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You are here: Home / News / Treasury and IRS Issue Guidance Clarifying Deductibility of Expenses For Businesses that Received a PPP Loan

Treasury and IRS Issue Guidance Clarifying Deductibility of Expenses For Businesses that Received a PPP Loan

November 20, 2020 By CollisionWeek Editor

The U.S. Treasury Department and Internal Revenue Service (IRS) released guidance clarifying the tax treatment of expenses where a Paycheck Protection Program (PPP) loan has not been forgiven by the end of the year the loan was received.

SBA PPP loan program iconSince businesses are not taxed on the proceeds of a forgiven PPP loan, the expenses are not deductible. This results in neither a tax benefit nor tax harm since the taxpayer has not paid anything out of pocket.

If a business reasonably believes that a PPP loan will be forgiven in the future, expenses related to the loan are not deductible, whether

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Filed Under: News Tagged With: IRS, Paycheck Protection Program, U.S. Treasury Department

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