Thanks to the PPP, small business owners could face a huge tax bill this year
Many businesses have suffered during this economic downturn caused by the pandemic. You’ve seen it in the media. However, what you don’t hear about as often, are those businesses that haven’t suffered as much. Although they might not have been as profitable, they’ve been able to keep things going.
Yes, they’ve faced enormous challenges, but over the past few months, they’ve managed to operate and keep their people employed.
Many have also participated in the Paycheck Protection Program (PPP). The money businesses have received has been an enormous help for those who are struggling to navigate in these unprecedented times.
Unfortunately, the same program that has provided so much help for small businesses, has also created a potentially significant tax problem for those very same beneficiaries.
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This post was created on the basis of Gene Marks's, Opinion Contributor, article for The Hill.