ASAToday for July 3rd, 2025

Small Business Administration (SBA) Obsoletes Non Deductible PPP Loan Expenses On Monday, January 11, 2021, Charles Jeane (SBA Office of Advocacy) informed ASA that Revenue Ruling 2021-2 obsoletes IRS Notice 2020-32 and Revenue Ruling 2020-27, which provided that taxpayers could not deduct otherwise deductible business expenses that were paid with forgiven or forgivable PPP loans. …

The Impact of the Senate’s Budget Reconciliation Process on Construction The Senate’s budget reconciliation process is arcane, but a powerful tool that could advance or inhibit President-elect Biden’s agenda on Capitol Hill over the next two years.   In short, budget reconciliation allows the Senate to circumvent the traditional 60-vote threshold and pass legislation with a…