Fort Smith Regional Chamber Of Commerce: Arkansas Approves Tax Exemption For PPP Loan Forgiveness

Fort Smith AR

03 March, 2021

4:22 PM

Description

Press release from the Fort Smith Regional Chamber of Commerce: March 03, 2021 Arkansas HB1361, which outlines the tax treatment of certain loans, payments, and expenses related to COVID-19 relief programs, has been passed by the Arkansas Legislature. he tax treatment of certain loans, payments, and expenses related to COVID-19 relief programs, has been passed by the Arkansas Legislature. About $3.3 billion in loans were made to Arkansas businesses in the first round, and about half that is expected for the second round of PPP loans. Previously, loan forgiveness was exempt only from federal income tax, but with the passage of HB1361, loan forgiveness is now exempt from Arkansas state income tax. Economic Injury Disaster Loan (EIDL) advances Subsidies on existing Small Business Administration (SBA) loans Emergency financial aid grants for students Treasury Program Management Authority loan forgiveness (akin to PPP) Grants for shuttered venue operators Read the Bill Read the Bill Read the Bill Read the Bill Landmark CPAs, 3101 South 70th Street, Fort Smith, AR 72903, United States, 479.484.5740 This press release was produced by the Fort Smith Regional Chamber of Commerce. The views expressed here are the author's own.