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Are PPP loans taxable?

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Last year’s Payment Protection loans were a big help to many businesses around the country, helping them stay afloat during the pandemic. But the loans came with a number of catches, including ever-changing and confusing rules about how they could be used, whether they would be forgiven in full, and any tax implications.

A PPP loan can be forgiven if at least 60 percent of it is used for employee payroll costs. The loan forgiveness application is submitted to the lender that granted the loan, which can be a confusing process all by itself.

However, if you made it through the forgiveness process, what next? Is the forgiven PPP loan considered taxable income?

No. When Congress passed the CRRSAA law in December 2020, it classified a forgiven PPP loan as tax-exempt.


Additionally, expenses paid with PPP loans can be claimed as deductions. In other words, the portion of the loan that was used for other, approved expenses under the terms of the loan — things like rent, utilities, mortgage interest, personal protective equipment, and the like — can be written off.

This is a reversal of the original instruction from the IRS and the Treasury Department, according to the U.S. Chamber of Commerce. The decision came after some businesses anticipated higher taxable revenue in 2020, due to not being able to write off as many expenses.

As with any other significant financial business matter, consult a tax professional when filing your taxes. Last year was a doozy with more moving parts than usual, and you will want a pro to decipher it.

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Put purpose first to produce the highest profits

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It’s easy to fixate on making money when running a business. And at times, doing so is the right move. However, research conducted by the Harvard Business Review and EY found that combining purpose with profit pays dividends, with companies espousing purpose regularly more profitable than firms lacking purpose.

Classifying businesses into purpose prioritizers, developers, and laggards, the study found that prioritizers enjoyed the best financial results: 58 percent saw revenues grow by 10 percent or more. Just 15 percent saw revenues flatline. Meanwhile, among laggards, 42 percent of companies flatlined.

Why does purpose outperform? Surveyed business leaders believe that purpose offers many benefits, including increased employee satisfaction, greater customer loyalty, and higher quality products and services. Achieve the above, and you stand a good chance of bolstering financial performance.

The findings echo Built to Last: Successful Habits of Visionary Companies, a classic business book written by Jim Collins and Jerry Porras. Chronicling visionary companies from 1926 to 1990, the authors found that firms that put purpose at center stage generated far greater returns for investors than those that didn’t.



Purpose may inspire a vision that withstands the test of time. Importantly, a long-term mission, according to Collins and Porras, sustains companies and inspires better strategic planning — not just today but for years to come. Emphasizing short-term profits, meanwhile, may encourage mediocrity, like cutting corners to pump up quarterly reports.

That doesn’t mean companies can ignore profits, of course. As Collins puts it, “Profit is like oxygen, food, water, and blood for the body; they are not the point of life, but without them, there is no life.” So hone your company’s “point,” and you may establish a foundation that lasts a long time. But make sure you’re getting your square meals too.

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Hiring practices: 3 tips for choosing the right interview questions

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If you want to hire the best candidates for your team, asking the right interview questions is key. Here are three tips for creating questions that will help you identify the ideal people for the positions you need to fill.

1. Assess job-related skills
Generic questions like “what’s your greatest strength?” don’t provide a lot of insight. In fact, many candidates come prepared with generic answers to such queries, and these responses won’t tell you much about their skills or personality. Therefore, it’s important to include questions that are directly related to the job.

2. Assess attitude and character
As an employer, you probably know that soft skills are just as important as technical ones. Therefore, don’t forget to ask the candidate questions that reveal their ability to collaborate, resolve conflicts, and respect authority.

3. Assess objectively
Don’t let your feelings cloud your judgment. It can be all too easy to fall in love with a candidate’s charm and personality. However, you shouldn’t lose sight of the skills and traits an employee needs to be a good fit for the job.


Finally, remember to stick to your plan, take notes and make a well-informed decision.

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Low-cost tech solutions for your business

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A dollar saved is a dollar earned, and for small businesses, healthy finances can determine success or failure.

While companies strive to keep costs low, software and technology expenses can add up quickly. Fortunately, you can find free solutions that often work as well as paid options.

