The IRS Is Coming for Your Payroll Protection Loan

by Evil HR Lady on May 15, 2020

So many businesses took out Payroll Protection Plan (PPP) loans that the program’s first tranche maxed out in a few days. Many see this as the only way to save their small businesses. Now, the Internal Revenue Service says it wants a cut. 

Typically, wages are tax-deductible, but for those who use the forgivable portion of a PPP loan to pay employees, those wages will be fully taxable, according to a recent IRS ruling

That’s a significant blow to small businesses. Kiplinger’s laid out what the actual costs will look like:

To keep reading, click here: The IRS Is Coming for Your Payroll Protection Loan

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