In response to the IRS ruling on the deductibility of forgiven PPP loans, Congress recently made a joint statement saying the Treasury is depriving some small businesses of much-needed economic relief by forcing them to choose between getting their PPP loans forgiven or claiming write-offs on expenses they covered with the loan money. See this article for more information about the recent debate.
If you are confused or concerned about this, please contact us so we can discuss how it applies to your situation.
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