On November 18, 2020, the IRS issued guidance to confirm its position that no deductions can be taken for expenses that are funded with a Paycheck Protection Program loan, even if the loan has not yet been forgiven. Further details on the guidance can be found here.
Client Alert: IRS Guidance Confirms Non-Deductibility of Expenses Paid With PPP Loans Yet to Be Forgiven – November 20, 2020
