In a shift from previously announced policy before he became governor, Gov. Daniel J. McKee has proposed taxing forgiven Paycheck Protection Program loans greater than $150,000.
The governor’s office says the change would generate an estimated $67.7 million in revenue for the state, over two fiscal years.
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McKee spokesman Matt Sheaff told PBN the proposal is about “fairness. There are businesses out there that maybe did not get a PPP loan who have found a way to survive and they’re not getting any additional tax relief, compared to the businesses that made a profit and then are getting up to $150,000 in tax relief.”
But several business groups are opposed to the proposal, citing the sudden shift in policy and the extra burden it would place on still-struggling businesses.
