Michigan businesses can accept their forgiven pandemic loans without worrying about paying federal taxes, but it’s not yet clear if they’ll owe state taxes.
More than 121,000 Michigan businesses took federal forgivable Paycheck Protection Program (PPP) loans valued at approximately $15.7 billion. Read More
Delegate Joe McNamara (R-Roanoke) has pre-filed HB 1787, legislation for the 2021 General Assembly session that will exempt business owners from state taxes on forgivable Paycheck Protection Program (PPP) loans. PPP loans are part of broad COVID-19 relief funding meant to help small businesses keep paying their employees.
When the PPP was passed by Congress in March 2020, the forgivable loans were exempt from federal taxes, but Virginia’s tax structure means the forgiven PPP loans are not automatically exempt from state taxes. McNamara said that could lead to confusion for business owners. Read More
U.S. Sen. Marsha Blackburn (R-TN) told CNBC’s SquawkBox on Wednesday that Republicans will try again to pass their bill that would provide PPP and vaccine funding despite Democrats’ attempts to block the efforts.
CNBC asked Blackburn if she would vote for a deal if the White House and the Treasury Department reached an agreement with House Speaker Nancy Pelosi (D-CA-12). Read More
Republican challenger Scott Taylor and incumbent Representative Elaine Luria (D-Virginia Beach) faced off Tuesday night in their first televised debate. The 2nd Congressional District race is currently a toss-up. Read More
Political reporter Joe St. George served as the moderator. Questions featured were presented in three segments: from the moderator first, then viewers, and lastly from Taylor and Luria.
With news that Gov. Mike DeWine’s minor league baseball team cashed in on the Paycheck Protection Program, one may ask how Ohio’s top executive came to own a team in North Carolina or why he needed a taxpayer handout.
DeWine has a 32 percent stake in the Asheville Tourists minor league team, The Ohio Star reported this week. Read More
The U.S. Small Business Administration (SBA) and the U.S. Treasury Department this week released the names of 4.9 million Paycheck Protection Program (PPP) loan recipient businesses and nonprofits that received $150,000 or more.
The mostly forgivable PPP loans were funded through the federal Coronavirus Aid, Relief and Economic Security (CARES) Act. Read More
A company partly owned by Ohio Gov. Mike DeWine is among those that received loans from a $600 billion-plus coronavirus aid program.
The data released Monday shows DeWine Seeds-Silver Dollar Baseball received a loan under the Small Business Administration’s Paycheck Protection Program for a range of $150,000 to $350,000. Read More
The Small Business Administration and the U.S. Treasury revealed Sunday that the second round of the Paycheck Protection Program has issued 2.2 million loans, totaling $175 billion.
PPP loans are forgivable loans for small businesses to offset some of the losses experienced by the response to the COVID-19 pandemic. The loans are meant to provide a direct incentive for small businesses to keep their workers on the payroll. Read More
The Los Angeles Lakers received and then returned a forgivable loan of roughly $4.6 million under a federal program designed to help small businesses during the coronavirus pandemic. Read More
U.S. Sen. Sherrod Brown, D-Ohio, joined two other Democrats in calling for an investigation into reports some Paycheck Protection Program (PPP) lenders are prioritizing “larger and wealthier clients.”
In a letter to Small Business Administration (SBA) Inspector General Mike Ware, the senators allege some lenders “have prioritized the applications of their larger and wealthier clients to the detriment of smaller [businesses] adversely impacted by the coronavirus pandemic.”
U.S. Sens. Chuck Schumer, D-New York, and Ben Cardin, D-Maryland, joined Brown, the ranking member of the Senate Committee on Banking, Housing, and Urban Affairs, in sending the letter. Read More
More than 38,000 small businesses across Ohio have received forgivable loans from the federal government under the Paycheck Protection Program. Read More
More than 19,000 small businesses across Tennessee have received forgivable loans from the federal government under the Paycheck Protection Program. Read More
One of the largest banks in the United States announced that it is no longer accepting applications for a federal program aimed at rescuing small businesses affected by the coronavirus pandemic.
Wells Fargo has stopped accepting new applications for the government’s Paycheck Protection Program, an initiative created by the government to assist U.S. businesses that employ fewer than 500 people. The bank’s decision came after it was inundated with billions of dollars in loan requests since Friday. Read More