New round of PPP loans

A new year, a new round of PPP loans.

The good news is that the PPP loans you signed up for last year will not trigger federal income as a result of the offsetting of the expenses. The bad news is that we need to wait for California to conform to this position.

Next up is a second round of PPP loans that if you had a 25% drop in revenue in either quarter 1, 2 or 3 you can apply for a new round of funding. You may also be eligible for local grants through If you have any questions or need documentations (prior years tax returns or other information) please let us know how we can help you!

Posted in Tax