|Posted:||December 1, 2020 10:36 AM|
|From:||Representative Joe Ciresi|
|To:||All House members|
|Subject:||Urge Congress to Exempt CARES Act Small Business Relief from Taxation|
|To help mitigate the impact of the COVID-19 pandemic on Pennsylvania small businesses, the General Assembly allocated some of our federal CARES act funding towards small business relief. However, the IRS has ruled that this relief will be taxed at the federal level—punishing already struggling small businesses for taking advantage of critically needed aid.
Congress must pass legislation to protect small businesses and exempt this relief from taxes, so I am introducing a resolution which urges them to do so. Small businesses are the backbone of Pennsylvania’s economy, and were severely impacted by the COVID-19 related closures. I have heard from business owners in my community who were surprised to discover the tax implications these grants have imposed. The relief that was supposed to ensure that they could stay afloat has become a burden to small businesses, inhibiting their ability to recover and provide high quality jobs across the state.
The small business owners in our districts are counting on us to make their voices heard. Please stand with them by co-sponsoring this resolution.
Introduced as HR48