RIMA has requested an amendment to the Governor’s budget regarding the unfair taxation on the PPP funds. The amendment is to allow quarterly payments rather than a lump sum. In addition, we requested a waiver of any interest or penalties. We requested that payment be done on a quarterly basis. We were informed that many have already paid this tax as they a S-corp or LLC. We therefore requested that the corporations if they wish to apply for a rebate of paid taxes less the first quarter payment from the tax administrator so they can pay off their loans they took out at high interest rates and pay the tax quarterly. RIMA has fought this tax from day one and we were determined to make every effort to help these businesses.
