On November 18, 2020, the IRS issued Revenue Ruling 2020-27 and Revenue Procedure 2020-51. The revenue ruling denies a deduction for PPP qualified forgiveness expenses if the taxpayer reasonably expects to receive forgiveness of the PPP loan regardless of whether the taxpayer has submitted a forgiveness application by the end of 2020. This pertains to… [keep reading…]
Tag: PPP Updates
PPP – Loan Updates
The US Treasury and Small Business Administration (SBA) have posted various updates to the PPP loan program over this week. These updates integrate the new Paycheck Protection Program Flexibility Act of 2020 (PPPFA) with previously issued guidance. You can find more information about this act HERE. Highlights of the new provisions are noted below. As… [keep reading…]