State Says Federal PPP Loans Are Tax-Exempt for 2020 Tax Season

On Feb 10, 2021

Federal Paycheck Protection Program (PPP) loans given to New Jersey businesses to help them during the COVID-19 pandemic will be exempt from state taxes, and any business expenses paid using PPP money remain deductible for the 2020 tax season. 

Gov. Phil Murphy and Treasurer Elizabeth Maher Muoio made the announcement late Tuesday, saying the state would follow the lead of the federal government, which has already said  that PPP loans are exempt from federal taxes. Businesses can have PPP loans forgiven if certain conditions are met. Continue reading…

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