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January 26, 2021

IRS Clarification Regarding Deductibility of Covered Expenses as they Relate to a PPP Loan

The IRS and U.S. Treasury Department released guidance pertaining to the Paycheck Protection Program (PPP) on Nov. 18, 2020, to clarify how to handle the deductibility of covered expenses for a PPP loan that is expected to be forgiven but not forgiven in the year it was received.

Businesses are unable to deduct covered expenses if PPP loan is forgiven or is expected to be forgiven.

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