Treasury, IRS Issue Guidance Clarifying Deductibility of Expenses Where a Business Received PPP Loan
WASHINGTON, D.C. (November 18, 2020) – The U.S. Treasury Department and Internal Revenue Service (IRS) released guidance clarifying the tax treatment of expenses where a Paycheck Protection Program (PPP) loan has not been forgiven by the end of the year the loan was received. Since businesses are not taxed on the proceeds of a forgiven PPP … Continued