Bipartisan Relief Bill Seeks to Allow Tax Deduction for PPP Loan Expenditures
By EsqSocial Corporation 16/12/20
On Monday, December 14, Senator Joe Manchin (D-WV) and Senator Susan Collins (R-Maine) introduced the “Emergency Coronavirus Relief Act of 2020,” which would provide another round of relief to combat the economic fallout resulting from COVID-19. Among other relief measures, the bill would override the position of the Treasury Department and the Internal Revenue Service (IRS) with respect to the deductibility of business expenses paid for with loan proceeds from the Paycheck Protection Program...
By: Arent Fox