PPP recipients will have fewer federal deductions

Business owners receiving covered loans under the Paycheck Protection Program (PPP) can use those funds for payroll, healthcare benefits, rent, utilities and other business expenses. On April 30, the IRS issued guidance indicating that business taxpayers with PPP loans won’t be able to deduct certain otherwise deductible expenses on their federal tax returns.

Additional Guidance

• The Main Street Lending Program is expanding
• IRS Form 941: Claiming certain CARES Act and FFCRA benefits

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