Tax News & Views Practice Post

April 24, 2020

Small Business Loan Warning Doesn’t Get to Heart of the Issue - Eric Yauch, Tax Notes. "The government’s recent guidance that said some large companies that received small business loans should consider giving that money back has businesses wondering if they’ll run afoul of the law’s vague certification standards."

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The Small Business Administration and Treasury updated an FAQ April 23 to clarify that applicants seeking Paycheck Protection Program (PPP) loans that are public companies with substantial market value and access to capital markets likely can’t certify in good faith that they need the loans. The warning wasn’t just for large public companies — the FAQ says all borrowers should carefully review the certification language before applying for a loan.

Tax Foundation Gross Receipts Chart
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