IRS Guidance Says No Deduction Is Allowed for Business Expenses Paid with Forgiven PPP Loans

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act; P.L. 116-136) created Small Business Administration (SBA) Paycheck Protection Program (PPP) loans to provide short-term, economic relief to certain small businesses and nonprofits....
By: Farrell Fritz, P.C.