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

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 West Jordan that you can rely on.

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

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

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Contact Paramount Tax & Accounting West Jordan

Easy Online Booking

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

OR

Request Appointment

Contact Paramount Tax & Accounting West Jordan
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 801-899-3350 today!


Jenny makes doing taxes quick and painless. I’ve been going to her for the last few years and really appreciate the guidance she gives us.
— Brynn Davis, Posted April 10th 2023 on google
Always knowledgeable and helpfull. Does an excellent job at finding those certain things that will help save me money. Jenny does an outstanding job and is always pleasurable and efficient. She does my complicated taxes in 30 min so it saves me time. Thank you
— Taylor Gronlund, Posted April 18th 2023 on google
This is our 3rd year filing with Paramount. Jenny has always been so helpful and patient with us. They’ve helped eliminate the stress from filing our taxes.
— Cheyenne Holt, Posted April 8th 2022 on google
Jenny is the best!! Highly recommend Paramount Tax & Accounting!
— Jonesmoto, Posted March 22nd 2024 on google
A friendly, organized, efficiently run business. I uploaded everything to their web portal, answered a few questions from the staff via text message, and then sat with Jenny for a 30 minute online meeting where the completed tax return was explained to me. Any questions I had were patiently answered. After self fili...
— Frederick Federer, Posted March 21st 2024 on google
This is my 3rd year having Paramount Tax do my taxes and I am so pleased. I have had other accountants help me in the past and I have done them myself. I’ve never gotten as much back and they made it as simple as a 20 minute meeting to finalize everything. I really appreciate their help and the great service!
— David Bird, Posted March 19th 2024 on google
Great experience. Very informative and knowledgeable which I was looking for in my tax preparation. Definitely will continue having my personal and small business taxes done through Paramount!!’n
— Nick May, Posted March 18th 2024 on google
We found Jennie through Google and were skeptical about so many positive reviews. She and the company earned every five star and more! They were quick and efficient in the days leading up to our appointment. That made the actual face-to-face so enjoyable and engaging. This was the easiest and best tax refund experience...
— Krista Hansen, Posted March 15th 2024 on google
Mrs. Beynon has a very good background in tax preperation. She is very professional and did a very good job on my taxes.
— Steve Jackman, Posted April 6th 2020 on google
Professional and friendly, really appreciate the great job they do for us each year.
— Janell Hendrickson, Posted March 14th 2024 on google
The best place to go for your taxes. Very professional and talented team.
— Trent Pettry, Posted March 8th 2024 on google
Jenny at the WJ office did a wonderful job. Super quick and efficient. Really knew her stuff.
— Jeanine Metcalf, Posted March 7th 2024 on google
Jenny is top notch and so helpful with doing our taxes. It’s nice to feel confident we are getting the best of the best when we are done. Thank you Jenny!!!!
— Ashley McClelland, Posted March 6th 2024 on google
I have been going to Paramount to file my taxes now for four years and love the simplicity of it all. Jenny is very knowledgeable and fun to work with.
— Carlee Wallace, Posted April 30th 2021 on google
Made Tax Prep quick and easy
— Garin Tassainer, Posted March 5th 2024 on google
This is our second year going to Paramount tax and won't be our last. Jenny and her staff are great! She explains everything to you and is very knowledgeable. I would highly recommend them to anyone wanting some help with their taxes.
— Nicole Anderson, Posted March 5th 2024 on google
Awesome people and very friendly. JENNIFER was very nice and knowledgeable.She answered all are questions and helped us with suggestions and recommendations for upcoming tax year. Loved the experience and will definitely see them next year.
— Joaquin Flores Jr, Posted March 1st 2024 on google
Jenny was amazing help. Place is easy and quick for taxes. I was even able to get help during closed hours. I would highly recommend.
— Allen Ruiz, Posted February 27th 2024 on google
I've had Jenny do my taxes for the last several years. She is professional and very knowledgeable. I really appreciate her help!
— Magyn Colledge, Posted February 27th 2024 on google
While I usually file my own taxes, this year I had a few situations that I wanted a professional to review. Jenny was super thorough with answering any of my questions and walking me through my filing. If I ever have complex filings again, I will most certainly be back!
— Heather Ham, Posted February 27th 2024 on google
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