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Barbara Weltman

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PPP Loan Forgiveness and Deductibility of Covered Expenses

November 20, 2020 / By Barbara Weltman

The IRS has provided guidance on whether and when you can deduct expenses related to the Paycheck Protection Program. If forgiveness is reasonably expected even though not received before the end of this year, then covered expenses…payroll, rent, utilities…are not deductible. There’s also guidance on when and how to claim deductions if forgiveness is partially or fully denied or no forgiveness is sought. #IdeaoftheDay

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Small business ideas, business tax news and small business consulting from Barbara Weltman to provide business owners with the information they need to succeed. Visit our small business blog, Idea of The Day®, small business books and articles on small business taxes, small business finance and small business legal advice.

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