PPP Loan and Your Tax Obligations
If like many business owners across the U.S. you relied on a loan from the Paycheck Protection Program to keep your business afloat during the COVID-19 pandemic, you were certainly glad to have this financial assistance. However, when the time comes for you to file your taxes, you may have many questions as to your tax obligation regarding your loan. Since most tax issues are quite complex, the PPP loan only makes things a bit more muddled and confusing. To make sure you have a good understanding of your state and federal tax obligation for your PPP loan, here’s what you need to know.