I hear stories of people using PPP Loan proceeds for toys. While I have no desire for more toys I would like to use that money to pay off a note I have with the previous owner. I have a simple note/debt to the previous stock holder of a C-Corp. I make payments to him with after income tax income. Is this PPP taxable? Maybe only if I take it out of the Corp?
I‘m posing this question to my accountant this week but wondering if anyone has any experience with this issue.
I‘m posing this question to my accountant this week but wondering if anyone has any experience with this issue.