The U.S. IRS has announced the issuance of Revenue Ruling 2021-02 on 6 January 2021, which provides guidance on changes under the latest COVID-19 package allowing deductions for otherwise deductible expenses paid with the proceeds of a Paycheck Protection Program (PPP) loan that is forgiven.
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Eligible Paycheck Protection Program expenses now deductible
WASHINGTON — The Treasury Department and the Internal Revenue Service issued guidance today allowing deductions for the payments of el…