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Any word whether thePPP loan foregivness will still allow the deductions for payroll/rent/utilities ?

Level 1
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3 Replies 3
Level 15

Nope is the word for today.

ex-AllStar, ex-Lutefisk taste taster, ex-ACME product tester
and ex marks the spot where those rocks and anvils hit me.
Level 15

Those in the 'know' are hopeful that it'll get resolved by the time to file returns in April 2021.  NOT encouraging.  I plan on informing clients that extensions may be in order.

Former Chump... umm.... AllStar.
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Level 13

As of right now, the forgiven loan (grant) isn't income and the related expenses are not a write off, because that gives a double benefit. This was recently affirmed by the IRS, but I would wait until after the elections are settled, because things might change.

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