Are Expenses Paid With PPP Loan Proceeds Tax Deductible?


PPP expenses deductible

***Update*** Expenses paid with forgiven Paycheck Protection Program (PPP) loan proceeds are tax deductible per the Consolidated Appropriations Act, 2021 that was signed into law on December 27, 2020 . This Act reverses previous guidance from the Treasury and IRS.

We will post another article to provide more details.

Compiled by Dao CPA PC Staff – Current as of December 29, 2020