April 2021 - 20

MANAGEMENT
PPP Loans and Your Garden Center
The rules are not as complex now that Congress passed a law that clarified interpretations
on PPP loans; here's what you need to know.
By Debbie Eisele
T
he program designed to provide financial relief to
businesses during the pandemic caused confusion for
many businesses during 2020. The Paycheck Protection
Program (PPP), part of the CARES Act, is complex and the
related tax ramifications were not initially clear. On Dec. 28,
2020, Congress passed the Consolidated Appropriations Act,
2021, which clarified the tax ramifications of PPP loans.
However, it is extremely important for businesses to enlist
the help of a professional - a certified public accountant
(CPA) and/or tax attorney - to assist with any tax-related
issues that may arise from obtaining any PPP funds, or if a
business is considering applying for PPP funds.
Conduct Due Diligence
Although CPAs are an asset to any small business, owners
can conduct due diligence and prepare prior to meeting
with a professional advisor. By researching information
ahead of time, businesses may save time and also have a
more comprehensive understanding of potential pitfalls and
benefits from receiving the PPP funds.
When it comes to research, there is a great deal of
information available on the internet, but it is important
20 | LAWN & GARDEN RETAILER | APRIL 2021
to use bona-fide resources to obtain the right information
necessary to handle tax season this year. Here is a short list
of resources and some details that can be used to start any
due diligence on tax planning.
Reputable Resources
First and foremost, go directly to the source - the IRS.
There is an enormous amount of information on PPP on
www.IRS.gov.
Other valuable resources are www.SBA.gov and www.
USChamber.com. Additionally, the U.S. Treasury Department
may also provide businesses with additional information
and helpful hints to review with a tax professional.
In November 2020, the IRS provided a press release that
was somewhat confusing as it related to tax consequences for
businesses who obtained PPP loans, but with Congress passing
the Consolidated Appropriations Act, 2021, businesses have
a clearer picture of the tax ramifications: PPP loans that are
forgiven are not taxable and taxpayers may deduct any expenses
associated with the loan. When filing taxes, businesses should
verify this information with a tax professional to ensure that
this ruling applies to its organization.
http://www.IRS.gov http://www.SBA.gov http://www.USChamber.com

April 2021

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