IRS rules tax treatment for PPP loan forgiven. Is it Income for YOU?

Article by Forbes.

Most Americans have a lot to be thankful for this year.

The economy is doing well, jobs are plentiful, and most small businesses are doing much better than had been expected.

Things were much worse in the year 2020, when the Coronavirus shut down thousands of businesses, and deprived them of sales revenues, while expenses stayed constant.

The PPP program provided almost $800 billion of forgivable loans to small businesses that enabled them to meet payroll, rent, and other expenses, which were tracked and coordinated so that the loan would be forgiven if properly handled.

Original Article here