Senate Approves Measures to Relax Rules of Paycheck Protection Program

The United States Senate approved on Wednesday, June 3, new legislation to relax rules applying to businesses receiving paycheck protection program (PPP) funds under the CARES Act. The new rules will give small businesses more time to repay funds and allow more flexibility on how the funds are spent. The legislation passed the Senate by…

New IRS Guidance Eliminates all Tax Benefits of PPP Loan Forgiveness

A special report from Ted Cuppett of The Health Group The IRS has released guidance (Notice 2020-32) to explain that a taxpayer that receives a loan through the Paycheck Protection Program (PPP) is not permitted to deduct expenses that are normally deductible under the Code, to the extent the expenses were reimbursed by a PPP…