The IRS recently issued a revenue ruling to clarify an issue that was not addressed in Payment Protection Program (“PPP”) legislation: whether PPP loans used for expenses that are eventually forgiven can be tax deductible. It seems Congressional intent was to allow for deductions of usual business expenses, even if PPP loans were used to pay for those expenses, as Congress passed PPP loan legislation through the CARES and HEROES Acts to boost small businesses during this challenging health and economic time.