Taxes and PPP Loan Forgiveness
May 05, 2020 | Freya Allen Shoffner, Esquire | Main Office
Taxes and PPP Loan Forgiveness

The PPP or Paycheck Protection Program gives loans to small businesses for payroll, rent, interest and utilities. These loans can be fully or partially forgiven. Debt forgiveness for the Paycheck Protection Program will not count as taxable income. Expenses that are paid with the portion of the PPP loans that are forgiven are not deductible.

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