The US House and Senate have passed a new stimulus bill which has been signed by the President. The new stimulus bill is over 5,500 pages in length. This article will deal with the provisions involving the PPP (Paycheck Protection Plan). The new bill contains provisions dealing with the deductibility of expenses paid with PPP funds. There is little coverage in the press regarding such provision. When the PPP program was first approved, it provided that the loans would be eligible to be forgiven by the SBA and that the forgiveness would not create taxable income. Soon thereafter, the IRS
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