Free 3-Year Tax ReviewPay Our FeeFind a Location
801-890-4777 Locations Locations Schedule

Accounting for Small Business Assistance Tax Services Near You

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 is here to help. Our team of professional tax preparers works closely with professionals 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 services team is here to help you!



Tax Implications of Paycheck Protection Program (PPP) for Small Businesses Tax Services Near You

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 accountant that you can rely on.

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

Request Appointment Now!
Texting Terms and Conditions

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 professional tax preparers are here to help. From the 2018 Tax Plan to Stimulus Checks and now PPP loans, our accountants 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 801-890-4777 today!

Ron and his team were amazing! We used them this year for our taxes and boy did he not disappoint!! We knew we were gonna have to owe money this year, but he helped drop our amount, and gave us great tips for next year! Highly highly recommend Paramount Tax and accounting!
— kimberlee Schubert, Posted February 19th 2025 on google
First Class service with a heart of gold! Thank you Ron
— Val, Posted February 18th 2025 on google
I have used Paramount for two years now. They have been attentive to my concerns and questions. Last year, Doug went over my return twice to find additional deductions. Talena is quick to respond to my questions.
— Rich Robison, Posted February 18th 2025 on google
I've used paramount for years, It is 100% worth it! Doing taxes has become so much less stressful and they always work to get you the best return you can! I've worked with multiple accountants there and all three have been great!
— Isaac Parker, Posted February 18th 2025 on google
We met with Jon and Braden today to file our 2024 taxes and they were both amazing. They were both very knowledgeable and walked us through every section of our taxes, including small business filing. We will absolutely continue to use them in the years to come.
— Bonnie Grigoratos, Posted February 17th 2025 on google
Braden and John are AWESOME. They were super patient, and walked us through expenses and the current tax landscape for businesses. They are our tax team going forward bar none. (Bonus points for going over the benefit of brushing one's teeth regularly).
— William, Posted February 17th 2025 on google
I’ve been going to Paramount since 2022 and and my experience gets better and better each year. 2023 I worked with Braden Thompson and he was amazing to work with especially with my small business. He was able to find every possible way to benefit my business and more. I went back to Paramount this year to file and t...
— Fetaiaki Manuatu, Posted February 17th 2025 on google
They are very patient and thorough. As someone who doesn’t know what they’re doing this was very important for me. They took the time to explain options and put forth more effort than the last two companies ive worked with.
— Alex Croteau, Posted February 16th 2025 on google
Absolutely incredible team, Talena was a lifesaver every year I used them and have made taxes incredibly easy and painless
— Cody Kimball, Posted February 14th 2025 on google
Love Paramount tax and accounting. I've been using them for a few years now. They helped me save a bunch in taxes and they are also very responsive when I need their help. Highly recommend!
— Kyle Pierce, Posted February 14th 2025 on google
It would not be at all dramatic to say that this tax firm changed my life. I have been a client since 2021 and will never go back. PI am a one woman small business (self employed hairstylist) and with the help of Paramount, tax season has quickly turned from an absolute nightmare to just another easy breezy day. I cann...
— Kaitlyn Pia, Posted February 12th 2025 on google
Talena was super helpful and knowledgeable.She knew the best route to take for our situation.
— wes thygerson, Posted February 12th 2025 on google
I would highly recommend Paramount Tax & Accounting! They are extremely nice and super helpful and knowledgeable!
— Ashley Makowski, Posted February 12th 2025 on google
I couldn't be happier with the service they provided, fast, friendly and professional
— Douglas Yocom, Posted April 11th 2022 on google
Excellent job, helped out a lot. Fair price for the service.
— roger sprague, Posted February 11th 2025 on google
Fair, knowledgeable, efficient and kind. We are repeat customers because of the professional job they did for us last year.
— Perri Marlowe, Posted February 10th 2025 on google
Making an appointment was easy and they helped guide us through the tax process and complete our return. They helped us identify ways to reduce our tax burden. Thank you!
— Adam Humpal, Posted February 8th 2025 on google
I was worried about doing taxes since our original one we had for many years had stepped away from the industry. Paramount made the on boarding eerily seamless. Darrin was fantastic with navigating with my spouse and I through the process. Patient when I had questions/concerns. I look forward to future work with him an...
— Drea Hymas, Posted February 5th 2025 on google
Jeff was very helpful and easily explained the ways to fix the problems with my taxes. Highly recommend Paramount Tax!
— Michael Welling, Posted February 5th 2025 on google
I had the pleasure of working with David for my tax filing for the last 3 years, and I couldn't be more impressed. He answers all my questions, and even provides valuable advice on how to optimize my tax situation for the future. What really stands out is his attention to detail and commitment to ensuring everything is...
— Caitlyn Fabrizio, Posted February 3rd 2025 on google
2018 Tax Plan Accounting Firm awards

Winner! 2017 Angie's List Super Service Award.

Testimonials Awards

Paramount Experience

Many people do not know how a professional tax and accounting firm differs from a bookkeeper or tax preparer. The main difference when working with a professional tax and accounting firm, such as Paramount Tax, is that our firm utilizes the services of licensed tax professionals 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 2018 Tax Plan Accounting Firm firm in America. So when you ask yourself, "Where can I find 2018 Tax Plan Accounting Firm services near me?"... think no further than Paramount Tax!

Free Consultation 801-890-4777

Upgrade to Tax & Accounting Firm

Whether you are filing personal taxes or you own a business, if you are not already using a professional tax and accounting firm, you have most likely already missed out on major tax benefits, deductions and credits. This is because a professional tax and accounting firm utilizes licensed professionals 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 a call or visit our tax and accounting firm for a free consultation.

Individual Tax Preparation Business Tax Preparation

Find a location near you...

Arizona
California
Colorado
Connecticut
Florida
Idaho
Illinois
Kansas
Maryland
Massachusetts
Nevada
New Hampshire
North Carolina
Oklahoma
Pennsylvania
Tennessee
Texas
Utah
Virginia
Wisconsin
tax franchise

Paramount Tax is now offering financial and tax franchises across the US!

tax accounting franchise

Let us make our success into your success!

Franchise Information 801-890-4777

Franchise Inquiry

Texting Terms and Conditions