IRS Issues Revenue Ruling to Allow Borrowers to Deduct Expenses Paid For With Forgivable PPP Loans
This morning the Internal Revenue Service issued Revenue Ruling 2021-02. This guidance implements the SWACCA-advocated statutory changes to the Paycheck Protection Program (PPP) allowing deductions for the payments of eligible expenses made from a forgivable loan under the PPP.
SWACCA lobbied for these changes to tax law as part of the COVID-related Tax Relief Act of 2020 that was part of the Consolidated Appropriations Act, 2021 signed into law on December 27, 2020.
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