Washington, D.C. — The National Association of Women Business Owners (NAWBO) is proud to support bipartisan efforts in the U.S. Senate to clarify that ordinary expenses funded by Paycheck Protection Program (PPP) loans are deductible by taxpayers. S. 3612, the Small Business Expense Protection Act of 2020, introduced by U.S. Senators John Cornyn (R-TX), Finance Committee Chairman Chuck Grassley (R-IA), Finance Committee Ranking Member Ron Wyden (D-OR), Small Business Committee Chairman Marco Rubio (R-FL), and Tom Carper (D-DE) would allow businesses to deduct expenses paid with a forgiven PPP loan from their taxes.
“NAWBO applauds the Senators’ efforts to help alleviate the uphill battle that all businesses are facing in the wake of the COVID-19 crisis,” said Chair of the NAWBO National Board Jeanette Armbrust. “Our business owners want to rebuild, and we need every bit of help we can get. We thank you for working across the aisle to find solutions that support an avenue for women business owners to restore their businesses to prosperity.”
NAWBO National supports common-sense, bipartisan solutions to helping improve the business environment for women business owners nationwide. To see the 2020 Advocacy Agenda for NAWBO National, click here.
Founded in 1975, NAWBO is the unified voice of America’s more than 10 million women-owned businesses representing the fastest-growing segment of the economy. NAWBO is the only dues-based organization representing the interests of all women entrepreneurs across all industries. NAWBO develops programs that help navigate women entrepreneurs through the various stages of their business growth.
To learn more, please visit www.nawbo.org.