As expected, the SBA released a copy of the PPP loan forgiveness application. While there are still many unanswered questions, some have been addressed, as well as providing several shortcuts and relief in other areas.
Relief for Businesses with Net Operating Losses
Taxpayers with net operating losses (NOLs) form a business are provided tax relief under the CARES Act. Tax relief for partnerships filing amended returns is provided as well. Let’s take a look at three key points: