PYA issues insight on deductibility of normal expenses paid with PPP funds

PYA, the power behind, issued this insight on Friday based on new guidance from the Internal Revenue Service. Notice 2020-32 answers the frequent question that PYA had been receiving about whether expenses ordinarily deductible under Internal Revenue Code (IRC) §162 would still be deductible if they were paid with received Payroll Protection Program funds that were subsequently forgiven.

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