GOV. DANIEL J. MCKEE'S proposed taxation of Paycheck Protection Program loans over $150,000 is causing concerns for some Rhode Island businesses. / PBN PHOTO/CASSIUS SHUMAN
PROVIDENCE – Melody Majkut went from a feeling of relief when her business received a federal Paycheck Protection Program loan to shock after she learned that the company could be taxed on the money. Majkut and her husband, Mark, have operated M&G Trucking and Transportation Inc. in Pawtucket for 27 years. The company, which delivers…
Regardless of what Mr. Thorson says, the Federal Government gave this money to RI small businesses to keep them for laying people off and keep their businesses operating. They did not do it to create a windfall for state governments. Companies invested in their employees and their businesses and now RI see this as an unexpected taxing opportunity.
Let’s hope that they have a loan program ready to go to lend small businesses the money they need to pay these taxes.
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Regardless of what Mr. Thorson says, the Federal Government gave this money to RI small businesses to keep them for laying people off and keep their businesses operating. They did not do it to create a windfall for state governments. Companies invested in their employees and their businesses and now RI see this as an unexpected taxing opportunity.
Let’s hope that they have a loan program ready to go to lend small businesses the money they need to pay these taxes.