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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
Separate return
Return filed by a married person who does not file a joint return. Filing separately may save taxes where each spouse has separate deductions, but certain tax benefits require a joint return.
