Is the Paycheck Protection Program (PPP) loan forgiveness taxable?
Yes, PPP loan forgiveness is taxable by Minnesota.
When is the Paycheck Protection Program (PPP) loan forgiveness taxable?
PPP loan forgiveness is taxable in the tax year the PPP loan is forgiven.
Can I deduct business expenses paid with Paycheck Protection Program (PPP) loans?
No. There is no adjustment on the Minnesota income tax returns for expenses paid with a PPP loan.
Where do I report my PPP loan in my MN return?
- State Section
- Adjustments to Income
- federal Adjustments Not Adopted by MN
- Paycheck Protection Program