Lee B Posted June 17, 2020 Report Share Posted June 17, 2020 I have a client with a SBA 504 loan who received a letter from their servicing agent informing them that as part of the CARES ACT, their SBA Loan principal, interest and servicing fees would be paid for them for the months of April thru September. Based on my research, the CARES ACT designated $ 17 Billion to be used to pay 6 months of loan payments for 3 different SBA small business programs and etc. It appears that the CARES ACT also directed that these payments were not to be considered taxable income. However, I assume that under current law (just like PPP Loans which have been forgiven) my client will not be able to deduct the interest and servicing fees for these 6 months. Quote Link to comment Share on other sites More sharing options...
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