Is Forgiven PPP Classified as Non-Taxable Income?
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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