Tag Archives: PPP taxes

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, […]