IRS Declares That Expenses Funded With Forgiven Paycheck Protection Program Loans Are Not Deductible
By EsqSocial Corporation 05/05/20
On April 30, 2020, in Notice 2020-32, the IRS declared that expenses, including payroll expenses, are not deductible for federal income tax purposes if funded with forgiven Paycheck Protection Program (“PPP”) loans. Under the PPP, businesses have...
By: Kelley Drye & Warren LLP