Congress passed a second major stimulus to help the economy survive COVID, and there are major PPP and non-PPP ramifications to be aware of, especially for small businesses.
Check out our piece on making PPP loan forgiveness tax free, which was the original intention of Congress.
Congress made its original intention clear – the PPP was to be a forgivable loan that, upon forgiveness, would generate tax-free income. The IRS had other plans. Learn more in our latest blog post.
The SBA and Treasury released (yet) another update to the PPP rules, this time focusing on helping the smallest borrowers, those with PPP loans of $50,000 or less.
Now that the deadline to submit PPP loan applications is behind us, it’s time to focus on having these loans forgiven. The SBA and Treasury recently released an FAQ covering PPP forgiveness, so we want to quickly recap what we learned and talk about how it affects you and your PPP.