Yes, I Can Deduct Expenses Paid With A Forgiven PPP Loan
By EsqSocial Corporation 31/12/20
Congress has overridden the IRS position that expenses paid with PPP loan proceeds cannot be deducted if the PPP loan is forgiven. In our November 20, 2020, alert captioned “Can I Deduct Expenses Paid with a PPP Loan?” we addressed Revenue Ruling 2020-27 in which the IRS expanded on its original position stated in IRS Notice 2020-32, that no deduction is allowed for a Covered Expense which is otherwise deductible if the payment of the eligible expense results in forgiveness of a PPP loan......
By: McGlinchey Stafford