Small businesses need our support more than ever. Federal PPP loans were a critical lifeline for small businesses last year. Many of our favorite restaurants, donut shops and retailers relied on the program to keep their doors open and keep Rhode Islanders on their payrolls. When small businesses received this money, it was with the understanding that if they spent it as required – to keep people working – they would not have to pay it back.

Almost every state and the federal government decided not to tax these loans. I believe RI small businesses deserve the same advantages as our neighboring states to stay competitive. That’s why I strongly oppose the proposal to tax PPP loan forgiveness, and it’s why I’ve prioritized supporting small businesses throughout my time as General Treasurer.

As I look through the list of businesses that would be taxed under this bad proposal, I see Rhode Island mainstays like Twin Oaks and newer spots like PVD Donuts. I see businesses representing every sector of the economy and every region of our state. Like you, I love our state’s unique and sometimes quirky stores and restaurants and don’t want to be left with only big box stores and national chains.

There are other ways we can support small businesses as well. I created the BankLOCAL program, which has moved over $40 million of the state’s money back to local RI banks and credit unions to support small business loans. Over 350 Rhode Island small businesses have used loans from our program to launch, expand and create jobs.

Small businesses are the backbone of our economy and I will continue to do everything I can to help them succeed. To support our advocacy for small businesses in Rhode Island, please consider making a contribution to my campaign here.

Thank you!

-Seth