If you have a PPP loan and it is forgiven, the expenses paid with it will not be deductible on your 2020 tax return.
https://apple.news/AWhu-D8RmRh6mHP0QN9mp0w
APPLE.NEWS
IRS: Companies who receive PPP loans will not qualify for tax deductions — The Hill
Sharyn Winfrey-Willard
March 31 at 3:52 PM ·
Thank you Paul Muret for this information on Corona Virus SBA loan info. If you have any questions please contact Paul. In the meantime here is his facebook page Muret CPA PLLC.
Payroll tax credits for employers can greatly help pay your people:
https://www.irs.gov/newsroom/treasury-irs-and-labor-announce-plan-to-implement-coronavirus-related-paid-leave-for-workers-and-tax-credits-for-small-and-midsize-businesses-to-swiftly-recover-the-cost-of-providing-coronavirus
IRS.GOV
Treasury, IRS and Labor announce plan to implement Coronavirus-related paid leave for workers and tax credits for small and midsize businesses to swiftly recover the cost of providing Coronavirus-related leave | Internal Revenue Service
The U.S Small Business Administration (SBA) has now approved the Oklahoma's request for an Economic Injury Disaster Loan Declaration for all 77 counties.
If your business or private nonprofit has been negatively impacted due to COVID-19, you may now apply for an SBA low interest disaster loan at SBA.gov/disaster.
These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.
Visit http://SBA.gov/disaster for more information.
SBA.GOV
Disaster assistance
https://ktul.com/news/local/how-to-handle-a-1099-for-money-you-didnt-receive
KTUL.COM
How to handle a 1099 for money you didn't receive
Catch Rachael with Muret CPA PLLC on Channel 8 news tonight at 10 talking about unemployment fraud and what to do if you receive a 1099 with fraudulent unemployment income for 2020!
Merry Christmas!!!! Two Huge Developments for Small Businesses:
PPP Paid Expenses Are Deductible
Congress overruled the IRS and specifically stated that business expenses paid with PPP proceeds are deductible business expenses. This is a huge win for PPP borrowers.
SBA Made Loan Payments Not Counted as Income – NO 1099s!
Congress fixed this issue!
