Important Updates!

Critical Sign On Letter!



SHOW YOUR SUPPORT:
SIGN ON TO LETTER URGING UTAH'S LEADERSHIP
TO PROVIDE TAX EXEMPTION FOR PPP LOANS

Dear Business Leader:

The Point of the Mountain Chamber is pleased to be part of the Utah Chamber Coalition, comprising more than 25 chambers across Utah is concerned about the State’s decision to tax corporate recipients of the federal Paycheck Protection Program (PPP). Throughout the pandemic, our focus has been to promote policies that seek to mitigate the economic consequences presented by COVID-19, and we believe it is important as representatives of business and community leaders from every part of Utah to express our concern on behalf of those who will be adversely affected by this decision. 

The Coalition is sending a letter on behalf of the business community to Governor Cox and Utah’s legislative leadership urging them to provide an exception for the small businesses that received PPP loans and for whom this tax would be a hardship.

As President & CEO of the Point of the Mountain Chamber, I invite you to join with me in signing the letter and showing support for Utah Businesses, especially those hit hardest during this pandemic. If you would like to be listed in support of the letter copied below, please sign on by clicking the button.
 
The deadline to sign os today, Monday, March 1, at 11:00 a.m.

Sign the Letter:

 
Mark Welcker
President & CEO
Point of the Mountain Chamber
 

LETTER:

"The Utah Chamber Policy Coalition, comprising more than 25 chambers across Utah — along with individual members and organizations — is writing to express concern about the State’s decision to tax corporate recipients of the federal Paycheck Protection Program (PPP). 

"Throughout the pandemic, our focus has been to promote policies that seek to mitigate the economic consequences presented by COVID-19, and we believe it is important as representatives of business and community leaders from every part of Utah to express our concern on behalf of those who will be adversely affected by this decision. We recognize that not all businesses in Utah received the benefit of a PPP loan. We further recognize that not all who received loans have experienced significant adverse consequences related to the pandemic. Some have suffered greatly. Others have weathered well. While at this writing many are still fighting for survival. 

"It is our belief that Utah’s current position of being one of only a handful of states to tax PPP loans places an unnecessary burden on these businesses, and while we acknowledge the uniqueness of the State’s position, we request that PPP loan taxation be removed, specifically for those businesses still struggling. The federal funds were directed to assist employers in saving jobs by providing for their employees, which they have done. The State has derived benefit from appropriate taxation on income, as well as the heroic endeavors of these businesses to stay open and keep Utah’s economy first in the Nation.
 
"We believe the policy of taxing this assistance, when even the federal government and the vast majority of states have determined otherwise, is an anomaly for a state that prides itself on working with the private sector to ensure Utah’s economy thrives for individuals, families, and communities. Many of your constituents work in disparate locales for small retail shops like nail salons, pet care, and boutique stores that are integral components to Utah’s communities.
 
"We understand the limited amount of time left in the 2021 Legislative Session, and while we think there is sufficient time to address this issue, if a solution cannot be reached during this session we encourage you to act on the issue during the interim. Given that many businesses will not be responsible to pay these taxes until next year, we would like the conversation to continue, and we offer to convene a group of business leaders to discuss this matter and share experiences and perspectives.   
 
"The State has a significant amount of one-time revenue available this year. Part of that revenue comes from these loans, and we recommend the use of some of those funds to provide continued business relief. This is not inconsistent with the Utah Legislature which has been a strong supporter of business.
 
"Many of our hardest hit industries — hospitality, restaurants, entertainment, and commercial real estate — continue to suffer. Many business owners have slashed their personal wages to keep employees on the payroll, cut benefits to sustain the workforce, or delayed investments in inventory and capital improvements. Providing this help would allow them to move forward, reinstating some of the benefits that were lost to families and future needs. Moreover, we encourage the legislature and executive branch to provide an exception for small businesses still struggling to outlast the pandemic, and we are committed to working toward a solution that can provide targeted relief for imperiled companies, helping them to stay open to continue supporting all Utahns who depend on them."

Special Town Hall with Senator Mike Lee!

Town Hall with Senator Mike Lee!

Wednesday Evening, March 3

06:00 PM - 07:00 PM 
Zoom Meeting




 
Senator’s Virtual Town Hall with the Utah County Chambers of Commerce.
 
The event will be held via zoom and will last for one hour
 
Details:
Wednesday, March 3rd 
6:00 - 7:00 p.m.
Zoom meeting (online)
Free to attend
 
If you plan to attend and would like to have a question asked, please email me your question for the Senator at: Mark@ThePointChamber.com 

This is a fantastic way to interact with Senator Mike Lee. This is one of the great benefits of Chamber membership so don't miss your opportunity to participate and listen in. I hope to see many of you in the Zoom meeting. 

Senator Lee will be taking questions. Feel free to email them to me so I can ask for you or there might be time for you to ask the Senator directly! 

Zoom Link: Join The Meeting Here!
Meeting ID: 161 531 1414
Passcode: RB=L0@64

Brought to you by:

 

Latest PPP Update

White House Update on 
Paycheck Protection Program Funding


 


Dear Member,

The White House recently announced guidelines regarding the latest round of Paycheck Protection Program (PPP) funding to further target small businesses that have been impacted by the pandemic and support those that have not previously received funding. We felt it important to share this information with members of the Point of the Mountain Chamber. 

The guidelines:

  • Institute a 14-day period, starting today (February 24), during which only businesses with fewer than 20 employees can apply for relief through the Program. 
  • Help sole proprietors, independent contractors, and self-employed individuals receive more financial support.
  • Be consistent with a bipartisan bill and eliminate an exclusionary restriction that prevents small business owners with prior non-fraud felony convictions from obtaining relief through the Paycheck Protection Program.
  • Eliminate an exclusionary restriction that prevents small business owners who are delinquent on their federal student loans from obtaining relief through the Paycheck Protection Program.
  • Ensure access for non-citizen small business owners who are lawful U.S. residents by clarifying that they may use Individual Taxpayer Identification Numbers (ITINs) to apply for relief.



Additionally, the following steps are being taken to ensure that the equitable distribution of funds:

  • Addressing waste, fraud, and abuse across all federal programs.
  • Promoting transparency and accountability by improving the PPP loan application.
  • Improving the Emergency Relief Digital Front Door.
  • Continuing to conduct extensive stakeholder outreach to learn more about challenges and opportunities in the implementation of current emergency relief programs.
  • Enhancing the current lender engagement model.


To review this information, please click here.

Thank you,

Mark Welcker
President & CEO

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