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IRS issues guidance on certain aspects of PPP loan forgiveness

Revenue Ruling 2020-27 clarifies the year in which a taxpayer should report the eligible expenses paid with PPP funds as non-deductible expenses; and Revenue Procedure 2020-51, establishes the framework for deductibility of eligible expenses in event that a PPP forgiveness request is denied, in whole or in part; or when a request for forgiveness is not submitted.

Please contact us to discuss the applicability of these recent developments on your PPP loan forgiveness