PPP Nonconformity A Big Surprise (11-05-21)
We have just learned that the PPP loan forgiveness exclusion enacted by AB 80 (Ch. 21-17) does not apply to either first- or second-draw loans received after March 31, 2021. According to the FTB, because AB 80 only conforms to the federal PPP loan forgiveness provisions as they were last amended by the Consolidated Appropriations Act of 2021, California does not conform to the extension of the PPP loan program by the PPP Extension Act of 2021 (P.L. 117-6).
Original Article Source Credits: Spidell Publishing
Article Written By: NA
Original Article Posted on: Nov 5, 2021
Link to Original Article: https://www.magnetmail.net/actions/email_web_version.cfm?ep=SeNCcGshVXODg7WDti9T0x1J8GOBYhndgq3WzWGRIQMB93TinRh4l2YdjvUWSrAJfAf-tiCYjdcypl-nrID_4DlECVXzXZlV1gyfOCSQCaUdSh5zkipnu4q8-gIypZ4c