Daily Tax Report ®

Paycheck Program in Flux as Congress Tweaks the Rules (Podcast)

June 5, 2020, 8:45 AM

The federal Paycheck Protection Program was rolled out in a hurry—and it showed.

The initial round of loans, totaling nearly $350 billion, intended to keep businesses afloat during the pandemic crisis, was exhausted in less than two weeks. And many small business owners complained that it was as hard to spend their loan dollars in compliance with the law as it was to even get a loan in the first place.

Since then, Congress has added more money to the program. And now it’s changing the rules for who can get it and how they can spend it.

On this week’s episode of our podcast, Talking Tax, host Amanda Iacone talks with Capitol Hill reporter Kaustuv Basu about the revision of the PPP program that cleared Congress late Wednesday night. Kaustuv also explains why the next pandemic relief bill that Congress takes up may be one that makes your vacations tax deductible.

To contact the reporter on this story: David Schultz in Washington at dschultz@bloombergenvironment.com

To contact the editors responsible for this story: Rachael Daigle at rdaigle@bloombergindustry.com; Kathy Larsen at klarsen@bloombergtax.com

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