Dear Clients, Business Associates and Friends:
Currently, there is a bill in Congress, S.3612, “Small Business Expense Protection Act of 2020.” This bill would override the IRS Notice 2020-32 in which the IRS has determined that with any PPP Funds received and forgiven, you cannot deduct the expenses for which the funds were used. It was the intent of Congress, when they passed the CARES Act, that the expenses for which these funds were used would be deductible, regardless of whether or not they had to be repaid. The lead on the bill is Senator John Cornyn (R-TX), and 31 Senators have co-sponsored it to date. The bill was introduced on May 5, 2020 and it has not moved out of committee yet.
AS ALWAYS, WAGNER & ZWERMAN IS HERE TO ANSWER ALL OF YOUR QUESTIONS AND CONCERNS. WE ARE ALL IN THIS TOGETHER.
STAY SAFE AND HEALTHY
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