IRS Issues Revenue Ruling to Allow Borrowers to Deduct Expenses Paid For With Forgivable PPP Loans

ECA News

ARTICLE
Date	ArticleType
1/8/2021	General News
IRS Issues Revenue Ruling to Allow Borrowers to Deduct Expenses Paid For With Forgivable PPP Loans

This morning the Internal Revenue Service issued Revenue Ruling 2021-02 . This guidance implements statutory changes to the Paycheck Protection Program (PPP) allowing deductions for the payments of eligible expenses made from a forgivable loan under the PPP. --SWACCA