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Joe Marconi

SBA Loans and PPP may have tax implications!

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I am not accountant and I do not know the tax laws in every state, but it is important that you meet with your accountant way before the end of the year if you received and used an SBA or PPP Loan.  Loans used to pay bills may not be used as a deduction on your tax return, and may result in increased taxes. Again, DO NOT TAKE MY ADVISE as an accountant.

I plan on meeting my accountant in October to review all the tax implications for my 2020 Tax return. 

AND, the SBA may change rulings, so stay informed and seek professional guidance. 

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