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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
Tenants in common
Two or more persons who have undivided ownership rights in property. Upon death of a tenant, his or her share passes to his or her estate, rather than to the surviving tenants.
