If a PPP loan is applied for before March 30, 2021, then later received and then forgiven, does it escape taxation in CA?
In other words, is the application date the deciding factor? If you applied under the rules of the original act, is that all one needs to avoid CA taxation? PPPEA allowed taxpayers to continue to apply from March 31, 2021 to June 30, 2021.
My client applied in January 2021, got the money June 30, 2021, and the loan was recently forgiven.
Guidance appreciated.