Federal

Fortunate enough to get a PPP loan? Forgiven expenses aren’t deductible

The IRS has issued guidance clarifying that certain deductions aren’t allowed if a business has received a Paycheck Protection Program (PPP) loan. Specifically, an expense isn’t deductible if both: The payment of the expense results in forgiveness of a loan made under the PPP, and The income associated with the forgiveness is excluded from gross […]

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SBA Issues Interim Final Rule on PPP Loans to Partnerships and Seasonal Employers

The U.S. Small Business Administration (SBA) issued a new interim final rule  5/13/2020, which allows lenders to increase existing Paycheck Protection Program (PPP) loans to partnerships and seasonal employers. This new interim final rule addresses situations where a partnership completed their loan application before guidance was released April 14. The April 14 interim rule prohibited […]

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