PPP Forgiveness Tax Guidance

The U.S. Treasury Department and the IRS issued guidance on Nov.18 further clarifying that:

• Expenses paid with forgiven Paycheck Protection Program loans will not be deductible; and
• Borrowers whose PPP forgiveness is at least partially denied, or who opt to forgo forgiveness, may deduct such expenses in the tax year they decide to forgo the forgiveness. Read more.

Read Treasury Secretary Mnuchin's related statement.