The IRS effectively canceled the tax break that made PPP loans so valuable

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A time bomb is ticking in the Paycheck Protection Program loans that have kept millions of small businesses operating through the pandemic. It’s set to go off early next year unless Congress defuses it soon.

More than 500 national, regional, and state trade associations recently signed a letter pleading with congressional leaders to act. They asked House Speaker Nancy Pelosi, Senate Majority Leader Mitch McConnell, and others to bring a “spirit of urgency and cooperation before the end of this session to prevent an avoidable catastrophe for millions of small businesses.”

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