If your business received a PPP loan from the SBA, you may have expenses that were paid by the program that are not eligible for tax deduction. We encourage you to contact your accountant for advice and we encourage you to sign the attached letter (Download Letter Here), on your letterhead, and send to our U.S. Representative and Senators.

Their addresses are as follows:

  • Sherrod Brown
  • Title : Senator
  • Party : Democratic Party
  • Phone : (202) 224-2315
  • Office : 503 Hart Senate Office Building, Washington DC
  • Zip code : 20510
  • Rob Portman
  • Title : Senator
  • Party : Republican Party
  • Phone : (202) 224-3353
  • Office : 448 Russell Senate Office Building, Washington DC
  • Zip code : 20510
  • Robert E. Latta
  • Title : Representative
  • Party : Republican Party
  • Phone : (202) 225-6405
  • Office : 2467 Rayburn House Office Building, Washington DC
  • Zip code : 20515

Letter to Be Printed on Business Letterhead. Please copy and paste or download from the link above.

[Insert Date]

Re: Request for Support of Legislation that Permits the Full Tax Deduction for Paycheck Protection Program-Related Expenses

Dear [Insert Name of Senator or Representative],

I am writing to request that you support legislation that permits the full tax deduction for Paycheck Protection Program (PPP) related expenses.  As it stands now, due to the Internal Revenue Service Notice 2020-32, no tax deduction is allowed for an expense that is otherwise deductible if the payment of the expense results in forgiveness of a PPP covered loan.  I believe that the IRS notice is contrary to Congressional intent, but more importantly failure to do so will cause irreparable harm on small businesses that are already severely negatively impacted by the coronavirus pandemic.

As a small business owner facing taxes this coming year, I am not prepared for the additional taxes due if I cannot deduct the payroll and non-payroll expenses related to the loan. I have invested my resources into my business to stay open, safe and keep my employees working.  This additional cost will cause further damage and threaten the viability of all small business, as well as impact the employment of those who work for them.

I request that you support legislation that permits the full tax deduction for PPP-related expenses.

Sincerely,

FULTON COUNTY MORTGAGE, RENT & UTILITIES BUSINESS LOAN PROGRAM

FCEDC is committed to supporting businesses across the county to help them sustain through the COVID-19 pandemic. In an effort to support small businesses in the county; we have launched the Fulton County Mortgage, Rent & Utilities Business Loan Program. Please review the details of the program below:

The Fulton County Economic Development Corporation (FCEDC) and the Heart Radiothon are partnering to support our small businesses that are in need during the COVID-19 pandemic through a loan program that will eventually provide funds to the Heart Radiothon to purchase needed supplies and equipment for healthcare institutions across Fulton County.

We are asking individuals and businesses that love Fulton County to consider making a donation of any amount to support the small businesses we have that provide the essential services that we experience every day. Whether the small barber shop, the retail business in the downtown, the small machine shop or the coffee shop that gives us a boost in the morning; we want every business to survive and sustain through this pandemic.

“100% of your contribution will be loaned to small businesses using a strict set of guidelines provided by the FCEDC. Loans will then be repaid by the business over an 18 to 24 month period of time, with 1% interest. 100% of the collected loan payments, plus the interest, will be contributed to the Heart Radiothon in 2021 and 2022; your donation will then be used to purchase healthcare equipment and supplies needed by the healthcare institutions in Fulton County,” shared Matt Gilroy, Executive Director of the FCEDC.

Individuals and businesses that would like to donate to support this cause may send their donation to:

FCEDC – 9460 County Road 14, Wauseon, Ohio 43567

Heart Radiothon – 1493 North Shoop Avenue, Unit B, Wauseon, Ohio 43567

  • In order to receive a charitable tax deduction, donation must be made to the Heart Radiothon versus FCEDC

“Your contribution will have a dual impact. In the immediate, your donation will support a small business trying to survive the stay-at-home orders in place throughout the state. In the long-term, your donation will then help healthcare organizations in Fulton County buy PPE, supplies and equipment; possibly supplies that will help community members battle this virus if a vaccine is not found in the near future,” shared Max Smith, Heart Radiothon Board member and General Manager of WMTR 96.1.

Businesses located in Fulton County that are interested in applying for the loan program may review the loan guidelines and find the one-page application at www.fcedc-ohio.com starting at 8:00 a.m. Wednesday, April 29. Businesses that have questions about the loan or are seeking other information may contact the Fulton County Economic Development Corporation at (419) 337-9270 or matt@fcedc-ohio.com.

Fulton County Loan program Guidelines

Loan Application