Do You Have to Pay Taxes on Your PPP Loan?
The Paycheck Protection Program (PPP) proved to be one of the most extensive small business loan programs ever launched by the U.S. government. Over 5 million loans totaling over $525 billion were issued during the first draw of the program, which ended August 8, 2020.
The second draw of the PPP launched January 19, 2021, with $284 billion available to be disbursed and a few key differences. Eligible businesses must have 300 or fewer employees, whereas for the first emergency stimulus package, a business had to have 500 or fewer employees. Also, the maximum loan amount is now $2 million, whereas the first PPP was $10 million.
Original Article Source Credits: Entrepreneur , https://www.entrepreneur.com/
Article Written By: Drew Giventer
Original Article Posted on: January 27, 2021
Link to Original Article: https://www.entrepreneur.com/article/364011