Paycheck Protection Program

01 May 2020 7:47 AM | Anonymous

Notice 2020-32 provides guidance regarding the deductibility for Federal income tax purposes of certain otherwise deductible expenses incurred in a taxpayer’s trade or business when the taxpayer receives a loan pursuant to the Paycheck Protection Program under section 7(a)(36) of the Small Business Act (15 U.S.C. 636(a)(36)). 

Notice 2020-32 in IRB:  2020-21, dated 5/18/2020. 

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