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Client Advisory: IRS Offers New Guidance for PPP Borrowers

Last week, the IRS issued guidance pertaining to the Paycheck Protection Program (“PPP”), providing that borrowers are unable to deduct expenses funded from PPP loan proceeds if they “reasonably expect” to later obtain loan forgiveness. The IRS also provided for a safe-harbor whereby PPP borrowers may deduct such expenses if their PPP loan forgiveness application is ultimately denied or if they decide not to seek loan forgiveness.

Please see our latest Client Advisory for details.