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  • Home
  • MEMBERSHIP
    • Our Members
    • Member Benefits
    • Membership Dues
    • Apply for Membership
    • Member Spotlight Form
    • Member Directory
  • MEMBER TOOLS
    • Hiring With Career Plug
    • Job Board
    • Steel Pros Training Portal
    • Craft Training & Apprenticeship
    • Worker's Comp Insurance
  • EVENTS & AWARDS
    • Upcoming Events
    • SEAA Convention & Trade Show
    • Trade Show Exhibitor Info
    • GOLF TOURNAMENTS >
      • Dave Schulz Memorial Golf Tournament
      • George Pocock Memorial Golf Tournament
    • Career Fair
    • Meetings
    • Webinar Registration
    • Awards >
      • Project of the Year
      • Craft Training Award Submission
      • Safety Excellence Award Submission
      • William Davis Service Award
      • Person of the Year
      • Past Winners
  • NEWS
    • Industry & Safety Info
    • Publications
    • Connector Archives
    • Webinar Archives
    • Photo Gallery
    • Subscribe
  • RESOURCES
    • Safety Stand-Down
    • Steel Day
    • Hard Hat Sticker Contest
    • Online Store
    • Downloads
    • Industry Links
    • MEMBER DIRECTORY
  • ABOUT SEAA
    • Steel Strong!
    • Leadership
    • Our History
    • Get Involved
    • Contact Us
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What the New IRS Guidance Means for Your Firm's PPP Loan

12/1/2020

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The United States Internal Revenue Service (IRS) has released several items containing guidance related to Paycheck Protection Program (PPP) loans—specifically for businesses planning to seek forgiveness for the loans.


In short, the IRS says that since businesses will not be taxed on the proceeds of a forgiven PPP loan, if a business reasonably believes the loan will be forgiven in the future or the business qualifies for forgiveness, costs related to the loan can not be used as a tax deduction for federal taxes. If the business expects the loan to be forgiven, and the loan is not, in fact, forgiven, the business will be able to deduct the costs from its taxes.  

Click here to read the entire article.

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Steel Erectors Association of America 
353 Jonestown Rd
Suite 207
Winston-Salem,  NC 27104
Phone: (336) 294-8880
info@seaa.net
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