Payroll Protection Act Provisions Of The Recently Signed COVID-Related Tax Relief Legislation | Roetzel & Andress
To embed, copy and paste the code into your website or blog: On Sunday, December 27, 2020, the President signed into law the Consolidated Appropriations Act, 2021 (“Act”). Within the Act there are a number of provisions that affect current and future Payroll Protection Program (“PPP”) loan provisions that we highlight here. Expense Deductibility is Finally Allowed. In a much-anticipated clarification, the Act specifies that expenses paid with the proceeds of a PPP loan that is forgiven are in fact deductible. Prior IRS advice stated that was not the case. This allowance alone avoids t...
Source: jdsupra.com