IRS Notice 2020-32: Deductibility of Expenses When a Loan is Forgiven Under Paycheck Protection Program

By Freed Maxick on May, 1 2020
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PPP Update

The notice provides clarification around Federal income tax deductions related to Paycheck Protection Program loans. It states that no deduction is allowed for an expense that is otherwise deductible if the payment of the expense results in forgiveness of a covered loan pursuant to provisions of the CARES Act. 

The full text of the notice can be found here.

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