The new Paycheck Protection Program (PPP) law enacted with the stimulus package adds dollars to your pockets if you have or had PPP money.
Further, if you are going to apply for PPP money for the first time, the favorable rules in this article apply to your newfound tax-free money.
Before we go further, please note the PPP money comes to you in what appears to be a loan. We say “appears” because you typically pay back a loan.
But done right the PPP loan is 100 percent forgiven. The word “loan” makes some businesses leery of this arrangement. Don’t be. The PPP monetary arrangement is a true “have your cake and eat it too” deal.
And this remarkable deal applies to your past PPP loan, the PPP loan you have outstanding, and the PPP loan you are about to get if you have ... Log in to view full article.