Daycare.com Forum

Daycare.com Forum (https://www.daycare.com/forum/index.php)
-   Daycare and Taxes (https://www.daycare.com/forum/forumdisplay.php?f=8)
-   -   PPP - Tom Copeland Please (https://www.daycare.com/forum/showthread.php?t=93628)

grandmom 08-14-2020 10:04 AM

PPP - Tom Copeland Please
 
Tom,

I heard on the news last night that Congress is trying to (retroactively) make the PPP a grant, which will make it taxable. Whats this about? Have you heard this?

Michael 08-14-2020 12:24 PM

I heard the same thing—that it’s taxable income. I guess they can forgive the loan but you still have to pay the taxes on it.

TomCopeland 08-16-2020 02:00 PM

Paycheck Protection Program
 
Quote:

Originally Posted by grandmom (Post 720658)
Tom,

I heard on the news last night that Congress is trying to (retroactively) make the PPP a grant, which will make it taxable. Whats this about? Have you heard this?

The PPP is a forgivable loan. There is talk about not requiring people who got less than a certain amount not having to show evidence to get forgiveness. There is no effect to make the PPP taxable that I have heard of.


All times are GMT -7. The time now is 02:24 PM.