Today the U.S. Department of the Treasury has officially announced that States are allowed to conform to Federal law on PPP loan deductibility. A few weeks ago California AB 80 was stalled as the state asked for clarification on limitations in the American Rescue Plan over concern that passing AB 80 would limit Federal funds available to the state.
While this doesn’t mean PPP loan expenses will be allowed quite yet, the state legislature has been given the green light to act.
For the official press release click here:
