September 2022
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, passed by Congress in March 2020, created a system of small business loans known as the Paycheck Protection Program (PPP). The purpose of the program was to provide funds to businesses so they could continue paying employees during the COVID-19 pandemic. It found that a taxpayer received loan forgiveness despite not being eligible, and concluded that the forgiven loan amount should not be excluded from their taxable income.
