Eligible Paycheck Protection Program expenses now deductible
The Treasury Department and the Internal Revenue Service issued a new guidance on January 4, 2021. The recent Revenue Ruling 2021-2 allows deductions of eligible expenses for loans taken under the Paycheck Protection Program (PPP). Information regarding the eligibility of expense deductions is available in the IRS publication IR-2021-04 Recently passed the Consolidated Appropriations Act,…