Reference Table: PPP, EIDL, SBA - Income & Deductions

January 6, 2021
 taxspeaker

 

Taxable on Federal Return?

Retain all Related Deductions?

Notes & Reference Information

State/Local
Individual Grant

 

No
(IRC Sec. 139(b))

 
Yes

See 2020 1040 ID and FTU Manuals
 
IRC Sec. 139(b)

State/Local
Business Grant

 
Yes

 
Yes

Rev. Rul 2005-46
CARES FAQ’s

Federal
Non-PPP Grant

 

Yes

 
Yes

Rev. Rul 2005-46
CARES FAQ’s

PPP Forgiveness
(No dollar
limits apply)

No

Yes

CAA Sec. 276-See 12/30/20 Newsletter

EIDL Grant or
Advance

No

Yes

IRC Sec 9009 and  CAA Sec. 278-See 12/30/20 Newsletter

EIDL Loan

No

Yes

SBA Making the first 6 months payments are not taxable and expenses remain fully deductible CAA Sec. 278

CAA Refers to the 12/27/2020 Consolidated Appropriations Act as discussed in our December 30, 2020 Newsletter
Copyright © 2021 Jennings Advisory Group, LLC



← View All News