California Largely (But Not Fully) Conforms to Deductibility of Expenses Paid with Forgiven PPP Loans
By EsqSocial Corporation 03/05/21
On April 29, 2021 Governor Newsom signed California A.B. 80, largely conforming to Federal rules relating to deductibility of expenses paid with funds from forgiven Paycheck Protection Program (PPP) loans. The $150,000 limitation in prior versions of A.B. 80 was removed, and replaced with a requirement that only non-publicly traded companies who reported losses of at least 25% in gross receipts during one quarter of 2020 can deduct such expenses......
By: Sheppard Mullin Richter & Hampton LLP