PPP Loan taxed or Non-Deductible? Photography Studio Answers

Did your photography studio request a PPP Loan? Is it taxable income? Can you deduct expenses?

The short answer is… it’s not taxable income but the expenses you have and pay with it, won’t be deductible.

On the bright side, it’s free money and you were able to pay 100% of an expense.

https://www.cnbc.com/2020/05/18/small-businesses-wont-be-able-to-deduct-some-expenses-covered-by-ppp.html

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Forgiveness Application: https://home.treasury.gov/system/files/136/3245-0407-SBA-Form-3508-PPP-Forgiveness-Application.pdf Our Website and Resources: https://thehighrollersclub.io/

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