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COVID-19 Updates: What You Need to Know

As COVID-19 (coronavirus) continues to spread throughout the New Orleans metropolitan area, we want to provide you with information on the precautions we are taking to protect the welfare and safety of our clients and staff while still providing the efficiency and quality you expect from Ericksen Krentel.

IRS Clarifies Guidance on PPP Loan Forgiveness Deductions

With the end of 2020 rapidly approaching and recipients of the U.S. Small Business Administration’s Paycheck Protection Program loans seeking to ensure maximum forgiveness, the IRS has issued clarifications for deductions of otherwise deductible expenses if PPP loan proceeds were used to pay the eligible expenses. Eligible expense includes: