Category: PPP Loan

The IRS released two pieces of guidance relating to PPP loans. According to Rev. Rul. 2020-27, businesses that receive PPP loans in 2020 may not deduct expenses paid with the loan funds, if they “reasonably expect” the loan to be forgiven in 2021. The revenue ruling also provides guidance if, as of the end of the… Continue reading IRS PPP Loan Guidance