IRS Notice 2020-32: Deductibility of Expenses when Loan is Forgiven Under Paycheck Protection Program (COVID-19)

The IRS has just provided guidance regarding the deductibility (or non-deductibility) of expenses paid from funds received from Paycheck Protection Program small business loans.  As discussed in our prior blog, loan recipients can receive loan forgiveness in an amount equal to the sum of payments made for payroll costs, interest on mortgage obligations, rent obligations, and utility payments, but at least 75% of the forgiven amount must have been used for payroll.

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BGH Supports our First Responders

Bormel, Grice & Huyett, P.A. was very proud to recently provide dinner from Red Hot & Blue to the Laurel Volunteer Fire Department to show our thanks and gratitude to the great job they do to keep us safe on a daily basis. 

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Follow Up Steps for Payroll Protection Program

Once a business has applied for and been granted funds for the Payroll Protection Program (PPP), there are several considerations to keep in mind as follows

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The Cultural Alliance of Greater Washington has worked with Bormel, Grice & Huyett, P.A., since 1988. Their knowledge of the arts and the arts community make their services invaluable. They can translate accounting terminology into a comprehensive language. For many organizations, the accounting firm of Bormel, Grice & Huyett provides the financial "information bridge." We whole-heartedly recommend Bormel, Grice & Huyett, excellent accountants who care about our arts organizations.
Jennifer Cover Payne, Executive Director, Cultural Alliance of Greater Washington

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