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Submitted By: someone
Answered: January 17, 2021 8:11 pm
Answered: January 17, 2021 8:11 pm
Are business expenses covered by forgiveness of Paycheck Protection Program (PPP) loans deductible?
The Consolidated Appropriations Act, 2021, specifically allows businesses to deduct all of their expenses to the extent otherwise allowed under tax law. This includes expenses covered by PPP loans that are forgiven.
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Tax Glossary
Nonrecourse financing
Debt on which a person is not personally liable. In case of nonpayment, the creditor must foreclose on property securing the debt. At-risk rules generally bar losses where there is nonrecourse financing, but an exception applies to certain nonrecourse financing for real estate.
