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Panic Over Whether PPP Loans Will Be Taxable: What’s Going on And What Comes Next?

When the Paycheck Protection Program (PPP) was first announced as a form of mitigation for cash-strapped COVID-era businesses, advocates assumed that the initiative’s forgiven loan money would not be taxable. This provision made the program far more desirable to business owners who might otherwise have been skeptical. Unfortunately, the very promise that encouraged entrepreneurs to […]

Will PPP Loan Forgiveness Make You Owe the IRS More?

The Paycheck Protection Program (PPP) helped many companies remain in business during the early days of the pandemic, when quarantine prompted a huge economic downturn. Now, however, business leaders worry that, by accepting PPP loans, they may have sparked a downward spiral in their dealings with the IRS. Much of the current anxiety surrounding taxes […]

Can You Be Taxed on Your PPP Loan?

In their desperation to keep employees on payroll and remain afloat, many small business owners applied for the Payment Protection Program (PPP) without thinking twice. The benefits of this program are obvious: businesses that spend the majority of procured funds on payroll may qualify for complete loan forgiveness. Now that PPP funds have been disbursed, […]

The Latest in the Fight Over PPP Loan Forgiveness

In the height of the economic fallout of COVID-19, many small businesses looked to the Paycheck Protection Program (PPP) as a means of staying afloat. Those approved for the program were promised loans backed by the Small Business Administration. They took solace in knowing they could receive full forgiveness if distributed funds were primarily used […]