IRS issues new guidance on the deductibility of business expenses paid for with PPP funds

Last week, the Internal Revenue Service (IRS) issued Revenue Ruling 2020-27, providing clarity on the ability of a Paycheck Protection Program (PPP) loan recipient (i.e. business owner) to deduct business expenses paid for using PPP loan proceeds. The updated ruling reinforces previous guidance issued in May through Revenue Ruling 2020-32 and if not followed, may increase the audit risk of a business owner by potentially understating their total net income (or overstating their potential loss).

Federal court denies stay during appeal of ruling on gathering limits – impact for Pennsylvania businesses

On September 22, 2020, the court denied the governor’s stay request. The court held that the governor was not likely to succeed on appeal and distinguished other cases which have upheld the governor’s COVID-mitigation orders on the ground that those rulings were not based on a full factual record like the one developed in this case.

You Got your PPP Loan, Now What? Attorney Erik Hume partners with Front Street Financial for webinar with guidance for businesses

Saxton & Stump attorney Erik Hume recently partnered with Front Street Financial to host an informational webinar about Paycheck Protection Program (PPP) loans, providing practical guidance for obtaining these loans and maximizing loan forgiveness. The presentation focused on key information for businesses who have already obtained their PPP loan and those hoping to obtain funds in the next phase of funding.

Media Center

Stay In Touch

Stay informed with firm updates, legal news, and industry resources.

~|icon_pin_alt~|elegant-themes~|outline

Lancaster

280 Granite Run Drive, Suite #300
Lancaster, PA 17601
Phone: (717) 556-1000
Fax: (717) 441-3810

~|icon_pin_alt~|elegant-themes~|outline

Harrisburg

4250 Crums Mill Road, Suite #201
Harrisburg, PA 17112
Phone: (717) 216-5505
Fax: (717) 547-1900

~|icon_pin_alt~|elegant-themes~|outline

Malvern

100 Deerfield Lane, Suite #240
Malvern, PA 19355
Phone: (484) 328-8500
Fax: (484) 713-5241

~|icon_pin_alt~|elegant-themes~|outline

Charleston

151 Meeting Street, Suite #350
Charleston, SC 29401
Phone: (843) 414-5080
Fax: (843) 580-8303

Send us a message

Pin It on Pinterest