Last week the US Treasury Department and the Internal Revenue Service (IRS) issued guidance regarding loans under the Paycheck Protection Program. This will allow deductions for the payments of eligible expenses when such payments would result (or be expected to result) in the forgiveness of a loan (covered loan) under the Paycheck Protection Program (PPP). The new guidance, Revenue Ruling 2021-02, reflects changes to law contained in the COVID-related Tax Relief Act of 2020, enacted as part of the Consolidated Appropriations Act, 2021 (Act), Public Law 116-260, which was signed into law on Dec. 27, 2020. Click here to read more from the IRS about this new guidance and update.
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