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Treasury says coronavirus bill will support small biz with tax breaks

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The U.S. Treasury will be able to support smaller businesses impacted by the coronavirus through an economic relief plan that the House passed late Friday, Treasury Secretary Steven Mnuchin (pictured) said in a statement.

“To protect businesses concerned about cash flow, the Treasury will use its regulatory authority to advance funds to employers in a number of ways,” he said, adding employers will be able to use cash deposited with the IRS to pay sick-leave wages.

“Additionally, for businesses that would not have sufficient taxes to draw from, Treasury will use its regulatory authority to make advances to small businesses to cover such costs,” Mnuchin said.

President Donald Trump said at a press briefing earlier that the bill will pass a Senate vote.

Jihye Lee
Bloomberg News
Coronavirus Tax breaks Steven Mnuchin Treasury Department Small business IRS Tax laws