Is the Interest Accumulated on a Forgiven PPP Loan Deductible?

SmallBizOwner2006 · ‎March 4, 2021

Should I treat the accumulated interest of a PPP loan as of December 31st as an expense for tax purposes? The loan and interest was forgiven in 2021 so it seems odd to count it as an expense since nothing was paid.

MinhT1 · ‎March 4, 2021

As you did not pay the accrued interest on the PPP loan, you cannot deduct it as a business expense.

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MinhT1 · ‎March 4, 2021

As you did not pay the accrued interest on the PPP loan, you cannot deduct it as a business expense.

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Is the Interest Accumulated on a Forgiven PPP Loan Deductible?