Wednesday, October 20, 2021, the Rhode Island Division of Taxation provided additional guidance on how you can report the taxable portion of the Paycheck Protection Program (PPP) loan forgiven in 2020. New forms (there are two versions – one for entities and the other for individuals) have been developed to report the PPP loan forgiven in 2020 that exceeded $250,000 and to compute any taxes due. The form is due December 15, 2021 and the payment is due March 31, 2022. The Division will mail Form RI-PPP-Entity, along with a notice and instructions, to each entity that had PPP loan forgiveness in excess of $250,000 in 2020 around November 1, 2021.
For more information, please view The RI Department of Revenue’s announcement [here].