Tag: loan forgiveness

IRS: Expenses Paid with Forgiven PPP Loans are Not Tax Deductible

Filed in Codes and Standards, Economics by on May 1, 2020 5 Comments
IRS: Expenses Paid with Forgiven PPP Loans are Not Tax Deductible

The Internal Revenue Service on April 30 issued guidance that states that employers who have loans under the Paycheck Protection Program (PPP) will not be eligible for tax deductions on expenses paid through the loan if payment of those expenses results in the loan being forgiven.

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