Deductibility of business expenses paid for with PPP funds
Congress created the Paycheck Protection Program (PPP), to provide liquidity to small businesses dealing with the effects of the economic shutdown. It was clear from the language in the CARES Act that loans used for covered expenses would not be included in a business’ gross income. However, the Bill was silent on the deductibility of […]
NY coronavirus order for businesses to close: what’s considered essential, non-essential?
New York Gov. Andrew Cuomo announced Friday all non-essential businesses must close or have employees work from home. Cuomo’s latest directive followed orders for businesses to reduce the in-person workforce by 25 to 75% in recent days. The 100% workforce reduction goes into effect on Sunday at 8 p.m. The order has many asking: What’s […]
