PPP was taxable income? I hadn't seen that
by gregmorrissey (2024-02-23 14:57:15)

In reply to: They did this for PPP loans that were forgiven  posted by catripledomer


And, taxable income is a bit of a stretch. It was money to pay employees so it should be a 1:1 offset by an expense deduction so the net tax effect is $0.

Excluding it from taxable income resulted in a gift from the government to the recipient equal to the PPP loan received * the recipient's tax rate.


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