New Hampshire Corporate Resolution for PPP Loan
Description
How to fill out Corporate Resolution For PPP Loan?
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FAQ
The business income of a taxpayer received by reason of forgiveness of indebtedness issued or created under the federal Paycheck Protection Program, is excluded from the New Hampshire Business Profits Tax. New Hampshire now conforms to the federal exclusion from taxable income of forgiven PPP loans.
Whether an entity expects to repay the PPP loan or believes it represents, in substance, a grant that is expected to be forgiven, it should account for the loan as a financial liability, a single line item within the short- and/or long-term section of the balance sheet.
Is my forgiven PPP loan taxable? No. Forgiven PPP loans are not taxable for personal income taxpayers, including unincorporated businesses reporting income and expenses on Schedule C, partners in a partnership, and individual shareholders of an S corporation.
Under the current New Hampshire Business Profits Tax (BPT) statute, loan amounts received by NH taxpayers from the PPP that are forgiven will be included in taxable income for BPT purposes and business expenses paid for with forgiven PPP loans can be deducted.
The business income of a taxpayer received by reason of forgiveness of indebtedness issued or created under the federal Paycheck Protection Program, is excluded from the New Hampshire Business Profits Tax. New Hampshire now conforms to the federal exclusion from taxable income of forgiven PPP loans.
All state-level relief distributed to taxpayers required to file a BPT return from the State of New Hampshire's portion of the federal CARES Act funds should be included as income for BPT purposes.
In New Hampshire, a forgiven PPP loan is included in taxable income for business profits tax (BPT) purposes. New Hampshire does not recognize a forgiven PPP loan as tax exempt because it recognizes Federal income tax law in effect on December 31, 2018, which is before the Federal PPP loan was created in 2020.
