This article was written on November 23, 2020.  Be sure to check for more developments as time passes. Congress passed the CARES Act last spring, creating the PPP loan program and criteria for loan forgiveness.  The Act specifically provided that any forgiven principal would not result in taxable income, which is usually the case with

In August, President Trump signed an Executive Order to defer withholding and deposit of the employee’s share of Social Security tax, starting September 1st and continuing through December 31st.  The order does not affect income or Medicare tax withholding, nor the employer’s share of Social Security, just the half that is normally withheld from employees’

In March, Congress created an entirely new SBA product, the Paycheck Protection Program (PPP) loan.  It has been a whirlwind ever since, trying to sort out the details and keep up with frequent changes as to how this was going to work. The dust has settled somewhat on the loan application process, but the biggest