June 4 Update
House Bill H.R. 7010 passed the Senate and is now on its way to the President to sign. In addition to amendments relating to the PPP loan program, the bill provides that the deferral of employment taxes is now available even for taxpayers who have PPP loans that re forgiven under the CARES Act. This will allow taxpayers who obtain PPP loans and intend to apply for loan forgiveness to also defer the applicable employment taxes.
April 30, 2020 Update
The IRS has issued Notice 2020-32, which provides further guidance on some certain tax consequences associated with PPP loans. In particular, the IRS has confirmed that expenses paid with PPP loans will not be deductible to the extent attributable to the portion of the loan forgiven.
Following up on my post earlier this week regarding the CARES Act Payroll Protection Program Update: SBA Issues Some Guidance and Sample Application, the Final Rule has been issued and may be found here.
A summary of the highlights include:
Continue Reading COVID-19: SBA Issues Payroll Protection Program Loan Interim Rule Effective April 2, 2020