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In an important move for pandemic hit businesses that took or plan to take a paycheck protection program ppp loan the 900 billion stimulus bill set to pass this week allows companies to deduct business expenses paid for with ppp funds even if the funds are forgiven.
New stimulus bill ppp taxable. Struggling ppp borrowers have been on a roller coaster after seeing countless news headlines showing that congress has yet to finalize their negotiations and pass the new covid 19 stimulus bill. To the relief of millions of small business owners the new stimulus package includes a ppp paycheck protection program tax break that congress meant to include. Congress also implemented other aid including checks of up to 0 to every taxpayer.
If you are a small business owner the covid 19 stimulus package that congress passed on monday evening december 21 2020 has some very good news. In this new act congress is purposefully choosing to give ppp borrowers the same tax break that mr. The 900 billion covid 19 stimulus bill of december 2020 improves the paycheck protection program ppp2.
If you are a small business owner the covid 19 stimulus package that congress passed on monday evening december 21 2020 has some very good news. If you are a small business owner the covid 19 stimulus package that congress passed on monday evening december 21 2020 has some very good news. Gilitz received by not expanding section 108 to include ppp loans.
December 23 2020 11 57 am pst. Provides tax deductions and other relief. There is welcome relief for small businesses.
Laurie foti december 22 2020.
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