Expenses Paid with Forgivable PPP Loans Not Deductible

By |2020-05-05T13:03:57-04:00May 4th, 2020|Financial, Governments, Taxes|

The Internal Revenue Service (IRS) recently released guidance on the deductibility of expenses reimbursed by a Payment Protection Program (PPP) loan that is then forgiven. In Notice 2020-32, the IRS states that no deduction is permitted for expenses normally deductible to the extent the expenses were reimbursed by a PPP loan that was forgiven. The [...]