Changes to the Paycheck Protection Program (PPP) continue as we move through the summer.
PPP and taxes
As of July 1, PPP and unemployment are no longer taxable in Minnesota. If you already filed for 2020, wait to take any steps until you hear from MDR. For most taxpayers, the adjustment for PPP state-level taxation will be automatic.
New SBA forgiveness portal
For PPP forgiveness, the Small Business Administration announced a pilot of a new direct PPP forgiveness portal. If a PPP borrower has a loan of $150,000 or below and worked with a lender that opted into SBA’s new portal, then the borrower can apply for forgiveness directly with SBA instead of using their lender’s system. The portal is available here and is open to all qualifying borrowers on August 4.
Read more about these changes on the Agricultural Business Management blog.