PPP Funded Expenses The IRS confirmed our fears and clarified that if expenses are funded with a PPP loan that hasn’t yet been forgiven, that doesn’t mean they can take the deductions this year. “If a business reasonably believes that a PPP loan will be forgiven in the future, expenses related … [Read more...]
Simplified PPP Loan Forgiveness Form Released
Simplified PPP Loan Forgiveness The Small Business Administration (SBA) updated the Paycheck Protection Program (PPP) FAQs and issued a new interim final rule in conjunction with the issuance of a new simplified loan forgiveness application, Form 3508S, for borrowers that received a PPP loan of … [Read more...]