Mobile Chamber Addresses PPP Ruling

The Mobile Area Chamber of Commerce has written an open letter to U.S. Sens. Richard Shelby and Doug Jones, and U.S. Rep. Bradley Byrne (all representing Alabama) to “take action before the end of this year to stop the Internal Revenue Service (IRS)” following the IRS’ ruling the chamber says “will drastically increase taxes on the business community.” It says the ruling deems many Paycheck Protection Program (PPP) expenses as nondeductible, sometimes resulting in an unexpected tax increase of up to 37%. The letter can be read and disseminated here.