IRS Notice: qualified expenses used against the taxpayers Paycheck Protection Program (PPP) loan, will not be deductible expenses

This notice provides guidance regarding the deductibility for Federal income tax purposes of certain otherwise deductible expenses incurred in a taxpayer’s trade or business when the taxpayer receives a loan (covered loan) pursuant to the Paycheck Protection Program under section 7(a)(36) of the Small Business Act (15

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SBA PPP Loan Details

There  have been numerous changes happening with the SBA loans with regards to Coronavirus Aid, Relief, and Economic Security Act (CARES Act).  The link below provides the “Interim Final Rule” which announces that Section 1102 of the Act temporarily adds the “Paycheck Protection Program” (PPP) to the

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