COVID-19 News Round-up for February 19th

Credit: AZ Big Media

Budget, Policy & Stimulus News 

Six Things to Know About PPP Loans, Taxes 

Arizona Certified Tax Law Specialist Giselle Alexander recently offered up six things businesses should be aware of concerning Paycheck Protection Program loans and taxes. In summary: 

  • Expenses paid for with loan proceeds are deductible; 
  • Forgiven PPP funds do not have to be included as income; 
  • Employers can take advantage of tax credits for paid leave granted under the Families First Coronavirus Response Act in addition to PPP loans; 
  • Payroll taxes may be deferred under the CARES Act 
  • PPP funds cannot be used to pay business taxes, and  
  • Companies that have applied for PPP loan forgiveness but have yet to receive an IRS decision by the time they file can file an amended tax return. (Source) 

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