AccountingBookkeeping for Small Business Assistance Tax Services in Cottonwood Heights , UT

Tax Implications of COVID-19 Small Business Assistance Loans

The coronavirus pandemic has shaken the world in unprecedented ways, particularly economically. In order to prevent total economic crumble, the president signed the CARES Act into law on Friday, March 27, 2020. This act set aside $376 billion to help workers and small businesses in the United States keep their jobs and businesses open. These funds were approved for borrowing from the U.S. Small Business Administration in four new programs:

  • Payment Protection Program (PPP)
  • Economic Injury Disaster Loan (EIDL)
  • Express Loans
  • SBA Debt Relief

Each loan program has different requirements and terms. As the end of the year nears, many business owners that participated in one of these loan programs are wondering what the tax implications will be. While some of these loans are forgivable, the expenses that are paid for with loan funds are not tax deductible. This means that business owners who accepted a loan could face much higher tax payments than usual. As the pandemic has continued, additional orders were signed that have impacted payroll taxes and more.

Understanding all of these implications as you prepare your taxes for this year can be overwhelming. Paramount Tax Services of Cottonwood Heights is here to help. Our team of professional tax preparers in Cottonwood Heights works closely with EAs to ensure the most accurate understanding of tax code and annual implications. We can help you understand how any COVID-19 relief funds will impact your taxes and prepare an accurate return. Additionally, we will ensure you are taking every possible deductible to minimize your total amount owed. Every penny counts, especially in a time of economic hardship. The Paramount Tax team is here to help you!




Tax Implications of Paycheck Protection Program (PPP) for Small Businesses Tax Services in Cottonwood Heights

As the tumultuous year of 2020 comes to an end, many small business owners are left wondering what their tax returns will look like. The unpredictable economic damage caused by the COVID-19 led to the passing of the Coronavirus Aid, Relief and Economic Security (CARES) Act. Through the Paycheck Protection Program, or PPP, this act allotted up to $349 billion in forgivable loans to small businesses for payroll assistance and certain other expenses. If your business applied for a PPP loan, you may be wondering about the tax implications. While loan forgiveness was promised for PPP loans (if at least 60% was used to cover payroll), expenses paid with forgiven PPP loan proceeds are not deductible. That means that expenses that are typically deductible, like utilities and rent, will not be deductible if you used the loan funds to cover them.

PPP loan forgiveness is possible if loan proceeds were used to cover the following expenses:

  • Payroll costs and employee retention
  • Interest payments on covered mortgage obligations
  • Payments for covered rent obligations - Under this covered expense, "lease agreements for real or personal property" is included, which covers equipment and vehicles.
  • Certain utility payments

If you are trying to manage PPP loan expenses as you prepare your taxes, Paramount Tax is the accounantbookkeeper in Cottonwood Heights that you can rely on.

Paramount Tax has professional tax preparers in Cottonwood Heights  that can help ease the worry of doing your taxes.

Request Appointment Now!

Economic shocks are hard to navigate and the implications of this past year are no different. Trying to understand how the PPP loan will affect your taxes is much more difficult on your own. Our talented team of professionals and tax preparers are here to help. From the Trump Tax Plan to Stimulus Checks and now PPP loans, our professionals have worked around the clock to ensure our clients recieve accurate assistance and credible information. Taxes are already overwhelming; you can expect this year’s filing to be doubly frustrating. With help from our expert tax preparers, however, you can rest assured that your taxes will be filed accurately.

Call 385-529-0814 today!


