Client Alert: CARES Act: IRS Notice 2020-32

This Client Alert discusses additional information and guidance published by the Treasury Department in IRS Notice 2020-32 issued on Thursday, April 30, 2020 (the “Notice”). The Notice generally provides that otherwise deductible expenses incurred in a taxpayer’s trade or business are not deductible to the extent the taxpayer receives loan forgiveness under the Paycheck Protection Program (“PPP”) through the payment of such expenses.