Tax,
Labor/Employment
May 8, 2020
Can you write off salaries paid with Paycheck Protection loans?
The federal Paycheck Protection Program was meant to help small businesses keep their employees on payroll, and to pay utilities, rent, interest, health insurance and pension contributions.
Robert W. Wood
Managing Partner
Wood LLP
333 Sacramento St
San Francisco , California 94111-3601
Phone: (415) 834-0113
Fax: (415) 789-4540
Email: wood@WoodLLP.com
Univ of Chicago Law School
Wood is a tax lawyer at Wood LLP, and often advises lawyers and litigants about tax issues.
The federal Paycheck Protection Program was meant to help small businesses keep their employees on payroll, and to pay utilities, rent, interest, health insurance and pension contributions. The PPP loan maximum is generally 2.5 times the monthly average for a business's last 12 months (or 2019) expenses for payroll, health insurance and pension contributions. A key allure of the program is that the loan can be forgiven under certain conditions.
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