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In recent legislation, the federal government made it clear that forgiven PPP loans are not considered taxable income on the federal level. However, the question often comes up on a state level, and I usually don’t have an answer.
Sometimes business partnerships run their course. Peoples needs and interests change. Often business partners get stuck in these situations, and they don’t realize that an SBA loan can help get the job done.
Let’s say a business is worth $1M,... (More)