Fact Check: Are unemployment benefits and PPP taxable?

Created: February 17, 2021 05:33 AM

ROCHESTER N.Y. (WHEC)— Here's a Fact Check for you, and it has to do with the now-underway tax season, and your benefits.

First: Are unemployment benefits taxable? Yes, they are.

Taxes were likely withheld at a lower rate than your regular paycheck, if too little was withheld, you may owe money when you file.

Another question: Does relief from the Paycheck Protection Program need to be reported? Yes.

For small business owners who received a loan from the PPP, and who qualify for loan forgiveness, make sure the information you provided to get that relief matches what you're reporting. 


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