146. Restaurants Screwed Again | PPP Loan Tax Deductions Denied by IRS
As if restaurants weren't getting screwed already... The IRS has said that while PPP loan forgiveness is tax-free, borrowers may not deduct expenses covered by the proceeds. On the other hand, lawmakers have proposed legislation that will permit the write-offs. A $908 billion emergency relief framework unveiled this week allots $288 billion toward PPP, and includes “restaurants, stages and deductibility.”
