The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) provides emergency assistance to individuals and businesses affected by the Covid-19 pandemic through a series of measures including the Paycheck Protection Program. The Paycheck Protection Program authorized the SBA to lend up to $349 billion in forgivable loans to small businesses during the crisis. Congress subsequently passed the Paycheck Protection Program and Health Care Enhancement Act (“PPP Enhancement Act”) after the program exhausted all committed funds. The PPP Enhancement Act appropriated another $310 billion to the Paycheck Protection Program.
In a Texas Tax Lawyer article from the spring 2020 issue, Juan F. Vasquez Jr., Jaime Vasquez and Victor Viser wrote about "Who CARES About Tax Issues for Small Business: A Review of the Tax Forgiveness, Tax Deduction, and Other Tax Issues Associated with the CARES Act’s Paycheck Protection Program (“PPP”)." A copy of the article is included below.