Many business owners who faced enormous stresses during the COVID-19 pandemic took a forgivable loan under the federal Paycheck Protection Program to help them meet their business expenses. Now, as they plan for their 2020 income tax returns, they are faced with decisions on whether to deduct those expenses, even if they haven’t yet applied[…]
Deductibility of expenses used to qualify for PPP loan forgiveness
By diamondcpas Business Taxes Oct 11, 2020
PPP Flexibility Act – Congress Passes Changes to PPP Loan Forgiveness
By diamondcpas Business Accounting Jun 04, 2020
The PPP Flexibility Act passed both the House and the Senate Wednesday and is expected to be signed by the President Thursday. The Act provides additional relief to business that may not have qualified for full forgiveness under the current law. Here is a summary of the changes to PPP loan forgiveness. Extension of 2-year repayment period to 5 years. PPP loans[…]