If you pick up an Office Suite for your team, you may pay $10 or more per user each month. Not into subscription costs? You could buy stand-alone software, but that may set you back $250 or more. Or, you could use LibreOffice, a free open-source office suite that works on Mac, Windows, and Linux, providing free alternatives for Word, Excel, PowerPoint, and other tools. You can also use the free Linux operating systems to replace Microsoft Windows and Mac OS completely.

An image is worth a thousand words. When writing blogs or putting together sales materials, you may need pictures. There are tons of stock photo websites, but with many, rights to the photos will set you back some bucks. With Pixabay and Unsplash (among others), you can find images that are free for commercial use. Just make sure you check individual licenses. Need to touch up photos? Photoshop sets you back a few hundred dollars. Or you can use GIMP for free.


Many businesses now use Dropbox and other services to store and share files. These services get pricey, often starting at $10 or more per month. Over a few years, you’ll quickly shell out hundreds in fees. However, you can buy a lifetime membership from a service like pCloud for less than $200, or pay just $4.99 a month.

Do a bit of searching and you’ll find plenty of other free or low-cost alternatives. Just make sure you check out customer and professional reviews first to ensure they’re up to the task.

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Book review: How to to craft the story of your business

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Stories can be powerful tools for businesses big and small. In her book, Stories That Stick: How Storytelling Can Captivate Customers, Influence Audiences, and Transform Your Business, Kindra Hall covers why stories are effective and how to craft tales that truly wow your audience.

Fact is, markets are extremely competitive and organizations often struggle to stand out. Why should someone use your app or dine at your restaurant? Through proper storytelling, it’s possible to cut through the noise. Stories centering on products, founders, and other things can help you differentiate from the competition.

Hall argues that storytelling is essential for building bridges between different parties. This could mean a bridge between customers and the company. You can also use stories to close the gap between employees and the firm, with investors, and much more. And if your stories impact folks on an emotional level, there’s a good chance that any bridges built will last a long time.

On the other hand, burying people and organizations with stats and dry PowerPoint presentations often causes them to tune out rather than engage. Meanwhile, stories can invoke “narrative transportation,” encouraging your audience to forget about their surroundings and instead focus on you, your company, and your products.


So how do you craft brilliant stories that help your organization, founders and other stakeholders stand out? Pick up Stories that Stick and you can catch all the details. For now, make sure your tale contains the four essential elements of a story: identifiable characters, authentic emotion, a significant moment, and specific details.

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Why is Microsoft buying up game developers?

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Microsoft has acquired a lot of companies over the years. Not so surprising, given that the company has a market cap north of $2 trillion and is active in a number of industries. Yet the pending $68.7 billion acquisition of Activision Blizzard marks the biggest purchase in the company’s history. And it comes after the tech giant purchased Bethesda Game Studios, Rare, and various other developers.

So why is Microsoft spending so much money on game developers? Check out the official press release after the Activision Blizzard deal and you’ll hear that it’s “to bring the joy and community of gaming to everyone, across every device.” Take a step back, however, and there’s arguably more to Microsoft’s strategy.

By purchasing studios developing popular video games, Microsoft can gain so-called “exclusives.” This means the games are available only on Microsoft systems, including Windows and Xbox, and not on PlayStation, Nintendo or other platforms. Microsoft seems to be betting big that more exclusives will help them expand their presence in the lucrative video game market.

Nintendo already has a huge library of exclusives that includes famous IPs like Mario, Zelda, and Pokemon. Sony has God of War, Uncharted, Horizon Zero Dawn, and a smattering of smaller but acclaimed games. Microsoft has Halo and not much else. By purchasing developers, however, the company can acquire more video game brands and can also make them exclusive.


With more exclusives, Microsoft may move more consoles. Console hardware sales don’t produce high profits, but console makers get a cut, typically around 30 percent, of each video game sold on their platform. In 2021, the value of the global video game industry topped $170 billion. To put that into perspective, Microsoft’s revenues totaled $140 billion in 2020.

