SALT Alert Texas Margin Tax Update Paycheck Protection Program (PPP) Loans
By EsqSocial Corporation 13/05/21
On May 5, 2021, the Texas Governor signed into law House Bill 1195, which excludes federal PPP loans forgiveness as revenue for Texas Margin Tax (the “Margin Tax”). In response to the COVID-19 pandemic, the U.S. Congress enacted legislation providing economic relief to businesses through the paycheck protection program , which allowed businesses to secure forgivable loans and grants in order to continue paying employees while operations were impacted due to the pandemic. While PPP loans may be...
By: Freeman Law