Paycheck Protection Program to Include Expenses
2021-01-12T02:49:09+00:00Eligible Paycheck Protection Program expenses now deductible. WASHINGTON – The Treasury Department and the Internal Revenue Service issued guidance today allowing deductions for the payments of eligible expenses when such payments would result (or be expected to result) in the forgiveness of a loan (covered loan) under the Paycheck Protection Program (PPP). Today’s guidance, Revenue Ruling 2021-02, reflects changes to law contained in the COVID-related Tax Relief Act of 2020, enacted as part of the Consolidated Appropriations Act, 2021 (Act), Public Law 116-260, which was signed into law on Dec. 27, 2020. The COVID-related Tax Relief Act of 2020 amended the Coronavirus Aid, Relief, and [...]
