1099 reportability of grants to small businesses
April 6, 2021
Q. Our city is providing small business grants using local dollars to businesses to help lessen the effects of COVID. There are a mix of sole proprietors, LLCs, and corporations. Are these payments 1099-reportable to all, some, or none? I've seen what seem to be some conflicting answers in previous questions (i.e. whether payments are reportable for sole proprietors due to the disaster declaration).
(Answered by a 3rd party, independent advisory services firm offering experienced and…