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Deductions CARES Act

Dickinson Wright

Deductions Available for Certain Expenses Paid with PPP Loan Proceeds

Dickinson Wright on

In March, 2020, the CARES Act established the Paycheck Protection Program which provided loans (“PPP loans”) to businesses meeting certain requirements. Subject to certain limitations, PPP loan recipients are entitled to have...more

Fox Rothschild LLP

IRS Confirms Non-Deductibility Of Expenses Related To PPP Loans

Fox Rothschild LLP on

Businesses that reasonably anticipate that loans under the Paycheck Protection Program will be forgiven should be aware that they cannot claim a deduction for the eligible expenses paid or incurred during the 2020 taxable...more

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