HopeS
Expert Alumni

After you file

The PPP Loan Forgiveness is reported as tax-exempt income for both  Federal and California. Any money you receive from the loan forgiveness is not part of your gross income and therefore isn’t taxable. Additionally, the payroll and other expenses that PPP loan forgiveness covers are deductible.

 

Please review California FAQ in the link below for additional information:

 

California FAQs for PPP 

 

@tomkamas8378 

 

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