PROVIDENCE – The deadline for small businesses and other recipients to pay their taxes on federal payroll relief loans that were forgiven in 2020 is days away.
The R.I. Division of Taxation issued a recent reminder of the March 31 deadline for any business, nonprofit or other group that received and qualified for forgiveness of a 2020 Paycheck Protection Program loan to pay taxes on their loan. Under state law, any loans above $250,000 are subject to state income taxes.
Loan recipients must pay these taxes by March 31 to avoid being charged interest and penalty fees. For more information, visit tax.ri.gov.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
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