Paycheck Protection Program Second Draw (PPP2) - 2021
PPP Second Draw Application - 01/08/2021
SBA Second Draw - 01/08/2021
Second Draw Overview - 01/08/2021
PPP Round 2: The Highlights - 12/29/2020
This bill includes a new round of PPP loans. These loans will target at-risk industries and small businesses that have suffered the greatest losses during the pandemic.
The bill, signed Dec. 27, 2020, includes provisions eliminating the taxability of forgiven PPP loans and the non-deductibility of related expenses. It also repeals the section of the CARES Act that required EIDL advances be deducted from loan forgiveness amounts. Good news!
Note - Wisconsin
is not following the new Act and will not allow the deductibility of the PPP expenses for 2020 income tax purposes. 02/18/2021 - Wisconsin passes legislation to
exempt forgiven PPP monies from state income tax.
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