SBA Office of Advocacy Small Business Virtual Tax Roundtable

The SBA Office of Advocacy is hosting a virtual tax roundtable.

Topic Summaries:

• Discussion of the Federal and State Tax Issues Surrounding PPP Loans

The CARES Act created the Paycheck Protection Program (PPP) to provide loans to small businesses impacted by the COVID-19 pandemic. The SBA and Treasury have implemented the PPP, and as of August 2020 have provided over five million loans of over $525 billion. Although the CARES Act provides that forgiven PPP loans are not included in gross income at the federal level, there are still federal and state tax issues surrounding PPP loans, including the impact of IRS Notice 2020-32, the tax treatment of an EIDL advance, and whether states will tax forgiven PPP loans.

• Open Discussion/Other Small Business Issues

A general discussion and open forum to discuss other current events and regulatory topics of specific interest to small business, including items on Treasury’s Regulatory Agenda, draft proposed and final rules pending review at OMB, and other pending policy and regulatory actions.