PPP Loan Forgiveness, " Deductible Expenses with PPP Loans & the 2nd Round of PPP Loans", article by Rolf Neuweiler, 1/5/2021, a2zCFO.com

Apply Non-deductible Business Expenses Related to PPP Loans in 2020 Taxes

The IRS rules that payroll and business expenses that PPP loans helped to cover in 2020 are not deductible in determining 2020 business taxes. For businesses that took out PPP loans in spring 2020, the IRS does not allow “double dipping” by deducting business expenses associated with the forgivable portions of your PPP loan, as…