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No Rush For PPP
Resources & Tax News
As lenders begin accepting PPP loan forgiveness applications, we urge Borrowers to remain patient and hold off on applying until the SBA, Congress, and the US Treasury issue final guidelines.
The rules will definitely change and you may miss out on extra incentives or experience adverse tax consequences by applying too soon. Most notably, Congress and the US Treasury are negotiating the rules put forth in July 2020 by the US Treasury via Notice 2020-32. The notice states that Borrowers are not allowed to take a tax deduction for expenses paid with tax-free PPP money. There is bipartisan support in Congress to overturn the rule, but either way this ruling directly affects taxable income and may delay year-end tax planning, year-end closing, and filing tax returns.
The forgiveness application and loan repayment deadlines have been extended to accommodate the legislative delays. Borrowers now have up to 10 months to apply for forgiveness after their 8-week or 24-week covered period ends. No loan payments are due during that 10-month period.
We are here to help. Please contact us if you have any questions.
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