PPP LOAN FORGIVENESS TIMING

Technical topics regarding tax preparation.
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Just came out https://www.irs.gov/pub/irs-drop/rp-21-48.pdf

Best of all worlds.

This revenue procedure provides that taxpayers may treat amounts that are excluded from gross income (tax-exempt income) in connection with the forgiveness of Paycheck Protection Program (PPP) Loans as received or accrued: (1) as eligible expenses are paid or incurred, (2) when an application for PPP Loan forgiveness is filed, or (3) when PPP Loan forgiveness is granted.
 

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