Tens of thousands of struggling Massachusetts small businesses could have to pay millions in taxes on bailouts they received from the state and federal government amid the pandemic, officials have warned.
“I don’t think a lot of people know there will be a coming tax bill,” House Ways and Means Speaker Aaron Michlewitz said on Tuesday at the first in a series of budget hearings. on Gov. Charlie Baker’s proposed spending plan of $ 45.6 billion for the coming fiscal year.
Massachusetts businesses received $ 14 billion in federal loans from the Paycheck Protection Program in 2020, and Gov. Charlie Baker’s administration last December launched a $ 668 million small business grant program. Taxes owed by businesses total around $ 175 million, officials estimate – revenues that …
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