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Business & farm
You may be talking about the Paycheck Protection Program but there were other programs available in different localities.
Under the Paycheck Protection Program, if you meet the qualifications of the program, some or all of the proceeds "you receive from the loan forgiveness is not part of your gross income and therefore isn’t taxable."
If you are talking about programs other than the Paycheck Protection Program, you would have to investigate the specifics of each program.
However, this is a fast-changing area of tax law. Be sure to check here for the most up to date tax information and changes.
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January 31, 2021
12:59 PM