PPP Loan: You Might Have To Pay Tax Because of How Expenses Will Be Treated
The IRS released notice 2020-32 on April 30, 2020, to provide some guidance on the taxation of the PP Loan.
It states that the forgiven portion of the loan will not be included as income.
That's great but it also says eligible expenses paid by the PPP Loan that is forgiven is disallowed from deducting on your return.
