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FORGIVENESS OF PPP LOANS MAY REDUCE R&D CREDIT

Background The forgivable loan program known as the Paycheck Protection Program (PPP) was established by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to provide financial resources to small and mid-size businesses to enable them to maintain payroll and cover certain expenses during the coronavirus pandemic. PPP loans may be forgiven upon application. Although loan forgiveness typically …

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Tax Credits for Building Renovations

According to the Internal Revenue Service, the rehabilitation tax credit applies to costs for rehabilitation and reconstruction of some buildings. The credits do not apply to new construction or additions, but do encompass renovations, restoration and reconstruction. The percentage of rehabilitation costs eligible for the tax credit range from 10 percent to 20 percent, depending …

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