New Pennsylvania Bill Aligns with Federal Tax Treatment of Forgiven PPP Loans
On February 5, 2021, Governor Wolf signed into law Act 1 of 2021 (SB 109), which, among other things, provides clarity and relief for Pennsylvanians who received Paycheck Protection Program (PPP) funds. It was made clear the forgiveness of a PPP loan will not result in Pennsylvania personal taxable income.
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