Expenses Paid With Proceeds of Forgiven PPP Loans Are Not Deductible
By EsqSocial Corporation 05/05/20
The IRS issued Notice 2020-32 explaining that otherwise deductible business expenses paid for with the proceeds of a forgiven PPP loan are not deductible for federal income tax purposes. This means that when a taxpayer pays eligible costs with a PPP...
By: Ballard Spahr LLP