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Daycare and Taxes All things related to Taxes and running a Daycare post here. Topics of tax exemptions, forms, filings, tax write offs, IRS etc.

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Old 08-14-2020, 11:04 AM
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grandmom grandmom is online now
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Default 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?
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Old 08-14-2020, 01:24 PM
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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.
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Old 08-16-2020, 03:00 PM
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Originally Posted by grandmom View Post
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.
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