Tax Law:
IRS Knocks Down PPP Tax Benefit
Published on Fri May 08, 2020
Surprise IRS guidance makes grants less favorable. The complications of COVID-19 funding relief continue to pile up. This time: The Internal Revenue Service has issued a notice negating any tax benefit of the CARES Act Paycheck Protection Program loans/grants. Regarding PPP loans, the law enacted March 27 states that “for purposes of the Internal Revenue Code of 1986, any amount [...]