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PPP Loan Expenses Are Now Tax Deductible

PPP Loan Expenses Are Now Tax Deductible

If you or your business received funds from the Paycheck Protection Program (PPP), the recently passed Emergency Coronavirus Relief Act of 2020 will help to dramatically cut your tax bill. Here’s what you need to know. Background The PPP program was created by the...

Tax Effect of PPP Loan Forgiveness

The time has come for businesses to start the application process for Payroll Protection Program (PPP) loan forgiveness. Last week, the IRS released Revenue Ruling 2020-27 which provides clarification on PPP loan forgiveness and deductibility of expenses incurred with...