Tax,
Labor/Employment
Dec. 31, 2020
Expenses with PPP loans can be written off
The Paycheck Protection Program was the centerpiece of the CARES Act, providing loans to businesses of up to $10 million. If you comply, you don't even have to pay your loan back.
Robert W. Wood
Managing Partner
Wood LLP
333 Sacramento St
San Francisco , California 94111-3601
Phone: (415) 834-0113
Fax: (415) 789-4540
Email: wood@WoodLLP.com
Univ of Chicago Law School
Wood is a tax lawyer at Wood LLP, and often advises lawyers and litigants about tax issues.
The Paycheck Protection Program was the centerpiece of the CARES Act, providing loans to businesses of up to $10 million. If you comply, you don't even have to pay your loan back. What's more, there is not even any forgiveness of debt income when your loan is forgiven, something that normally is a standard tax result from a forgiven loan. So far, so good, but can businesses claim tax deductions for business expenses?
That sounds like...
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