The PPP and Bank Fraud Enforcement Harmonization Act of 2022 gives the government a 10-year statute of limitations for civil enforcement and criminal charges against a borrower with respect to fraud in a Paycheck Protection Program (PPP) loan. The IRS ruled privately that a borrower that misrepresented information in order to improperly obtain PPP loan forgiveness had to include the cancellation of debt in income; it wasn’t tax free in this case. #IdeaoftheDay
Barbara Weltman
Big Ideas for Small Business, Inc.
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