easy-accordion-free domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/rwpc324465/public_html/rwblog/wp-includes/functions.php on line 6131otter-blocks domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/rwpc324465/public_html/rwblog/wp-includes/functions.php on line 6131wordpress-seo domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/rwpc324465/public_html/rwblog/wp-includes/functions.php on line 6131neve domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/rwpc324465/public_html/rwblog/wp-includes/functions.php on line 6131On November 18, 2020, the U.S. Treasury Department and Internal Revenue Service (IRS) published new guidance regarding Paycheck Protection Program (PPP) loans that have not been forgiven by the end of the year the PPP loan was received. <\/p>\n\n\n\n
The guidance states that if businesses are not taxed on the earnings of a forgiven PPP loan then expenses are not deductible. In short, this means that there may be neither a tax benefit nor tax harm since the taxpayer has not paid anything, per the U.S. Treasury Department<\/a>.<\/p>\n\n\n\n If businesses\nhave reason to believe that their PPP loan will be forgiven, expenses associated\nwith the loan are not deductible even if forgiveness was filed for or not. In\nany event, we strongly recommend businesses to discuss with their advisors when\nthey should file for forgiveness; Some businesses should file immediately and\nsome business should wait for more guidance.<\/p>\n\n\n\n In the event\nthat PPP loan forgiveness was likely, but ends up not being forgiven,\nbusinesses will be able to deduct those expenses.<\/p>\n\n\n\n Below is\nsome documentation your business may find useful in this process:<\/p>\n\n\n\n