Small Mom-and-Pop Businesses That Took PPP Loans May Face a Surprise Tax Bomb
Share
[aggregation-styles]
CNBC
CNBC
While the federal Covid relief bill addresses a key concern for small businesses with forgivable loans, these firms could still face a tax hit — this time on their state returns.
In addition to pledging stimulus checks to American households and providing a $300 boost to unemployment payments, the new Covid bill offers aid to ailing small businesses in the form of a second forgivable loan from the Paycheck Protection Program.
Generally, borrowers may be eligible for PPP loan forgiveness if at least 60% of the proceeds go toward payroll expenses. Partial loan forgiveness may be available to those who fall short of the threshold.
By Darla Mercado | 29 Dec 2020
RELATED TOPICS:
Staged Crashes and Insurance Fraud: Is Your California Commute a Target?
Crime /
57 minutes ago
Get Off the Phone! Fresno Police Target Distracted Driving
Local /
2 hours ago
Federal Reserve Chief Says Trump Tariffs Likely to Raise Inflation and Slow US Economic Growth
Economy /
2 hours ago
The NBA’s Playoff Chase Enters Its Final Days. Here’s a Look at What’s Happening
Sports /
2 hours ago
USC’s JuJu Watkins Named AP Player of the Year After Historic Sophomore Season
Sports /
2 hours ago
Dodgers’ Freddie Freeman Lands on Injured List Following Fall in His Shower at Home
Sports /
2 hours ago
How Trump’s Latest Tariffs Could Affect Your Wallet
Economy /
2 hours ago
Curry Scores 37 Points and Warriors Beat Lakers in a Potential First-Round Playoff Preview
Sports /
2 hours ago
Tulare County Man Arrested After Firing at Deputies During Eviction Attempt
A Porterville man accused of opening fire on Tulare County Sheriff’s deputies during an attempted eviction was arrested late Thursday, autho...
Crime /
16 minutes ago
Categories
Latest
Videos

Crime /
16 minutes ago
Tulare County Man Arrested After Firing at Deputies During Eviction Attempt

Opinion /
51 minutes ago
Trump Just Bet the Farm

Crime /
57 minutes ago
Staged Crashes and Insurance Fraud: Is Your California Commute a Target?

Local /
2 hours ago
Get Off the Phone! Fresno Police Target Distracted Driving

Economy /
2 hours ago