Actual good news (potential, but very likely) for everyone, particularly business owners who took PPP loans:
Senate passed the latest relief bill 92-6, and Trump is reportedly ready to sign same. Yeah, we’ll get some cash, depending on family size, but of particular value is they finally “fixed” PPP, as we hoped they would. Here's the real value for "small" business:
•PPP loans forgiven are not taxable income but the expenses that give rise to forgiveness are tax deductible. So businesses get the best of both worlds, as Congress originally intended.
•The bill language reads in part that “no deduction shall be denied or reduced, no tax attribute shall be reduced, and no basis increase shall be denied, by reason of the exclusion from gross income.”
•PPP loan recipients of $150,000 or less are granted automatic loan forgiveness.
•Within 24 days, the SBA is expected to release guidance on a required one page certification that eligible recipients will need to complete.
This is great news and will save participating businesses thousands, and a bunch of wasted compliance time, assuming one hasn't already completed loan forgiveness documentation which is now no longer necessary.