N-2020-32: Paycheck Protection Program

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April 30, 2020

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Issue Number: N-2020-32

Inside This Issue

Notice 2020-32 provides guidance regarding the deductibility for Federal income tax purposes of certain otherwise deductible expenses incurred in a taxpayer’s trade or business when the taxpayer receives a loan pursuant to the Paycheck Protection Program under section 7(a)(36) of the Small Business Act (15 U.S.C. 636(a)(36)).

Notice 2020-32 in IRB: 2020-21, dated 5/18/2020.

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