Alaska Small Business Development Center

IRS Advises That Improperly Forgiven Paycheck Protection Program Loans Are Taxable

October 10, 2022

The IRS recently issued guidance addressing improper forgiveness of a Paycheck Protection Program (PPP) loan. The guidance confirms that, when a taxpayer’s loan is forgiven based upon misrepresentations or omissions, the taxpayer is not eligible to exclude the forgiveness from income and must include the portion of the loan proceeds that were forgiven based upon misrepresentations or omissions.

Read the full article from the IRS.

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