My client received $1,000 as an EIDL grant in April and then received $20,000 as a PPP loan. I know that the PPP loan proceeds are tax-free and that the proceeds can be used to pay for deductible expenses.
Regarding the $1,000...is that also tax-free under the recently passed legislation?
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Yes, it is treated the same way as PPP. It is not taxable and the expenses are deductible.
Yes, it is treated the same way as PPP. It is not taxable and the expenses are deductible.
If a client only received a EIDL loan for $20K is it taxable?
Not taxable but it is a loan and needs to be repaid.
Thank you much
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