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Social media made easy with the right tools

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Social media offers a powerful opportunity to build an audience and connect with your customers. Unfortunately, managing social media can be quite the hassle and many small business managers already have a lot on their plate. Fortunately, with the right tools, you can make things much easier to handle.

You can manage your profiles the old-fashioned way — namely logging into, say, Facebook, writing up a post on the spot, and then sharing it. Then you might log into Twitter and start the whole process over. Talk about tedious, and many would-be social media stars end up abandoning the process because it’s simply too much work.

Fortunately, you can now use dashboards to manage your profiles. With Buffer and Hootsuite, among others, you can manage all of your social media profiles in one place.

Many social media dashboards also allow you to schedule posts in advance. So instead of sitting down each day to write posts for each profile, you could write all of them for the week on Sunday.


Then you can schedule and forget.

The best social media dashboards also allow you to monitor tweets, likes, and other engagements right from the platform. Instead of logging into each profile to analyze data, you can do it all right from one place. This also makes it easy to compare engagement across channels.

Of course, you might wonder what you should post about. You can uncover hot topics at trends.google.com. Discussing timely, trending topics can boost engagement and make your business more relevant.

Images help when posting on Facebook and other platforms. Your own photos often work best.

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Thank You to our Local Business Participants:

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Aire Serv Heating and Air Conditioning

Apple Dumpling Learning Center

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Blue Ridge Arts Council

Blue Ridge Education

BNI Shenandoah Valley

C&C's Ice Cream Shop

Christine Binnix - McEnearney Associates

Code Ninjas Front Royal

Cool Techs Heating and Air

Down Home Comfort Bakery

Downtown Market

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Edward Jones-Bret Hrbek

Explore Art & Clay

Family Preservation Services

First Baptist Church

Front Royal Women's Resource Center

Front Royal-Warren County Chamber of Commerce

G&M Auto Sales Inc

Garcia & Gavino Family Bakery

Gourmet Delights Gifts & Framing

Green to Ground Electrical

Groups Recover Together

House of Hope

I Want Candy

I'm Just Me Movement

Jen Avery, REALTOR & Jenspiration, LLC

Key Move Properties, LLC

KW Solutions

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Main Street Travel

Makeover Marketing Systems

Marlow Automotive Group

Mary Carnahan Graphic Design

Merchants on Main Street

Mountain Trails

National Media Services

No Doubt Accounting

Northwestern Community Services Board

Ole Timers Antiques

Penny Lane Hair Co.

Philip Vaught Real Estate Management

Phoenix Project

Reaching Out Now

Rotary Club of Warren County

Royal Blends Nutrition

Royal Cinemas

Royal Examiner

Royal Family Bowling Center

Royal Oak Bookshop

Royal Oak Computers

Royal Oak Bookshop

Royal Spice

Ruby Yoga

Salvation Army

Samuels Public Library

SaVida Health

Skyline Insurance

St. Luke Community Clinic

Studio Verde

The Institute for Association & Nonprofit Research

The Studio-A Place for Learning

The Valley Today - The River 95.3

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Valley Chorale

Vetbuilder.com

Warren Charge (Bennett's Chapel, Limeton, Asbury)

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Warren County Democratic Committee

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Warrior Psychotherapy Services, PLLC

WCPS Work-Based Learning

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Woodward House on Manor Grade

