Potential tax on Paycheck Protection Program loans leaves businesses nervous
Read Article SKOWHEGAN — The semiregular 80-hour weeks at the Skowhegan Tire Center feel especially long during the coronavirus pandemic. While the company tries to stay afloat — offering extended hours during storms, for instance — the business was thrown a potential curveball earlier this week. Should the Skowhegan Tire Center have to pay state income taxes on the $110,400 loan it received from the federal Paycheck Protection Program, those long weeks may be colder than ever. “It would mean probably closing the doors,” said Diana Savage, owner of Skowhegan Tire. “We’re having...
Source: sunjournal.com