COVID-19: PPP & EIDL Loan Information

deductibility of expenses

The Economic Aid Act reverses the IRS position on the deductibility of business expenses used to calculation loan forgiveness. These business expenses are now deductible business expenses for your business federal income tax returns.

The Forgiveness Amount and the EIDL Advance are non-taxable income for federal income tax purposes.


If you have any questions or comments, please feel free to contact me.