Since IRS has decided that the loan is non-taxable and the qualified expenses paid with the proceeds are deductible, it is a great double dip.
However, what happens with the Schedule C filer with no employees? He qualified for the loan so are we now allowed to take a Sched C deduction for the Owner Compensation Replacement he paid himself?
Same thing with General Partners in a Partnership with no employees?
I have looked high and low for something on this and have found nothing.
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Not income, and it wouldnt have been a deduction anyhow, so no change there.
IRS did not decide that. Congress told them to do it that way. The vote was 359-53 in the House and 92-6 in the Senate. And of course, the President had to sign it into law.
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