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Update - May 5, 2021: The SBA has stopped accepting PPP applications due to lack of funds. The SBA will continue to fund outstanding applications that have been already approved.
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Do you have to pay taxes on your PPP loan? Will you be on the hook with the IRS for the funding you received with the EIDL advance?

With tax time right around the corner, this is a pretty common concern for small business owners. Digging through IRS publications or trying to decipher information released by the SBA can leave you scratching your head. In today’s video, we will break it all down for you so that it’s easily digestible. We’ll cover how PPP loans and EIDL advances affect your 2020 taxes, so you can be fully prepared when it’s time to file.

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LINKS MENTIONED IN THIS VIDEO:

Visit our website for more small business content:
https://www.merchantmaverick.com/

RS website regarding PPP loans and tax deductions: https://www.irs.gov/newsroom/eligible...

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CREDITS:
Video editing: Richard Chester III
Music and image Credits, Sound effects: motionarray.com - free library - moments of inspirations 912994 and flying beyond 841212
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