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PPP in new bill

Level 7

"Business expenses paid for with the proceeds of PPP loans are tax deductible, consistent with Congressional intent in the CARES Act." - quote from NATP News alert.

I plan to use this instruction for the first PPP bill as well. Thoughts?

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Level 15

"... I plan to use this instruction for the first PPP bill as well. Thoughts?

The "new" bill's provision apply to the first PPP bill.

E D I T 

See this first, as Susan found errors in the original post by Intuit:

https://proconnect.intuit.com/community/lacerte-tax-discussions/discussion/covid-relief-bill-post-by...

See this announcement:

https://proconnect.intuit.com/community/proseries-tax-news-updates/discussion/new-covid-19-relief-pa...

Former Chump..umm... AllStar.
"the game of life is hard to play"

If a post answers your question, click on *Accept as solution* for future searches

View solution in original post

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Level 15

"... I plan to use this instruction for the first PPP bill as well. Thoughts?

The "new" bill's provision apply to the first PPP bill.

E D I T 

See this first, as Susan found errors in the original post by Intuit:

https://proconnect.intuit.com/community/lacerte-tax-discussions/discussion/covid-relief-bill-post-by...

See this announcement:

https://proconnect.intuit.com/community/proseries-tax-news-updates/discussion/new-covid-19-relief-pa...

Former Chump..umm... AllStar.
"the game of life is hard to play"

If a post answers your question, click on *Accept as solution* for future searches

View solution in original post

Level 15

assuming it becomes law.


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AND becomes law in the same version as was passed last night....

Still a lotta potential "if's".

Former Chump..umm... AllStar.
"the game of life is hard to play"

If a post answers your question, click on *Accept as solution* for future searches
Level 11

The guy's crazy enough to veto military pay raises, but he's not crazy enough to veto this one.  There are no if's.  

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Level 15

There is this:

President Donald Trump, in a stunning Tuesday night tweet, called the $900 billion Covid relief bill passed by Congress an unsuitable "disgrace."

He urged lawmakers to make a number of changes to the measure, including bigger direct payments to individuals and families.

But he isn't threatening to veto it.

 

Former Chump..umm... AllStar.
"the game of life is hard to play"

If a post answers your question, click on *Accept as solution* for future searches
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Level 11

Cat toying with mouse = not news.

Mouse toying with cats = grabs headlines

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