PPP Loans Updates
IRS Clarification: PPP Loan Covered Expenses Only Deductible If Loan Not Forgiven
As federal, state, and local governments pass legislation and offer guidance in response to the coronavirus pandemic, Metrotax Solutions, Inc, continues monitoring the landscape to provide helpful information to you and your clients.
The IRS and U.S. Treasury Department released guidance pertaining to the Paycheck Protection Program (PPP) on November 18, 2020, to clarify how to deal with covered expenses for a PPP loan that is not forgiven in the year it was received:
PPP loan expenses are only deductible if a loan is not forgiven.
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