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IRS Guidance Says No Deduction Is Allowed for Business Expenses Paid with Forgiven PPP Loans

from JD Supra

Please see below for a memo prepared by the Congressional Research Service regarding the deductibility of ordinary business expenses paid using the proceeds of PPP loans, the forgiveness of which loans will not be treated as taxable income to the borrower-business. The Coronavirus Aid, Relief, and Economic Security Act (CARES Act; P.L. 116-136) created Small Business Administration (SBA) Paycheck Protection Program (PPP) loans to provide short-term, economic relief to certain small businesses and nonprofits. more

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