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Payroll expenses paid with proceeds from Paycheck Protection Program loans ________. May be used as eligible expenses when applying for loan forgiveness. Are not deductible
Payroll expenses paid with proceeds from Paycheck Protection Program loans ________. May be used as eligible expenses when applying for loan forgiveness. Are not deductible if the loan is forgiven. May be used for the Employee Retention Credit and loan forgiveness. The same expenses may be used for both provisions. Will reduce the amount of income from cancellation of debt if the loan is forgiven.
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