Home Forums Hunting & Shooting Hunter's Campfire PPP loans

Latest word from my accountant is all loans or whatever under $150,000 will be forgiven.

From reading the continuous updates[from our bank] since receiving ours I kinda concluded that this would happen.

I hope that is true!

Will it be taxable revenue?

Our CPA didn't touch it for our just completed filing.
said to wait until next year[for guidance]

They better forgive the loan amount. That was part of the deal. We were paying employees to stay home instead of just laying them off. That was the entire reason for the PPP loans, keep people out of the unemployment (or welfare) lines.

Yes, the intent was forgiveness if certain conditions were met. No, it is not supposed to be taxable funds. The difference is the conditions will not have to be met for the under $150,000 amount.

Exactly what I did. Paid them to stay home.
I've had a feeling they wouldn't require all of the 'post payment' paperwork for a couple of months.
Also- it was originally[and signed as] a 'loan'. Not income.

All should have to pay it back, or none should have to pay it back. The amount borrowed shouldn't enter into the equation! No special rights because of the amount BORROWED!

I don't think that it's a matter of payback, more along the lines of what is required[paperwork] for forgiveness.
We have a full-time bookkeeper[not many companies our size do] and can and will provide whatever is required to make our PPP a 'Grant'.
Many companies don't have in-house bookkeeping and will have to pay a firm to compile the data originally required.

Where is your accountant hearing this and is it PPP only? What about the other loan program?

I believe that originally they computed our funds to be last years avg month salary times 10 weeks or 2.5 times the monthly. Originally we had 8 weeks to spend the funds for salary, some of our utilities, and rent for the folks that didn't own their facilities. It was changed to 24 weeks to use the funds as they realized a lot of us would have less income during the pandemic and might not be able to use it up in the allotted time.
I didn't pay mine to stay home, we had things to do and them getting paid laying around the house won't get it. That being said, only my Grandson has been with us less than 35yrs and my Grandson only 10 after leaving the service.

All good accounts go to all meetings and streamed meetings to keep up on current tax laws and especially these programs as they affect us. My accountant said a couple months ago that this would happen.

This is what I received from my bank today.



Forgiveness Application Update

We continue to follow ongoing developments related to the PPP loan forgiveness process closely. As you might be aware, there are several bills currently being considered in Congress that will significantly simplify the forgiveness process and other aspects of the program. Most notable of these changes are a blanket forgiveness provision for all loans less than $150,000 and material simplification in the application process for all other loans up to $2 million.

Based on our belief that these changes will be approved and implemented, we feel that it continues to be in your best interest to delay processing forgiveness applications until those changes occur. If you’ve already submitted your application, we will review those documents and, as necessary, will reach back out to you regarding questions or the need for additional information. If you haven’t submitted your Forgiveness Application, we encourage you to continue to wait until we advise you otherwise.

Thank you for your patience. We’ll be in touch with updates as things develop. We will also continue to be available to assist and support you through this process.


I'm fully covered regardless of how they do it as my business was considered essential and we weren't shut down. We were slow for 1 1/2 month.