Chamber Advocacy Successful – State Will NOT Tax CARES Act Loans
Updated: May 21
The Greater Issaquah Chamber and our Eastside Coalition have been successful in protecting local businesses once again. Three weeks ago we mounted an aggressive campaign to stop the Washington State Department of Revenue from charging B&O tax on PPP and EIDL loans. We felt this unfair, especially given the extreme negative impact businesses are experiencing due to COVID 19 and the Stay Home Stay Safe order. On Friday we received notification by the State Department of Revenue, they heard us loud and clear!
Please read the following:
Given these factors, the Department has determined that businesses receiving assistance under the federal Paycheck Protection Program (PPP) program or other COVID-19 assistance programs should not report such assistance as gross receipts for B&O purposes and should not pay B&O tax on that assistance at the present time.
The Greater Issaquah Chamber will continue to advocate on behalf of all the businesses in our region. We understand that you need to concentrate your efforts on reopening your businesses and getting revenue flowing again. We are stronger together and this is just one of the many things the Chamber does to ensure our business community survives. Thank you for all you do to support our efforts. No matter how big or how small, we value your investment in our efforts. Respectfully, Kathy McCorry CEO