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NOL-Loss Limitation Relief Support Building

Advocates defending the CARES Act NOL-Loss Limitation relief had a busy week.  First, more than 75 national and local trade groups signed a letter in favor of keeping the relief intact.  The broad number of signatories on the letter, drafted by our friends at the National Mining Association, makes clear arguments that the provision was “snuck” into the CARES Act or would only benefit a “narrow” sliver of industries are wholly meritless.  As the letter states:

The ability to carryback NOLs is a critical component of a well-operating income tax system. Indeed, NOL carryback provisions have long been

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2020-06-23T15:09:26+00:00June 23, 2020|

The truth about business tax relief in the CARES Act

S-Corp has a defense of the CARES Act NOL/Loss Limitation rules in today’s Washington Examiner.   The piece begins:

For weeks, we’ve heard that the net operating loss and loss limitation relief included in the CARES Act is a “massive” tax break for “hedge funds” that was “snuck” into the bill at the last moment. Those of us who advocated for this provision know none of this is true. Here are the key facts readers need to know.

First, the policy at issue is important, even though it may not seem exciting. It gives businesses suffering net operating

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2020-06-04T15:46:13+00:00June 4, 2020|

More Business Community Support for COVID-19 Reforms

The Main Street Employers coalition today endorsed legislation scheduled to voted on in the House of Representatives tomorrow.  The bill, the Paycheck Protection Program Flexibility Act, was introduced by Representatives Dean Phillips (D-MN) and Chip Roy (R-TX) and would help restore confidence and energy to a program badly in need of both – the Paycheck Protection Program.  As the letter states:

Congress launched the Paycheck Protection Program (PPP) to help employers keep their workers on payroll and, once it was safe to do so, enable them to quickly return to work.  The PPP is arguably the most successful

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2020-05-27T19:43:00+00:00May 27, 2020|

Business Community Rallies Around Paycheck Protection Program

One hundred and twenty-seven national trade groups sent a letter today to Congressional and Administrative leaders asking them to quickly enact three key improvements to the Paycheck Protection Program (PPP):

  • Eliminate the unnecessary 75/25 rule;
  • Extend the eight-week period for purposes of calculating loan forgiveness; and
  • Extend the June 30 safe harbor date for rehiring and restoration of pay.

The S Corporation Association eagerly signed this letter.  The PPP is the single-most effective program Congress has devised to help businesses through the crisis, but it is badly in need of a tune-up.  Recent SBA numbers indicate demand for the

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2020-05-21T17:31:40+00:00May 21, 2020|

Main Street Support for Paycheck Protection Loans

More than 200 national and state-based trade groups wrote to congressional leadership today calling on Congress to increase funding for Paycheck Protection Program (PPP) loans.

That program was authorized by the CAREs Act last month and, among many other programs, provided individually and family-owned businesses with $350 billion in loans to help those businesses retain their employees during the COVID-19 crisis.

According to the latest figures from the Small Business Administration, however, applications to date number over million and nearly$300 billion of the initial authorization.  The expectation is that the program will run out of authorization by the end of the

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2020-04-15T18:00:37+00:00April 15, 2020|