We want to take this moment to update you on a few new rulings our friends at the IRS have implemented.
First, please note that any funds forgiven from your PPP loans will be treated as taxable income. Yes, I am saying this correctly.
The U.S. Small Business Administration and the Department of the Treasury announced Wednesday two new applications to seek PPP loans forgiven. One is more borrower friendly that accounts for changes made to the program through the Paycheck Protection Program Flexibility Act of 2020.
As an update to this post, the President has signed the Paycheck Protection Program Flexibility Act of 2020 today and it is now law.
The U.S. Senate approved sweeping changes to the Small Business Administration's Paycheck Protection Program Wednesday evening, making the program's lending terms more favorable. The bipartisan bill, titled the Paycheck Protection Program Flexibility Act of 2020, now heads to the President for his signature.
Page 1 of 4
At Interactive Accountants, we have one primary goal. We help you minimize your taxes and measure your success. Throughout the years, we’ve helped hundreds of entrepreneurs by taking accounting matters off their plate, providing stellar ongoing tax advice and amazing customer support.
