Oregon: BILL TAXES PPP EMERGENCY SMALL BUSINESS LOANS – IOTW Report

Oregon: BILL TAXES PPP EMERGENCY SMALL BUSINESS LOANS

By Taxpayers Association of Oregon
OregonWatchdog.com

The Oregon House Revenue Committee has scheduled a Monday May 10th hearing on HB 2457 (-1 Amendments) which by early estimates would make Federal emergency pandemic PPP loans to small business a taxable event.

Remember, the PPP loans were given because last Spring 2020 government mandated a shutdown of small business activity.  To save small businesses from collapse the government offered emergency loans to compensate them for from the government destroying their customers.  Now, it appears that Oregon politicians want to tax those loans as a sneaky way to raise funds — despite receiving over $5 billion in COVID relief funds from Congress since. more

5 Comments on Oregon: BILL TAXES PPP EMERGENCY SMALL BUSINESS LOANS

  1. How can the government tax a loan? Easy, it’s not a loan. PPP loans are forgiveable — submit the right documentation and you don’t have to repay the “loan.” Et voila! Income!

    (I got out of business banking just in time to avoid this whole hot mess. Everyone in the industry knows the SBA’s PPP program is rife with fraud.)

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