Please read both articles below. The first article provides guidance to taxpayers who were borrowers under the Paycheck Protection Program (PPP) loans offered by the CARES Act.  Review the contents of the IRS Notice that provides specific guidance on the treatment of facets of the loan.  The second article also provided updated and modified guidance to taxpayers who were borrowers under the Paycheck Protection Program (PPP) loans.  Review the contents of this legislation as well. You will find that the guidance on the treatment of income and expenses relative to these loans relates directly to concepts covered in class.

Briefly summarize the guidance of these notices for the treatment of income and expenses relative to the PPP loans.  

 

Article 1: https://walshuniversity-my.sharepoint.com/:w:/g/personal/acrum1_walsh_edu/Ead8dw-kAd5GhCxNLFIViXoBmcWd1BOtWjJD04hMh_hM-A?e=W5HVjM

Article 2: http://www.jwbco.net/siteAssets/site8689/files/Consolidated_Appropriations_Act_2021_.pdf