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Smith Currie Oles Morrison

Congress allows tax deductibility for Paycheck Protection Program expenses

Tue Jan 19, 2021

In a follow up to Meghan Douris and Melia Preedy’s previously published December 10, 2020 article (Got a PPP loan? IRS says you can’t deduct expenses from them — at least for now),  they have provided updated information on the Consolidated Appropriations Act 2021 that answers a question formerly left open by prior Paycheck Protection Program legislation, specifying that business expenses paid with forgiven PPP loans are tax-deductible.

To read the full article please click here. You can also view a PDF version of this article here.

To read Oles Morrison’s full coverage of COVID 19, please click here.