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PPP in new bill

Greta
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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abctax55
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...This message was typed from 6 feet away so you can safely read it immediately.

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

View solution in original post

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abctax55
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...This message was typed from 6 feet away so you can safely read it immediately.

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

View solution in original post

sjrcpa
Level 15

assuming it becomes law.


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abctax55
Level 15

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

Still a lotta potential "if's".

Former Chump..umm... AllStar...This message was typed from 6 feet away so you can safely read it immediately.

If a post answers your question, click on *Accept as solution* for future searches
BobKamman
Level 14

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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abctax55
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...This message was typed from 6 feet away so you can safely read it immediately.

If a post answers your question, click on *Accept as solution* for future searches
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BobKamman
Level 14

Cat toying with mouse = not news.

Mouse toying with cats = grabs headlines

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