As we previously made you aware, the IRS has taken the position that expenses paid by forgivable PPP loans would not be deductible expenses.
This new bill reverses that, making those expenses deductible again.
PPP loan forgiveness for loans under 150k will be simplified from its current format.
Another round of PPP and EIDL loans will open mid January.
There is also a provision in the bill making meal expenses paid to a restaurant 100% deductible.
The bill also provides for extended UI benefits and another round of stimulus checks.
Contact us to discuss how these impacts may affect you directly.