Tax Implications of the PPP Loan Forgiveness
November 20, 2020 By Kathy Davis, CPA, and Robert Jackson, CPA | COVID-19 Response Team Late Wednesday, November 18, 2020, the IRS issued Revenue Ruling 2020-27. The IRS is taking the position that expenses paid with Paycheck Protection Program (PPP) loans during the covered period are not deductible if, as of the end of the …