Small Business Administration (SBA) Obsoletes Non Deductible PPP Loan Expenses

On Monday, January 11, 2021, Charles Jeane (SBA Office of Advocacy) informed ASA that Revenue Ruling 2021-2 obsoletes IRS Notice 2020-32 and Revenue Ruling 2020-27, which provided that taxpayers could not deduct otherwise deductible business expenses that were paid with forgiven or forgivable PPP loans.  So your legislative efforts have gotten the attention of the regulators!