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IRS Says No Deducting of Expenses Paid with PPP Grant Funds

May 07, 2020

On April 30, 2020, more than four weeks after the enactment of the Coronavirus Aid, Relief and Economic Security (CARES) Act, the Internal Revenue Service (IRS) issued Notice 2020-32. This Notice addresses directly for the first time the question of whether certain proceeds received under the Paycheck Protection Program (PPP) will be eligible for a tax deduction, concluding that such deduction is disallowed under the Internal Revenue Code. (Read More)

Article By: Patrick M. "Rick" Cox, Christopher M. Mason, Morgan C. Nighan © Nixon Peabody

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