Regulatory and Industry News Alerts from Armanino

PPP Loan Federal & State Tax Implications

by Alex Thacher, Jenn McCabe
January 18, 2021

(Updated May 13, 2021)

If you’ve received a Paycheck Protection Program (PPP) loan, you may now be planning to file your 2020 tax returns.  The answer as to whether the loan amount is viewed as income and whether it can be deducted varies by state, and deductibility can be a source of confusion.

To provide clarity and help you plan accordingly, we’ve created a state-by-state table showing the tax implications of PPP loans.

ppp-loan-federal-state-tax-implications

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Authors
Alex Thacher - Partner, Tax - San Jose, CA | Armanino
Partner
Jenn McCabe - Partner, Outsource HR - El Segundo CA | Armanino
Partner
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