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Upcoming Events

May
30
Mon
7:00 pm 2022 Memorial Day Community Band... @ Gazebo
2022 Memorial Day Community Band... @ Gazebo
May 30 @ 7:00 pm – 8:00 pm
2022 Memorial Day Community Band Concert @ Gazebo
2022 Memorial Day Concert by Front Royal Community Band Monday, May 30, 2022, 7pm, at the Gazebo on Main St. (sponsored by American Legion Post #53)
Jun
1
Wed
6:30 pm Front Royal Wednesday Night Bingo @ Front Royal Volunteer Fire Deptartment
Front Royal Wednesday Night Bingo @ Front Royal Volunteer Fire Deptartment
Jun 1 @ 6:30 pm – 9:30 pm
Front Royal Wednesday Night Bingo @ Front Royal Volunteer Fire Deptartment
Bingo to support the American Cancer Society mission, organized by Relay For Life of Front Royal. Every Wednesday evening Early Bird Bingo at 6:30 p.m. Regular Bingo from 7-9:30 p.m. Food and refreshments available More[...]
Jun
4
Sat
10:00 am Backcountry Crash Course: Earth ... @ Sky Meadows State Park
Backcountry Crash Course: Earth ... @ Sky Meadows State Park
Jun 4 @ 10:00 am – Jun 5 @ 11:00 am
Backcountry Crash Course: Earth Connection Series @ Sky Meadows State Park
Meet at the Overnight Parking Lot. Ready to try backcountry camping? Spend 24 hours in nature learning backcountry skills and survival techniques with professional outdoor instructor Tim MacWelch. With Sky Meadows’ Backcountry Campground as the[...]
10:00 am Clean the Bay Day @ Sky Meadows State Park
Clean the Bay Day @ Sky Meadows State Park
Jun 4 @ 10:00 am – 1:00 pm
Clean the Bay Day @ Sky Meadows State Park
Boston Mill Road Trail near the Park Office. Learn how fences and tree plantings improve water quality at Sky Meadows State Park. Stop by our Explorer Outpost table along the Boston Mill Road Trail where[...]
10:00 am National Trails Day @ Sky Meadows State Park
National Trails Day @ Sky Meadows State Park
Jun 4 @ 10:00 am – Jun 5 @ 12:00 pm
National Trails Day @ Sky Meadows State Park
Meet at the intersection of Boston Mill Road Trail and Hadow Trail. Get your hands dirty as we work to improve the hiking experience on Hadow Trail. Join park trailblazers as they work to enhance[...]
11:00 am Gospel Music Festival @ Gazebo
Gospel Music Festival @ Gazebo
Jun 4 @ 11:00 am – 4:00 pm
Gospel Music Festival @ Gazebo
FOOD WILL BE AVAILABLE | FUN ACTIVITIES! | LIVE MUSIC!
12:00 pm Settle’s Kettle @ Sky Meadows State Park
Settle’s Kettle @ Sky Meadows State Park
Jun 4 @ 12:00 pm – 3:00 pm
Settle's Kettle @ Sky Meadows State Park
Log Cabin in the Historic Area. Follow your nose to the Log Cabin to see what tasty treats are cooking on the hearth. Watch as a Sky Meadows volunteer dons historic clothing and cooks delicious[...]
12:00 pm The Farmer’s Forge @ Sky Meadows State Park
The Farmer’s Forge @ Sky Meadows State Park
Jun 4 @ 12:00 pm – 3:00 pm
The Farmer’s Forge @ Sky Meadows State Park
Historic Area. The forge is fired up and the blacksmiths are hard at work in the Historic Area. Members of the Blacksmith Guild of the Potomac have set up shop and are ready to show[...]
Jun
8
Wed
6:30 pm Front Royal Wednesday Night Bingo @ Front Royal Volunteer Fire Deptartment
Front Royal Wednesday Night Bingo @ Front Royal Volunteer Fire Deptartment
Jun 8 @ 6:30 pm – 9:30 pm
Front Royal Wednesday Night Bingo @ Front Royal Volunteer Fire Deptartment
Bingo to support the American Cancer Society mission, organized by Relay For Life of Front Royal. Every Wednesday evening Early Bird Bingo at 6:30 p.m. Regular Bingo from 7-9:30 p.m. Food and refreshments available More[...]
Jun
11
Sat
8:30 am Crooked Run Valley 5/10k @ Sky Meadows State Park
Crooked Run Valley 5/10k @ Sky Meadows State Park
Jun 11 @ 8:30 am – 10:30 am
Crooked Run Valley 5/10k @ Sky Meadows State Park
Explore the Crooked Run Valley and Sky Meadows State Park with Bishop’s Events 5k and 10k races. Get rejuvenated as you traverse through the meadows, pastures and woodlands of Sky Meadows and into the back[...]