Vorys (Ohio/Texas): IRS Concludes That Employer Expenditures Eligible for PPP Loan Forgiveness Are Not Deductible

FIRST PUBLISHED ON 05.01.2020 – Under the CARES Act, loans obtained by employers under the Paycheck Protection Program (PPP loans) are eligible to be forgiven, in whole or in part, in an amount equal to certain qualifying expenditures made by the employer during the 8-week “covered period” (including certain payroll costs, rent, utility payments, etc.).  (For further discussion of PPP loans, see the “Economic Relief for Businesses” section on our COVID-19 Tax Force Alerts page.). MORE.

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