This is a summary of the portions that relate to PPP and EIDL Funding. $300 billion to Small Business Administration Funding to allow to allow the hardest-hit small businesses to receive a second forgivable Paycheck Protection Program (PPP) loan. Eligibility would be limited to small businesses with 300 or fewer employees that have sustained a …
IRS Issues Guidance On Disallowance Of Deductions For Forgiveness
The Paycheck Protection Program was the centerpiece of the CARES Act, providing loans to businesses of up to $10M. Compliance with this meant that loads did not have to be paid back. Also, there is no forgiveness of debt income when a loan is forgiven, something that normally is a standard tax result from a …
IRS Issues Guidance On Disallowance Of Deductions For ForgivenessRead More