This confidence and trust has been what I have craved for in an expert trader for years now and I am so happy to finally get all this from you MR ARNOLD CLARK for you have proven all what I have heard about you is the true, by investing $500 with Mr arnold clark I made $6,500, it not the profit alone I am glad about bu...
— Log into Facebook | Facebook, Posted April 2nd 2022 on facebook
Josh is AMAZING. I highly recommend Paramount Tax & Accounting for your Bookkeeping AND Taxes. I am always pleased with his/their services. Thank you Josh!
— Christina Thomas, Posted November 19th 2021 on google
I saw Roy today 9/27/2021. Had not seen a good tax accountant since I last saw Roy at his previous location. So Roy has to do a few amended returns and 2020 return for me. Roy is trustworthy, understood my needs and concerns. So glad I found him once more.
— Theresa G. Falzone, Posted September 27th 2021 on google
I'm starting a small business and Josh Pyne was able to provide thorough answers to all of my questions. I really look forward to working with them in the future as my business grows!
— Kirsten Tinko Rogers, Posted September 16th 2021 on google
I met with Josh Pyne over Zoom to get some tax advice. I look forward to implementing his tax strategies.
— Trisha Weaver, Posted August 31st 2021 on google
Maggie was amazing!! She was so kind and helpful and helped fix all of our problems. I am switching to paramount tax and accounting from now on and will be asking Maggie for help again in the future.
— Kyle Hall, Posted August 27th 2021 on google
Roy gave me great advice on a financial issue I was having. I feel so relieved after speaking to him. He was very attentive and helpful in my situation.
— Kelly Nieto, Posted August 27th 2021 on google
Very knowledgeable, helpful and easy to talk to. Looking forward to working with them for all our tax needs!
— Tawnya Prince, Posted August 24th 2021 on google
We love working with Josh and his team. They are great people, extremely knowledgeable, and wonderful resources.
— Dallen Baldwin, Posted July 26th 2021 on google
Josh and Chris at Paramount Tax are awesome. They’re responsive and quick to respond. I really am glad that I switched over to using them rather than staying with turbo tax. They’ve supported me as my business has evolved and growed. 😊
— Alex Lozano, Posted July 21st 2021 on google
Good relatable people. Very helpful.
— David Eaton, Posted June 11th 2021 on google
Great experience. Very thorough and easy to work with.
— Brian Cota, Posted May 11th 2021 on google
This place was amazing. I have been doing my taxes with turbo tax for the last few years. My situation changed this year and turbo tax said I was going to owe around 6000 dollars. I took it to these guys and they ended up getting me a refund of over 4000 dollars!!
— Stewart Russell, Posted April 14th 2021 on google
Josh was extremely helpful answering all our questions and taking care of doubts we might have had about our taxes.
— David Escalante, Posted April 12th 2021 on google
They are the best here. Amazing detail and make things easy to understand!
— B Wil, Posted April 7th 2021 on google
Josh Pyne is very thorough and able to handle our family's multi-state tax concerns.
— Kim W, Posted April 5th 2021 on google
Very good service and super fast. Definitely going back next year!! It made my life easier and more relaxing!!
— Efthymia Symeonidi, Posted March 18th 2021 on google
This was my first year as an independent contractor and I felt overwhelmed on what to do and where to start. Josh explained everything I had questions about and got me a better return than expected. Thanks again, - Arianna D.
— Nathan Katz, Posted March 16th 2021 on google
Josh is so helpful with taxes. I felt incredibly overwhelmed with my business taxes as I was new to filing them. He guided me through everything I needed to bring to him and made the process much easier on me. I highly recommend Josh.
— Ash Parker, Posted March 10th 2021 on google
The guys at Paramount are very friendly. Josh is very informative has mad filing my taxes easy. I would highly recommend them!
— Jeremy Seegmiller, Posted March 8th 2021 on google

Image Description Free 3-Year Tax Review

We review 3 years back to find errors / missed deductions.

Reviews Contact Us

Paramount Experience


Many people do not know how a professional tax firm differs from a tax preparer. The main difference when working with a professional tax and accountingbookkeeping firm, such as Paramount Tax & Accounting - Cottonwood Heights, is that our firm utilizes the services of CPAs, EAs, and Attorneys who are distinguished from other finance professionals by stringent qualification and licensing requirements.

Paramount has worked hard to create relationships to deliver the value that our clients expect. In fact, our goal is to be the No. 1 Trump Tax Plan Finance firm in Cottonwood Heights . So when you ask yourself, "Where can I find accountingbookkeeping services near me?"... think no further than Paramount Tax & Accounting - Cottonwood Heights!

Free Consultation 385-529-0814

Upgrade to Tax & AccountingBookkeeping Firm


Whether you are filing personal taxes or you own a business, if you are not already using a professional tax and accountingbookkeeping firm, you have most likely already missed out on major tax benefits, deductions and credits. This is because a professional tax and accountingbookkeeping firm utilizes licensed professionals such as CPAs, EAs and Attorneys, who can not only advise individuals on personal financial matters but who are qualified to advise businesses, financial institutions, nonprofit organizations and government agencies on a wide range of financial topics. Our strict standards ensure that we understand the complicated tax laws and how to implement strategies that return the most benefits to individuals and businesses. Give Paramount Tax & Accounting - Cottonwood Heights a call or visit our tax and accountingbookkeeping firm in Cottonwood Heights for a free consultation.

Individual Tax Preparation Business Tax Preparation

Why Choose Paramount Tax & Accounting - Cottonwood Heights?

Through dedication to the three underlying principles of professionalism, responsiveness and quality, Paramount is committed to providing outstanding service to our clients.

Bookkeeping Services in Cottonwood Heights

Bookkeeping Services in Bountiful Paramount Tax is now offering financial and tax franchises across the US!

Let us make our success into your success!

Franchise Information Call: 801-784-6677