Fortunate Enough to Get a PPP Loan? Forgiven Expenses Aren’t Deductible
The IRS has issued guidance clarifying the fact that certain deductions aren’t allowed if a business has received a Paycheck Protection Program (PPP) loan. Specifically, an expense isn’t deductible if both: The payment of the expense results in forgiveness of a loan made under the PPP, and The income associated with the forgiveness is excluded […]
