AICPA weighs in on next federal COVID-19 relief

BVWireIssue #214-4
July 29, 2020

valuation profession news
AICPA, business valuation profession, coronavirus, COVID-19

In a letter to Congressional leadership, the AICPA made six recommendations for the next phase of relief for small business and the U.S. workforce. One is to clarify that the receipt and forgiveness of coronavirus assistance through the Paycheck Protection Program (PPP) does not affect the deductibility of ordinary business expenses. The AICPA also recommends that future relief:

  • Provides information and tools to further simplify the PPP loan forgiveness application process;
  • Removes unnecessary and unfair tax obstacles to remote work;
  • Allows Section 501(c)(6) associations and organizations to access PPP; and
  • Provides additional federal fiscal relief to state and local governments.

At the time of this writing, President Trump and Congress have yet to agree to a new aid package.

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