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?

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.

Paycheck Protection Program
 

Originally Posted by grandmom:
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.