Can You Deduct Your PPP Loan Expenses?

Описание: Another provision within the recently passed and signed bill is you can now deduct your PPP expenses. There was a lot of controversy on whether or not the amounts paid with the PPP loan that would be forgiven on if you could deduct those expenses. Now it is absolutely clear that you can deduct those for Federal purposes. Remember we’re saying for Federal purposes. You’ll be able to deduct for States too, but keep in mind for your State return your loan forgiveness may still be taxable income. SO keep that in mind and the good news is we actually know you can deduct those expenses. Think of it as another round of business stimulus.