On Thursday April 30th, the IRS issued a new notice regarding the Payroll Protection Program (PPP) Loans. One of the major points in the notice is clarifying that any part of the proceeds from the loan received that become forgivable cannot also be used as a tax deduction on the Company’s 2020 tax return. For example, if you received $100,000 PPP loan and used $80,000 on payroll during the 8 week reporting period and that $80,000 is forgiven by the government you cannot take that $80,000 as payroll expense during the period on your 2020 tax return. See the link to the IRS notice below for more details: