California’s partial PPP conformity bill sent to Governor

The California General Assembly has sent AB 80 to the Governor, and he is expected to sign it. AB 80 generally conforms to the federal treatment of PPP loan forgiveness and EIDL grants, with one major exception. To deduct expenses paid with PPP loan forgiven amounts, the taxpayer must have a 25% reduction in gross … Continue reading California’s partial PPP conformity bill sent to Governor