Expenses reimbursed by Paycheck Protection Program are nondeductible

Expenses reimbursed by Paycheck Protection Program are nondeductible

The IRS issued guidance clarifying that a deduction is disallowed for expenses for payroll costs, mortgage interest, rent, utilities, and other interest on debt obligations to the extent they are being reimbursed by loans forgiven under the Paycheck Protection Program.
Source: JOA News
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