Late last night the president did ultimately sign the covid relief bill
Late last night the president did ultimately sign the covid relief bill, thereby creating the fix that was so highly anticipated. PPP loan forgiveness is now truly forgiveness, and the expenses paid with the PPP loan funds are fully deductible. The loophole the IRS was using in the original CARES Act legislation has officially been closed and their notice 2020-32 is now moot as the new legislation supersedes this interpretation.
There are many other provisions related to this in the nearly 6,000 page bill, but this was the provision with the most impact impacting small businesses as a result of the Covid pandemic and all that has followed from that.