President Trump called on congressional Democrats Friday to drop their demands for extra spending in an administration proposal to replenish a fund to help small businesses keep their employees on the payroll during the coronavirus crisis.<\/p>\n
Democrats are blocking a 251 Billion Dollar funding boost for Small Businesses which will help them keep their employees. It should be for only that reason, with no additions, Mr. Trump tweeted.<\/p>\n
Senate Democrats on Thursday objected to Senate Majority Leader Mitch McConnells bid to add the money to the Paycheck Protection Program, which offers small businesses up to $10 million in grants and loans if they keep employees paid for two months during the coronavirus shutdown. Republicans say the demand is so high that the current $350 billion fund will run dry in a few days.<\/p>\n
Democrats said there should be hundreds of billions added for food stamps, low-income communities, states and hospitals.<\/p>\n
The president said there will be more economic relief provided when Congress and the administration tackle a phase four bill in the coming weeks to boost a recovery.<\/p>\n
We should have a big Infrastructure Phase Four with Payroll Tax Cuts & more. Big Economic Bounceback! Mr. Trump said on Twitter.<\/p>\n
The president also urged lawmakers to go back to DEDUCTIBILITY by businesses if Restaurants, Clubs & Entertaiment is expected to flourish (like never before)!<\/p>\n
The 2017 tax cuts revoked a provision allowing corporations to deduct entertainment expenses annually, and limited deductions for meals.<\/p>\n
IRS guidance in 2018 allowed corporations to deduct 50 percent of the cost of meals not considered lavish or extravagant.<\/p>\n
Prior to the law, businesses also could deduct up to 50% of expenses such as sports tickets, golf outings and casinos.<\/p>\n
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More:<\/p>\n
Donald Trump urges Democrats to drop demands for extra spending with 'paycheck protection' fund - Washington Times<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" President Trump called on congressional Democrats Friday to drop their demands for extra spending in an administration proposal to replenish a fund to help small businesses keep their employees on the payroll during the coronavirus crisis. Democrats are blocking a 251 Billion Dollar funding boost for Small Businesses which will help them keep their employees. It should be for only that reason, with no additions, Mr. Continue reading