Thousands of businesses in Virginia applied for PPP loans to keep them from having to lay off their employees.
Joe Huh, Alphagraphics co-owner, is upset he may get dinged for taking the money.
“It wasn’t even enough. As you can see, we even had to lay off two other people. Grateful we got it, but it just wasn’t even enough. And then because we let the two other people go, to find out we have to pay income tax on that is a little frustrating,” said Huh.
Back in December, the federal government approved legislation to allow businesses to deduct the PPP loans from federal income taxes.
Virginia does not agree with the federal government to fully deduct the PPP loans. The Commonwealth wants to tax businesses to gain state revenues.
This is not sitting well with some business owners like Sara Huh, co-owner of Alphagraphics, who say they wish they knew this from the start when they applied for the loan instead of being thrown a curveball.
There is absolutely nothing free out there….to include a smile. Smile at some today could turn into a discrimination scream.
The world we live in!
Switch it to Bit Coin !!!!