Yesterday (May 5, 2020), Ed Zollars published an article on the Current Federal Tax Development blog that there are just two days before the May 7 due date to return PPP loan funds to gain the presumption that the borrower had made a good faith representation that the loan was necessary. The SBA has granted a one-week extension on that deadline in an update to the Payroll Protection Program loan FAQ. Read this article here.
Home The Tax Strategist Tax Planning SBA Extends Deadline to Repay PPP Loans to Avoid Having to Demonstrate...
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