Learn more about this interesting ruling by the IRS.
On April 30, 2020, the IRS released Notice 2020-32 that states expenses paid with Paycheck Protection Program (PPP) loan funds can’t be deducted for tax purposes if your PPP loan is later forgiven. This applies to payroll costs, rent, utilities and other allowable PPP loan expenses paid with loan funds.
KRD will continue to keep you updated with the latest information on this program. Please call us if we can be of any further assistance.