$105 
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
Installment sale
A sale of property that allows for tax deferment if at least one payment is received after the end of the tax year in which the sale occurs. The installment method does not apply to year-end sales of publicly traded securities. Dealers may not use the installment method. Investors with very large installment balances could face a special tax.
