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

[IRonMaN]

Nope is the word for today.

[abctax55]

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.

[qbteachmt]

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.