Tag Archive: PPP forgiveness timing

Deduction Disallowed for Expenses Paid with PPP Funds

Written by November 27, 2020

Well, we’ve been talking about this all year and now it’s final. On November 18, the IRS just issued a Revenue Ruling 2020-27 that determines that if a PPP Borrower reasonably expects to have the PPP loan forgiven, the borrower is not allowed to deduct eligible expenses in its 2020 taxable year. This is regardless of whether or not the...