By Neil HareLatest guidance for PPP loans allows self-employed businesses and firms with one employee to now ... [+] receive “check the box” loan forgiveness. According to the SBA, there are 3.57 million outstanding PPP loans of $50,000 or less out of the 5.2 million issued, totaling approximately $62 billion of the $525 billion in PPP loans. Those numbers proved too ambitious and the number floated for the potential new stimulus bill was $150,000, a level covering most PPP loans. IRS rule on deducting expenses remains an issueThe main outstanding issue is the deductibility of expenses used with PPP funds. Prior to forgiveness, PPP is a loan and remains one until forgiveness is received.

Source: Forbes October 10, 2020 02:03 UTC