02/03/2022
For those of you that got a PPP Loan and have questions about FILING TAXES... HMU!!
Q: Are business loans considered business income?
A: No, business loans are not generally considered business income. It is money that you have borrowed and are paying back as opposed to money that your company has made.
The one major exception is if some or all of your debt is forgiven by the lender or creditor. The amount that is forgiven would then be considered income for tax purposes.