By Richard L. Bell, CPA
PPP Summary Topic (see linked Bipartisan Emergency COVID Relief Act of 2020 - Framework Summary)
The Bill would allow for a second round of PPP loans to certain small businesses, with fewer than 300 employees, who had a 30% revenue loss in any quarter of 2020.
Contrary to the recent IRS Notice and Rulings that would disallow the deductibility of PPP paid expenses with PPP loan proceeds that are forgiven, thus making the loan forgiveness totally taxable.
This Bill would allow full tax deductibility of business expenses paid with PPP funds, and would allow for the forgiveness of the PPP loan proceeds as well.
If you have any questions on this subject please contact me Richard.bell@bellandcompany.net.
