|
North Central Illinois | If you had schedule "F" Income you qualified for a PPP loan. I believe initially, you had to have employees to qualify but a few weeks later it was changed or a least clarified that you would qualify with Schedule "F" income. If you lost money in 2019 you would not qualify. That makes a lot of sense right? As far as the loan being taxable it was apparently not the original intention of Congress for it to be taxable but the IRS soon latched onto it and decided that the loan itself would not be taxable but any expenses paid with that loan could not be deducted in affect making it taxable. Now from what I understand the bill passed in December makes it 100% non taxable. Until the loan is forgiven it is merely considered a loan and would not have been taxable anyway until forgiven. That point is moot after the bill passed in December. | |
|
PPP and taxes.
