![]() “operations expenses” defined as payments for business software and cloud computing services and other human resources and accounting needs that facilitate business operations Tax Treatment: The new law overturns the IRS ruling and provides that regular business expenses paid for with PPP loan proceeds shall be deductible for tax purposes (applies to past and future loans).Įxpanded List of Expenses Qualifying for Forgiveness: The list of expenses that PPP funds can be used for that qualify for loan forgiveness has been expanded to include: How Do New Changes Impact My Existing PPP Loan? ![]() ![]() Which Changes to Other Programs That May Help My Small Business Have Been Changed?ġ.I Exhausted My Initial PPP Loan, How Does This Help Me?.How Do These Changes Impact My Existing PPP Loan?. ![]() Here’s everything small business owners need to know now: Other changes impact eligibility for initial PPP loans, the loan forgiveness process, and the tax treatment of PPP loans.Ĭongress has also made changes to other programs – including Economic Injury Disaster Loans (EIDL Program), the Employee Retention Tax Credit, a Venue Grant program, and SBA loan programs –that will benefit small businesses. *As of May 31st, 2021, the Paycheck Protection Program (PPP) is no longer accepting applications.Īs part of an end-of-year pandemic relief package, Congress has passed several changes to the Paycheck Protection Program (PPP) and created a “Second Draw” PPP for small businesses who have exhausted their initial loan. ![]()
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