On Friday, February 5, 2021, the Pennsylvania House and Senate unanimously passed a COVID-19 Relief Bill that allocates Pennsylvania’s share of $912 million in Federal funding. Included in this Relief Bill is a clause that states Pennsylvania will NOT tax PPP loan funds that have been forgiven.
This is good news! With this passage, PPP loan forgiveness funds will NOT be taxable income for either Federal or Pennsylvania income tax purposes.
Please reach out to your Walz Group Professional with any questions or concerns.