Those who received PPP loans likely know that the entire amount can be forgiven. Who doesn't like free money. But the question remained open until recent guidance about the deductibility of the expenses paid for using the PPP funds. We now have the answer that they are NOT deductible. The IRS is using the "double tax benefit" concept so this is not unusual though a little punitive to the still struggling businesses.
Tax time is nearing as the 4th quarter proceeds so be aware that things like payroll, rent and utilities paid using PPP loan proceeds will not be allowed as deductions on your 2020 returns.
You can read the entire notice n-20-32 at www.IRS.gov
If any questions on this, call me.