I was just informed by my accountant that (edit) a requirement for 25% decline in income to count the PPP expenses as a tax deduction is no longer the case and indeed it looks like this stipulation is missing in the bill. I already paid my Q4 taxes, which was extraordinarily high this year due to not only the PPP loan but an increase in gross income compared to 2019Q4. Considering I saw only growth this year quarter to quarter, losing the 25% decline requirement could potentially save me a lot of money. I do not qualify for a 2nd PPP loan, for the same reason (no 25% declines in any 2020 Quarter), so this is welcome news.
Here is the bill:
https://docs.house.gov/billsthisweek...RCP-116-68.pdf
Look at Sec 276(a)(1)