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    PPP LOAN FORGIVEN

    ALEMAN96
    Level 1
    ‎03-22-2021 09:00 PM

    PPP LOAN: LOAN IS FORGIVEN AND ALL FUNDS WERE USED TO COVER PAYROLL EXPENSES.

    CAN YOU STILL CLAIM THE PAYROLL EXPENSES USED TO SATISFY THE FORGIVENESS OF THE LOAN AS A DEDUCTIBLE EXPENSE IN THE BUSINESS TAX RETURN?  

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    1 Comment 1
    dd4vols
    Level 10
    Level 10
    ‎03-22-2021 09:12 PM

    Yes.  and the Non-Taxable SBA PPP funds incomes are an M-1 adjustment on corporations and partnerships.

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