In the approved CARES Act, the PPP was designed to help small businesses survive major liquidity shortfalls, retain employees, and withstand an unprecedented economic disruption due to the COVID-19 pandemic. However, IRS notice 2020-32 undermines the PPP and creates severe challenges for small businesses by stating that normally deductible business expenses will not be deductible if the business pays the expense with a PPP loan that is subsequently forgiven. SMACNA members strongly endorse efforts to reverse this misguided IRS interoperation of the CARES Act.