After the Paycheck Protection Program (PPP) was passed in March of 2020, the IRS issued Notice 2020-32 on April 30 and took the position that no deduction is allowed for an eligible expense that is otherwise deductible if the...more
12/1/2020
/ Business Expenses ,
CARES Act ,
Coronavirus/COVID-19 ,
Income Taxes ,
IRS ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Popular ,
Revenue Procedures ,
SBA ,
Tax Deductions
The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), which was signed into law on March 27, provides assistance, including new SBA loan programs, to small businesses during the COVID-19 outbreak. The...more