PPP in new bill

[Greta]

"Business expenses paid for with the proceeds of PPP loans are tax deductible, consistent with Congressional intent in the CARES Act." - quote from NATP News alert.

I plan to use this instruction for the first PPP bill as well. Thoughts?

[abctax55 · Accepted solution]

"... I plan to use this instruction for the first PPP bill as well. Thoughts?

The "new" bill's provision apply to the first PPP bill.

E D I T 

See this first, as Susan found errors in the original post by Intuit:

https://proconnect.intuit.com/community/lacerte-tax-discussions/discussion/covid-relief-bill-post-by...

See this announcement:

https://proconnect.intuit.com/community/proseries-tax-news-updates/discussion/new-covid-19-relief-pa...

[BobKamman]

 Or you could use the law itself

https://proconnect.intuit.com/community/lacerte-tax-discussions/discussion/re-ppp-loans/01/110660#M2...

[sjrcpa]

assuming it becomes law.

[abctax55]

AND becomes law in the same version as was passed last night....

Still a lotta potential "if's".

[BobKamman]

The guy's crazy enough to veto military pay raises, but he's not crazy enough to veto this one.  There are no if's.  

[abctax55]

There is this:

President Donald Trump, in a stunning Tuesday night tweet, called the $900 billion Covid relief bill passed by Congress an unsuitable "disgrace."

He urged lawmakers to make a number of changes to the measure, including bigger direct payments to individuals and families.

But he isn't threatening to veto it.

[BobKamman]

Cat toying with mouse = not news.

Mouse toying with cats = grabs headlines