If you received PPP funds and have NOT yet applied for PPP loan forgiveness, please review these updates:
- Eligible paycheck protection expenses are NOW deductible (the loan is not income)
- Whether or not your PPP loan is forgiven will affect your 2020 NC tax return and may require an extension of your return
- If you received a PPP loan, you MAY be able to choose between a coverage period of 8 weeks or 24 weeks
Please also note that you should apply for loan forgiveness no later than 10 months from the end of your chosen coverage period. If you do not apply for loan forgiveness within 10 months after end of covered period, you will be required to begin repayments.
Finally, please note that legislative changes now allow for a more simplified application process for many loans.
If you have questions, please don’t hesitate to contact the LifeTime Tax Management office at (919) 465-1265 or info@lifetimetaxmanagement.com, or click here to schedule a meeting with the LifeTime Tax Management team.