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PPP LOAN FORGIVENESS

ALEMAN96
Level 1

REAGRDING THE FORGIVENESS OF THE PPP LOAN: ONCE FORGIVEN, CAN EXPENSES USED TO SATISFY THE REQUIREMENTS FOR FORGIVENESS, BE STILL CLAIMED AS A DEDUCTIBLE EXPENSE IN THE ENTITY OR INDIVIDUAL BUSINESS TAX RETURN?? 

I AM HAVING HARD TIME UNDERSTANDING THIS!! 

HELP!

 

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1 Reply 1
sjrcpa
Level 15

Yes for federal.

For state? Depends on the state.


ex-AllStar