Not passed by Congress yet or signed by the President yet, but a new stimulus bill is underway. For business owners that took out a PPP loan and used it all for the allowed expenses, the new bill is said to contain language to make expenses of that PPP loan deductible. It was the IRS position for several months that those expenses would be disallowed, this would be a complete reversal of the IRS position on deducting those PPP expenses and therefore not incurring tax on any PPP expense.
