Jan. 19, 2021: Paycheck Protection Program Application and Use Insights

In this week’s Tax Credit Tuesday podcast, Michael J. Novogradac, CPA, is joined by Megan Murphy, a principal in Novogradac’s Philadelphia metro office. They discuss additional funding for the Paycheck Protection Program (PPP) that was authorized by Congress. They share insight about who is eligible for a PPP loan, what expenses are eligible and how loan amounts are calculated. Next, they discuss PPP loan forgiveness and what small businesses should take into consideration when preparing a PPP loan application. They wrap up with discussion of tax considerations for small businesses that receive a PPP loan.