$27.95 
Learn more
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.
advertisement
Featured Books
Tax Glossary
Capital expenses
Costs that are not currently deductible and that are added to the basis of property. A capital expense generally increases the value of property. When added to depreciable property, the cost is deductible over the life of the asset.
