Treasury and IRS Issue Guidance Clarifying the Deductibility of Expenses Related to PPP Loan
In their new guidance, the U.S. Treasury Department and the Internal Revenue Service (IRS) clarified the tax treatment of a Paycheck Protection Program (PPP) loan which was not forgiven by the end of the year the loan was received. Expenses of a forgiven PPP loan are not tax deductible. For business not taxed on the…