Is Forgiven PPP Classified as Non-Taxable Income?

PPP, Taxes

Is Forgiven PPP Classified as Non-Taxable Income? It was unclear if loans that were forgiven or not were still taxable when information about PPP came out. Later on, federal information was issued that helped classify this concern. It turns out that the new regulation brings up that forgiven PPP loans won’t be taxed as additional expenses. Also, deductions can also include expenses. This law was only established on a federal level and other states are still in the process of confirming their position. Currently, 29 states are noting this law and are making sure forgiven PPP loans aren’t taxed through

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SBA Finally Clarifies PPP Loan Forgiveness Rules: Full Forgiveness For Self-Employed Borrowers

Accounting, PPP

SBA Finally Clarifies PPP Loan Forgiveness Rules: Full Forgiveness For Self-Employed Borrowers We are reposting this Forbes atricle by Brian Thompson becasue he lays it out beautifuly. “If you’re a freelancer or other self-employed person wondering if you’ll get forgiveness for loans taken out under the Paycheck Protection Program (PPP), yesterday brought good news. The SBA filed its 19th  Interim Final Rule (IFR), scheduled to be published on Friday June 19th, focusing on revisions made from Paycheck Protection Program Flexibility Act (Flexibility Act) signed into law on June 5th.  The unpublished version of the update ensures full forgiveness for self-employed, freelancers and independent

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