Whether expenses paid with PPP funds are deductible or not is an issue that is still undecided. https://www.journalofaccountancy.com/news/2020/dec/expenses-used-for-ppp-loan-forgiveness-deductible-or-not.html?fbclid=IwAR0ER6d43YfrbvhtSvwYr-n8CxvQvGZ25A-T7N5xqSBoIHG_Zh9BKpx5QS0
SBA settles confusion over PPP forgiveness application due date By Jeff Drew October 13, 2020 Fears of a late-October PPP surprise came to the SBA’s attention because the program’s loan forgiveness application forms display an expiration date of “10/31/2020” in the upper-right corner. This prompted the SBA to release a new entry in its loan […]
The U.S. Small Business Administration (SBA), in consultation with Treasury, released guidance Tuesday answering 23 frequently asked questions regarding the forgiveness of Paycheck Protection Program loans.