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Coronavirus relief tax deduction denial: Is your PPP loan worth less?

Trade News by Trade News
May 1, 2020
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Coronavirus relief tax deduction denial: Is your PPP loan worth less?
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FOX Business’ Charlie Gasparino says banks are reportedly gearing up for investigations and congressional hearings over the handling of the Paycheck Protection Program loans.

Get all the latest news on coronavirus and more delivered daily to your inbox.  Sign up here.

Taxpayers and lawmakers are not happy with a newly released policy regarding the Paycheck Protection Program, which some argue diminishes the value of the loans for recipients.

The IRS issued guidance late Thursday preventing business owners who have their PPP loans forgiven from claiming tax breaks on otherwise deductible expenses if they were paid for using the government aid.

The loans are tax-exempt, so the guidance was based on existing law, which generally aims to prevent people from receiving a “double tax benefit.”

FORGIVEN CORONAVIRUS PPP LOAN RECIPIENTS INELIGIBLE FOR TAX DEDUCTIONS

However, the ruling has upset both lawmakers and taxpayers, who say it is not what Congress intended when it created the…



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