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Congress said its intent was that there would be no recognition of income from debt cancellation of the PPP loan.
That's my understanding of what the IRS is saying as well.

My understanding is the IRS is also saying that you don't get to count the payroll, etc. that was paid for by the government (via PPP) as a deductible business expense.
(which seems reasonable/logical to me - but this is tax law, so of course logic doesn't need to apply)

I have seen news of a bill introduced that would allow the expenses to still be deducted. So at least a few congress-people believe that's what should happen.
I have not seen something that convinces me that the majority of Senate and House has that view.
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