Senator Mike Braun is hoping to shore up the latest COVID relief bill passed by Congress, by making sure the IRS doesn’t come knocking on your door if you don’t claim a PPP loan on your taxes.
Just like the previous relief bill, there is no specific language with the new COVID relief bill that exempts you from claiming PPP loans at income for your business.
“That’s going to get cleared up,” Braun told Fox News. “Because that would be an abomination if business owners had to declare that as income.”
Braun was the one who wrote legislation last time to make sure that businesses were protected from paying taxes on PPP loans. He plans to do the same thing again this time around.
Braun voted in favor of the COVID relief bill, but was wary in doing so, saying that the country needs to start finding ways to shore up spending so that the national debt, which sits at $27 trillion, doesn’t inflate too much more.