ESPP price higher than current stock price?

Our employer is offering an espp – 20% off 'strike' price and a match up to 500 dollars. Need to hold the stock for 4 years, it's non-qualified.

Normally this is a 20% discount off some price determined from average of last 90 days of stock price. Then we pay tax on the difference between discount and whatever the current price is when we get the stock..

But this year the stock price has tanked in the past couple weeks. The 'discounted' espp price is 5 dollars more per share than the current stock price.

Because they match up to 500, seems like it's still worth buying up to the match but probably not more, since there isn't actually a discount..

What about taxes? Normally we pay tax on the difference between stock price and discounted purchase price but in this case the discounted purchase price is more than the current stock price…