For those of you with PPP Loans, now is the time most of you can apply for forgiveness. Please be aware that, as of now, the IRS has stated that expenses paid with the loan proceeds are NOT deductible. So you will be taxed on those loan funds (kind of a back-end way to do it) – so just be aware of that. SC will also follow the federal guidelines on limiting the deduction of expenses paid with the loan proceeds.
When you drop off your information for 2020, please make sure you have broken out which expenses were paid with those PPP loan funds. We will need to know that in order to treat that appropriately in your return.