 The United States Internal Revenue Service (IRS) has released several items containing guidance related to Paycheck Protection Program (PPP) loans—specifically for businesses planning to seek forgiveness for the loans.
In short, the IRS says that since businesses will not be taxed on the proceeds of a forgiven PPP loan, if a business reasonably believes the loan will be forgiven in the future or the business qualifies for forgiveness, costs related to the loan can not be used as a tax deduction for federal taxes. If the business expects the loan to be forgiven, and the loan is not, in fact, forgiven, the business will be able to deduct the costs from its taxes. Click here to read the entire article.
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