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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 Herriman is here to help. Our team of professional tax preparers in Herriman 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 Herriman

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 Herriman that you can rely on.

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

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Get started with Paramount for your tax services in Herriman, UT, recommended by family and friends every time.

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Contact Paramount Tax & Accounting Herriman

Easy Online Booking

Get started with Paramount for your tax services in Herriman, UT, recommended by family and friends every time.

OR

Request Appointment

Contact Paramount Tax & Accounting Herriman
Request Appointment

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 2018 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 385-312-9192 today!


They are effective, quick and accurate. What more could you want.
— Evan Robertson, Posted March 27th 2024 on google
Excellent tax preparation service! Fast efficient, organized! Understands tax laws and utilizes them well to save the client $.
— Denise Clegg (Dede), Posted March 23rd 2024 on google
Nice attention there, good knowledge about the tax, super fast and very well explain, thanks
— Jopher Gonzalez, Posted March 22nd 2024 on google
I was able to get my taxes filed with them very easily and hassle-free. I am all about supporting local businesses. They charged me less than HR block did, and didn't cause me any type of headaches this year. I look forward to filing with them again next year!
— Dana Lee, Posted March 21st 2024 on google
Kyson & Christy are wonderful! They listened carefully to the questions & concerns I had. They were quick and accurate. I trust their work and professionalism. I highly recommend them.
— Joanne Decker, Posted March 21st 2024 on google
Kelli is a true professional who provides all the information and guidance to complete our tax returns as efficiently as possible. We love her!
— mike reid, Posted March 20th 2024 on google
Christy is always amazing. Glad she is here to help us!
— Brennan Bushman, Posted February 2nd 2021 on google
Was great, knowledgeable, friendly. Will never go anywhere else.
— Don Grohowski, Posted March 18th 2024 on google
Prompt responses, professional communication, and knowledgable about my situation. All in all a great experience!
— Matthew Inama, Posted March 16th 2024 on google
Very helpful and knowledgeable, easy & friendly to work with
— Jay Carlton, Posted March 16th 2024 on google
Love Paramount Tax and Accounting. We have been going to Christy for around 10 years. Taxes can seem daunting and she does a fabulous job, Kyson too. My husband owns his own business, so filing taxes sometimes seem too overwhelming. They make the process smooth and are so knowledgeable. Would definitely recommend!
— Stacy Burrup, Posted March 12th 2024 on google
I have been using Paramount Tax for last 4 years, they have been easy to work with. They answer questions throughout the year also.
— Carol Crump, Posted March 11th 2024 on google
Great service, excellent knowledge! You go in knowing you'll be taken care of and not rushed.
— Rito Ramirez, Posted March 11th 2024 on google
easy expirence, they make taxes simple, and super affordable
— Austin Hirsche, Posted March 8th 2024 on google
Friendly staff, personal experience and fast service.
— Byron West, Posted March 8th 2024 on google
Cheisty and team always takes time to answer our questions, helps find the best tax planning options. Easy and convenient appointment times.
— Dusty France, Posted March 6th 2024 on google
Quick and easy! Kelli was very nice and explained all the ins and outs of our tax refund to us. We got a great refund and will be going back for years to come! We used to use TurboTax and never got a very good refund back, but since going to paramount, we get way more back each time! Thank you, Kelli!
— P8 Olsen, Posted March 2nd 2024 on google
Easy to schedule with and very knowledgeable and helpful. We use them for our business and personal tax preparation and filing. Highly recommended!!
— Gabriel Tan, Posted March 1st 2024 on google
Christy and Kelli are knowledgeable about the tax laws, go out of their way to help maximize deductions and are truly awesome to work with
— Tony Rigby, Posted March 1st 2024 on google
This is my second year with Paramount (working with Christy and Kelli) and they’re great! They make the process of filing easy and stress free. I’m a massage therapist and have some small business side work in addition to my typical W2 job and they’re able to file both my personal and business taxes and help me a...
— Wesley Valdez, Posted February 28th 2024 on google
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