FOX Business’ Charlie Gasparino says banks are reportedly gearing up for investigations and congressional hearings over the handling of the Paycheck Protection Program loans.
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Taxpayers and lawmakers are not happy with a newly released policy regarding the Paycheck Protection Program, which some argue diminishes the value of the loans for recipients.
The IRS issued guidance late Thursday preventing business owners who have their PPP loans forgiven from claiming tax breaks on otherwise deductible expenses if they were paid for using the government aid.
The loans are tax-exempt, so the guidance was based on existing law, which generally aims to prevent people from receiving a “double tax benefit.”
FORGIVEN CORONAVIRUS PPP LOAN RECIPIENTS INELIGIBLE FOR TAX DEDUCTIONS
However, the ruling has upset both lawmakers and taxpayers, who say it is not what Congress intended when it created the…
