PPP Loan forgiveness

[Ahtirski & Associates]

C- Corp FYE 10/31/2021- PPP Loan was received in 2020 forgiven in 2021

 Tested 4 qtrs- 1 qtr Corporation had a reduction of income of  25%

What are the latest ruling for CA?

Thanks

Marco

Ahtirski & Associates

12055 Ventura Place, Studio City, CA 91604

Phone (818) 762-1392

Fax (818) 762-2950

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[Tomcoxcpa]

My understanding is if they make the 25% reduction of income role California follows federal law.

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[Ahtirski & Associates]

Please reply

[Philip Storrer]

Hoping This may help:

https://www.ftb.ca.gov/about-ftb/newsroom/covid-19/faqs-for-paycheck-protection-program.html

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