PPP Loans and Taxes: What to Consider Before You File

Denise Gillin Uncategorized

By Kim Slowey for ConstructionDive.com

Tax season is upon us, and for contractors that borrowed money under the federal government’s Paycheck Protection Program last year in order to help their businesses survive the economic hardships presented by the COVID-19 pandemic, there are a few issues worth noting.

The biggest impact to their 2020 corporate tax returns filed this year will be that, after a lot of back and forth, those receiving forgiveness for the loans will be able to deduct the expenses allowed under the program.

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