PPP Taxable in Utah and Other States
The federal government waived taxes on PPP loans, but Utah requires businesses to pay taxes in most situations. Specifically, it is taxable if the PPP/Grant money was used to pay...
25 March, 2021
PPP Forgiveness Tag
PPP Forgiveness and Expenses: State Tax Implications
(authored by RSM US LLP) States may not allow the gross income tax exclusion provided by the federal program, resulting in taxable discharge of indebtedness income....
15 January, 2021
PPP Reopening for First Draw borrowers Jan. 11; Second Draw Jan. 13
(authored by RSM US LLP) Treasury Department and SBA announce reopening dates for Paycheck Protection Program - Jan. 11, 2021 and Jan. 13, 2021....
08 January, 2021
Dec. 2020 Changes to Paycheck Protection Program
Paycheck Protection Program – December 2020 Changes The Consolidated Appropriations Act changes the PPP Loan Program primarily in three ways. First, the Act allows new PPP loan applications to be submitted...
06 January, 2021
New Stimulus Bill and PPP Updates
On Dec. 22, 2020, Congress passed the latest COVID-19 Relief Bill. This is the largest bill ever passed by Congress at over 5,500 pages. It contains over $900 billion of...
22 December, 2020
A Business Guide to the December Coronavirus Relief Package
(authored by RSM US LLP) The package provides additional funding for the Paycheck Protection Program and allows certain borrowers to draw second round of PPP funding...
22 December, 2020
Congress Passes Appropriations Bill, Containing COVID-19 Relief Bill
(authored by RSM US LLP) Last minute negotiations pave way for Congress to pass second major COVID-19 stimulus package with tax law changes and tax extenders....
22 December, 2020
Congress Passes Law Containing PPP Tax Fix; Second-Draw Program
(authored by RSM US LLP) After negotiations go to the 11th hour, Congress passes tax fix for PPP, changes to loan forgiveness and establishes second-draw program....
22 December, 2020
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