While our small businesses work to get back on their feet and employees back on payroll, the last thing they should be worried about is paying taxes on the assistance they receive,” Steube said. “Taxing the aid is counterproductive to the intent of this program and an unnecessary hurdle to bring our Main Street businesses back.”
This legislation would prevent funding received from the Paycheck Protection Program from being taxed. The Paycheck Protection Program has approved loans for over 2.69 million small businesses and over $192.5 billion in aid nationwide. In the second round of the Paycheck Protection Program, Florida has so far had over 222,570 small businesses receive over $13,410,559,155 in assistance.
You can read the full text of the bill here.