The IRS clarifies rules for PPP deductions
November 19, 2020
The IRS has clarified how small business who have used PPP Loan proceeds to pay for certain qualifying expenditures are able to deduct those regularly deductible payments. If a business is relatively certain that the PPP Loan will be forgiven, the business is not allowed to deduct the expenditures that have been paid with the PPP Loan Proceeds. However, like most PPP guidance, new clarifications only lead to more questions. If your business received a PPP Loan, please let us help you navigate this unchartered and confusing landscape. Call us for an introductory meeting and we will keep you posted as additional guidance is released.