As you read this, it’s likely that your lawmakers are working on the next Payroll Protection Program (PPP) package.
And hopefully, in this next package they will include a provision that allows you to deduct business expenses that you pay with your PPP money.
Let’s explain. In the CARES Act, Congress said:
For purposes of the Internal Revenue Code of 1986, any amount which (but for this subsection) would be includible in gross income of the eligible recipient by reason of forgiveness described in subsection (b) shall be excluded from gross ... Log in to view full article.