There are multiple moving parts to the effort to get a new COVID relief bill passed by Congress and signed by the President. This report is current as we write it, but the situation is very fluid and changing fast. Weâ€™ll keep you updated
Extension and possible expansion of the PPP will almost certainly be included if a COVID relief package gets through Congress this month. Moreover, even if a larger COVID package is not agreed to, there is still a chance that a PPP bill could pass.
The business community continues to battle the IRS and the Treasury Secretary over the IRS ruling that otherwise-tax deductible expenses paid for with a forgiven PPP loan would no longer be deductible. It was the clear intent of Congress that PPP loan would no longer be deductible.