Are Expenses Paid with PPP Loan Proceeds Now Deductible?

If you’ve been considering buying a building for your business or making an add-on acquisition to grow your business, now may be the time to act.   Part of the economic relief legislation enacted at the end of December – known as the Consolidated Appropriations Act, the law that created PPP2 and made PPP1 funds non-taxable […]

Are Expenses Paid with PPP Loan Proceeds Now Deductible? Congress created the Paycheck Protection Program as a loan from the federal government that was forgivable as long as the proceeds were utilized for specific expenses. Since forgiveness of debt creates taxable income, the legislation also provided that the amount of the loan that was forgiven