RHODE ISLAND â House Small Business Committee Chair Carol Hagan McEntee (Dist. 33 â South Kingstown, Narragansett) has proposed legislation that would allow restaurants to continue providing al fresco dining for at least another year.
When life eventually returns to normal and emergency orders are lifted, McEntee doesnât want to immediately do away with an important lifeline for the restaurant community. Because municipalities relaxed ordinances and zoning requirements, small businesses were able to âTake It Outsideâ and survive a period of incredible financial hardship.Â
But this lifeline didnât come without significant efforts and investments.Â
âBefore emergency orders are lifted, I want to see a moratorium from cities and towns from shutting down all the efforts that these businesses have made to âTake It Outside,â to continue to survive,â McEntee said during the most recent Small Business Committee meeting. âI want t
PPP taxation proposal draws pushback in Senate hearing
RHODE ISLAND SENATORS heard testimony on Thursday regarding a bill sponsored by Sen. Sandra Cano that calls for exemption of taxation for forgiven Paycheck Protection Program loans. / PBN FILE PHOTO BY NICOLE DOTZENROD.
PROVIDENCE – Rhode Island’s business community let their voices be heard in the R.I. Senate on Thursday in opposition to taxation of Paycheck Protection Program loans that were provided as a federal relief lifeline.
The Senate Finance Committee heard testimony regarding article 2 of House bill H.6121 of Gov. Daniel J. McKee’s 2021 supplemental budget calling for taxation of forgiven PPP loans greater than $150,000. PPP loans less than $150,000 would not subjected to taxation under the proposal.
Businesses frustrated by potential PPP taxation
RHODE ISLAND S House of Representatives is considering legislation that would tax forgiven Paycheck Protection Program loans over $150,000. / PBN FILE PHOTO/NICOLE DOTZENROD
PROVIDENCE – Members of the Rhode Island business community are up in arms over a state budget proposal in the House from Gov. Daniel J. McKee to allow for the taxation of forgivable Paycheck Protection Program loans greater than $150,000.
All forgivable PPP loans were originally not going to be taxed at the state level, mirroring federal tax policy created under the Coronavirus Aid, Relief, and Economic Security Act.
But McKee in his fiscal 2022 budget plan has proposed “decoupling” the state from federal tax policy as it relates to forgivable PPP loans. That’s related to a 2021 supplemental budget proposal introduced on behalf of McKee that Rhode Island’s House Committee on Finance on Wednesday will hear testimony on. The proposal allows for taxatio