Tax surprise awaits small businesses that can’t deduct some expenses covered by PPP
A tax surprise could be around the corner for business owners who participate in the federal government’s forgivable loan program — unless Congress intervenes.
The Paycheck Protection Program offers small businesses a lifeline in the form of a forgivable loan they can use to cover up to eight weeks of payroll costs, mortgage interest and other expenses.
Demand for the aid was so high that the…