WASHINGTON–-The American Institute of CPAs (AICPA) has outlined six “policy solutions” it would like to see included in the next phase of federal COVID-19 relief legislation.
The organization said the recommendations, which have been sent to Congress, are focused on small business’ and the American workforce’s urgent need for fast, simple solutions that drive economic recovery.
“CPAs are on the front line helping small businesses and other organizations understand and access coronavirus relief resources, such as the Paycheck Protection Program. These accounting professionals are trusted advisers to millions of organizations across our nation, and they tell us that small businesses continue to struggle,” said Barry Melancon, AICPA president and CEO.
The Recommendations
The recommendations include:
* Allow Full Deductions for Paycheck Protection Program (PPP) Related Business Expenses
* Provide Information and Tools to Further Simplify PPP Loan Forgiveness Application Process
* Remove Unnecessary and Unfair Tax Obstacles to Remote Work
* Allow Section 501(c)(6) Associations and Organizations Access to PPP
* Provide Additional Federal Fiscal Relief to State and Local Governments
* Adopt New Coronavirus-Related Liability Provisions