U.S. Provides Safe Harbor for Claiming Deductions Relating to First-Round PPP Loans and Guidance on Paid Leave Tax Credit for Vaccinations

The U.S. IRS has issued releases concerning a safe harbor for small businesses to claim deductions relating to first-round Paycheck Protection Program loans, as well as guidance on tax credits to provide paid leave to employees receiving COVID-19 vaccines.

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Treasury Department and IRS provide safe harbor for small businesses to claim deductions relating to first-round Paycheck Protection Program loans

IR-2021-91, April 22, 2021

WASHINGTON — The Treasury Department and the Internal Rev…