The team at Crosslin wanted to share a glimmer of good hope that expenses paid with the Paycheck Protection Program (PPP) funds may become deductible based on the latest bill for coronavirus relief that is currently moving through Congress. Until the bill is passed by both the House and Senate and signed by the President, we will not have complete details. However, it looks promising that the deductions will be reinstated for at least some, and possibly all, taxpayers. We are hopeful that there will not be limitations on the calculation of the types or taxpayers that may benefit.
Stay tuned. We are hopeful for a nice holiday gift for PPP borrowers! Crosslin will release details as soon as they are available.
