As stimulus talks drag on in Washington, millions of small businesses await guidance on PPP loan forgiveness
The SBA opened its forgiveness portal for its PPP loans in August. Loans are forgivable if borrowers devote at least 60% of the proceeds to payroll costs. Even if a business fell short of the threshold, partial forgiveness may be an option.
One sticky point is whether PPP loans will be taxed as ordinary business income, or if they will be deductible as an expense.
This article was originally posted here: https://www.ac2news.com/2020/10/as-stimulus-talks-drag-on-in-washington-millions-of-small-businesses-await-guidance-on-ppp-loan-forgiveness/.