Demystifying the CARES Act Webinar - April 3, 2020 CARES Act Webinar – BD 4.3.2020 | Page 30

PAYCHECK PROTECTION PROGRAM (PPP)
LOAN FORGIVENESS
Loan forgiveness will not be included in
taxable income
Businesses will be able to convert loan to
"grant" while being able to tax deductions for
same business expenses.
Deductions may contribute to reduced taxable
income, or NOL carryback, so secondary tax
savings.
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