Taxability of PPP – Update for Economic Aid Act as of December 27, 2020.
Thank goodness this rule got updated in the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act). The Economic Aid Act was signed by the president on December 27th, 2020. Many small businesses were worried about the tax effect of the PPP on their businesses as it was time to pay estimated taxes for 2020.
This update is an important one - short and sweet! Don't miss the important information!
Review the latest guidance from Treasury here: https://home.treasury.gov/policy-issues/cares/assistance-for-small-businesses
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Disclaimer: This video is intended for educational purposes and should not be taken as legal or tax advice. You should consult with your financial professionals about your unique financial situation before acting on anything discussed in these videos. Clara CFO Group, LLC is providing educational content to help small business owners become more aware of certain issues and topics, but we cannot give blanket advice to a broad audience.