By Oregon Small Business Association,
Yesterday in the Oregon Senate Revenue and Finance Committee, lawmakers heard testimony on Senate Bill 137-2 which would have the effect of placing a tax on the forgiven PPP loans created by Congress to help Oregon small businesses. The tax would apply to all loans over $100,000 in federal assistance. In essence, the more help your businesses needed from the pandemic, the more you will be taxed by Oregon government.
By taxing the emergency aid to businesses, Oregon stands to collect nearly a half billion dollars.
This comes when Oregon suffered greater job loss, per Covid death, than other states. Oregon’s manufacturing sector has suffered more than other states. Now, unlike other states, Oregon plans to pile taxes upon emergency relief funds.
The Oregon Small Business Association testified against the tax.
Disclaimer: Articles featured on Oregon Report are the creation, responsibility and opinion of the authoring individual or organization which is featured at the top of every article.