The House and the Senate each have their own version of Tax Conformity bills this year. The main issue at hand is the cap amount for deductions of business expenses for the PPP Loans. Both bills allow for a business that received a PPP loan to exclude the forgiven loan amount from their income, however each instils a cap for maximum deduction to cover one’s business expenses related to their PPP Loans. The Senate version creates a $100,000 cap, while the House version only allows one to deduct ...
