The National Waste & Recycling Association (NWRA) joined other organizations on letters to Congressional leaders urging support for efforts to strengthen the Paycheck Protection Program (PPP) as Congress negotiates the next COVID-19 relief package. In a letter to House Speaker Nancy Pelosi (D-CA) and Senate Majority Leader Mitch McConnell (R-KY), NWRA strongly encouraged they include a technical correction to address the taxability of PPP loans. A recent Internal Revenue Service ruling would no longer permit PPP funds to be tax deductible.
In a separate letter to Senate leaders, NWRA recommended the Senate expand eligibility for a second PPP loan for small businesses by lowering the gross revenue reduction requirement from 50 percent. “NWRA appreciates the hard work and leadership from Congress to support families and businesses with the Paycheck Protection Program. It has helped many businesses remain operational and retain employees. We strongly urge Congress to make the necessary improvements to the PPP as part of the next stimulus package,” said NWRA President and CEO Darrell Smith. “It is imperative that the next stimulus package provides the maximum amount of flexibility to employers that it can. Congress should correct the tax treatment of PPP loans and expand eligibility to participate in a second PPP loan.”
NWRA also calls on Congress to include S. 3984 in the relief package to ensure that PPP funds used by businesses to pay for waste and recycling collection are covered under the forgivable loan provisions.