Lou Vlahos, an attorney with the firm Farrell Fritz, has continuously supplied valuable information to JBVal, my clients and to all readers of his blog. Farrell Fritz provides “Legal Updates & Commentary for Tax & Estate Planning”.
His latest is an eye opener on PPP loans and the IRS’ position on taxes. Let us know in the comments below what you thought of his blog post. Have you taken advantage of the PPP loans? Is your loan forgivable? Have you returned the money?
“I am not embarrassed to say that I was excited at the introduction of the bill that would eventually be enacted as the CARES Act.[i] In particular, I viewed the Paycheck Protection Program[ii] as a practical means of getting funds into the hands of those closely held businesses that needed them to survive the present economic downturn”