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" ... But now, the bad news: When? When does the shareholder increase their basis for the forgiven loan? The most logical conclusion is that when the PPP loan is first made, it is just that – a loan. It is only when forgiveness is granted that the loan converts into tax-free cancellation of debt income. And that, of course, means that the basis increase won’t happen until the debt is forgiven, which in many cases, including our hypothetical, won’t happen until 2021. ... "
" ... Neither forgiven PPP loans nor EIDL grants will be taxed. And if you used your PPP or EIDL grant to pay business expenses that are normally deductible, you can take those deductions just like you would have last year before Covid-19 turned our world upside down. ... "
" ... One economic trend many economists are fond of forecasting is an uptick in inflation. They could be forgiven for doing so granted the amount of liquidity in the global system. However, those promising an uptick in inflation, in addition to the many central banks that are mandated to bolster inflation – notably the European Central Bank - have failed to see it pick up. ... "
" ... Writ large, the new PPP round has the same requirements for having the loan forgiven and turned into a grant. Borrowers still have to use 60% of the funds on payroll and 40% on expenses over a 24-week period. In a positive development, borrowers of loans of $150,000 or less can “check the box,” self-certifying they used funds according to regulations, making the application process much simpler. ... "
" ... You might be forgiven for getting excited whenever NASA announces a finding that has to do with the possibility of alien life. ... "