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ACA Coalition Urges Congress to Act Swiftly on PPP Loan Taxation Issue

By Sienna Shoup posted 12-10-2020 09:21

  
In a letter to Capitol Hill leaders, ACA is urging Congress to quickly enact legislation before the end of the session to address the tax treatment of loan forgiveness under the Paycheck Protection Program (PPP). Included in the CARES Act was a provision stating that any portion of a PPP loan that qualified for loan forgiveness “shall be excluded from gross income” for tax purposes. However, a recent Internal Revenue Service (IRS) ruling transformed tax-free loan forgiveness into taxable income, raising the threat of a surprise tax increase. ACA will be working with our coalition partners to rectify this issue and ensure that clinics that received PPP loans will not face this odious, unintended, levy.
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