Did you receive money from a lender under the existing Paycheck Protection Program (PPP)? If so, you may qualify for more tax-free money.
But first, let’s clarify what’s happening. When you think of the PPP program, do you think “tax-free money” or do you think “loan”?
Think “tax-free money.” That’s what it is. And it’s easy.
Sure, it comes in the form of a loan, and you could be under the mistaken impression that you have to pay it back—but you don’t. You just have to use 60 percent or more of it for defined or deemed payroll. That’s good news part 1.
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