Government Operations Filing Subcommittee member Jody Hice (R-GA) and U.S. Representative Andrew Clyde (R-GA) seek answers from the Internal Revenue Service (IRS) regarding arrears impacting SBA loan applications.
Lawmakers forwarded correspondence to Internal Revenue Service (IRS) Commissioner Charles Rettig regarding the agency’s backlog and its impact on people applying for Economic Disaster Lending (EIDL) through the Small Business Administration.
âSmall businesses are the lifeblood of our economy, employing about half of American workers,â Hice said. âThe IRS, however, severely handicaps small businesses seeking help through economic disaster loans. Congress approved funding for this emergency aid months ago, but massive IRS delays are preventing many employers from getting the documents they need to apply. It is absolutely imperative that the IRS address these shortcomings and assure the American people that this backlog will finally be closed. “
Lawmakers have indicated to receive an EIDL loan, applicants are required to submit tax transcripts and other information. IRS delays in obtaining the necessary documents prevent or slow down the process of pursuing loans.
Hice and Clyde have requested an IRS briefing to inform Congress of the agencies’ plans to deal with taxpayer claims, especially those made by small businesses needing documents proving EIDL eligibility.
âIRS arrears are preventing America from starting to recover from this pandemic, especially for our small businesses trying to get loans in the event of an economic disaster,â Clyde said. âThe IRS owes us answers and solutions to this backlog. Their failure will simply keep America’s pandemic recovery on ice. Georgians need action now.