We are pleased to present below all posts archived in 'November 2020'. If you still can't find what you are looking for, try using the search box.
Mike Crabtree, CPA, Partner, was quoted in a Nov. 27 Star Tribune article entitled, "Small businesses that took PPP aid may face a tax problem." Crabtree stated: "The word from Congress at the time was this is going to be a forgivable loan and it says right in the CARES Act that it's not income. People were thinking it's like a government grant, essentially a shot in the arm to help them through this rough time," he said. "But as they decided to create the disallowance of the expenses, then it might not be helping keep these businesses afloat. It was called the Paycheck Protection Program, with the idea that the money would go to employees and keep them off the unemployment line. That's generally what happened. As far as the health of the business itself, this isn't really doing as much." Click here to read the full article.
Read the rest of entry »