Will You Owe Taxes on Your PPP Loan?


NEW YORK—While the PPP (Paycheck Protection Program) has been helpful for businesses trying to cope with the financial impact of COVID-19, the tax implications associated with these loans have proven to be confusing and downright complicated for many business owners as rules surrounding the program, the original and the newer ‘round 2’ program, have changed and been amended several times. The Small Business Administration posts a series of fundamentals and latest guides to help navigate the arena.

CO, the uber helpful resource of the U.S. Chamber of Commerce, offers a range of details and perspectives in the complicated realm of PPP, specifically on the tax implications of the loans. (CO launched in 2019 by the U.S. Chamber of Commerce. It publishes content that helps solve the problems business owners face every day.)

They walk you through the basics of what small business owners should know about the tax implications of PPP loans to help you work through some of the questions with your tax professional. You can find it here.

Additional detailed and helpful financial resources and advice regarding PPP loans and applications can be found on Review of Optometric Business (ROB). A recent piece by Ken Ferreira, executive VP and chief credit officer of the Vision One Credit Union, which is very active in the vision space on this topic, also tackled the ins and outs of PPP loans.

This latest article explains the things that might slow down PPP2 loans. It was posted this week here.

Also among the resources at ROB is this piece from late 2020 which explored some of the long term implications of the fast changing PPP loan realm.