Paycheck Program in Flux as Congress Tweaks Its Rules

The federal Paycheck Protection Program was rolled out in a hurry—and it showed.

Its initial round of loans totaling nearly $350 billion, intended to keep businesses afloat during the pandemic crisis, was exhausted in less than two weeks. And many small business owners complained that it was as hard to spend their loan dollars in compliance with the law as it was to even get a loan in the first place.

Since then, Congress has added more money to the program. And now it's changing the rules of who can get that money and how they can spend it.

On this week's episode of Talking Tax, host Amanda Iacone talks with Capitol Hill reporter Kaustuv Basu about the revision of the PPP program that cleared Congress late Wednesday night. Kaustuv also explains why the next pandemic relief bill that Congress takes up may be one that makes your vacations tax deductible.

The federal Paycheck Protection Program was rolled out in a hurry—and it showed.

Its initial round of loans totaling nearly $350 billion, intended to keep businesses afloat during the pandemic crisis, was exhausted in less than two weeks. And many small business owners complained that it was as hard to spend their loan dollars in compliance with the law as it was to even get a loan in the first place.

Since then, Congress has added more money to the program. And now it's changing the rules of who can get that money and how they can spend it.

On this week's episode of Talking Tax, host Amanda Iacone talks with Capitol Hill reporter Kaustuv Basu about the revision of the PPP program that cleared Congress late Wednesday night. Kaustuv also explains why the next pandemic relief bill that Congress takes up may be one that makes your vacations tax deductible.