Expenses Associated with PPP Loans to be Fully Deductible

According to this morning’s Wall Street Journal, businesses that took Paycheck Protection Plan (PPP) loans will be allowed to fully deduct expenses paid by the PPP loans. While a cap on the amount on this provision was originally inserted in the legislation, that cap was reportedly removed. Assuming this is accurate–the actual text of the legislation is not available as of this writing–this will be a big win for business owners who took PPP loans.

That’s not the only thing in the legislation, of course. There will be $600 stimulus payments, extension of unemployment and PUA benefits, and numerous other provisions. I’ll have more on this when the actual text is available.

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