As you determine your need and eligibility for Paycheck Protection Loan (PPL) funds this week, make sure to consider the tax implications of your decision. Whether your business receives these tax-free loan funds or not, its tax situation will look very different this year.
Grassi’s Tax advisors hosted a live webinar on May 13 to discuss how the changes to taxable wage base, deductions, incentives and other tax factors will affect both PPL borrowers and non-borrowers.
- CARES Act tax credits available to non-borrowers
- Impact of loan forgiveness on your business tax situation
- IRS ruling on non-deductibility of PPL covered expenses
- Impact of COVID-19 on TCJA provisions, including Section 199A deduction and Section 163(j) business interest expense limitation
- Tax planning for losses and insolvency
- QOZs and other tax savings opportunities in current economic climate
