PPP Loan update as of 12/21/2020
Great news, you will not lose your income tax deductions for expenses paid with PPP funds.
This second round of PPP loan finally includes tax relief. PPP borrowers will be able to deduct PPP expenses on their tax return. And will not have to include the loan forgiveness amount as income on tax return.
This newly agreed on second round of PPP funds is great news for business owners however we are still left in limbo regarding the first round of PPP expenses and whether they will be allowable deductions.
But we are happy for the tax relief for the 2nd round.
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