20 Minute Tuesdays – Year-End Tax Implications of PPP and EIDL Loans

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Cape Cod Chamber of Commerce

We are excited to have partnered with the Cape Cod Chamber of Commerce on our new “Twenty-Minute Tuesdays” – a monthly online Q&A video series that will give local businesses and non-profit organizations access to the Bank’s expert team!

Twenty Minute Tuesdays focuses on questions pertinent to the unique aspects of Cape Cod’s economy and provides insights on how local businesses and non-profit organizations can navigate the challenges of operating during the COVID-19 pandemic. The online video series kicked off on November 17, 2020 and new videos will be released on rotating Tuesdays each month. To watch the video series, head over to our YouTube channel or the Cape Cod Chamber of Commerce website.

Year-End Tax Implications of PPP and EIDL Loans

The second installment addresses year-end tax implications of PPP and EIDL loans. Robert Carey, the Bank’s Vice President and Commercial Relationship Manager, is joined by Gary DellaPosta, a Falmouth-based Certified Public Accountant and business advisor, to help local businesses and nonprofits navigate the challenges of accounting for COVID-19 relief funds.

Topics discussed include the availability of various federal and state assistance programs, which loans are forgivable and which are taxable, and how to avoid scams associated with the loans.

Upcoming Seminar Topics

  • We want to close our business for the winter – what now?
  • Is now the time to apply for a COVID-19 Economic Injury Disaster Loan (EIDL) loan?
  • A new year, a fresh start – what do I do differently?
  • What is the next “big thing” for commercial and business interest on the Cape?

Do you have a suggestion for a future topic or do you have any questions from a recent seminar?

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Watch the 3rd installment of 20 Minute Tuesdays – Next Round of the Paycheck Protection Program

Watch Now!