Industry News: Expenses paid with 2020 PPP loans can be deducted on 2021 tax returns

Industry News:   Expenses paid with 2020 PPP loans can be deducted on 2021 tax returns  

Expenses paid with 2020 PPP loans can be deducted on 2021 tax returns

 

The IRS announced a safe harbor for certain businesses that received first-round Paycheck Protection Program (PPP) loans but did not deduct any of the original eligible expenses because they relied on guidance issued before the enactment of the Consolidated Appropriations Act, 2021 (CAA), P.L. 116-260, in December 2020.

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