Michigan Corporate Resolution for PPP Loan
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FAQ
There are special federal income tax provisions for PPP loan recipients, as loans forgiven under the program are not subject to income tax and the qualified business expenses remain deductible. The treatment of PPP loans in Michigan will generally have the same treatment as provided on the federal return.
Borrowers can apply for forgiveness any time up to the maturity date of the loan. If borrowers do not apply for forgiveness within 10 months after the last day of the covered period, then PPP loan payments are no longer deferred, and borrowers will begin making loan payments to their PPP lender.
Lenders will continue accepting PPP forgiveness applications so long as borrowers have PPP loans. It's recommended you apply for forgiveness before you need to make your first PPP loan payment. Here's why. PPP loans have a covered period of 8 to 24 weeks after the funds hit your bank account.
Loans forgiven under the program aren't subject to income tax and the qualified business expenses remain deductible. Because the state will match the treatment on the federal return, additional documentation substantiating the PPP loan is not needed when filing a Michigan tax return.
YES, paid parental leave is taxable income.
Even if your business is set up as an S or C corporation, you may qualify for the PPP loan.
The Notice makes clear that Michigan will conform to the manner in which the federal government is treating both PPP loan forgiveness and the deductibility of business expenses.
There are special federal income tax provisions for PPP loan recipients, as loans forgiven under the program are not subject to income tax and the qualified business expenses remain deductible. The treatment of PPP loans in Michigan will generally have the same treatment as provided on the federal return.
LANSING Taxpayers who accepted federal Paycheck Protection Program (PPP) loans will not be taxed on loans forgiven through that program, according to the Michigan Department of Treasury.
Businesses can apply for a PPP loan as long as they were operational on February 15, 2020, and had paid employees at that time (even if the owner is the only employee).
