On Thursday, April 30, 2020, the IRS published Notice 2020-32 indicating that expenses paid to qualify for loan forgiveness under the Paycheck Protection Program (such as payroll costs, rent, utilities, and interest on mortgage obligations) will not be deductible. At this time, businesses should prepare for these amounts to be non-deductible. Please check back often, as we continue to learn and share more about this complicated and evolving tax law.
