Actions to Take After Receiving a PPP Loan

Weaver’s Sonia Desai and Sean Muller talk with Construction Executive Magazine about recent changes in the Paycheck Protection Program and steps that businesses should take after receiving their loan. 

  • The multiple rounds of reform are intended to offer greater relief to business owners and have generally enhanced the program. However, the changes have also introduced questions around the tax treatment of PPP loans and their forgiveness under the PPP. PPP allows borrowers to receive loan forgiveness if the loan is spent on specific categories during the covered period. Eligible PPP expenses now include certain operating expenses (e.g., software and cloud computing expenses), property damage incurred during public disturbances in 2020 that insurance did not cover, certain supplier costs and certain worker protection expenditures incurred to comply with COVID-19 health guidelines.

 

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Sean Muller

Sean Muller

National Practice Leader, Tax Services

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Sean Muller, CPA, has almost 30 years of experience providing tax and consulting services for publicly traded corporations…

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