Senators Todd Young (R-IN), and Michael Bennet (D-CO), have teamed up to propose small businesses aid that takes a more targeted approach under consideration.
Business owners who are strapped for cash want business expenses covered by PPP to be deductible on their taxes. Without deductibility of PPP-covered expenses, business owners will face higher taxes.
In a Senate hearing last Thursday, lawmakers sought more details on why minority-owned businesses benefited less from the last round of stimulus contained in the Coronavirus Aid, Relief and Economic Security Act and what can be done differently.
Since last Wednesday, business owners have been able to submit their applications through the online platform, but SBA will only begin issuing decisions on those submitted applications on Oct. 15, the last day of the self-certification process.
Source: Federal News Network