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December 28, 2020

New Legislation Allows Tax Deductibility for Business Expenses Paid with Forgiven PPP Loans

All basic eligible expenses from PPP1 will transfer to PPP2. A few exceptions might include forgiveness for worker protection and PPE, and other necessary expenses such as software and account services.

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December 17, 2020

Payroll Expenses Paid For by PPP Ruled Non-Deductible

Small business owners will not be able to claim a deduction for otherwise deductible expenses if they were paid for by funds from a PPP loan. However, Congress says they are committed to addressing this issue by the end of the year.

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