The U.S. IRS has issued Notice 2020-32 on the non-deductibility of otherwise deductible expenses in relation to the Paycheck Protection Program and covered loans under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). --- PURPOSE This notice provides guidance regarding the deductibility for Federal income tax purposes of certain otherwise deductible expenses incurred in a taxpayer's trade or business when the taxpayer receives a loan (covered loan) pursuant to the Paycheck Protection Program under section 7(a)(36) of the Small Business Act (15 U.S.C. 636(a)(36)). Specifically, this notice clarifies that no deduction is allowed under the Internal Revenue Code...