Article by Juan Vasquez, Jr., Jaime Vasquez, and Victor Viser on "Congress Adds ‘Flexibility’ to Loan Forgiveness and Corresponding Tax Consequences"
The House and Senate recently passed the Paycheck Protection Program Flexibility Act (Flexibility Act). Signed into law by the President, the bill addresses many of the issues small businesses have with their Paycheck Protection Program loans, particularly the lack of autonomy over how and when expenses can be made and still qualify for loan forgiveness.
In a Bloomberg Tax article from June 5, 2020, Juan F. Vasquez Jr., Jaime Vasquez and Victor Viser explain the key provisions of The Flexibility Act, including the expanded coverage periods, exclusions and other changes to the Paycheck Protection Program.
To view the full article, click here: https://news.bloombergtax.com/daily-tax-report/insight-congress-adds-flexibility-to-loan-forgiveness-and-corresponding-tax-consequences