Good news, but liability, unemployment insurance increases need addressing
FOR IMMEDIATE RELEASE
Contact: Melissa Pavlicek, Hawaii State Director, [email protected]
or Tony Malandra, Senior Media Manager, [email protected]
HONOLULU, May 5, 2020—From Melissa Pavlicek, NFIB Hawaii state director, on today’s release of the latest survey of NFIB small-business-owning members showing the Paycheck Protection Program (PPP) popular among small businesses, with 77% of owners reporting they have successfully submitted an application and 61% saying they’ve received the funds.
“The relief some business owners felt by being awarded PPP loans has been accompanied by uncertainty over potential state taxes at the point the PPP debt is forgiven. The Hawaii tax director has said that businesses won’t have to pay state excise tax on PPP funds, but that the Legislature would need to change the law to exempt PPP from state income tax. Legislators are expected to meet May 11.”
From Holly Wade, NFIB Director of Research & Policy Analysis
“After the second round of funding, many more small businesses were able to apply and receive funding from these federal loan programs. Now, business owners need guidance on how they can spend these funds in order for them to be forgiven.”
Related News
- NFIB President and CEO Brad Close letter to Treasury Secretary Steven Mnuchin and SBA Administrator Jovita Carranza–“Small business owners should not be penalized due to the current lack of regulatory clarity. Most small business owners are planning to take full advantage of loan forgiveness rather than using the funds as a low interest loan over 2 years. NFIB requests SBA issue an Interim Final Rule on forgiveness as soon as possible.”
Keep up with the latest Hawaii small-business news at www.nfib.com/hawaii or by following NFIB on Twitter @NFIB_HI.
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For more than 75 years, NFIB has been advocating on behalf of America’s small and independent business owners, both in Washington, D.C., and in all 50 state capitals. NFIB is nonprofit, nonpartisan, and member-driven association. Since our founding in 1943, NFIB has been exclusively dedicated to small and independent businesses and remains so today. For more information, please visit nfib.com.
NFIB Hawaii
1099 Alakea St. Suite 2530
Honolulu, HI 96813
808-447-1840
NFIB.com/HI
Twitter: @NFIB_HI
