Keyword Analysis & Research: ppp loan forgiveness rules

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Frequently Asked Questions

Is PPP loan forgiveness taxable income?

The CARES Act provided for forgiveness of PPP loans that were used to cover payroll and other enumerated expenses, and specifically stated that a forgiven PPP loan was not taxable income. The legislation did not speak to the treatment of business deductions paid with such loans.

Can you still apply for PPP?

Update on PPP Loans, You Can Still Apply. The SBA-PPP loan program round 2 of funding has been overwhelmingly successful. Thousands of loans were approved and many clients received funds. Yet there are more funds appropriated for the PPP program if you have not applied you can still apply. Full Story

Are PPP loans taxable?

Forgiven PPP loans are not taxable Historically, if you had a forgiven business loan, it used to be automatically taxable income based on long-time internal revenue codes. Now, however, Paycheck Protection Program loans break from that code.

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