The PPP free-cash program to assist businesses during the COVID-19 pandemic is gaining traction and clarity. If you operate your business as a partnership, several recent developments have made the free-cash program more to your benefit.
All in COVID 19
When you are self-employed with no employees, the Paycheck Protection Program (PPP) is a COVID-19 gift designed to help you get through this pandemic. If you now have your PPP funds, we have identified nine insights for you.
Get ready for this: “I’m from the government, and I’m here to help.” Here’s the deal: “I’m going to give you $20,833 today. I want you to give me $5,448 no later than two years from now. You can keep the $15,385 difference, tax-free—no strings.”
It’s true. The lucky recipient could be you
To help your small business, Congress created a lot of new tax-saving provisions due to the COVID-19 pandemic.
Many of my clients own and operate S corporations and expect the tax law to treat them differently, as it does with their health insurance deduction.