The Consolidated Appropriations Act of 2021 was passed by Congress on 12/21/2020 which gave out further information and guidelines on PPP funds that have been distributed during the 2020 tax year. The act stated that all forgiven PPP funds would not be counted as income, and all expenses used in PPP forgiveness can be fully deducted on your tax return. This provision applies to the original PPP funding as well as any additional PPP funds that are granted to you.
