Virginia Lawmakers Pass Bill That Would Protect Small Businesses Against State Taxes on Federal Relief Loans
Statement from Awesta Sarkash, Government Affairs Manager for Small Business Majority, on the passage of SB 1146 in the Virginia Assembly; calls on immediate approval from the Governor
“We are pleased by today’s passage of SB 1146 in the Virginia Assembly, which will allow small businesses in the Commonwealth to deduct allowable expenses covered by forgiven Paycheck Protection Program (PPP) loans from their state taxes, easing another financial hardship small businesses are facing during the COVID-19 crisis.
Through this measure, Virginia will provide parity in how PPP funds are treated at both the federal and state level, avoiding complicated tax regulations. A year into the pandemic, it’s clear that Virginia’s small business owners are still struggling to keep their doors open and need this type of support: Our recent research revealed 52% of small business owners report their revenues are still down today compared to pre-pandemic revenues.
Virginia legislators have taken a step in the right direction to support small businesses that need policy solutions to boost their recovery. We urge Governor Northam to follow suit by immediately approving this measure.”
About Small Business Majority
Small Business Majority is a national small business organization that empowers America's diverse entrepreneurs to build a thriving and equitable economy. We engage our network of more than 80,000 small businesses and 1,000 business and community organizations to advocate for public policy solutions and deliver resources to entrepreneurs that promote equitable small business growth. Our deep connections with the small business community along with our scientific research enable us to educate the public about key issues impacting America’s entrepreneurs, with a special focus on advancing the smallest businesses and those facing systemic inequalities. Learn more about us on our website and follow us on Twitter, Facebook and Instagram.