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New California Law AB80 Allows Businesses to Deduct Expenses Paid Using PPP Loan Funds on Their Taxes

On April 29, 2021, California Governor Gavin Newsom signed into law Assembly Bill 80 (AB80), the Coronavirus Aid, Relief, and Economic Security Act: Federal Consolidated Appropriations Act, 2021. Previously, California law allowed businesses to exclude forgiven PPP loan funds from their taxable income, but did not allow businesses to deduct expenses paid using forgiven PPP loan funds on their income taxes. AB80 now permits many California taxpayers to claim a tax deduction for expenses paid using PPP loan proceeds.

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Loans

New California Law AB80 Allows Businesses to Deduct Expenses Paid Using PPP Loan Funds on Their Taxes

On April 29, 2021, California Governor Gavin Newsom signed into law Assembly Bill 80 (AB80), the Coronavirus Aid, Relief, and Economic Security Act: Federal Consolidated Appropriations Act, 2021. Previously, California law allowed businesses to exclude forgiven PPP loan funds from their taxable income, but did not allow businesses to deduct expenses paid using forgiven PPP loan funds on their income taxes. AB80 now permits many California taxpayers to claim a tax deduction for expenses paid using PPP loan proceeds.

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COVID-19 Relief Bill Expands the Paycheck Protection Program

The United States House of Representatives passed a $900 billion COVID-19 relief bill on Monday, December 21, 2020. The bill contains business-friendly provisions that expand Paycheck Protection Program (PPP) loan forgiveness rules, eligibility, and tax deduction opportunities. The bill is effective as of Sunday, December 27.

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Proposed Bill Could Provide Second Paycheck Protection Program (PPP) Loans to Certain Small US Businesses

New proposed legislation may allow business owners in the United States to take out a second Paycheck Protection Program (PPP) loan. The Prioritized Paycheck Protection Program (P4) Act is geared toward businesses with 100 or fewer employees who have used up or will soon finish the funds from their first PPP loan and who also have lost 50% or more revenue due to the coronavirus (COVID-19) pandemic. The bill would also extend the loan application deadline for businesses from June 30 to Dec. 31, 2020. The P4 Act has support from both political parties.

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States: Relief Measures

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