Two major announcements released regarding Paycheck Protection Program

May 06, 2020 3:41 PM | Anonymous

PPP loans, EIDL advances, SBA loan subsidies not subject to CAT!

The Oregon Department of Revenue has determined that certain federal assistance to businesses under the Coronavirus Aid, Relief, and Economic Security (CARES) Act is not commercial activity under Oregon statute and will not be subject to the Corporate Activity Tax.

The exempt assistance includes forgiven Paycheck Protection Program (PPP) loans, Economic Injury Disaster Loan (EIDL) advances, and Small Business Administration (SBA) loan subsidies. More information can be found in the Beyond the FAQ section of the CAT page on the department's website.

Bipartisan Legislation Introduced to Allow Chambers to Apply for PPP Loans

Representatives Chris Pappas (D-NH-01), Brian Fitzpatrick (R-PA-01), Gil Cisneros (D-CA-39), and Greg Steube (R-FL-17) introduced bipartisan legislation (H.R. 6697) to ensure local chambers of commerce and other nonprofits who support small businesses-and who are not currently eligible for the Paycheck Protection Program (PPP)-can receive the federal assistance they need to navigate the devastating economic downturn of the COVID-19 pandemic. 

In a press release from the bill introducing Members, U.S. Chamber of Commerce executive vice president Neil Bradley was quoted:

"The U.S. Chamber of Commerce is pleased to support the Local Chamber, Tourism, and 501(c)(6) Protection Act. Local chambers of commerce across the country play a vital role in assisting local businesses weathering the economic storm caused by the coronavirus. Including these organizations in the Paycheck Protection Program ensures they can continue with this important work in the weeks and months ahead. We will continue to work with Representatives Pappas, Fitzpatrick, and other members of Congress to include local chambers in this important program."

See the U.S. Chamber of Commerce's coalition letter signed by over 3,700 non-profit organizations urging Congress to make this change.

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