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

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 Provo that you can rely on.

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

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

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Contact Paramount Tax & Accounting Provo

Easy Online Booking

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

OR

Request Appointment

Contact Paramount Tax & Accounting Provo
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 801-515-3098 today!


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Very professional and attentive to detail. I️ felt like they really cared about making sure my tax filing was done correctly and that I️ understand what strategies they used. Highly recommend.
— Logan Gardner, Posted February 27th 2024 on google
They have done my taxes for the last few years. They have been prompt, helped me understand my taxes, and even strategized with me.
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They did a great job helping with out taxes! They helped us write off everything we could and spend lots of time answering our questions
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Always amazing working with these guys. The process is easy, straightforward and quick.
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My experience at this firm has been exceptional. They are very professional, savvy, and organized. I highly recommend them for anyone with a business or who have dependents with special needs
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LIFE SAVERS! Not only does Paramount do a great job at day-to-day bookkeeping and tax management, but twice now, have jumped in (especially Ashley) to help us with two different challenges. The first being last year, when they spent all the time needed, preparing and showing us how best to manage a State Sales Tax Aud...
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Great experience. Ashley knows her stuff and takes the time to dig in to unique situations.
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Met with Ashley Jefferies. She is friendly, knowledgeable, and helped answer every question I had. Will definitely be using Paramount moving forward!
— Ben Phillips, Posted November 30th 2023 on google
Very detailed and thorough. They are very knowledgeable.
— Tammy Bennett, Posted November 6th 2023 on google
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