Question: Please readboth articles below. The first article provides guidance to taxpayers who were borrowers under the Paycheck Protection Program (PPP) loans offered by the CARES

Please readboth articles below.The first article provides guidance to taxpayers who were borrowers under the Paycheck Protection Program (PPP) loans offered by the CARES Act. Review the contents of the IRS Notice that providespecific guidance on treatment of facets of the loan. The second article also providedupdated and modified guidance to taxpayers who wereborrowers under the Paycheck Protection Program (PPP) loans. Review the contents of this legislation as well.You will find that the guidance on treatment of income and expenses relative to these loans relates directly to a concepts covered in class.

Briefly summarizethe guidance of thesenotices for treatment of income and expenses relative to the PPP loans.

Article 1:https://walshuniversity-my.sharepoint.com/:w:/g/personal/acrum1_walsh_edu/Ead8dw-kAd5GhCxNLFIViXoBmcWd1BOtWjJD04hMh_hM-A?e=W5HVjM

Article 2:http://www.jwbco.net/siteAssets/site8689/files/Consolidated_Appropriations_Act_2021_.pdf

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