Bipartisan Bill Contains PPP Expense Relief

The bipartisan COVID stimulus bill being discussed and possible passed this week contains a provision to make expenses related to PPP loan forgiveness fully deductible.

We have previously mentioned that Congress would likely do this, but as of yet, this bill has not passed.  If it does pass this week, we will recap the major provisions in the bill, but it does appear highly likely that farmers (and all other taxpayers) will not have to reduce expenses by any PPP loan forgiveness whether the forgiveness happens in 2020 or 2021.

This is good news BUT only if it happens.  We will keep you posted.