The Texas Tax Lawyer of the State Bar of Texas Tax Section published an article by Chamberlain Hrdlicka tax attorneys Juan F. Vasquez, Jr., Jaime Vasquez, and Victor J. Viser on "Navigating the Paycheck Protection Program (PPP) Loan Forgiveness Application, Lender Review and Government Audit Process, and Corresponding Tax Consequences."
The Paycheck Protection Program (“PPP”) is part of the most prominent governmental response to the novel coronavirus and subsequent COVID-19 pandemic in 2020. Most businesses that have received PPP loans are preparing to begin or have already started the loan forgiveness application process. Applying for and receiving the appropriate amount of loan forgiveness is critical to the PPP’s ultimate success as most businesses applied for PPP loans with the assumption that the loans would be forgiven. Any failure to attain appropriate loan forgiveness could result in businesses faltering, which could affect employees, their families, and communities as a whole.
To read the article, click on this link.