Cross-posted from Freelancers Union Blog
[by Jonathan Medows]
The recently passed $900 billion stimulus package is now law. There are several key components of the legislation, including a new round of funding via Paycheck Protection Program (PPP) loans, which can help your freelance business if your income has been negatively impacted by the pandemic. However, you should be aware of how participating in these programs (now or if you accessed them previously) may impact your freelance taxes.
Here is an overview of what freelancers can expect with this new round of “PPP2” funding and how it may impact their taxes.
Who is eligible for the new round of PPP2 loans?
Under the new law, first-time borrowers from the following groups can apply for PPP finding:
Related Video: Town Hall: Changes and Updates on PPP Loans, the EIDL Program, and Your Questions Answered [MemberLogin Required]