Do You Have to Pay Taxes on Your PPP Loan?

Author: External Author | | Categories: QuickBooks ProAdvisor , Tax Preparation , Tax Services

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. 

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Original Article Source Credits:  Entrepreneur ,

Article Written By:  Drew Giventer

Original Article Posted on:  January 27, 2021 

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