Move could provide tax savings. Written By: Matthew Guerry | ×
Rights to this stock image purchased from iStock images by the Grand Forks Herald. Credit: golibtolibov
ST. PAUL The Paycheck Protection Program, credited with stabilizing small businesses during the coronavirus pandemic, may offer loan forgiveness of up to 100% but could inadvertently stick borrowers with heftier-than-expected tax bills.
Faced with that possibility in what has already been a difficult business year for many, some borrowers in Minnesota and the U.S. are now waiting to ask for their debt to be canceled. They stand to save even more money should the terms of the program change.