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Any forgiven amounts (including payments, interest, or loan fees) related to a PPP loan or similar loan are taxable in Utah, if: the amount is forgiven during the tax year; the forgiven amount is not subject to federal income tax; and.
For Hawaii purposes, PPP loan forgiveness amounts are excluded from gross income. If the expenses paid by the taxpayer entitle it to the PPP loan forgiveness and the taxpayer has a reasonable expectation of forgiveness, the deductions are not allowed on the Hawaii return.
GENERAL EXCISE TAX TREATMENT The general rule is that amounts received by a business that replace income are subject to GET. Thus, grants or other payments that replace or supplement income are normally subject to GET.
"If you've had debt forgiven by a creditor ? even if only in part ? the amount of your debt forgiveness will be taxable, unless you qualify for an exemption," says Logan Allec, certified public accountant in Santa Clarita, California, and creator of the personal finance site Money Done Right.
For California purposes, forgiven PPP loans, SVO grants, and RRF grants are excluded from gross income.